<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   ----------

                                   FORM 10-QSB

[X]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934

     For the quarterly period ended March 31, 2003

                                       or

[_]  Transition Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1939

     For the transition period from ____________ to ____________

Commission File Number: 1-13984

                             CREATIVE BAKERIES, INC.
        (Exact name of small business issuer as specified in its charter)

          New York                                        22-3576940
(State or other jurisdiction of                        (I.R.S. Employer
incorporation or organization)                       Identification Number)

                     20 Passaic Avenue, Fairfield, NJ 07004
                    (Address of principal executive offices)

Issuer's telephone number, including area code: (973) 808-9292

Former name: William Greenberg Jr. Desserts and Cafes, Inc.

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

                                    Yes [X] No[_]

Indicate the number of Shares outstanding of each of the Issuer's classes of
common stock, as of the latest practicable date.

         Class                                    Outstanding at March 31, 2003
-----------------------                           -----------------------------
Common Stock, par value                                     $0.001
per share                                                 5,446,750





<PAGE>

                                      INDEX

Part I. Financial information

        Item 1. Condensed consolidated financial statements:

                Balance sheet as of March 31, 2003                      F-2

                Statement of operations for the three months
                ended March 31, 2003 and 2002                           F-3

                Statement of cash flows for the three months
                ended March 31, 2003 and 2002                           F-4

                Notes to condensed consolidated financial
                statements                                           F-5 - F-8

        Item 2. Management's discussion and analysis of
                financial condition

Part II. Other information

Signatures





<PAGE>

                             CREATIVE BAKERIES, INC.

              CONDENSED CONSOLIDATED BALANCE SHEET - MARCH 31, 2003

<TABLE>
<S>                                                                 <C>
                                     ASSETS

Current assets:
   Cash and cash equivalents                                        $      1,256
   Accounts receivable, less allowance for doubtful
      accounts of $4,200                                                 179,266
   Inventories                                                           180,081
   Prepaid expenses and other current assets                              42,469
                                                                    ------------

      Total current assets                                               403,072
                                                                    ------------

Property and equipment, net                                              309,432
                                                                    ------------

Other assets:
   Goodwill                                                               42,981
   Tradename, net of amortization                                         83,625
   Security deposits                                                       4,714
                                                                    ------------
                                                                         131,320
                                                                    ------------

                                                                    $    843,824
                                                                    ============

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Cash overdraft                                                   $     57,794
   Accounts payable                                                      427,850
   Accrued expenses                                                       61,454
   Loans payable, officer                                                 88,000
                                                                    ------------

      Total current liabilities                                          635,098
                                                                    ------------

Other liabilities:
   Deferred rent                                                          67,117
   Net liabilities of discontinued operations                            134,265
                                                                    ------------
                                                                         201,382
                                                                    ------------

Stockholders' equity:
   Preferred stock $.001 par value, authorized 2,000,000
      shares, none issued
   Common stock, $.001 par value, authorized 10,000,000
      shares, issued and outstanding 5,446,750 shares                      5,447
   Additional paid in capital                                         11,346,093
   Deficit                                                           (11,344,196)
                                                                    ------------
                                                                           7,344
                                                                    ------------

                                                                    $    843,824
                                                                    ============
</TABLE>

         See notes to condensed consolidated financial statements.


                                                                             F-2





<PAGE>

                             CREATIVE BAKERIES, INC.

                 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

                   THREE MONTHS ENDED MARCH 31, 2003 AND 2002

<TABLE>
<CAPTION>
                                                                       2003         2002
                                                                    ----------   ----------
<S>                                                                 <C>          <C>
Net sales                                                           $  628,036   $  619,422

Cost of sales                                                          574,498      586,451
                                                                    ----------   ----------

Gross profit                                                            53,538       32,971

Selling, general and administrative expenses                           173,838      155,252
                                                                    ----------   ----------

Loss from continuing operations before
   interest expense                                                   (120,300)    (122,281)

Interest expense                                                         1,540
                                                                    ----------   ----------

Loss from continuing operations                                       (121,840)   (122,281)

Discontinued operations:
   Income from disposal of New York facility                                            864
                                                                    ----------   ----------

Net loss                                                             ($121,840)   ($121,417)
                                                                    ==========   ==========

Earnings per common share:
   Primary and fully diluted:
      Loss from continuing operations                                   ($0.02)      ($0.02)
      Discontinued operations                                             0.00         0.00
                                                                    ----------   ----------

Net loss per common share                                               ($0.02)      ($0.02)
                                                                    ==========   ==========

Weighted average number of common
   shares outstanding                                                5,446,750    5,245,250
                                                                    ==========   ==========
</TABLE>

         See notes to condensed consolidated financial statements.


                                                                             F-3





<PAGE>

                    CREATIVE BAKERIES, INC. AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

                   THREE MONTHS ENDED MARCH 31, 2003 AND 2002

<TABLE>
<CAPTION>
                                                                          2003         2002
                                                                      ----------   ----------
<S>                                                                   <C>          <C>
Operating activities:
   Loss from continuing operations                                     ($121,840)   ($122,281)
   Adjustments to reconcile loss from continuing operations to cash
      used in continuing operations:
         Depreciation and amortization                                    21,623       31,563
         Common stock issued for services                                               6,250
         Changes in other operating assets and liabilities from
            continuing operations:
               Accounts receivable                                         6,011       82,173
               Inventory                                                  10,864      (19,006)
               Prepaid expenses and other current assets                  21,299       28,334
               Accounts payable                                          (31,973)     (49,406)
               Accrued expenses and other current liabilities             (8,194)     (69,312)
               Deferred rent                                              (5,483)      (5,483)
                                                                      ----------   ----------
               Net cash used in continuing operations                   (107,693)    (117,168)
               Net cash provided by discontinued operations                    0            0
                                                                      ----------   ----------
               Net cash used in operating activities                    (107,693)    (117,168)
                                                                      ----------   ----------
Financing activities:
   Cash overdraft                                                         57,794
                                                                      ----------
               Net cash provided by financing activities                  57,794

Net decrease in cash and cash equivalents                                (49,899)    (117,168)

Cash and cash equivalents, beginning of period                            51,155      121,616
                                                                      ----------   ----------

Cash and cash equivalents, end of period                              $    1,256   $    4,448
                                                                      ==========   ==========
</TABLE>

     See notes to condensed consolidated financial statements.


                                                                             F-4





<PAGE>

                    CREATIVE BAKERIES, INC. AND SUBSIDIARIES

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                   THREE MONTHS ENDED MARCH 31, 2003 AND 2002

1.   The accompanying unaudited financial statements have been prepared in
     accordance with generally accepted accounting principles for interim
     financial information and with the instructions to Form 10-QSB.
     Accordingly, they do not include all of the information and footnotes
     required by generally accepted accounting principles for complete financial
     statements. In the opinion of management, all adjustments considered
     necessary for a fair presentation have been included. The results of
     operations for the three months ended is not necessarily indicative of the
     results to be expected for the full year. For further information, refer to
     the consolidated financial statements and footnotes thereto included in the
     Company's annual report for the year ended December 31, 2002 included in
     its Annual Report filed on Form 10-KSB.

     Going concern:

     The Company has incurred losses from continuing operations over the last
     several quarters. Management has described its plan of action in regard to
     this uncertainty in its latest annual report filed December 31, 2002.

2.   Principles of consolidation:

     The accompanying consolidated financial statements include the account of
     the Company and all of its wholly owned subsidiaries. Intercompany
     transactions and balances have been eliminated in consolidation.

3.   Nature of operations, risks and uncertainties:

     The Company is a manufacturer of baking and confectionery products which
     are sold to supermarkets, food distributors, educational institutions,
     restaurants, mail order and to the public. Although the Company sells its
     products throughout the United States, its main customer base is on the
     East Coast of the United States.

     The process of preparing financial statements in conformity with generally
     accepted accounting principles requires the use of estimates and
     assumptions regarding certain types of assets, liabilities, revenues and
     expenses. Such estimates primarily relate to unsettled transactions and
     events as of the date of the financial statements. Accordingly, upon
     settlement, actual results may differ from estimated amounts.

     The Company maintains all of its cash balances in New Jersey financial
     institutions. The balances are insured by the Federal Deposit Insurance
     Company (FDIC) up to $100,000. At March 31, 2003, the Company had no
     uninsured cash balances.


                                                                             F-5





<PAGE>

                    CREATIVE BAKERIES, INC. AND SUBSIDIARIES

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                   THREE MONTHS ENDED MARCH 31, 2003 AND 2002

4.   Accounts receivable:

     Following is a summary of receivables at March 31, 2003:

<TABLE>
<S>                                         <C>
     Trade accounts                         $183,466
     Less allowance for doubtful accounts     (4,200)
                                            --------
                                            $179,266
                                            ========
</TABLE>

5.   Inventories:

     Inventories at March 31, 2003 consist of:

<TABLE>
<S>                                         <C>
     Finished goods                         $ 27,017
     Raw materials                            74,660
     Supplies                                 78,404
                                            --------
                                            $180,081
                                            ========
</TABLE>

6.   Property and equipment:

<TABLE>
<S>                                         <C>
     Baking equipment                       $1,349,326
     Furniture and fixtures                     97,978
     Leasehold improvements                    180,422
                                            ----------
                                             1,627,726
     Less: Accumulated depreciation
           and amortization                  1,318,294
                                            ----------
                                            $  309,432
                                            ==========
</TABLE>

     Depreciation expense charged to operations was $20,123 and $31,188 in 2003
     and 2002, respectively.

     The useful lives of property and equipment for purposes of computing
     depreciation are:

<TABLE>
<CAPTION>
                                            Years
                                            -----
<S>                                         <C>
     Machinery and equipment                 10
     Furniture and computers                  5
     Leasehold improvements                 10-15
</TABLE>

7.   Intangible assets:

     Tradename rights are being amortized on the straight-line basis over a
     fifteen year term. Amortization expense for the three months ended March
     31, 2003 was $1,500.


                                                                             F-6





<PAGE>

                    CREATIVE BAKERIES, INC. AND SUBSIDIARIES

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                   THREE MONTHS ENDED MARCH 31, 2003 AND 2002

8.   Commitments and contingencies:

     The Company is obligated under a triple net lease for use of 29,362 square
     feet of office and plant space in New Jersey with the lease commencing
     January 31, 1994 and expiring December 31, 2004.

     The minimum future rentals on the baking facility is as follows:

<TABLE>
<CAPTION>
                                            Facility
                                            --------
<S>                                         <C>
     March 31, 2004                         $200,000
     March 31, 2005                          150,000
                                            --------
                                            $350,000
                                            ========
</TABLE>

     Rent expense for all operating leases amounted to $57,438 in 2003 and
     $55,874 in 2002.

9.   Income taxes:

     The Company accounts for income taxes in accordance with Statement of
     Financial Accounting Standards ("SFAS No. 109") "Accounting for Income
     Taxes", which requires an asset and liability approach to financial
     accounting and reporting for income taxes. Deferred income tax assets and
     liabilities are computed annually for differences between the financial
     statement and income tax basis of assets and liabilities that will result
     in taxable or deductible amounts in the future based on enacted tax laws
     and rates applicable to the periods in which the differences are expected
     to affect taxable income.

     Valuation allowances are established when necessary to reduce deferred tax
     assets to the amount expected to be realized. Income tax expense is the tax
     payable or refundable for the period, plus or minus the change during the
     period in deferred tax assets and liabilities. There was no cumulative
     effect of adoption or current effect in continuing operations mainly
     because the Company has accumulated a net operating loss. The Company has
     made no provision for a deferred tax asset due to the net operating loss
     carryforward because a valuation allowance has been provided which is equal
     to the deferred tax asset. It cannot be determined at this time that a
     deferred tax asset is more likely than not to be realized.

     The Company has a loss carryforward of $8,780,450 that may be offset
     against future taxable income. The carryforward losses expire at the end of
     the years 2006 through 2020.


                                                                             F-7





<PAGE>

                    CREATIVE BAKERIES, INC. AND SUBSIDIARIES

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                   THREE MONTHS ENDED MARCH 31, 2003 AND 2002

10.  Earnings per share:

     Primary earnings per share is computed based on the weighted average number
     of shares actually outstanding plus the shares that would have been
     outstanding assuming conversion of the common stock purchase warrants which
     are considered to be common stock equivalents. However, according to FASB
     128, effective for financial statements issued and annual periods beginning
     after December 15, 1997, entities with a loss from continuing operations
     should not include the exercise of potential shares in the calculation of
     earnings per share since the increase would result in a lower loss per
     share. Thus, common stock purchase warrants and stock options are excluded
     from the calculation of earnings per share.

     Reconciliation of shares used in computation of earnings per share:

<TABLE>
<CAPTION>
                                              2003         2002
                                            ---------   ---------
<S>                                         <C>         <C>
     Weighted average of shares actually
        outstanding                         5,446,750   5,245,250
                                            ---------   ---------
     Common stock purchase warrants
     Primary and fully diluted weighted
        average common shares outstanding   5,446,750   5,245,250
                                            =========   =========
</TABLE>

11.  Discontinued operations:

     In 1998, the Company adopted a formal plan to close WGJ Desserts and Cafes,
     Inc., its New York manufacturing facility, which was done in July of 1998
     and to dispose of its one remaining retail store, which was accomplished in
     November 1998.

     Total liabilities, less assets to be disposed of, of WGJ Desserts, Inc.
     consisted of the following as of March 31, 2003:

<TABLE>
<S>                                         <C>
     Liabilities:
        Accounts payable                    $112,462
        Accrued expenses                      21,803
                                            --------
                                             134,265
                                            ========
        Assets                                     0
                                            --------
           Net liabilities                  $134,265
                                            ========
</TABLE>

     Information relating to discontinued operations for WGJ Desserts and Cafes,
     Inc. for the three months ended March 31, 2003 and 2002 is as follows:

<TABLE>
<CAPTION>
                                            2003   2002
                                            ----   ----
<S>                                          <C>   <C>
     Operating expenses                      $0    $  0
                                             --    ----
     Loss from operations                     0       0
     Interest income                          0     864
                                             --    ----
     Income from discontinued operations     $0    $864
                                             ==    ====
</TABLE>


                                                                             F-8





<PAGE>

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PLAN OF
OPERATIONS

A. General

     Refinement of operations and implementation of financial and manufacturing
controls continues to be a major priority of management. Emphasis has been
placed in ensuring accurate reporting of financial data.

     Sales revenues increased slightly in the first quarter of 2003 as compared
the same period for 2002. A 2% decrease in the cost of goods sold has resulted
in increasing the gross margin percentage by 3.5%.

     Co-packing opportunities continue to be developed. Mini Cakes, Cheesecake,
and pre-portioned gourmet desserts are the categories which represent the most
potential for sales growth. In addition, the company is exploring marketing
several niche health food items. This includes but is not limited to low
carbohydrate desserts. Marketing efforts continue to target both food service
and retail distributors to carry our product lines.

     At December 31, 2002 to the extent the Company may have taxable income in
future periods, there is available a net operating loss for federal income tax
purposes of approximately $8,680,450 which can be used to reduce the tax on
income up to that amount through the year 2019.

B. Results of Operations

     The Company's consolidated revenues from continuing operations aggregated
$628,036 and $619,422 for the quarters ended March 31, 2003 and 2002
respectively, an increase of 1%. The cost of goods sold was $ 574,498 and
$586,451 respectively, a decrease of 2%. Operating expenses were $ 173,838 and
$155,252 respectively, an increase of 12%. As a result, the loss from continuing
operations before other income (expense) was $120,300 and $ 122,281
respectively, a decrease of less than 1%. The net loss from continuing
operations for the quarter was $121,840 and $ 122,281 respectively.

SEGMENT INFORMATION: Not applicable since retail operations were discontinued.

LIQUIDITY AND CAPITAL RESOURCES

LIQUIDITY

     Since its inception, the Company's only source of working capital has been
the $8,455,000 received from the issuance of its securities.

     As of March 31, 2003, the Company had a negative working capital during the
first quarter from continuing operations of $232,036 as compared to a negative
working capital of $ 155,359 during the first quarter of 2002.

CAPITAL RESOURCES:

     Although the Company has previously been successful in obtaining sufficient
capital funds through issuance of common stock and warrants, there can be no
assurance that the Company will be able to do so in the future.






<PAGE>


In accordance with Section 13 or 15(d) of the Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized on May 14, 2003.

CREATIVE BAKERIES, INC.

By: /s/ Ron Schutte
    ---------------
President and Chief Executive Officer

In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities indicated on
May 14, 2003.

<TABLE>
<CAPTION>
Signatures                             Title
                                       -----
<S>                                   <C>
/s/Ron Schutte                        President, Chief Executive Officer/Director
--------------------------------
Ron Schutte


/s/ Vincent Bucchimuzzo                Director
--------------------------------
Vincent Bucchimuzzo


/s/ Richard Fechtor                    Director
--------------------------------
Richard Fechtor


/s/ Anthony Merante                    Director
--------------------------------
Anthony Merante


/s/Karen Brenner                       Director
--------------------------------
Karen Brenner


/s/Mel Foti                            Director
--------------------------------
Mel Foti
</TABLE>







<PAGE>


                           CERTIFICATION PURSUANT TO
                         THE SARBANES-OXLEY ACT OF 2002

I, Ron Schutte., certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Creative Bakeries,
Inc;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. I am responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and I have:

         a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to me by others within those entities, particularly
during the period in which this quarterly report is being prepared;

         b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing of this quarterly
report (the "Evaluation Date"); and

         c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;

5. I have disclosed, based on our most recent evaluation, to the registrant's
auditors and the audit committee of the registrant's board of directors (or
persons performing the equivalent function):

         a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

         b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal
controls; and

6. I have indicated in this quarterly report whether or not there were
significant changes in internal controls or in other factors that could
significantly affect internal controls subsequent to the date of our most recent
evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.


Date: May 14, 2003

/s/ Ron Schutte
---------------
Ron Schutte
Chairman and Chief Executive Officer