U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-KSB

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

For year ended December 31, 2002                    Commission File No. 0-28575


                       RENEGADE VENTURE (NEV.) CORPORATION
        (Exact name of small business issuer as specified in its charter)


                  NEVADA                                          84-1108499
      (State or other jurisdiction of                         (I.R.S. Employer
      incorporation or organization)                         Identification No.)

          6901 South Park Avenue
           Tucson, Arizona 85706                             (520) 294-3481
 (Address of Principal Executive Offices)               (Issuer's Telephone No.)

         Securities registered pursuant to
           Section 12(b) of the Act:               NONE

         Securities registered pursuant to
           Section 12(g) of the Act:               Common stock, $.001 par value

     Check whether the registrant (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements for at
least the past 90 days. [ X ] Yes [ ] No

     Check if no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is contained in this form, and no disclosure will be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. [X ] Yes

     The registrant's revenues for its most recent fiscal year were $5,009,703.
At December 31, 2002, a total of 18,980,000 shares of common stock were
outstanding, and the aggregate market value of the 5,790,000 shares of common
stock of the registrant held by non-affiliates on March 31, 2003, was
approximately $1,621,200 (based on the closing sales price of the common stock
(as reported on the OTC Bulletin Board maintained by the NASD on such date,
which was $0.28 per share).


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                           FORWARD-LOOKING STATEMENTS

     This report contains certain forward-looking statements and information
relating to Renegade Venture (NEV) Corporation "Renegade" and its wholly owned
subsidiary Hamilton Aerospace Technologies Inc. "HAT" that are based on the
beliefs of our management as well as assumptions made by and information
currently available to our management. When used in this report, the words
"anticipate", "believe", "estimate", "expect", "intend", "plan" and similar
expressions, as they relate to Renegade, HAT, or its management, are intended to
identify forward-looking statements. These statements reflect management's
current view of Renegade and HAT concerning future events and are subject to
certain risks, uncertainties and assumptions, including among many others:
relating to our results of operations, competitive factors, shifts in market
demand, and other risks and uncertainties (including those described under "Risk
Factors" below and elsewhere in this report), our ability to generate sufficient
working capital to meet our operating requirements and service our indebtedness,
our ability to refinance our secured debt, which comes due in September 2003, or
to convert such debt to equity, maintaining good working relationships with our
vendors and customers, our ability to attract and retain qualified personnel,
future terrorist-related activities, economic factors that affect the aviation
industry, changes in government regulation, increases in fuel prices, and the
overall economy.

                                     PART I

ITEM 1. DESCRIPTION OF BUSINESS

     Renegade Venture (NEV.) Corporation, a Nevada corporation ("Renegade"), is
a public company that trades in the U.S. over-the-counter market. Our common
stock is quoted on the OTC Bulletin Board under symbol RDVN. On May 2, 2002,
Renegade acquired newly formed aviation company Hamilton Aerospace Technologies,
Inc., a Delaware corporation ("HAT") in a stock-for-stock exchange. HAT was
formed on April 15, 2002, to create a premier provider of large aircraft
maintenance, repair, overhaul and modification ("MROM") services to owners and
operators of certain Transport Category commercial jet aircraft. Its customers
are all aircraft operators, including passenger and cargo air carriers, and
aircraft leasing companies.

     HAT is a repair station licensed by the Federal Aviation Administration
(FAA) and by the Joint Aviation Authority of the European Economic Community
(JAA), and is known as an "Air Agency" in FAA parlance. Its MROM services
include maintenance, repair, overhaul and modification services for narrow-body
Transport Category aircraft, repair and overhaul services on a wide range of
aircraft components and aircraft interiors, and servicing of Pratt & Whitney
JT8D and General Electric CFM56 engines. Our major modification services
comprise the conversion of passenger aircraft to freighter configuration. In
order to control overhead expense, some services are outsourced, such as engine
overhaul.

     MROM facilities such as HAT are "apex" companies in the aviation industry.
While the airlines and large leasing operators get the lion's share of
attention, the repair stations occupy a truly pivotal role. First, no
modification, service or repair can be made to any aircraft, nor can any parts
be installed, inspected or certified, except by FAA-certified repair facilities.
Second, aircraft require regular inspection and maintenance in accordance with
FAA regulations and must regularly visit repair stations. Third, most operators

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must as a matter of economics rely on repair stations to obtain parts for them,
and many operators rely on repair stations entirely to manage their parts usage
and even their line fleet. Fourth, when operator customers have parts
inventories to be disposed of or planes to be torn down and parted out, repair
stations are called upon to do the work and find buyers for the parts.

     Fifth, because of their closeness to their operator customers, repair
stations usually are the first to learn of bargains on parts inventories and
aircraft and usually have first crack at finding a buyer or lessee for a
customer aircraft. Sixth, repair stations can avoid many of the effects of
aviation downturns, until large numbers of aircraft are mothballed, because they
are not affected to nearly as great an extent as airlines by fuel prices, air
travel and similar factors. After all, air fleets still must undergo scheduled
maintenance irrespective of industry conditions. Seventh, HAT's extensive
working relationships with aircraft leasing companies, airlines, subcontractors
and vendors provides an ideal basis for identifying and evaluating further asset
and company acquisitions.

                                 Asset Purchase

     HAT has agreed to purchase certain assets and leasehold interests for $1.5
mil. from Hamilton Aviation, Inc., a company in Chapter 11 reorganization that
formerly occupied the facilities now occupied by HAT. The purchase was approved
by the Bankruptcy Court as part of the reorganization plan. This included the
planned assumption of a lease held by Hamilton Aviation with the Tucson Airport
Authority for an approximately 22-acre facility with two hangers and various
office and storage buildings on the Tucson International Airport. The purchase
includes all the ramp equipment, special tooling, FAA-approved data, office
furnishings and equipment, including phone and computer systems necessary to
perform the functions required to operate the FAA-approved aircraft repair
station. These assets are located in the HAT facility and are being used daily
in HAT's operations. More specifically, the equipment and tooling includes:

     o    Ground equipment consisting of stands, compressors, jacks, tugs, power
          and hydraulic equipment, etc.

     o    Special tools appropriate to the specific type of aircraft applied for
          on the FAA Air Agency application, including engine slings, jack pads,
          hand tools, special fittings, etc.

     o    Computer hardware and software relevant to the inventory purchased and
          repair logistics management

     o    Machinery including drill presses, lathes, shears, brakes, presses and
          other machine shop equipment.

     o    General tools used in repair, maintenance and modification of any
          commercial aircraft.

     The purchase agreement also includes certain intellectual property assets
from Hamilton Aviation as well as the estate of Gordon B. Hamilton (deceased),
including all uses of the name "Hamilton," "Hamilton Aviation," "Gordon B.
Hamilton," "Gordon D. Hamilton," "Hamilton Brothers," and "Hamilton
Aeronautics." Under the terms of the purchase agreement, HAT has agreed to make
a cash down payment of $300,000 on these assets and must repay the $1.2 mil.
balance over a 36-month term. We anticipate that the cash flow from operations
using these assets will easily be sufficient to repay the balance.


<PAGE>


                                 Our Operations

     As your jet rolls away from the gate and over the tarmac toward the runway,
you've noticed the huge hangar buildings in which large commercial jets were
being serviced. This is exactly what HAT does. HAT was created to provide large
aircraft maintenance, repair , overhaul and modification services to owners and
operators of Transport Category commercial jet aircraft. Its customers are all
aircraft operators, including passenger and cargo air carriers and aircraft
leasing companies.

     When economic factors adversely affect the airline industry, they tend to
reduce the overall demand for aircraft maintenance and repair services, causing
downward pressure on pricing and increasing the credit risks associated with
doing business within the industry. Additionally, the price of fuel affects the
aircraft maintenance and repair markets, since older aircraft, which consume
more fuel and which account for most of our aircraft maintenance and repair
business, become less viable as the price of fuel increases. We cannot assure
you that economic and other factors that have affected the airline market in the
past and may affect the airline industry in the future will not adversely impact
our business, financial condition or results of operations. However, since
inception, HAT has aggressively increased its market share by focusing on
quality service, turn time, breadth of services offered and by, where necessary,
offering price concessions and fixed prices for certain services.

     MROM Services

     HAT is a full-service aviation maintenance and modification repair facility
that concentrates on large narrow body jets, such as the Boeing 727 and 737 and
the DC9 and MD80 series aircraft, and it primarily does heavy maintenance and
component overhaul on those aircraft. HAT has extensive engine hush-kit
experience including Federal Express and Raisbeck kits for Boeing 727 aircraft,
ABX kits for DC9 aircraft, as well as Nordam and AvAero kits for Boeing 737
aircraft. Below is a brief description of HAT's core services:

     o    Routine minor and major maintenance (phase checks A, B, C and D)
     o    Corrosion control and prevention programs
     o    Structural inspections
     o    Avionic upgrades
     o    Interior reconfiguration and refurbishment
     o    Strip and paint services to operators' livery requirements
     o    Comprehensive systems and structural modifications
     o    Flight test support
     o    Component overhaul

Aircraft Heavy Maintenance and Repair

     Maintenance for narrow body commercial jet aircraft constitutes HAT's core
business, along with repairs. These services include simple repairs and
servicing, heavy maintenance referred to as a "C-check" and complete overhaul
referred to as a "D-check." In addition, HAT performs major configuration

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changes of commercial aircraft, such as interior reconfiguration and conversion
from passenger service to cargo service. Each airline operator has a
governmental-approved and mandated maintenance schedule for each of its
commercial aircraft on the line. Certain maintenance is typically performed by
the operator's maintenance personnel (for example, daily line checks), while
other, more substantial maintenance can be self-performed or contracted out to
certified repair stations such as HAT.

     HAT provides services for each aircraft under a Maintenance and Service
Agreement (MSA) with each operator. These contracts are generally fixed-price
labor-only, with a cap on hours expended on unforeseen repairs. Parts are either
provided by the operator or can be procured by HAT and resold to the operator.
Delivery of the aircraft to and from HAT's facility are at the operator's cost
and risk, and HAT requires each operator to execute a Final Acceptance and
Release which acknowledges that the services have been performed properly, that
the commercial aircraft is airworthy, and which, apart from contractual
warrantees, releases HAT from any financial or legal responsibility with respect
to the aircraft and services. With certain larger customers such as Jetran
International, HAT has entered into a General Terms Agreement, which is an
umbrella agreement that covers the general framework for all services HAT
expects to render to the customer. The MSA relates to one or more particular
aircraft to be worked on.

     As applied to large commercial jets, the term "maintenance" is a broad one
that includes regular and routine inspections, heavy maintenance ("C-checks"),
scheduled major overhauls ("D-checks"), Airworthiness Directives, Service
Bulletins, Structurally Significant Inspection Documents ("SSIDs"), and other
Aging Aircraft requirements to assure the continued integrity of commercial
aircraft. All such services are performed under FAA regulations, and only a
licensed facility can provide them.

     HAT is qualified to perform all levels of maintenance service from
pre-flight checks up through complete major overhauls ("D" checks). Because of
its low overhead structure and the experience of its employees, HAT is widely
recognized throughout the industry as a leading provider of cost-effective,
quality maintenance services for Boeing 727 and 737 and DC9/MD80 aircraft. HAT
intends to add Boeing 757 aircraft to it certification.

     In addition to scheduled maintenance services, HAT also offers quality
refinishing and repainting and return-to-service maintenance. HAT also offers
numerous related services, such as world-wide commercial aircraft pre-purchase
inspection and appraisal services, post-purchase configuration, maintenance and
operational program development, post-contract and post-lease condition
assessment, commercial aircraft accident assessment and recovery, flight line
maintenance and termination of lease recovery.

     A solid knowledge of Boeing and McDonnell Douglas narrow-body aircraft by
HAT's personnel ensures that even challenging discrepancies can be corrected for
operators within the shortest possible time, and at a minimum of expense. HAT's
access to a substantial inventory of parts, and its strategic alliance with
World Jet Corporation (see below), provides support for in-house overhaul
programs and operator requirements at a reasonable cost.

Component Overhaul

     In order to better support its aircraft maintenance operations, HAT has
been developing its component overhaul capabilities. HAT performs maintenance,
repair and overhaul of airframe components, including fairing panels, nacelle
systems and exhaust systems, and refurbishes aircraft interior component Not
only do these activities enjoy high profit margins, but existing and potential
customers also tend to view extensive component backshop capabilities
positively.

<PAGE>


Modification Services

     Operators, investors and financial institutions alike all share the need to
minimize risk in their business enterprises. Many erroneously believe that
buying new aircraft minimizes that risk. Only later do they encounter the
potential deadly combination of high debt burden and unforeseen operating
problems often associated with new operations. These risks are clearly minimized
with the lower capital investment and known operating costs of mature,
modernized equipment.

     The pace of technological advancement in the commercial aircraft industry,
including new developments in aerodynamics, metallurgy, composite materials,
electronics and computer-based devices, constantly offer new opportunities to
improve aircraft performance and communications. Due to the very high cost of
new aircraft (a new Boeing 737 is approximately $40 million today), these
advances have increased the advantages of retrofitting existing dependable,
supportable and economical-proven commercial aircraft with state-of-the-art
technology by improving utility, performance and value.

     In particular, advances in powerplant technology have created dramatic
gains in efficiency, reliability, sound abatement and lower maintenance costs.
Advances in avionics and electrical systems have improved reliability, reduced
operating weight and increased safety by meeting Windshear and Collision
Avoidance Systems ("TCAS") requirements. Modern lightweight seats and other
interior components together with structural modifications have increased
payloads and flexibility of utilization. Today, aircraft modified with advanced
technology are not only more cost effective than their newer counterparts, but
may have better overall performance in speed, range, payloads, hot/high takeoff
and landing conditions, and passenger comfort.

     HAT modification services include support programs for engine noise
suppression, large turbine retrofits using various power plants and structural
modifications for both Boeing and McDonnell Douglas aircraft, and avionics
upgrades to the latest in navigation, communication, and digital technology. HAT
offers services to renovate, restore and reconfigure commercial aircraft from
passenger service to cargo. HAT's cargo modification capabilities include cargo
doors, cargo floors, Class E requirements, and empty-weight reduction programs.
Additional modification services performed may include cockpit reconfiguration
to upgrade the avionic systems to current technology and the integration of
traffic control and avoidance systems, windshear detection systems and
navigational aids.

     Airline passengers quickly form their opinion of aircraft from the
attractiveness and comfort of the interior. HAT provides a variety of custom
seating arrangements to meet operators' requirements, including all coach class,
and close or extended seat pitch for (respectively) higher revenues or better
passenger comfort in any color or livery scheme.

     HAT will continue to offer such modification services, where it is not at
economic risk. However, HAT intends at this time to concentrate its
business-building efforts in its primary maintenance services.

<PAGE>


Other Services and Activities

     In addition to the services listed above, HAT derives revenues from other
activities that are complementary to those services, which are described below
under the caption "Customers and Revenue Streams."

     Customers and Revenue Streams

     When it was first launched, HAT concentrated its marketing efforts on
so-called "Tier 2" operators of older, narrow-body commercial jets, particularly
Boeing 727 aircraft. HAT has expanded those efforts and now aggressively pursues
both Tier 1 and Tier 2 narrow-body operators.

     HAT's current customers include Jetran International, a fast-growing and
aggressive aircraft leasing company, Pegasus Aviation, a large aircraft leasing
company and long-time Hamilton Aviation customer, Falcon Air Express, Ryan
International Air, a Boeing Company joint venture, Custom Air Transport, DHL
Worldwide Express, and United Parcel Service, as well as a number of smaller
customers. HAT is working to increase and diversity its customer base and
expects to sign more large maintenance contracts. Hamilton Aerospace currently
does not obtain any revenues from government or defense contracts and will not
be affected slowdowns in government aviation spending or procurement work.

     In regard to maintenance, repair, component overhaul and modification
services, HAT's principal revenue stream is from the sale of labor, plus any
parts that are sold to operators. Many operators provide their own parts from
their maintenance stocks, while others have HAT purchase parts on their behalf.
HAT maintains rigorous controls on the purchasing, receiving and installation of
customer-supplied and HAT-supplied parts, due to extensive FAA regulations
governing the handling of aviation parts.

     o    Distress purchases: Hamilton is able to buy planes and parts at
          pennies on the dollar, re-certify parts, engines and airframes and
          resell them at significant profit.

     o    Parts Sales: Hamilton makes a profit on all parts it installs in
          customer aircraft.

     o    Commission Sales: Hamilton buys parts on request for customers that
          don't maintain parts inventory and charges a commission for that
          service.

     o    Aircraft storage: Hamilton offers environmentally favorable aircraft
          storage to aircraft operators and has over 40 aircraft parked on its
          ramp for which the customers are paying both tarmac space rental and
          storage maintenance labor and components. Because it costs tens of
          thousands of dollars to fly them to another comparable facility, most
          of these aircraft will be returned to service at a cost of hundreds of
          thousands of dollars each in new work for Hamilton.

     o    Inspection and Certification: Hamilton charges a service to inspect
          and to re-certify parts, engines and airframes for customers.

     o    Aircraft Sales and Leasing Commissions: Hamilton takes full advantage
          of its position as a maintenance provider to earn commissions on
          aircraft sales or leases, as opportunities arise.

<PAGE>


     o    Aircraft Ferry and Flight Crew Services: Hamilton offers aircraft
          ferry service and flight crew operations, to shuttle aircraft for
          maintenance, service or repossession. Contract crews are used in order
          not to create additional overhead.

     o    Labor Contracting: Hamilton provides teams of technicians to
          understaffed competitors on a contract basis, or as field teams to
          rescue distressed aircraft in remote locales.

     These other services are synergistic, because different services generate
additional services and opportunities. For example, HAT typically gets the
maintenance and overhaul work on aircraft stored on its tarmac, due to the tens
of thousands of dollars often required to relocate such aircraft. HAT also
frequently gets the first offer to buy or broker aircraft and aviation parts
inventories, due to its abilities to resell or install them. These abilities
exist because a large jet repair facility such as HAT is an "apex" company at
the center of the aviation industry. Every large jet must under FAA rules
undergo periodic minor and major maintenance, and such services, and
installation of parts, must be done by an FAA-approved repair facility such as
HAT.

     Key Operational Strategies

     Due to complexity of aircraft maintenance operations, it is essential that
HAT employ highly experienced and highly competent people in key management
positions. This is necessary both to attract and keep business and to maintain
HAT's good standing with the FAA. Accordingly, HAT has found it most cost
effective to attract and keep key personnel by offering attractive salaries,
while aggressively replacing those key employees who, after given a reasonable
opportunity to do so, fail to successfully meet their job requirements. While
this may seem harsh, the critical public safety issues associated with
commercial aircraft maintenance require that HAT quickly identify and address
any shortcomings in the oversight of its activities.

     Similarly, in an industry where aircraft down time represents tens of
thousands of dollars a day in lost revenue, and a mis-drilled hole or a bolt
left in an engine inlet can cost tens of thousands of dollars to address, HAT
has found it most cost effective to pay its production personnel wages at the
higher end of national standards while demanding in return a high level of
professionalism from its employees. To insure that a good level of communication
is maintained with all employees, HAT provides regular written evaluations to
all employees.

     The principal focus of the operations group at HAT is the implementation of
strategies to enhance worker productivity, which include assigning dedicated
crews and dedicated project managers to each maintenance and modification job,
ongoing training for supervisors, project managers and quality control
personnel, and improving material flow to each job site. HAT also is
strengthening its production planning and control department for the purpose of
improving pre-input planning, responsiveness to unexpected maintenance finds or
changes in customer work scope, and the efficiency with which, when necessary,
manpower flows from one job to another.

     Aircraft maintenance and modification is a highly regulated industry, and a
good working relationship with the FAA is essential to the successful operation
of an FAA-approved Repair Station such as HAT. The policy of HAT management is

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to work closely and proactively with the FAA, which has resulted in the very
positive relationship needed to insure that when significant issues do
occasionally arise between HAT and the FAA they are addressed in a reasonable
and constructive nature.

     Marketing Strategy

     HAT has identified maintenance and modification of the Boeing 727 and 737
and the DC-9/MD80 jet aircraft (and eventually, Boeing 757 aircraft) as its
major target markets through at least 2005. Although aircraft maintenance is a
multi-billion dollar annual industry, in many ways it is a very tightly knit
community in which many key players are well known to one another. As a result,
there exists a surprisingly efficient flow of information throughout the
industry that makes a company's reputation by far its most important marketing
asset.

     Consequently, HAT's marketing efforts are focused on building relationships
with key clients and making sure that each job is a positive experience for the
customer. Much of the sales activity at HAT is actually based on communicating
with customers while their aircraft are in work, in order to minimize the
possibility of misunderstandings arising. In lieu of traditional advertising,
HAT favors personal visits to current and potential customers in order to build
the direct personal relationships that are key to its success, presence at
industry conferences and trade shows, and building referrals from satisfied
customers. Conversely, traditional advertising in industry and trade
publications, direct mail and other conventional marketing and advertising
techniques used by service businesses have been of little use in generating
business for a large-jet repair facility.

     HAT regularly provides press releases on major jobs and provides interviews
for trade journals as a method for maintaining visibility in the industry. HAT
also maintains a web site that describes its facilities, personnel and
capabilities. at www.hamaerotech.com.

     Market

     Narrow body commercial airliners (Boeing 727s, 737s and MD80s and DC-9s)
are HAT's primary market for selling aircraft maintenance, repair, and component
overhaul services. Major commercial airlines, lower-tier airlines, package
carriers and charter operators operate these aircraft. Although the severe
industry-wide impact of the September 11th event still is being felt today, we
estimate that the North American market for MROM services is approximately $5
billion annually. HAT's target market of narrow body commercial jet aircraft
constitutes an estimated 20% of the worldwide commercial aircraft maintenance
market. Due to the relatively small portion of its revenues that come from
activities other than its core MROM services, HAT has not examined the markets
for those other activities.

     Competition

     The barriers to entry in the commercial jet maintenance and modification
business are very high due to the stringency of FAA regulation, the complexity
and sophistication of modern jet aircraft, and the reluctance of operators to
entrust their aircraft maintenance to new, unproven start-up facilities. Even if
a new entrant succeeds in completing the very costly and time consuming process
of obtaining FAA approval for a new repair station, they are then faced with the
difficult task with convincing operators to input aircraft into an unproven
facility that will necessarily experience learning curve cost overruns and
delays.

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     Many of the largest aircraft repair stations expend the majority of their
man-hours on wide body aircraft. HAT is one of the top twenty repair stations in
the country specializing in strictly narrow body aircraft, and once it reaches
approximately $25 mil. in revenues, HAT will be among the top ten repair
stations of its class.

     Given the many billions of aircraft maintenance dollars spent each year,
and the relatively limited number of approved repair stations, much of the
meaningful competition in today's aircraft maintenance industry is not so much
competition for customers as it is for qualified personnel to perform the work.
In view of the importance of employing highly competent personnel in the quality
critical field of commercial aircraft maintenance, HAT's pay scales generally
meet or exceed national standards. Also, HAT has been very successful in
recruiting key personnel by focusing on providing a good quality work
environment and due to the desirability of Tucson's lifestyle.

     In the local area, HAT's major competitor for narrow-body aircraft
maintenance work is Evergreen Air Center, which is located in Marana, Arizona
and employs approximately 275 people. Evergreen Air Center services Evergreen
Airline's fleet of Boeing 747 and McDonnell Douglas DC-9 commercial aircraft and
provides services to outside customers.

     Nationally, Hamilton Aerospace competes in the narrow-body segment of the
market with Tramco, owned by Goodrich Corporation and located in Seattle,
Washington; AAR Group, Inc., located in Oklahoma City, Oklahoma; Ozark Aircraft,
located in Fayetteville, Arkansas; Mobile Aerospace, located in Mobile, Alabama;
Timco, located in Greensboro, North Carolina, Macon, Georgia, and Lake City,
Florida; FlightStar, located in Jacksonville, Florida; Commercial Jet Miami,
located at Miami, Florida; Avborn Heavy Maintenance, located at Miami, Florida;
and Commodore, a subsidiary of Israeli Aircraft Industries, located at Miami,
Florida. Internationally, Hamilton Aerospace competes with Coopesa, located in
San Jose, Costa Rica and Aeroman, part of the Taca Groupa, located in San
Salvador, El Salvador.

     HAT competes principally on the high quality of its services, its price
competitiveness due to its location in the Southwest and low labor rates, its
dry, mild climate and ability to do many MROM projects outdoors, and the low
cost of its Tucson facility. In the past year, predominantly due to the
September 11, 2001 event, five major repair stations either ceased doing
business or filed Chapter 11, including Hamilton Aviation, HAT's predecessor.
This has restricted the supply of services to the industry and opened up an
opportunity for HAT.

     The large aircraft repair business is highly competitive. Revenues are
sensitive to adverse changes in the air carrier business, with factors such as
airline profit levels, changes in fuel costs, average fare levels, and passenger
demand. The heavily regulated airline industry, however, requires scheduled
maintenance and repair services irrespective of industry economics, thus
providing a reasonably steady market for HAT's services.

     Employees and Employment

     At December 31, 2002 a total of approximately 150 employees are employed by
HAT. At the date of this filing, employees total over 200. These persons are all
highly trained and qualified. The capacity of the facilities currently occupied
by HAT is at least 600, working two staggered shifts. Purchase and erection of

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the clamshell hangar would substantially increase the number of personnel
employable. Both Renegade and HAT are non-union and believe that their
relationships with employees are good. HAT's management is also experienced in
the hiring, training, and retention of people necessary to operate its repair,
maintenance and modification facilities.

     Based upon the available talent pool, both Renegade and HAT believe that
their needs for labor will be addressed adequately in the future. This includes
the key technical positions that require licensure by the FAA. Since the air
transport slowdown caused by September 11, 2001 tragedy, the availability of
highly qualified skilled aircraft maintenance and support personnel has
increased. HAT does not expect that identifying, attracting and retaining
qualified personnel in any of the key areas will be difficult.

     In addition, Pima Community College, located in Tucson, has been training
mechanics since 1991. Pima has just completed a major new training facility
adjacent to HAT's facility. HAT intends to work closely with Pima to apprentice
Pima new students to work at HAT and to hire experienced Pima alumni.

     Regulation

     The aviation industry is highly regulated by the FAA in the United States
and by similar agencies in other countries. We must be certified by the FAA, and
in some cases authorized by the original equipment manufacturers, in order to
repair aircraft components and to perform maintenance and repair services on
aircraft. Commercial jets, like any other complex vehicles, require periodic
maintenance to allow for their safe and economical operation. Unlike many
vehicles, the repair and modification of such aircraft is highly regulated by
the various aviation authorities in each country of operation around the world.

     In the United States, the Federal Aviation Administration (FAA) regulates
the manufacture, repair, overhaul and operation of all aircraft and aircraft
equipment operated in the U.S. pursuant to the Federal Aviation Regulations
(FARs). The FAA must certify each authorized repair station, and certified
facilities are issued an Air Agency Certificate. Each certificate contains
ratings and limitations that specifically authorize the repair station to only
perform certain types of services on specific makes and models of aircraft. FAA
regulations are designed to ensure that all aircraft and aircraft equipment are
continuously maintained in proper condition to ensure safe operation of the
aircraft. Similar rules apply in other countries. All aircraft must be
maintained under a continuous condition monitoring program and must periodically
undergo thorough inspection and maintenance. The inspection, maintenance and
repair procedures for the various types of aircraft and aircraft equipment are
prescribed by regulatory authorities and can be performed only by certified
repair facilities utilizing certified technicians. Certification and conformance
is required prior to installation of a part on an aircraft. We closely monitor
the FAA and industry trade groups in an attempt to understand how possible
future regulations might impact us.

     HAT holds FAA Air Agency Certificate #HOCR426X ("FAA Certificate") as an
authorized and approved FAA repair station, which permits HAT to service narrow
body large commercial jet aircraft. This certificate allows HAT the following
ratings: Instrument, Accessory, Limited Airframe, and Limited Engine for the
following aircraft (with certain limitations for each rating and aircraft):

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    Rating            Manufacturer              Make/Model
    ---------------------------------------------------------------------------

    Airframe          Boeing              B-727-100/200- All Series
                      Boeing              B-737-100/200/300/400/500- All Series
                      Douglas             DC-8-All Series
                      Douglas             DC-9-All Series

    Power plant       Pratt & Whitney     JT-3D
                      Pratt & Whitney     JT-8D
                      General Electric    CFM-56
                      Non-destructive Inspection, Testing and Processing

     HAT is inspected regularly by the FAA for conformity to federal
regulations, and its predecessor, Hamilton Aviation, consistently passed those
inspections with no significant discrepancies. Weekly visits by the primary
maintenance inspector (PMI) from the FAA provide continuous monitoring of all
HAT activities. HAT maintains an excellent working relationship with the FAA
staff, as did predecessor Hamilton Aviation, and all work is carried out
according to the standards and requirements of the FARs.

     HAT also holds an equivalent certificate in the European Economic
Community, JAA Agency No. JAA.5903. Without the JAA certificate, HAT would not
be allowed to work on aircraft that operate in EEC airspace. Both certificates
are in good standing. Licensure and regulation of aviation companies is almost
exclusively federal in nature.

     Quality Assurance (which includes Quality Control and Inspection) and
Production functions are separate and distinct at HAT, as required by the FAA,
and the management of each is autonomous from the other, as federal law
requires. Upon completion, all work will have been fully documented as to the
materials used, parts and labor applied, and conformity to the approved data and
FARs.

     There is no assurance that new and more stringent government regulations
will not be adopted in the future or that any such new regulations, if enacted,
will not materially adversely affect our business, financial condition or
results of operations.

     Further, our operations are also subject to a variety of worker and
community safety laws. In the United States, the Occupational Safety and Health
Act mandates general requirements for safe workplaces for all employees.
Specific safety standards have been promulgated for workplaces engaged in the
treatment, disposal or storage of hazardous waste. We believe that our
operations are in material compliance with health and safety requirements under
the Occupational Safety and Health Act.

     Product liability

     Our business exposes us to possible claims for personal injury or death
which may result from the failure of an aircraft or an aircraft part repaired or
maintained by us or from our negligence in the repair or maintenance of an
aircraft or an aircraft part. While HAT maintains what we believe to be adequate
liability insurance to protect us from claims of this type, based on our review
of the insurance coverages maintained by similar companies in our industry, we
cannot assure you that claims will not arise in the future or that our insurance

<PAGE>


coverage will be adequate. Additionally, there can be no assurance that
insurance coverages can be maintained in the future at an acceptable cost. Any
liability of this type not covered by insurance could materially adversely
affect our business, financial condition or results of operations.

                          WORLD JET STRATEGIC ALLIANCE

     HAT has entered into a strategic alliance with World Jet Corporation based
at Los Angeles International Airport. World Jet is a major company involved in
aircraft spare parts and equipment acquisition and supply for large commercial
jets on a global basis, including all the world's passenger fleets. Under the
terms of this alliance, HAT does less of its own purchasing of parts and
equipment, and World Jet has taken over many of those functions. This alliance
also has opened up a $2 million credit line for HAT from World Jet. This
alliance has resulted in HAT paying up to 25% less for parts and equipment than
it was spending prior to the alliance. The combination of this credit line and
discount has substantially improved HAT's cash flow and improved its profit on
resale of parts to customers. HAT and World Jet both benefit by sharing
marketing information and directing each other's customers to one another.

                                Industry Overview

     As is the case in most industries, the aviation industry is cyclical in
nature. Historical evidence suggests that the typical business cycle in the
aviation industry has a duration of approximately 10 years peak to peak. The
aviation industry appeared by mid-2001 to be headed into a prolonged downturn,
and this trend was violently accelerated by the event of September 11th. Since
September 11, 2001, at least five major repair stations either ceased doing
business or filed for Chapter 11 protection. This factor has restricted the
supply of services to the industry and opened up an opportunity for HAT. Air
carriers such as United Airlines also have filed for Chapter 11 protection. This
recession in the current aviation industry continues unabated, and no clear end
to the recession is in sight. We believe that the following trends are currently
affecting the aviation industry and our operations in particular:

Growth in the Market for Aircraft MROM Services.

     The Boeing 2001 Current Market Outlook Report, published prior to the event
of September 11th, projects that the worldwide fleet of commercial aircrafts
will more than double by 2020, that the worldwide freighter airplane fleet will
more than double by 2020, and that the aircraft fleet will continue to age. We
anticipate that these factors will in the long term increase the demand for
maintenance and repair services. This reports estimates the worldwide market for
MROM services at approximately $44.6 billion annually and that approximately
$5.3 billion of that amount is provided in North America. We believe airlines
perform approximately well over half of the North American services and that the
balance are performed by independent facilities such as HAT.

Diversified Services and Strong Competitive Position.

     Our services include a wide range of aircraft maintenance and repair
services across a number of different airframes. The breadth of our services
allows us to be a vendor of choice to our customers in a highly fragmented
industry. HAT competes principally on the high quality of its services, its

<PAGE>


price competitiveness due to its location in the Southwest and low labor rates,
its dry, mild climate that allows services to be performed with only rare
weather interruptions and to do much of its service out of doors, and the low
cost of its Tucson facility.

Emphasis on Quality.

     Our MROM facility is licensed by the FAA and JAA. We emphasize quality and
on-time delivery to our customers. We are focused on meeting and exceeding FAA
and JAA requirements. As industry, regulatory and public awareness have focused
on safety, our ability to meet and exceed these requirements on a consistent
basis has become important to customers.

Impact of September 11th Terrorist Attacks.

     The September 11th terrorist attacks carried out against the United States
of America in 2001 have had a severe impact on the aviation industry. As a
result of these attacks and its related aftermath, many commercial passenger
airlines and air cargo carriers reported significant reductions in their
operations, taking more than 20% of their aircraft out of service, either
parking them or returning them to leasing companies. This reduction in
operations caused the airline industry in general to incur significant losses in
2001 and 2002 and decreased revenues for MROM facilities that depend
significantly on airline customers, which HAT does not. While airlines remain
hopeful that passenger levels will soon return to pre-September 11th levels, the
effect of the terrorist acts, the continued alerts by the U.S. Department of
Homeland Security and fears of new terrorist attacks, the U.S.-led invasion of
Iraq, high fuel costs and the state of the economy in general likely will
continue to have a negative impact on aviation. In response to these factors, we
took steps, including head count reductions, to reduce our costs. These
terrorist attacks have also impacted our competition with some of our
competitors exiting the MROM business.

Background

     On May 2, 2002, we acquired HAMILTON AEROSPACE TECHNOLOGIES, INC., a
Delaware corporation ("Hamilton Aerospace" or "HAT"), in a stock-for-stock
exchange in which we issued 12,500,000 shares of our common stock to purchase
all of the issued and outstanding capital stock of HAT. As a result of this
transaction, HAT became our wholly owned subsidiary. At that time, the officers
and directors of HAT also became our officers and directors. At this time, HAT
is our principal asset and only operating company. HAT was formed on April 15,
2002, to create a premier provider of large aircraft maintenance, repair,
overhaul and modification services to owners and operators of large Transport
Category commercial jet aircraft. Prior to acquiring HAT we were in the
development stage.

     On April 24, we acquired JOHNSTONE SOFTMACHINE CORPORATION, a Colorado
corporation ("JSC"), in a stock-for-stock exchange. We purchased all the issued
and outstanding capital stock of JSC from LogiCapital Corporation, a company
controlled by Company shareholder and former director John Brasher, in exchange
for the issuance of 3,000,000 shares of our authorized but unissued common
stock. JSC holds a non-exclusive, worldwide data license from LogiCapital
Corporation that permits JSC to use, reproduce and distribute certain data
generated by the licensor in accordance with JSC's design and specifications
through financial websites to be designed and operated by JSC. The Licensor,
which operates financial websites, is obligated to provide JSC with the licensed
products in a mutually agreed upon electronic format, and they will be supplied
on a real time basis over the Internet directly to JSC websites that may be

<PAGE>


built. The Data License Agreement has a 5-year term and requires a royalty
payment to the licensor of 20% of gross revenues, subject to a minimum cash
payment annually to keep the license in force. JSC remains in the development
stage, and the Company has elected to focus its efforts on HAT operations and
has not funded JSC operations. Management has not yet determined how, or
whether, we will exploit or the timing of any exploitation of the license, in
view of our current focus on HAT.

                      RISK FACTORS RELATING TO OUR BUSINESS

     In addition to the other information contained in or incorporated by
reference into this Form 10-KSB, you should carefully consider the following
risk factors and other information contained in this report.

Risks Related to the Aviation Services Industry

     Problems in the airline industry could adversely affect our business. Since
our customers consist primarily of passenger and cargo air carriers and aircraft
leasing companies, economic factors affecting the airline industry impact our
business, though to much lesser extent than it affects MROM firms that rely
heavily on major airlines for business. When economic factors adversely affect
the airline industry, they tend to reduce the overall demand for maintenance and
repair services, causing downward pressure on pricing and increasing the credit
risks associated with doing business with airlines. Additionally, the price of
jet fuel affects the maintenance and repair markets, since older aircraft, which
consume more fuel and which account for most of our maintenance and repair
services business, become less viable as the price of fuel increases. We cannot
assure you that economic and other factors which may affect the airline industry
will not adversely impact our business, financial condition or results of
operations.

     The event of September 11th have had a negative impact on the airline
industry in general, and thereby indirectly on us. Factors which have affected
or may affect our business may include: (i) the impact of these terrorist
attacks and the impact of declines in air travel as a result of these terrorist
attacks on the financial condition of one or more of our airline customers, (ii)
possible increases in jet fuel prices as a result of events relating to these
terrorist attacks, (iii) potential reductions in the need for aircraft
maintenance due to declines in airline travel and cargo business and (iv) the
adverse effect of these terrorist attacks, or future events arising as a result
of these terrorist attacks, on the economy in general.

Dependence on a Small Number of Customers

     For the partial year ended December 31, 2002, our 2largest continuing
customers accounted for approximately80% of our total revenues, and our largest
continuing customer accounted for approximately 43% of total revenues. Based on
the work we can reasonably forecast at this time, it appears that for 2003, our
2 largest continuing customers will account for approximately 30% of our total
revenues , and our largest continuing customer will account for approximately
20% of total revenues. A new customer is expected to account for 40% of 2003
total revenues. While the relative significance of customers varies from period
to period, the loss of, or significant curtailments of purchase of our services
by, one or more of our significant customers at any time could adversely affect
our revenue and cash flow.

Our Business is Heavily Regulated

     The aviation industry is highly regulated by the Federal Aviation
Administration (FAA) in the United States and by similar agencies in other
countries. We must be certified by the FAA in order to repair aircraft and

<PAGE>


aircraft components. We cannot assure you that new and more stringent government
regulations will not be adopted in the future or that any such new regulations,
if enacted, would not materially adversely affect our business, financial
condition or results of operations.

Our Business is Highly Competitive

     The airline industry and the markets for our products and services are
extremely competitive, and we face competition from a number of sources. Our
competitors are other companies providing MROM services. Certain of our
competitors are currently experiencing financial difficulties, and some or all
of them may respond to their financial difficulties by reducing prices on their
services to increase or retain market share. Any material deterioration in our
financial condition is likely to affect our ability to compete with price-
cutting by our competitors. Some of our competitors have substantially greater
financial and other resources than us. We cannot assure you that competitive
pressures will not materially adversely affect our business, financial condition
or results of operations.

We are Susceptible to Liability Claims

     Our business exposes us to possible claims for personal injury or death
which may result if we were negligent in repairing or overhauling an airplane.
We cannot assure you that claims will not arise in the future or that our
insurance coverage will be adequate to protect us in all circumstances.
Additionally, we cannot assure you that we will be able to maintain adequate
insurance coverages in the future at an acceptable cost. Any liability claim not
covered by adequate insurance could materially adversely affect our business,
financial condition or results of operations.

We Depend on Our Executive Officers and Employees

     Our continued success depends significantly upon the services of our
executive officers and upon our ability to attract and retain qualified
personnel in all of our operations. While we have or are issuing employment
agreements with each of our executive officers and certain of our key employees,
most of our employees are employed on an at-will basis. The loss of one or more
of our executive officers and of a significant number of our other employees
without capable replacements could materially adversely affect our business,
financial condition or results of operations.

     Reports to Security Holders

     We are subject to the informational requirements of the Securities Exchange
Act of 1934 as a "small business" issuer. Accordingly, we file annual, quarterly
and other reports and information with the Securities and Exchange Commission.
You may read and copy these reports and other information we file at the
Securities and Exchange Commission's public reference rooms in Washington, D.C.,
New York, New York, and Chicago, Illinois. Our filings are also available to the
public from commercial document retrieval services and the Internet website
maintained by the Securities and Exchange Commission at www.sec.gov.

ITEM 2. DESCRIPTION OF PROPERTY.

     The principal executive offices for both Renegade and Hamilton Aerospace
are located at the Hamilton Aerospace hangar facilities in Tucson, Arizona at

<PAGE>


Tucson International Airport. This favorable location provides 360 days of
sunshine per year together with extremely low humidity year round. These
facilities are situated on the northwest ramp on 22 acres of concrete within the
airport proper and are patrolled by the Tucson Airport Authority police force.
HAT leases these facilities on a month-to-month basis at a rental rate of
$14,385 per month.

     The HAT facility is level and fully paved with concrete sufficient to
handle the largest aircraft on any part of its 22 acres. Two hangars provide the
space for any modification and maintenance work that must be performed indoors.
The larger hanger has 180' clear span and is 185' deep (30,400 sq. ft.),
enabling it to wholly enclose a DC9 and a 727 at the same time. The smaller
hangar is 100' clear span by 100' deep (10,000 sq. ft.) with 2,000 square feet
of office space on the north side and another 2,000 square feet of backshop
space on the south. Numerous mobile offices have been added to accommodate
recent expansion of production and administrative space and sales offices.
Immediately adjacent on the south side of this hangar are 3,300 square feet of
office space which house the electrical shop, avionics, quality control,
planning, production control and the library. In addition, HAT has another 4,200
square feet of office and backshop space, 12,000 square feet of storage space,
and 9,000 square feet of warehouse space.

ITEM 3. LEGAL PROCEEDINGS.

     Neither Renegade nor any significant subsidiary is party to any material
legal proceedings.

                                     PART II

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     No matters were submitted to a vote of our stockholders during 2002.

Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
        MATTERS.

     Price Range of Common Stock

     During the fiscal year ended December 31, 2002, the Common Shares were
quoted under symbol "RDVN" on the OTC Bulletin Board maintained by the National
Association of Securities Dealers, Inc. Prior to May 2, 2002, the date on which
Renegade acquired Hamilton Aerospace, few transactions took place. The following
information relates to the trading of our common stock, par value $.001 per
share. The high and low last sales prices of our common stock for each quarter
during our two most recent fiscal years as well as for the first quarter of
2003, as reported by the OTC Bulletin Board to date, are set forth below:

                                                     HIGH     LOW
2003
----
First Quarter                                        $0.44    $0.24

2002
----
First Quarter                                        $0.46    $0.08
Second Quarter                                       $0.52    $0.08
Third Quarter                                        $3.35    $0.15
Fourth Quarter                                       $0.30    $0.20

2001
----
First Quarter                                        $0.51    $0.375
Second Quarter                                       $0.55    $0.51
Third Quarter                                        $0.72    $0.60
Fourth Quarter                                       $0.375   $0.375


<PAGE>


Impact of Being an OTC Bulletin Board Stock

     Renegade's common stock is quoted on the OTC Bulletin Board and is traded
in the over-the-counter markets. Unless and until our common shares become
quoted on the NASDAQ system or listed on a national securities exchange, we may
at any time be subject to the "penny stock" provisions of the Exchange Act and
applicable SEC rules. At any time when the market price of our common stock is
below $5.00 per share, our common stock may be deemed to be a penny stock. In
that event, our common stock will be subject to rules that impose additional
sales practices on broker-dealers who sell our securities. For transactions
covered by the penny stock rules, the broker-dealer must make a suitability
determination for each purchaser and receive the purchaser's written agreement
prior to the sale. In addition, the broker-dealer must make certain mandated
disclosures in penny stock transactions, including the actual sale or purchase
price and actual bid and offer quotations, the compensation to be received by
the broker-dealer and certain associated persons, and deliver certain
disclosures required by the SEC. So long as Renegade's common shares are
considered "penny stocks", many brokers will be reluctant or will refuse to
effect transactions in Renegade's shares, and many lending institutions will not
permit the use of penny stocks as collateral for any loans.


Our Common Stock is Thinly Traded and Our Stock Price
   May be More Volatile than the Market in General

     Because our common stock is thinly traded, its market price may fluctuate
significantly more than the stock market in general or the stock prices of
similar companies which are exchange listed or quoted on NASDAQ. Our public
float is approximately 2,686,406 shares, thus our common stock will be less
liquid than the stock of companies with broader public ownership, and, as a
result, the trading prices for our common stock may be more volatile. Among
other things, trading of a relatively small volume of our common stock may have
a greater impact on the trading price for our stock than would be the case if
our public float were larger.

     Holders

     Renegade had approximately 200 shareholders of record as of December 31,
2002, which number does not include shareholders whose shares are held in street
or nominee names. We believe there are at least 50 beneficial holders of our
common stock.

     Dividends

     Renegade has never paid a dividend and does not expect to pay a cash
dividend upon its capital stock in the foreseeable future. Payment of dividends
in the future will depend on our earnings (if any) and its cash requirements at
that time, but we expect to retain earnings for business expansion over the
foreseeable future.

<PAGE>


                     RECENT SALES OF UNREGISTERED SECURITIES

     On April 24, 2002, we issued 3,000,000 shares of our common stock to
LogiCapital Corporation to acquire ownership of Johnstone Softmachine
Corporation. LogiCapital exchanged its Johnstone shares, which constituted all
of the issued and outstanding Johnstone capital stock, in exchange for shares of
our common stock. We relied upon Section 4(2) of the Securities Act of 1933 for
the offer and sale to this entity. We believe that Section 4(2) was available
because the sale did not involve a public offering. This transaction involved
the issuance of securities to one entity. We did not utilize brokers in
connection with this transaction and did not pay commissions or any form of
compensation to any person for soliciting this entity. The certificate that was
issued representing these shares contained a customary form of investment
legend, and the shares may not be sold, pledged, hypothecated or otherwise
transferred unless first registered under the Securities Act or pursuant to an
available exemption from such registration requirements. This entity
affirmatively represented to us that it was acquiring our shares for investment
purposes, without any intent of making a redistribution of them, and that it had
access to the same kind and quality of information concerning us as would be
contained in a registration statement filed under the Securities Act.

     On May 2, 2002, we issued 12,500,000 shares of our common stock to a group
of persons to acquire Hamilton Aerospace Technologies, Inc. LogiCapital
exchanged its Johnstone shares, which constituted all of the issued and
outstanding stock of Johnstone, in exchange for shares of our common stock. The
shares were issued to Old Mission Assessment Corporation (8,100,000), Seajay
Holdings LLC (1,500,000), Joane' Corporation (1,500,000), United Payphone Owners
LLC (1,000,000), Ian Herman (200,000) and Ronald J. Clark (200,000). Herman and
Clark became officers and directors of Renegade as a result of this transaction.

     We relied upon Section 4(2) of the Securities Act of 1933 for the offer and
sale to these individuals. We believe that Section 4(2) was available because
the sale did not involve a public offering. This transaction involved the
issuance of securities to one entity. We did not utilize brokers in connection
with this transaction and did not pay commissions or any form of compensation to
any person for soliciting this entity. All certificates that were issued
representing these shares contained a customary form of investment legend, and
the shares may not be sold, pledged, hypothecated or otherwise transferred
unless first registered under the Securities Act or pursuant to an available
exemption from such registration requirements. Each of these individuals
represented to us that they were acquiring the shares for investment purposes,

<PAGE>


without any intent of making a redistribution of them, and that they had access
to the same kind and quality of information concerning us as would be contained
in a registration statement filed under the Securities Act. Certain of these
shares subsequently were transferred among the holders.

<TABLE>
<CAPTION>


                                   Equity Compensation Plan Information

   Plan category                             Number of securities   Weighted average      Number of
                                             to be issued upon      exercise price of     securities
                                             exercise of            outstanding           remaining available
                                             outstanding options,   options, warrants     for future issuance
                                             warrants and rights    and rights
   ----------------------------------------------------------------------------------------------------------
                                                  (a)                   (b)                   (c)
   ----------------------------------------------------------------------------------------------------------
<S>                                              <C>                  <C>                   <C>
   Equity compensation plans approved by         20,000               0.30                  1,090,000
   security holders
   ----------------------------------------------------------------------------------------------------------
   Equity compensation plans not approved      410,000                0.30                  2,590,000
   by security holders
   ----------------------------------------------------------------------------------------------------------
   Total                                       430,000                0.30                  3,680,000
   ----------------------------------------------------------------------------------------------------------
</TABLE>




ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS, OR PLAN OF OPERATION.

     We are a holding company, and all our operations are currently and were as
of December 31, 2002, conducted by our operating subsidiary, HAT, which was
organized on April 15, 2002. Unless otherwise specified, the operations
discussed below pertain to operations of HAT since its inception on April 15,
2002.

                              RESULTS OF OPERATIONS

     Operating revenues consist primarily of service revenues and sales of
materials consumed while providing services, net of allowances for returns. Cost
of sales consists primarily of labor, materials and freight charges. Our
operating results have fluctuated in the past and may fluctuate significantly in
the future. Many factors affect our operating results, including timing of
repair orders and payments from large customers, competition from other
third-party MROM service providers, the state of the aviation industry and the
number of customers seeking services, the impact of fixed pricing on gross
margins and our ability to accurately project our costs, ability to obtain
financing and other factors.

     Significant portions of our operating expenses, such as insurance, rent,
debt payments, certain salaries and such, are relatively fixed. Since we
typically do not obtain long-term commitments from our customers, we must
anticipate the future volume of orders based upon the historic patterns of our
customers and upon discussions with our customers as to their future
requirements. Cancellations, reductions or delays in orders by a customer or
group of customers could have a material adverse effect on our business,
financial condition and results of operations.

<PAGE>


     2002 Operations

     The Company completed its acquisition of HAT in May 2002. HAT commenced
operations in late April 2002, and thus had only approximately eight months of
operations for 2002. During the quarter ended June 30, 2002, the second quarter
of the year, the Company incurred a net loss of $1,816,040, of which $489,140
was attributable to HAT operations. Approximately $1.3 mil. of that loss was due
to the grant of stock and stock options. Significant expenses during the early
days of operation were due to the high cost of sub-contracting services prior to
receiving a separate FAA Repair Station certificate.

     During the quarter ended September 30, 2002, the third quarter of the year,
the Company incurred a net loss of $526,898, of which $513,556 was attributable
to HAT's operations. The losses in the second and third quarters can be largely
attributed to the cost of setting up the HAT business to commence operations
including, but not limited to, the cost of attracting new business, hiring
qualified employees and management, entering into vendor relationships and
establishing internal operating and reporting systems.

     Results in the fourth quarter ended December 31, 2002 reflect the gradual
upward trend in HAT revenues during the first nine months of operation. HAT
recorded a profit for the first time, of $137,375.This reflects management's
continual efforts to minimize costs so that the available revenue opportunities,
of an extremely competitive and depressed marketplace, would be sufficient to
foster continued growth of the operation. Internal management policies
implemented during this inception year were necessitated by adherence to an
overall management strategy of long-term growth and profitability. We
experienced a loss of $227,847 for the fourth quarter on a consolidated basis,
but HAT was profitable on a standalone basis. Although the fourth quarter
amounted to approximately 1/3rd of our operating year for 2002, it contributed
less than 10% of the annual loss, which declined each quarter of 2002.

     Our revenues for 2002 of $5,009,703 includes $3,667,697 in labor billings
resulting from 72,523 billable hours. The $50.57 average per billable hour,
which we believe is among the highest in the industry, demonstrates the efficacy
of management's decision to maintain the core preassembled, highly competent,
workforce it found available at the inception of HAT operations. Our HAT
subsidiary was organized in April 2002, thus our financial results reflect
operations for only 8 months of 2002. Because of our recent organization,
several potential customers and some former customers of Hamilton Aviation, Inc.
were reluctant to send work to us, or they sent the work to competitors which
would have otherwise gone to us, due to their concerns about our financial
stability. We believe that this is becoming less of a factor affecting our
revenue as we have demonstrated our ability to do first quality work and give
exceptional turn times and also in view of our credit rating, which is
excellent. Further, during 2002 several of our customers experienced adverse
financial problems of their own of varying severity, which further adversely
impacted our operating results.

     Operating expenses for 2002 were also negatively impacted by legal and
accounting costs. Included in operating expenses for the year ended December 31,
2002 are an aggregate of $1.3 million in non-recurring costs associated with the
award of stock and stock options. Our business evolved in 2002 to the point that
we turned low margin work away in the fourth quarter and were able to negotiate
better terms with certain customers. We were successful in retaining significant
customers of Hamilton Aviation, Inc., such as Pegasus Aviation and Falcon Air
Express, as well as adding large new customers such as Jetran International.

<PAGE>


     The following table graphically depicts our quarterly performance on a
consolidated basis and our Hamilton Aerospace operating subsidiary on a
stand-alone basis for the approximately eight months of operations in 2002:


------------------------------------------------------------------------------
                           Renegade Consolidated      Hamilton Stand-Alone
------------------------------------------------------------------------------
June 30 Quarter
------------------------------------------------------------------------------
  Revenues                      $ 1,487,569               $ 1,487,569
------------------------------------------------------------------------------
  Costs of sales               ( 1,399,857)               ( 1,343,104)
------------------------------------------------------------------------------
  Expenses                     ( 1,903,752)               (   633,605)
------------------------------------------------------------------------------
Net Profit (Loss)              ( 1,816,040)               (  $489,140)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
September 30 Quarter
------------------------------------------------------------------------------
  Revenues                     $ 1,447,808                $ 1,447,808
------------------------------------------------------------------------------
  Costs of sales               ( 1,271,782)               ( 1,328,534)
------------------------------------------------------------------------------
  Expenses                     (   702,924)               (   632,830)
------------------------------------------------------------------------------
Net Profit (Loss)              ($  526,898)               ($  513,556)
----------------------------------------------- ------------------------------
------------------------------------------------------------------------------
December 31 Quarter
------------------------------------------------------------------------------
  Revenues                     $ 2,074,326                $ 2,074,326
------------------------------------------------------------------------------
  Costs of sales               ( 1,729,088)               ( 1,729,088)
------------------------------------------------------------------------------
  Expenses                     (   573,085)               (   207,862)
------------------------------------------------------------------------------
Net Profit (Loss)              ($  227,847)                 $ 137,375
------------------------------------------------------------------------------
------------------------------------------------------------------------------
December 31 FYE Results
------------------------------------------------------------------------------
  Revenues                     $ 5,009,703                $ 5,009,703
------------------------------------------------------------------------------
  Costs of sales               ( 4,400,727)               ( 4,400,727)
------------------------------------------------------------------------------
  Expenses                     ( 3,179,761)               ( 1,474,297)
------------------------------------------------------------------------------

Net Profit (Loss)              ($2,570,785)               ($  865,321)
------------------------------------------------------------------------------


As the above chart indicates, we achieved profitability, in our HAT subsidiary
in fourth quarter 2002.


     2001

     For the year ended December 31, 2001, we had no operations, assets or
revenues and incurred a net loss of $11,166 as compared to a net loss of $18,182
for the year ended December 31, 2000. Expenses in calendar 2001 related
primarily to miscellaneous filing fees, accounting fees and legal fees.

<PAGE>


                         LIQUIDITY AND CAPITAL RESOURCES

     Liquidity

     As of December 31, 2002, we had $1,891 in cash on hand and approximately
$750,000 in collectible receivables. We did not raise meaningful capital during
2002, which necessitated the financing of our HAT accounts receivable in some
instances. Besides the accounts receivable financing line, we did not have a
meaningful line of credit in 2002. Operations provided no net cash flow but
resulted in a loss of $2,570,785. This lack of working capital and profitability
has made it necessary for us to grow our business out of monthly cash, but
revenues nonetheless continued to grow through the fourth quarter of 2002 and
since. Growing our business requires adding trained employees, which increases
overhead faster than receivables can be collected. In order to continue our
growth and achieve stability, we need to raise equity capital.

     The bridge loan arrangement discussed below has assisted materially with
our financing and liquidity needs since December 31, 2003, but it is debt
financing and not a permanent arrangement. Our goals for 2003 are to raise the
necessary equity capital and to establish revolving lines of credit upon which
we can draw as needed.

     HAT has entered into a strategic alliance with World Jet Corporation based
at Los Angeles International Airport, pursuant to which World Jet does much of
the parts and equipment purchasing for HAT. This alliance also has opened up a
$2 million credit line for HAT from World Jet. This alliance has resulted in HAT
paying up to 25% less for parts and equipment than it was spending prior to the
alliance. The combination of this credit line and discount has substantially
improved HAT's cash flow and improved its profit on resale of parts to
customers.

     By the end of 2002, we were regularly paying accounts payable within 45
days, which we believe is significantly better than industry average. In
December 2002 we received the highest credit rating from Dun & Bradstreet, which
has improved our ability to obtain credit and, in some instances, to obtain MROM
work.

     HAT will require additional working capital to carry out its business
development plan. Management estimates that between $750,000 to $1,000,000 in
equity capital will be needed. Management is confident of its ability to raise
or borrow sufficient capital needed for operations as well as to implement its
business development plans.

     The inability to raise funds or a continued lack of funds could result in
the failure to complete needed acquisitions of certain aviation asserts and
inventory, as well as jeopardize HAT's future operating results. We currently
expect to fund expenditures for capital requirements as well as liquidity needs
from a combination of internally generated funds and financing arrangements. We
believe that our internally generated liquidity, together with access to
external capital resources, will be sufficient to satisfy existing commitments
and plans.

<PAGE>


     Short-Term Financing

     As of December 31, 2002, the Company had placed invoices belonging to a
single customer, in full recourse financing. The debt is secured by the
Company's accounts receivable due from that customer, and bears interest at a
rate of 42% to 52% per annum. The total amount of invoices placed is $757,882.90
on which the factor advanced $622,706.25. At December 31, 2002, the customer had
made payments totaling $516,222.32. The customer has paid and has agreed to pay
the full costs of these arrangements. Factoring was necessitated by the cash
flow problems created by our customer's inabililty to make payments on his work
with us in the typical time frame we contracturally provide for payments. The
customer continues to make regular payments to the factor. Since this is a full
recourse financing, there is a degree of risk and exposure that the Company
would have to repay the factor in the event of customer's inability to pay.

     On December 15, 2002 American Capital Ventures LLC agreed, subject to due
diligence, to provide the company with financing of up to $6 million. On March
1, 2003, Hamilton Aerospace and the Company signed a secured promissory note
with American Capital Ventures, L.L.C. as the lender. The principal amount of
the note is $675,000. Interest is payable in monthly installments at the rate of
l.25% per month, payments beginning April 1,2003. The entire unpaid Principal
and any accumulated, accrued or unpaid interest thereon are due and payable on
September 1, 2003. This loan represents the first installment of a bridge loan
of up to $2million. It is intended that this bridge loan will be replaced by a
combination of a preferred stock offering and a $4 to $6 million credit
facility.


     Long-Term Financing

     No long term financing was in place during 2002.

                Risk Factors Relating to Our Financial Condition

     We Have Substantial Debt that We May be Unable to Service

     We currently owe Hamilton Aviation, Inc. the sum of $1,200,000 for assets
purchased, which is repayable over 36 months in monthly payments of $36,779. The
creditor has a senior secured position in the assets sold. Based upon current
business and cash flow levels, we feel confident we can service this debt out of
operating cash flow. We currently have significant outstanding indebtedness of
$675,000 in the form of a bridge loan repayable in a lump sum installment in
September 2003 ("Bridge Loan"). The lender holds a secured position in all our
assets, including receivables and invoices. These two creditors are secured by
virtually all of our assets. If we are unable to raise equity capital to repay
the Bridge Loan, or to convince the holders of this debt to convert their loans
into our equity securities, the possibility exists that we could face
foreclosure proceedings by this creditor. The degree to which we are leveraged
could have important consequences to us, including our vulnerability to adverse

<PAGE>


general economic and industry conditions, our ability to refinance our
indebtedness, and our ability to obtain additional financing for future working
capital expenditures, general corporate or other purposes. Any equity capital
raised must be applied directly, dollar for dollar, against sums owing under the
Bridge Loan.

We Depend on Financing Transactions

     During 2002, we relied primarily upon significant borrowings under
factoring arrangement in which we obtaining financing on our receivables to
satisfy our funding requirements. Despite obtaining the Bridge Loan, we have
found it necessary in 2003 to continue using this factoring arrangement. If we
are unable to raise sufficient equity capital, we cannot assure you that
financing alternatives will be available to us in the future to support our
operations.

Our Lenders Impose Significant Restrictions On Us

     The Bridge Loan imposes significant operating and financial restrictions on
us. These restrictions may significantly limit our ability to incur additional
indebtedness, pay dividends, repay indebtedness prior to its stated maturity,
sell assets or engage in mergers or acquisitions. In addition, our failure to
comply with these restrictions could result in an event of default which, if not
cured or waived, could materially adversely affect our business, financial
condition or results of operations. We incurred an overall loss for 2002,
despite a modestly profitable fourth quarter in our HAT operations, and we may
incur losses in the future. If we incur losses in the future, our ability to
obtain sufficient working capital for our operations and our ability to service
our indebtedness may be impaired.

Possible Cancellations, Reductions or Delays

     A large portion of our operating expenses are relatively fixed; therefore
cancellations, reductions or delays in orders by a customer or group of
customers could materially adversely affect our business, financial condition or
results of operations.

                          CRITICAL ACCOUNTING POLICIES

         Financial Reporting Release No. 60 of the SEC encourages all companies
to include a discussion of critical accounting policies or methods used in the
preparation of the financial statements. Our consolidated financial statements
filed as part of this annual report include a summary of the significant
accounting policies and methods used in the preparation of our consolidated
financial statements.

     REVENUE RECOGNITION. We recognize revenues related to engine overhaul
services when we ship the overhauled engine. Revenues from fixed-fee contracts
for MROM sales are recognized on the percentage-of-completion method, measured
by the cost-to-cost method, commencing when progress reaches a point where
experience is sufficient to estimate final results with reasonable accuracy.
Revision in cost and labor hour estimates and recognition of losses on these
contracts are reflected in the accounting period in which the facts become
known. Revenues from time and material contracts are recognized as the services
are performed.

     USE OF ESTIMATES. Management's discussion and analysis of financial
condition and results of operations is based upon our consolidated financial
statements, which have been prepared in accordance with accounting principles
generally accepted in the United States. The preparation of our financial
statements requires management to make estimates and judgments that affect the
reported amounts of assets, liabilities, revenues and expenses, and the related
disclosure of contingent assets and liabilities. Management evaluates these
estimates on an on-going basis, including those related to estimated losses on

<PAGE>


disposal of discontinued operations, the allowance to reduce inventory to the
lower of cost or net realizable value, the estimated profit recognized as
aircraft maintenance, design and construction services are performed, the
allowance for doubtful accounts and notes receivable, future cash flows in
support of long lived assets, medical benefit accruals, and the estimated fair
values of facilities under capital leases. Management bases its estimates on
historical experience and on various other assumptions that they believe are
reasonable under the circumstances, the results of which form the basis for
making judgments about the carrying value of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these
estimates under different assumptions and conditions.

Item 7. FINANCIAL STATEMENTS.

     The financial information required by Item 7 is included following Part III
of this report.

Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS OR ACCOUNTING AND
        FINANCIAL DISCLOSURE.

     Not applicable.

                                    PART III

Item 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
       COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT.

     The persons who serve as directors and executive officers of Renegade and
of our Hamilton Aerospace subsidiary, their positions and tenure held in
Renegade and Hamilton Aerospace, as the case may be, are listed below. The Board
of Directors is not divided into classes, and Directors serve one-year terms.
Each director will serve until the next annual meeting of shareholders, or until
his respective successor has been elected and duly qualified. Officers hold
office at the pleasure of the Board of Directors, absent any employment
agreement, of which none currently exist.

<TABLE>
<CAPTION>


RENEGADE DIRECTORS
    AND EXECUTIVE OFFICERS

Name                 Age              Positions                             Term Expires
----                 ---              ---------                             ------------

<S>                  <C>                                                        <C>
Ian Herman           56  Chairman of the Board and Chief Executive              2003
                         Officer of Renegade and Hamilton Aerospace

John B. Sawyer       37  President,Director and Chief Operating Officer         2003
                         Of Renegade and Hamilton Aerospace
Ronald J. Clark      60  Resigned as a Director (4-10-03 See
                         "Subsequent Events")


Note: The Board of Directors has been reduced to two, with John Sawyer becoming
President.

<PAGE>


HAMILTON AEROSPACE DIRECTORS
   AND EXECUTIVE OFFICERS

Name                 Age   Positions                                         Term Expires
----                 ---   ---------                                         ------------

Ian Herman           56  Chairman of the Board and Chief Executive              2003
                         Officer of Renegade and Hamilton Aerospace

John B. Sawyer       37  President, Director and Chief Operating Officer        2003
                         Of Renegade and Hamilton Aerospace
Ronald J. Clark      60  Resigned as a Director (4-10-03 See
                         "Subsequent Events")


Alan R. Abate        46  Senior Vice President                                  N/A
Philip S Watkins     36  Vice President, Maintenance                            N/A
Patricia Graham      60  Vice President, Finance                                N/A

</TABLE>


                            BIOGRAPHICAL INFORMATION

     The following is a brief account of the business experience during at least
the past five years of each person who is a director and executive officer at
the time of filing this report, indicating the principal occupation and
employment during that period, and the name and principal business of the
organization in which such occupation and employment were carried out.

     Ian Herman is Chairman of the Board and Chief Executive Officer. Ian is one
of the UK's most respected business executives having headed the Department of
Trade and Industry London and Southeast Development Board as Chairman for the
British government handling major inward investments into the U.K.. During that
time he evaluated and administered projects in diverse industries totaling more
than $200 million. He served as Chairman and Chief Executive of the British
World Airlines, where he took the group from losses of over $3 million to
profits of over $3 million in 12 months and later raised $22 million in cash and
converted nearly $25 million of debt to equity. For his contribution to his
country's economic development, he was honored the coveted "Freedom of the City
of London" award.

     John B. Sawyer, President, Chief Operating Officer and Director. From 1998
through May 6, 2002, John Sawyer was Chief Operating Officer of Hamilton
Aviation, Inc. From 1996 until 1997, Mr. Sawyer was president of Matrix
Aeronautica S.A. de C.V., a Mexican repair station located in Tijuana, Baja
California. John received an A.A. in Aerospace Engineering from the University
of Texas (Austin). In 1986 John joined Pan American World Airways based in
Berlin, Germany. Subsequent to that he worked as a Production Foreman at
Raytheon, a Quality Control Supervisor at TIMCO, a Heavy Maintenance
Representative for World Airways, and Director of Quality Control at Federal
Express Feeder.

     Family Relationships

     There are no family relationships between any director or executive
officer.

<PAGE>


                              SIGNIFICANT EMPLOYEES

     The following persons are considered significant employees of our HAT
subsidiary:

     Ian Herman, Chairman and Chief Executive Officer. Biography above.

     John B. Sawyer, President. Biography above.

     Alan R. Abate, Vice President and Senior Corporate Officer. Mr. Abate
started his aviation career in 1976. During his early years, he earned his FAA
Airframe and Powerplant certificates and honed his skills in transport category
aircraft maintenance and modification. By the mid-1980s, Mr. Abate had worked
his way into management with Hamilton Aviation, Inc. Working days and going to
school at night, he earned an Advanced Certificate and AAS degree, with honors,
in Business Administration from Pima College in Tucson, Arizona. Since his
involvement in executive management in the early 1990s, he has been directly
responsible for corporate administration and contract management. Currently, Mr.
Abate is responsible for contract management and corporate administration
including human resources and information systems for Hamilton.

     Patricia Graham, Vice President of Finance. Since 1995, Patricia Graham has
been associated with the aviation industry serving as Divisional Controller for
IAC Complete Controls, Inc., as Regional Controller for American Aircarriers
Support, Inc., and as Controller and Corporate Officer for Evergreen Air Center,
Inc. prior to joining Hamilton Aerospace. Ms. Graham graduated Summa Cum Laude
from the University of Arizona with a B.S. in Business Administration. Ms.
Graham has over 15 years history in accounting, fiscal planning and budgetary
operations, as well as 5 years public accounting experience.

     Philip S. Watkins, Vice President of Maintenance. Phil joined Hamilton
Aerospace on May 6, 2002 as the Director of Maintenance. Prior to joining
Hamilton Aerospace, Mr. Watkins was Vice President of Operations for Hamilton
Aviation, Inc. since 2000. From 1995 to 2000, Mr. Watkins was Project Manager at
TIMCO in Greensboro, North Carolina, for the United 767 Heavy Maintenance Visits
programs. Prior to that, Mr. Watkins was Program Manager for West Virginia
Aerospace Inc., located in Bridgeport, West Virginia.

     BILL DELANEY, Vice President of Sales and Marketing. Bill began his
aviation career in 1983, in a family-owned general aviation maintenance
operation. He is a graduate of Texas State Technical Institute, a school
co-founded by his father. He holds an F.A.A. Airframe and Powerplant rating and
has performed a wide range of duties from Quality Control to Operations and
Materials Management. Prior to joining Hamilton Aerospace, Bill was Vice
President of Operations for a large transport category aircraft maintenance
facility very similar to and competitive with Hamilton Aerospace, where he
managed an operation of 450 employees with annual revenues of $50 million
dollars. Bill has managed aircraft maintenance services to many of the
industry's most notable clients, including Boeing, NASA, and numerous airlines
and leasing companies.

     BARRY L. KIDD, Director of Technical Services. Barry joined Hamilton
Aerospace on May 26, 2002 as Director of Technical Services. Prior to joining
Hamilton Aerospace, Mr. Kidd was Vice President of Planning for TIMCO in

<PAGE>


Greensboro, North Carolina. Mr. Kidd spent eleven years with TIMCO in various
positions as Project Manager of the DC-8 and 767 Cargo modification program and
Director of Maintenance prior to his promotion to Vice President of Planning.
Prior to TIMCO, he was Vice President and General Manager for Atlantic Aviation
Corporation in Wilmington, Delaware.

     Exclusion of Director Liability

     Pursuant to the General Corporation Law of Nevada, Renegade's Certificate
of Incorporation excludes personal liability on the part of its directors to
Renegade for monetary damages based upon any violation of their fiduciary duties
as directors, except as to liability for any acts or omissions which involve
intentional misconduct, fraud or a knowing violation of law or for improper
payment of dividends. This exclusion of liability does not limit any right which
a director may have to be indemnified and does not affect any director's
liability under federal or applicable state securities laws.

Item 10. EXECUTIVE COMPENSATION.

     Renegade currently has in place an employee stock compensation plan and two
compensatory stock option plans. Renegade has no long-term incentive plans, as
that term is defined in the rules and regulations of the Securities and Exchange
Commission. There are no other compensatory or benefit plans, such as retirement
or pension plans, in effect or anticipated to be adopted at this time, although
other plans may be adopted by the Board of Directors in the future.

          Compensation of Officers and Directors and Executive Officers

     The table below presents information concerning the compensation of the
Company's Chairman of the Board, Chief Executive Officer and its other most
highly compensated executive officers for the current year. None of such persons
were compensated by the Company or by HAT during 2001. Such officers are
sometimes collectively referred to below as the "Named Officers."
<TABLE>
<CAPTION>

                                       SUMMARY COMPENSATION TABLE

                                                               Long-Term Compensation
                                                               ----------------------

                               Annual Compensation              Awards                  Payouts
                      ----------------------------------      ------------------------  -------
   (a)                 (b)       (c)      (d)         (e)        (f)          (g)         (h)       (i)
                                                                           Securities               All
 Name and                                                     Restricted   Underlying     ($)      Other
 Principal             ($)       ($)      ($)         ($)       Stock       Options      LTIP      Compen-
 Position             Year     Salary     Bonus      Other     Awards($)    & SARs(#)   Payouts   sation($)
-----------           ----     ------     -----      -----     ---------   ----------   -------   ---------

<S>                   <C>      <C>                                           <C>
Ian Herman (1)        2002     $75,240    None         None       None       40,000       None       None
 Chairman, Sec.       2001     $ -0-      None         None       None       None         None       None
                      2000     $ -0-      None         None       None       None         None       None

Ronald J. Clark(1)    2002     $75,240    $15,000      None       None       None         None       None
 President, CEO       2001     $ -0-      None         None       None       None         None       None
                      2000     $ -0-      None         None       None       None         None       None

John B. Sawyer        2002     $88,310    None        None        None       None         None       None
 COO, Vice Pres.      2001     $ -0-      None        None        None       None         None       None
                      2000     $ -0-      None        None        None       None         None       None

Randy J. Sasaki(2)    2002     $ -0-      $22,500     None        None       None         None       None
Former Director       2001     $ -0-      None        None        None       None         None       None
                      2000     $ -0-      None        None        None       None         None       None

John Brasher (2)      2002     $ -0-      None        $18,340     None       None         None       None
Former director       2001     $ -0-      None        $5,500      None       None         None       None
                      2000     $ -0-      None        $8,000      None       None         None       None


</TABLE>

<PAGE>

(1)  The bonus amounts payable in 2002 to Clark consist of awards of common
     stock pursuant to the 1997 Employee Stock Compensation Plan.

(2)  Sasaki and Brasher were directors, and Sasaki was an executive officer of
     the Company for the years respectively ended December 31, 2001 and 2002.
     Their service terminated on May 3, 2002. Other compensation payable to
     Brasher for those years consisted of legal fees.


     None of the Named Officers received any form of non-cash compensation from
the Company or Hamilton Aerospace in the years ended December 31, 2002 or 2001,
nor currently receives any such compensation. The Company intends to implement
employee benefits that will be generally available to all its employees and its
subsidiary employees, including medical, dental and life insurance benefits and
a 401(k) retirement savings plan.

<TABLE>
<CAPTION>


                              OPTION/SAR GRANTS IN LAST FISCAL YEAR

                                       Individual Grants
------------------------------------------------------------------------------------------------
    (a)                (b)               (c)                       (d)                (e)
                    Number of         % of Total
                    Securities       Options/SARs
                    Underlying        Granted to
                   Options/SARs        Employees           Exercise or Base
   Name              Granted         in Fiscal Year           Price($/Sh)        Expiration Date
   ----              -------         --------------           -----------        ---------------

<S>                   <C>                <C>                    <C>               <C>
Ian Herman            None               N/A                       N/A               N/A
Ronald J. Clark       None               N/A                       N/A               N/A
John B. Sawyer        None               N/A                       N/A               N/A
Robert J. Scott       None               N/A                       N/A               N/A
Randy J. Sasaki (1)   None               N/A                       N/A               N/A
John Brasher (1)      None               N/A                       N/A               N/A

(1)  Sasaki and Brasher were directors, and Sasaki was an executive officer, of
     the Company during the years respectively ended December 31, 2001 and 2000.



               AGGREGATED OPTION/SAR EXERCISES IN LAST FISCAL YEAR
                      and FISCAL-YEAR-END OPTION/SAR VALUES
-------------------------------------------------------------------------------------------------
    (a)                     (b)               (c)                     (d)               (e)
                                                                   Number of
                                                                   Securities         Value of
                                                                   Underlying        Unexercised
                                                                   Unexercised      In-the-Money
                                                                   Options/SARs     Options/SARs
                                                                  at FY-End (#)     at FY-End ($)

                      Shares Acquired                             Exercisable/      Exercisable/
   Name                 on Exercise     Value Realized($)        Unexercisable     Unexercisable
   ----                 -----------     -----------------        -------------     -------------

Ian Herman                None              N/A                      N/A                N/A
Ronald J. Clark           None              N/A                      N/A                N/A
John B. Sawyer            None              N/A                      N/A                N/A
Robert J. Scott           None              N/A                      N/A                N/A
Randy J. Sasaki (1)       None              N/A                   500,000               Nil
John Brasher (1)          None              N/A                   500,000               Nil

</TABLE>


(1)      Sasaki and Brasher were directors, and Sasaki was an executive officer,
         of the Company during the year ended December 31, 2001. No value for
         the unexercised options held by them at year end could be ascertained
         due to the lack of any trading market in the Company's shares.

<PAGE>


     Randy Sasaki and John Brasher each exercised options to purchase 500,000
shares of common stock. Otherwise, none of the Named Officers exercised any
options or SARs during the preceding two years.

     1997 Employee Stock Compensation Plan

     Renegade has adopted the 1997 Employee Stock Compensation Plan for
employees, officers, directors of Renegade and advisors to Renegade (the "ESC
Plan"), which has been approved by the shareholders. Renegade has reserved a
maximum of 1,000,000 Common Shares to be issued upon the grant of awards under
the ESC Plan. Employees will recognize taxable income upon the grant of Common
Stock equal to the fair market value of the Common Stock on the date of the
grant and Renegade will recognize a compensating deduction at such time. The ESC
Plan is administered by the Board of Directors. All shares of Common Stock
available under the ESC Plan have been awarded and issued.

     1997 Compensatory Stock Option Plan

     Renegade has adopted the 1997 Compensatory Stock Option Plan for officers,
employees, directors and advisors (the "CSO Plan"), which has been approved by
the shareholders. Renegade has reserved a maximum of 2,000,000 Common Shares to
be issued upon the exercise of options granted under the CSO Plan. The CSO Plan
will not qualify as an "incentive stock option" plan under Section 422A of the
Internal Revenue Code of 1986, as amended. Options will be granted under the CSO
Plan at exercise prices to be determined by the Board of Directors or other plan
administrator. With respect to options granted pursuant to the CSO Plan,
optionees will not recognize taxable income upon the grant of options granted at
or in excess of fair market value. Renegade will be entitled to a compensating
deduction (which it must expense) in an amount equal to any taxable income
realized by an optionee as a result of exercising the option. The CSO Plan is
administered by the Board of Directors. Options to purchase an aggregate of
1,340,000 shares of Renegade common stock have been granted under the CSO Plan,
as described above, and 430,000 have been returned.

     2002 Compensatory Stock Option Plan

     Renegade has adopted the 2002 Compensatory Stock Option Plan for officers,
employees, directors and advisors (the "2002 CSO Plan"), which has not been
approved by the shareholders. Renegade has reserved a maximum of 3,000,000
Common Shares to be issued upon the exercise of options granted under the 2002
CSO Plan. The 2002 CSO Plan will not qualify as an "incentive stock option" plan
under Section 422A of the Internal Revenue Code of 1986, as amended. Options
will be granted under the 2002 CSO Plan at exercise prices to be determined by
the Board of Directors or other plan administrator. With respect to options
granted pursuant to the 2002 CSO Plan, optionees will not recognize taxable
income upon the grant of options granted at or in excess of fair market value.
Renegade will be entitled to a compensating deduction (which it must expense) in
an amount equal to any taxable income realized by an optionee as a result of
exercising the option. The 2002 CSO Plan is administered by the Board of
Directors. Options to purchase an aggregate of 1,250,000 shares of Renegade
common stock have been granted under the 2002 CSO Plan, as described above, and
840,000 have been returned.

<PAGE>


     Compensation of Directors

     Renegade has no standard arrangements in place or currently contemplated to
compensate Renegade directors for their service as directors or as members of
any committee of directors.

Item 11. Security Ownership of Certain Beneficial Owners and Management
         and Related Stockholder Matters.

     The following table sets forth, as of December 31, 2002, the stock
ownership of each officer and director of Renegade, of all officers and
directors of Renegade as a group, and of each person known by Renegade to be a
beneficial owner of 5% or more of its Common Stock, $.001 par value per share.
Except as otherwise noted, each person listed below is the sole beneficial owner
of the shares and has sole investment and voting power as such shares. No person
listed below has any option, warrant or other right to acquire additional
securities of Renegade, except as noted.

                                           Amount
   Name and Address of                 Common Stock Owned     Percent of Common
   of Beneficial Owner                   Beneficially         Stock Outstanding
   -------------------                   ------------         -----------------

*Ian M. Herman                            240,000 (1)               1.3%
3908, S. Ocean Blvd.#1
Highland Beach, Florida 33487

*John B. Sawyer                           400,000 (2)               2.1%
PO Box 23009
Tucson, Arizona 85734

*Ronald J. Clark                          250,000 (3)               1.3%
6045 Tocito Place
Tucson, Arizona 85718

*All Directors and executive
 officers(3 persons)                      890,000                   4.7%

Old Mission Assessment Corporation      8,100,000 (4)              42.67%
3908, S. Ocean Blvd #1
Highland Beach, Florida 33487

LogiCapital Corporation                3,000,000 (5)               15.80%
109 Lispenard
New Rochelle NY 10801

United Payphone Owners LLC              1,000,000 (4)               5.2%
8936 E. Sunlakes Blvd. South
Sun Lakes, AZ 85218

Seajay Holdings                         1,500,000 (4)               7.9%
445 E. Front Street
Traverse City MI 496686

Joane Corporation                       1,500,000 (4)               7.9%
445 E. Front St.
Traverse Michigan 496686

<PAGE>


     (1)  200,000 shares owned directly and options to purchase 40,000 shares
     (2)  400,000 shares owned directly
     (3)  250,000 shares owned directly (see Subsequent Events)
     (4)  Issued in the Company's acquisition of Hamilton Aerospace
          Technologies, Inc.
     (5)  Issued in the Company's acquisition of Johnstone SoftMachine
          Corporation.

Item 12. Certain Relationships and Related Transactions.

     There were no transactions, or series of transactions, for the years ended
December 31, 2002 or 2001, to which Renegade was a party, in which the amount
exceeds $60,000, and in which to the knowledge of Renegade any director,
executive officer, nominee, five percent or greater shareholder, or any member
of the immediate family of any of the foregoing persons, have or will have any
direct or indirect material interest.

Item 13. Exhibits and Reports on Form 8-K.

     (a) Exhibits. The following exhibits are filed with this report, except
those indicated as having previously been filed with the Securities and Exchange
Commission and incorporated by reference to another report, registration
statement or form. As to any shareholder of record requesting a copy of this
report, Renegade will furnish any exhibit indicated in the list below as filed
with report upon payment to Renegade of its expenses in furnishing the
information.

     2.1  Stock Exchange Agreement and Plan of
          Reorganization dated April 12, 2002, among the
          Company, JSC and the shareholders of JSC,
          incorporated by reference to Exhibit 2.1 to Form
          8-K dated May 1, 2003 ........................................     1

     2.1  Stock Exchange Agreement and Plan of
          Reorganization dated April 30, 2002, among the
          Company, HAT and the shareholders of HAT,
          incorporated by reference to Exhibit 2.1 to Form
          8-K dated May 3, 2003. .......................................     1

     3.1  Articles of Incorporation of Renegade Venture
          Corporation, incorporated by reference to Exhibit
          3.1 to registration statement on Form S-18, file
          No. 33-30476 dated August 11, 1989 ...........................     1


     3.2  Bylaws of Renegade Venture Corporation,
          incorporated by reference to Exhibit 3.2 to
          registration statement on form S-18, file No.
          33-30476 dated August 11, 1989 ...............................     1

     3.5  Amendment to Articles of Incorporation of Renegade
          Venture Corporation, incorporated by reference
          from Exhibit 3.5 to Form 8-K dated August 16, 1996 ...........     1

     3.6  Articles and Certificate of Merger dated September
          18, 1997, between Renegade Venture Corporation and
          Renegade Venture (Nev.) Corporation, a Nevada
          corporation, with Merger Agreement attached
          thereto as Exhibit A, incorporated by reference to
          Exhibit 2.1 to Form 8-K dated October 2, 1997. ...............     1

     3.7  Certificate of Incorporation of Renegade Venture
          (Nev.) Corporation, incorporated by reference to
          Exhibit 3.1 to Form 8-K dated October 2, 1997.................     1

<PAGE>


     3.8  Bylaws of Renegade Venture (Nev.) Corporation,
          incorporated by reference to Exhibit 3.2 to Form
          8-K dated October 2, 1997.....................................     1

     3.9  Articles of Incorporation of Johnstone SoftMachine
          Corporation, incorporated by reference to Exhibit
          3.1 to Form 8-K dated May 1, 2003 ............................     1

     3.10 Bylaws of Johnstone SoftMachine Corporation,
          incorporated by reference to Exhibit 3.2 to Form
          8-K dated May 1, 2003.........................................     1

     3.11 Articles of Incorporation of Hamilton Aerospace
          Technologies, Inc., incorporated by reference to
          Exhibit 3.1 to Form 8-K dated May 3, 2003.....................     1

     3.12 Bylaws of Hamilton Aerospace Technologies, Inc.,
          incorporated by reference to Exhibit 3.2 to Form
          8-K dated May 3, 2003.........................................     1

     4.1  Specimen common stock certificate, incorporated by
          reference to Exhibit 4.1 to registration statement
          of Form S-18, file No. 33-30476 dated August 11, 1989 ........     1

    10.1  Common Stock Option granted to Randy J. Sasaki................     1

    10.2  Common Stock Option granted to John D. Brasher Jr.............     1

    10.3  Data License Agreement dated April 12, 2002,
          between LogiCapital Corporation and Johnstone
          SoftMachine Corporation, incorporated by reference
          to Exhibit 10.1 to Form 8-K dated May 1, 2003.................     1

    10.4  Sale of Assets Agreement dated April 15, 2002,
          between Hamilton Aerospace and Hamilton Aviation,
          Inc., incorporated by reference to Exhibit 10.1 to
          Form 8-K dated May 3, 2002....................................     1

    10.5  Services and Operating Agreement dated May 6,
          2002, between Hamilton Aerospace and Hamilton
          Aviation, Inc., incorporated by reference to
          Exhibit 10.4 to Form 8-K dated May 3, 2002....................     1

    10.6  Lease Purchase Agreement dated April 15, 2002,
          between Hamilton Aerospace and Hamilton Aviation,
          Inc., incorporated by reference To Exhibit 10.5 to
          Form 8-K dated May 3, 2002....................................     1

    99.1  1997 Compensatory Stock Option Plan, incorporated
          by reference to Exhibit 10.1 to Form 8-K dated
          October 2, 1997...............................................     1

    99.2  1997 Employee Stock Compensation Plan,
          incorporated by reference to Exhibit 10.2 to Form
          8-K dated October 2, 1997.....................................     1

    99.3  2002 Compensatory Stock Option Plan, incorporated
          by reference to Exhibit 99.1 to Form 8-K dated May
          1, 2002.......................................................     1

          1 - Incorporated by reference to another registration statement,
              report or document.
          2 - Included as part of this Report.

     (b) Reports on Form 8-K.

     No reports on Form 8-K were filed in the fourth quarter of 2002. However,
the following reports were filed in earlier quarters:

<PAGE>


         May 1, 2002 - regarding JSC acquisition
         May 3, 2002 - regarding HAT acquisition

                                   SIGNATURES


     In accordance with section 13 or 15(d) of the Securities Exchange Act of
1934, the Registrant caused this Report on Form 10-KSB to be signed on its
behalf by the undersigned, thereto duly authorized individual.

Date:  April 15,2003
                                            RENEGADE VENTURE (NEV.) CORPORATION






                                         By:  /s/  Ian Herman
                                              ----------------------------------
                                             Ian Herman, Chief Executive Officer


     In accordance with the Securities Exchange Act of 1934, this report has
been signed below by the following persons on behalf of the Registrant and in
the capacities and on the dates indicated.

      Name                                                         Date
      ----                                                         ----

/s/  Ian M. Herman                                             4/15/2003
------------------------------------------------
     Ian M. Herman
     Director, Chairman, Chief Executive Officer
     And Chief Financial Officer
     (Principal Executive Officer)




/s/  John B. Sawyer                                            4/15/2003
-------------------------------------------------
     John B. Sawyer
     President, Director (Chief Operating Officer)



/s/  Patricia Graham                                           4/15/2003
-------------------------------------------------
      Patricia Graham
      (Principal Financial and Accounting Officer)


<PAGE>

                                  CERTIFICATION

I, IAN HERMAN, certify that:

1. I have reviewed this annual report on Form 10-KSB of Renegade Venture (NEV.)
Corporation.

2. Based on my knowledge, this annual 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 annual
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this annual 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 annual report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and 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 us by others within those
         entities, particularly during the period in which this annual 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 date of
         this annual report (the "Evaluation Date"); and

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

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

         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. The registrant's other certifying officers and I have indicated in this
annual report whether 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: April 15, 2003


                                    /s/  Ian Herman
                                    --------------------------------------------
                                         Ian Herman, Principal Executive Officer

<PAGE>


                                  CERTIFICATION

I, John B. Sawyer, certify that:

1. I have reviewed this annual report on Form 10-KSB of Renegade Venture (NEV.)
Corporation.

2. Based on my knowledge, this annual 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 annual
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this annual 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 annual report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and 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 us by others within those
         entities, particularly during the period in which this annual 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 date of
         this annual report (the "Evaluation Date"); and

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

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

         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. The registrant's other certifying officers and I have indicated in this
annual report whether 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: April 15, 2003


                                          /s/  John B. Sawyer
                                          --------------------------------------
                                              John B. Sawyer, President and COO

<PAGE>


                                  CERTIFICATION

I, PATRICIA GRAHAM, certify that:

1. I have reviewed this annual report on Form 10-KSB of Renegade Venture (NEV.)
Corporation.

2. Based on my knowledge, this annual 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 annual
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this annual 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 annual report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and 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 us by others within those
         entities, particularly during the period in which this annual 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 date of
         this annual report (the "Evaluation Date"); and

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

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

         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. The registrant's other certifying officers and I have indicated in this
annual report whether 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: April 15, 2003


                                /s/  Patricia Graham
                                ------------------------------------------------
                                    Patricia Graham, Principal Financial Officer


<PAGE>


                           Larry O'Donnell, CPA, P.C.
Telephone (303) 745-4545                                2228 South Fraser Street
                                                                          Unit 1
                                                           Aurora,Colorado 80014

                          Independent Auditor's Report

Board of Directors and Stockholders
Renegade Venture Corporation

I have audited the accompanying consolidated balance sheet of Renegade Venture
Corporation as of December 31, 2002 and the related consolidated statements of
operations, changes in stockholders' equity and cash flows for the then year
ended. These financial statements are the responsibility of the Company's
management. My responsibility is to express an opinion on these financial
statements based on my audit.

I conducted my audits in accordance with generally accepted auditing standards
in the United States of America. Those standards require that I plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe my audit provides a reasonable basis for my
opinion.

In my opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Renegade Venture Corporation as of
December 31, 2002 and the results of its operations and their cash flows for the
year then ended in conformity with generally accepted accounting principles in
the United States of America.

The accompanying consolidated financial statements have been prepared assuming
that the Company will continue as a going concern. As discussed in Note 12, the
Company's has negative working capital, negative cash flows from operations and
operating losses which raises substantial doubt about its ability to continue as
a going concern. Management's plans in those matters are also described in Note
12. The consolidated financial statements do not include any adjustments that
might result from the outcome of this uncertainty.

Larry O'Donnell, CPA, P.C.

March 12, 2003


<PAGE>




                       RENEGADE VENTURE (NEV) CORPORATION
                           CONSOLIDATED BALANCE SHEET
                              at December 31, 2002


                                     ASSETS


CURRENT ASSETS
Cash and cash equivalents                                             $    1,891
Accounts receivable                                                      753,474
Due to/from Renegade                                                        --
Inventory                                                                412,589
Other Current Assets                                                     100,781
                                                                      ----------

  TOTAL CURRENT ASSETS                                                 1,268,735

Property, plant and equipment                                            475,204
Other non-current assets                                                  43,209
                                                                      ----------

  TOTAL ASSETS                                                        $1,787,148
                                                                      ==========


<PAGE>


                       RENEGADE VENTURE (NEV) CORPORATION
                           Consolidated Balance Sheet
                              at December 31, 2002


                      LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES
Note payable                                                            100,632
Note payable-related party                                              117,000
Accounts payable - trade                                                701,523
Accounts payable - related party                                         79,202
Due to factor                                                           106,484
Billings in excess of costs and estimated
  earnings on contracts in progress                                      73,351
Renegade Intercompany Receivable                                              0
Accrued liabilities                                                     916,017
Commitments & Contingencies                                                   0
                                                                    -----------

  TOTAL LIABILITIES                                                   2,094,209
                                                                    ===========

STOCKHOLDERS' EQUITY
Preferred stock, $.001 par value,  5,000,000 shares
  authorized, no shares issued or outstanding
Common stock, $.001 par value, 50,000,000 shares
  authorized, 18,980,000 shares issued and 18,410,000
  shares outstanding                                                     19,360
Additional paid-in capital                                            1,904,075
Deferred compensation                                                   (66,000)
Contributed capital                                                     520,289
Accumulated deficit                                                  (2,570,785)
                                                                    -----------


  Total paid-in capital and accumulated deficit                        (193,061)

Less: treasury stock, at cost, 330,000 shares                          (114,000)
                                                                    -----------


  TOTAL STOCKHOLDERS' EQUITY                                           (307,061)
                                                                    -----------


  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                        $ 1,787,148
                                                                    ===========




<PAGE>


                       RENEGADE VENTURE (NEV) CORPORATION
                      CONSOLIDATED STATEMENT OF OPERATIONS
                      for the YEAR ENDED DECEMBER 31, 2002

                                                                     Year Ended
                                                                    December 31,
                                                                       2002
                                                                    ------------


Net Sales                                                             5,009,703

Cost of Sales                                                        (4,400,727)
                                                                    -----------


Gross Profit                                                            608,976

Selling, general and administrative expenses                         (3,106,423)
                                                                    -----------

Loss from Operations                                                 (2,497,447)

Other Income (Expense):
  Interest Income                                                        67,858
  Interest Expense                                                     (114,386)
  Miscellaneous expense                                                  (7,790)
  Miscellaneous income                                                    7,547
  Penalities                                                            (26,568)
                                                                    -----------

Net Loss                                                            $(2,570,785)
                                                                    ===========


Net Loss per Share                                                  $     (0.14)
                                                                    ===========





<PAGE>
<TABLE>
<CAPTION>




                                    RENEGADE VENTURE (NEV) CORPORATION
                               STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                           FOR THE TWELVE MONTH PERIOD ENDED DECEMBER 31, 2002



                                                    Common Stock
                                         ---------------------------------           Treasury         Net
                                            Shares               Amount               Stock          Income
                                         ------------         ------------         ------------     --------

<S>                                           <C>             <C>
Balance at March 31, 2002                     320,000         $        320                 --

Exercise of stock options                   1,000,000                1,000                 --

Loss prior to reverse
    merger                                       --                   --                   --
                                         ------------         ------------         ------------


Balance prior to mergers                    1,320,000                1,320                 --

Acquistion of Johnstone
  Softmachine Corporation                   3,000,000                3,000                 --

Effect of reverse merger
  with Hamilton Aerospace                  12,500,000               12,500                 --
                                         ------------         ------------         ------------


Balance after reverse merger               16,820,000               16,820                 --

Issuance of stock for
  services                                  2,150,000                2,150                 --

Stock surrendered                            (330,000)                --                (99,000)

Options granted                                  --                   --                   --

Issuance of stock for services                390,000                  390

Contributed capital

Stock surrendered                             (50,000)             (15,000)

Net Income for the period ended
  December 31, 2002                              --                   --                   --              2,570,785

                                         ------------         ------------         ------------         ------------
Balance at December 31, 2002             $ 18,980,000         $     19,360         $   (114,000)        $  2,570,785
                                         ============         ============         ============         ============
</TABLE>

<PAGE>



                       RENEGADE VENTURE (NEV) CORPORATION
                             CONSOLIDATED STATEMENTS OF CASH FLOWS
                      for the YEAR ENDED DECEMBER 31, 2002

                                                                     Year Ended
                                                                    December 31,
                                                                        2002
                                                                    ------------

Increase (Decrease) in Cash and Cash Equivalents:

Cash flows from operating activities:
    Net Loss                                                        $(2,570,785)

Adjustments to reconcile net loss to
  net cash provided (used) by operating
  activities:
    Depreciation                                                          7,983
    Expenses paid with stock                                          1,342,900
Changes in Assets and Liabilities:
    Accounts receivable                                                (796,185)
    Prepaid expenses                                                   (100,781)
    Other current assets                                               (137,589)
    Other non-current assets                                            (43,209)


    Accounts payable
    - trade                                                             701,523
    - related party                                                      79,202
    Due to factor                                                       106,484
    Billings in excess of costs and estimated
      earnings on contract in progress                                   73,351
    Accrued liabilities                                                 916,017
                                                                    -----------

Net cash used by operating activities                                  (421,089)
                                                                    -----------

Cash flows from investing activities:
    Purchase of property, plant and equipment                          (195,187)
                                                                    -----------

Net cash used by investing activitites                                 (195,187)
                                                                    -----------

Cash flows from financing activities:
    Notes payable                                                       100,632
    Notes payable - related party                                       117,000
  Paid in capital                                                       400,535
                                                                    -----------

Net cash provided by financing activities                               618,167
                                                                    -----------

Net increase in cash and cash equivalents                                 1,891

Cash and cash equivalents at beginning of period                           --
                                                                    -----------

Cash and cash equivalents at end of period                          $     1,891
                                                                    ===========

Non-cash investing and financing activities:
           Contributed capital in the form of inventory (notable parts) of
           $275,000 and fixed assets in the amount of $288,000 satisfied an
           account receivable in the amount of $42,711 with balance being
           contributed capital.

           Factoring agreeent with a related party was replaced by a note
           payable bearing interest at 10%. Principal amount at 12/31/02 was
           $117,000.




<PAGE>



                       RENEGADE VENTURE (NEV) CORPORATION
                          Notes to Financial Statements
                                December 31, 2002



1. BASIS OF PRESENTATION

The accompanying audited financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of America
for financial information. In the opinion of management, all adjustments
consisting of normal recurring adjustments considered necessary to a fair
presentation have been included.

The condensed consolidated financial statements include the accounts of Renegade
Venture (NEV.) Corporation and its wholly owned subsidiaries, Hamilton Aerospace
Technologies, Inc. ("Hamilton Aerospace") and Johnstone Softmachine
Corporation("Johnstone"), collectively, the "Company". All were aquired
byRenegade on April 30,2002. As such, the financial statements reflect the
accounting activity of Hamilton Aerospace since its inception, April 5, 2002.
(See Pending Matter in Footnote 3).

2. ORGANIZATION AND NATURE OF OPERATIONS

Renegade Venture (Nev.) Corporation, formerly Renegade Venture Corporation, was
incorporated on February 13, 1989, as a Delaware corporation. In 1997, the
Company was re-domiciled as a Nevada Corporation through a merger with a newly
formed Nevada Corporation, Renegade Venture (NEV.) Corporation, a wholly owned
subsidiary of Renegade Venture Corporation. On April 30, 2002, the Company did
an acquisition ofHamilton Aerospace Technologies, Inc. (see below). Prior to the
aquisition, the Company was primarily inactive. As a result of the aquisition,
the Company's operations are now focused on large aircraft maintenance, repair
and modification services provided to owners and operators of large,
transport-category, commercial jet aircraft

On April 30, 2002, the Company acquired 100% of the common stock of Hamilton
Aerospace Technologies In. ("HAT") pursuant to a Stock Exchange Agreement
whereby the former shareholders of Hamilton Aerospace received 12,500,000 common
shares of Renegade Venture (NEV.) Corporation. Subsequent to the aquisition
there were 16,200,000 total common shares outstanding. Hamilton Aerospace was
formed on April 5, 2002 and commenced operations on April 15, 2002. HAT provides
large aircraft maintenance, repair and modification services to owners and
operators of large transport-category commercial jet aircraft. Services of this
nature are required and needed by passenger and cargo air carriers, aircraft
lessors, and governmental entities.

On April 12, 2002, Renegade Venture (NEV.) Corporation acquired 100% of the
common stock of Johnstone Softmachine Corporation (Johnstone) pursuant to the
Stock Purchase Agreement and Plan of Reorganization by and between LogiCapital
Corporation (the principal shareholder of Johnstone), an entity controlled by
John Brasher, who, at that time, was a director of Renegade Venture (NEV.)
Corporation (he has since resigned) and Renegade Venture (NEV.) Corporation. Mr.
Brasher was also a principal stockholder of Renegade Venture (NEV.) Corporation
prior to the merger. As such, this transaction represented a transfer between
control groups and is reported on a historical cost basis. Johnstone was formed
on May 8, 1996 has had no substantial operations, and is in the development
stage. Johnstone holds a license for certain data and technology that permits
the use, reproduction and distribution of certain data by the licensor
(LogiCapital Corporation) through financial websites to be designed and operated

<PAGE>


by Johnstone. The data license agreement has a five (5) year term and requires a
royalty payment to the licensor of 20% of gross revenues related to the license,
subject to a minimum annual cash payment of $25,000 to keep the license in
force. Johnstone currently lacks the funding necessary to commence operations.
The effective date of the license is March 31, 2002.



3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements, and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

Pending Matter

The Company, through its subsidiary HAT, Inc. had entered into various contracts
with a company called Hamilton Aviation, Inc. ("HAM"). Currently, the Company is
leasing equipment from HAM on a month-to-month basis for $8,000 per month.

The prior contracts provided for a purchase of HAM and/or capital lease to
acquire HAM's equipment. These contracts have expired or been amended.
Accounting standards require the disclosure of the prior company's financial
statements if it is deemed that a business has been acquired, pursuant to
Article 11-01(d) of Regulation S-X. Due to the complexities involved in the
transactions, the Company has sought a definitive determination with the U.S.
Securities and Exchange Commission as to whether a business acquisition has
occurred. Should it be decided that the Company has acquired the business of
HAM, an amended filing will be made to report the prior financial activity of
HAM. It should be noted that HAM has filed for protection under Article II of
the U.S. Bankruptcy Code, and currently has either no or minimal operations.

Trade Accounts Receivable

Trade accounts receivable represent amounts billed but uncollected on both
completed and in-progress aircraft repair and maintenance contracts.

The Company follows the allowance method of recognizing uncollectible accounts
receivable. The allowance method recognizes bad debt expense as a percentage of
accounts receivable based on a review of accounts receivable outstanding and the
Company's prior history of uncollectible accounts receivable. As of December 31,
2002, there was no allowance for doubtful accounts as all receivables were
deemed collectible.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is provided for on the
straight-line method over the estimated useful lives of the assets. Amortization
of leasehold improvements is computed using the shorter of the lease term or the
expected useful life of the assets. Maintenance and repairs that neither
materially add to the value of the property nor appreciably prolong its life are
charges to expense as incurred. Betterments or renewals are capitalized when
incurred. Property and equipment are reviewed periodically to determine whether
any events or circumstances indicate that the carrying amount may not be
recoverable. Such review includes estimating future cash flows.

<PAGE>


Goodwill

Goodwill represents the excess of purchase price over the fair value of net
assets acquired in connection with the reverse merger with Hamilton Aerospace
Technologies, Inc. and Johnstone. The Company adopted Financial Accounting
Standard Opinion No. 142, Goodwill and Other Intangibles. Goodwill is reviewed
at least annually for any impairment in value. If an impairment has occurred,
the goodwill will be adjusted to fair value at the time.


Revenue and Cost Recognition

Revenues from fixed-fee contracts for MRO sales are recognized on the
percentage-of-completion method, measured by the cost-to-cost method, commencing
when progress reaches a point where experience is sufficient to estimate final
results with reasonable accuracy. Revision in cost and labor hour estimates and
recognition of losses on these contracts are reflected in the accounting period
in which the facts become known. Revenues from time and material contracts are
recognized as the services are performed.


New Accounting Pronouncements

In October 2001, the FASB issued SFAS No. 144, "Accounting for the Impairment
for Disposal of Long-Lived Assets", which addresses financial accounting and
reporting for the impairment or disposal of long-lived assets. This statement
supersedes SFAS No. 121 and the accounting and reporting provisions of
Accounting Principles Board ("APB"), Opinion No. 30 "Reporting the Results of
Operations - Reporting the Effects of Disposal of a Segment of a Business, and
Extraordinary, Unusual and Infrequently Occurring Events and Transactions", for
the disposal of a segment of a business.

The Company adopted the provisions of SFAS No. 144 effective as of July 30,
2002. The implementation of SFAS No. 144 did not have a material effect on the
Company's financial position and results of operations.

In November 2001, the Emerging Issues Task Force ("EITF") reached a consensus on
EITF Issue No. 01-09, "Accounting for Consideration Given by a Vendor to a
Customer or a Reseller of the Vendor's Products" ("EITF No. 01-09"). EITF No.
01-09 requires recording certain consideration paid to distributors of the
Company's products as a reduction of revenue. The Company adopted the provisions
of EITF No. 01-09 effective June 30, 2002. The implementation of EITF No. 01-09
did not have a material effect on the Company's financial position and results
of operations.

In April of 2002, FASB issued SFAS No. 145, "Rescission of FASB Statements No.
4, 44 and 64,Amendment of FASB Statement No. 13, and Technical Corrections,"
which is effective for fiscal years beginning after May 15, 2002. Under SFAS No.
145, gains and losses from the extinguishment of debt should be classified as
extraordinary items only if they meet the criteria of APB Opinion No. 30. SFAS
No. 145 also addresses financial accounting and reporting for capital leases
that are modified in such a way as to give rise to a new agreement classified as
an operating lease. The Company believes that the adoption of SFAS No. 145 will
not have a material impact on the consolidated financial position or results of
the operations of the Company.

In June 2002, the FASB issued SFAS No. 146, "Accounting for Exit or Disposal
Activities". SFAS No. 1446 addresses significant issues regarding the
recognition, measurement, and reporting of costs that are associated with exit
and disposal activities, including restructuring activities that are currently
accounted for under EITF No. 94-3, "Liability Recognition for Certain Employee
Termination Benefits and Other Costs to Exit and Activity (including Certain
Costs Incurred in a Restructuring)." The scope of the SFAS No. 146 also includes
costs related to terminating a contract that is not a capital lease and
termination benefits that employees who are involuntarily terminated receive
under the terms of a one-time benefit arrangement that is not an ongoing benefit
arrangement or an individual deferred-compensation contract. SFAS No. 146 will
be effective for exit or disposal activities that are initiated after December
31, 2002, but early application is encouraged. The provisions of EITF No. 94-3
shall continue to apply for an exit activity initiated under an exit plan that
met the criteria of EITF No. 94-3 prior to the adoption of SFAS No. 146.
Adopting the provision of SFAS No. 146 will change, on a prospective basis, the
timing of when restructuring charges are recorded from a commitment date
approach to when the liability is incurred.

<PAGE>


Stock-Based Compensation

As permitted under the Statement of Financial Accounting Standards No. 123 (SFAS
No. 123), "Accounting for Stock-Based Compensation", the Company accounts for
its stock-based compensation to employees in accordance with the provisions of
Accounting Principles Board (APB) Opinion No. 25, "Accounting for Stock Issued
to Employees". As such, compensation expense is recorded on the date of grant
only if the current market price of the underlying stock exceeded the exercise
price. Certain pro forma net income and EPS disclosures for employee stock
option grants are also included in the notes to the financial statements as if
the fair value method as defined in SFAS No. 123 had been applied. Transactions
in equity instruments with non-employees for goods or services are accounted for
by the fair value method.



4. PROPERTY AND EQUIPMENT

         Land and improvements                                 $  25,094
         Buildings and improvements                               25,133
         Machinery and equipment                                 432,960
                                                               ----------

         Less accumulated depreciation                             7,983
                                                               ----------

                                                               ----------

                 Property and equipment, Net                   $ 475,204
                                                               ==========


5. SHAREHOLDERS' EQUITY

Common Stock

In 1996, the Company's articles of incorporation were amended, making several
changes affecting common stock. A reverse-stock split was approved, whereby each
100 shares of original common stock were exchanged into one share of common
stock. This action reduced the outstanding common shares from 3,200,000 to
320,000. The number of authorized common shares was increased after the reverse
split 32,000,000 to 320,000. The number of authorized common shares was
increased after the reverse split from 32,000,000 to 50,000,000. In addition,
the amount of authorized preferred tock was changed to 5,000,000 shares. As a
result of the re-domiciliation to Nevada, statutory par value of $.001 for both
common and preferred stock was established.

As discussed in Note 1, the Company has gone through two aquisitions during the
quarter ended June 30, 2002. Under the terms of these mergers, the Company
issued 3,000,000 common shares to the stockholders of Johnstone Softmachine
Corporation and 12,500,000 shares to the stockholders of Hamilton Aerospace
Technologies, Inc. The issuance of these shares is reflected in the accompanying
financial statements.



<PAGE>


Stock Options

During 1996, the Company's shareholders approved the 1994 Compensatory Stock
Option Plan. The plan provides for options to purchase up to 2,000,000 shares of
common stock, after the reverse stock split discussed above. The options give
the right to purchase common stock at "fair market value", as determined by the
board of Directors, at the date of issuance for a period of up to five (5)
years.

During the 1996, the Company's shareholders also approved the 1994 Employee
Stock Compensation Plan. This plan allows for up to 1,000,000 shares of common
stock, after the reverse stock split discussed above, to be issued to key
employees, officers, directors, and certain other persons affiliated with the
Company, as compensation. As part of the 1997 re-domiciliation to Nevada, the
1994 plans described above were adopted and renamed the 1997 Compensatory Stock
Option Plan and the 1997 Employee stock compensation Plan by the Nevada
Corporation. Under the terms of both of these plans, the Company is not
permitted to issue options from these plans after April 15, 2004.

During the quarter ended June 30, 2002, the Company's shareholders approved the
2002 Compensatory Stock Option Plan. The plan provides for options to purchase
up to 3,000,000 shares of common stock. The options give the right to purchase
common stock at "fair market value", as determined by the Board of Directors, at
the date of issuance for a period of up to ten (10) years. Under the terms of
the plan, the Company is not permitted to issue options from the 2002
Compensatory Plan after April 14, 2012.

On May 5, 1999, the Company issued 1,000,000 stock options to two directors
under the 1997 Compensatory Stock Option plan. These options had a three (3)
year term and an exercise price of $.05 per share. These options were exercised
on April 30, 2002, resulting in total proceeds to the Company of $50,000.
Subsequently, these two directors resigned and were replaced on the Board after
the reverse merger with Hamilton Aerospace.

On May 3, 2002, the Company also granted and issued 1,000,000 shares of common
stock to various directors, employees, and consultants of the Company under the
1997 Employee Stock Compensation Plan. The Company recorded an expense of
$330,000 for the quarter ended June 30, 2002 as a result of this grant, which is
included in selling, general and administrative expenses on the accompanying
statement of operations.

On May 31, 2002, the Company granted and issued 650,000 common shares to an
employee and consultants in exchange for options granted on May 3 2002, under
the 1997 Compensatory Stock Option Plan for additional services that were
rendered. The Company has recorded an expense of $650,000 for the quarter ended
June 30, 2002 as a result of this grant, which is included in selling, general
and administrative expenses on the accompanying statement of operations.

Prior to June 30, 2002, 330,000 of the shares previously granted to consultants
for services rendered were returned to the Company to reflect a $99,0000
adjustment to the value of the services performed.

On November 15, 2002, The Board cancelled 1,180,000 of unexercised options
issued under the 2002 Compensatory Stock Option Plan. The options were
exercisable by their terms only during the respective optionee's employment or
other service with the Company, or during a 30-day grace period following
termination without cause of such employment or other service.

On November 14, 2002, the Company granted 150,000 shares of common stock to an
outside consultant of the Company under the 1997 Employee Stock Option Plan. The
Company values the services received at $25,000 and recorded an expense in that
amount for the quarter ended December 31, 2002. This expense is included in
selling, general and administrative expenses on the accompanying statement of
operations.

On December 5, 2002, the Board agreed to grant options to key management
personnel of HAT in the amount of 240,000 shares under the 2002 Employee Stock
Option Plan. Options will be restricted for one year and have been recorded as
deferred compensation, with 1/12 of their value of $72,000 expensed during the
quarter ended December 31, 2002. This expense is included in selling, general
and administrative expenses on the accompanying statement of operation.



<PAGE>


The following is a table of activity for all options:
<TABLE>
<CAPTION>

                                              1997 E.S.C                1997  C.S.O.           2002 C.S.O.
                                                 Plan                     Plan                      Plan
                                              1,000,000                2,000,000                 3,000,000
                                                Shares                   Shares                    Shares

                                                                                                                  Weighted
                                               Number of               Number of                 Number of        Average
                                                Shares                   Shares                  Shares       Exercise Price
                                               ---------              -------------------------------------------------------
<S>                                             <C>                  <C>                        <C>                <C>
         OPTIONS OUTSTANDING,
          December 31, 2001                    1,000,000                                                           $0.05


         Granted                               1,100,000                                                            0.05
         Granted                                 150,000              1,340,000                  1,250,000          0.30
         Returned                               (250,000)                                                           0.05
         Returned                                                      (430,000)                  (840,000)         0.30
         Converted to common shares             (650,000)                                                           0.30
                                               ---------              ---------                 ----------
----------------

OPTIONS OUTSTANDING, December 31, 2002           350,000                910,000                    410,000
OPTIONS AVAILABLE IN PLAN                             0               1,090,000                  2,590,000
</TABLE>

     As of December 31, 2002, the Company has 2,590,000 compensatory stock
     options authorized and available for grant under the terms of the 2002
     Compensatory Stock Option Plan and 1,090,000 shares available under the
     1997 Compensatory Stock Option Plan. As of December 31, 2002, the Company
     had no shares available for issuance under the 1997 Employee Stock
     Compensation Plan

Pro-forma Stock-based Compensation Disclosure

The Company has adopted the disclosure-only provisions of SFAS No. 123,
"Accounting for Stock-Based Compensation." but applies accounting Principles
Board Opinion No. 25, "Accounting for Stock Issued to Employees", and related
interpretations in accounting for its plans.

6. DUE TO FACTOR

As of December 31, 2002, the Company had placed invoices belonging to a single
customer, in full recourse financing. The debt is secured by the Company's
accounts receivable due from that customer, and bears interest at a rate of 42%
to 52% per annum. The total amount of invoices placed is $757,882.90 on which
the factor advanced $622,706.25. At December 31, 2002, the customer had made
payments totaling $516,222.32., leaving a balance due to the factor of
$106,483.93, payable by the customer.


7. RELATED PARTY TRANSACTIONS

Hamilton Aviation, Inc.

On April 15, 2002, Hamilton Aerospace entered into a Sale of Assets Agreement
with Hamilton Aviation, a privately held Arizona corporation. The agreement
contemplated the purchase by Hamilton Aerospace of substantially all of Hamilton
Aviation's equipment and inventory used in its aircraft maintenance, repair and
modification services business. Under the terms of this agreement, the closing
date was to be not later than July 15, 2002.

Also on April 15, 2002, Hamilton Aerospace entered into a Lease/Purchase
Agreement with Hamilton Aviation for the same assets that were included in the
Sale of Assets Agreement. Under the Lease/ Purchase Agreement, these assets
would be leased for a term of three (3) years or until the Sale of Assets
Agreement closed, at which time, all asserts would transfer to Hamilton
Aviation. The Lease / Purchase Agreement provided for payments in the amount of
$8,000 per month to Hamilton Aviation through April 15, 2005. Provided that the
Sale of Assets Agreement did not close by the expiration of Lease /Purchase

<PAGE>


Agreement, title of all assets covered under the Lease / Purchase Agreement
would pass from Hamilton Aviation to Hamilton Aerospace upon expiration of the
Lease/Purchase Agreement.

On May 9, 2002, Hamilton Aviation filed for protection under Chapter 11 of the
United States Bankruptcy Code. Since that time the Sale of Assets Agreement
between Hamilton Aviation and Hamilton Aerospace lapsed and accordingly, the
Company continued to operate under the Lease/Purchase Agreement. Accordingly,
the Company entered into negotiations with the trustee for Hamilton Aviation to
re-negotiate the terms of the Lease/Purchase Agreement so as to convert it to an
operating lease. A new month-to-month lease was negotiated with payments of
$8000 per month. (See Subsequent Events)

The Company is currently operating its aircraft maintenance, repair and
modification services business from facilities previously occupied by Hamilton
Aviation. The facilities remain under lease between Hamilton Aviation and the
Tucson Airport Authority. The Company at December 31, 2002 is negotiating its
own lease with the Tucson Airport Authority. The Company is making payments to
Hamilton Aviation, who remits the funds to the Tucson Airport Authority.

Note Payable

As of December 31, 2002, the Company had a note payable to a director of the
Company in the amount of $117,000.00, (accrued interest through December 31,
2002 is $3,198.62). The note bears interest at 10% per annum, and is payable
upon demand.

8. CONTRACTS IN PROGRESS

At December 31, 2002, costs and estimated earnings in excess of billings and
billings in excess of costs and estimated earnings on uncompleted contracts
consist of the following:

         Costs incurred on uncompleted contracts                  93,693

         Profit earned to date                                    65,113
                                                                 -------
                                                                 158,823

         Less:  Billings to date                                -266,988
                                                                 -------

                                                                -108,165
                                                                 =======

Included in the accompanying balance sheet at December 31, 2002 under the
following caption:

         Billings in excess (of costs and estimated earnings
         on uncompleted contracts)

         Billings in excess from above                 108,165
         Time and material earnings unbilled           -34,813
                                                       -------
                                            Net         73,351


Billings in excess are the result of amounts due from customers under
contractual terms which can be, in some cases, in advance of actual work
performed.

<PAGE>


9.  TRADE ACCOUNTS RECEIVABLE

As of December 31, 2002, trade accounts receivable consist of the following:

         Contracts in progress                                   197,811
         Completed contract                                      555,663
                                                                 -------
                                                                 753,474

         Less:  allowance for doubtful accounts                     --
                                                                 -------

                                                                 753,474
                                                                 =======


10.  MANAGEMENT COMPENSATION

On October 22, 2002, it was resolved by the Board that the annual compensation
for the current chairman, president and chief operating officer should be
$250,000 per annum plus bonuses, stock options, medical benefits and salary
increases at the discretion of the Board, for each person occupying each office.
However, it was recognized that the Company in 2002 did not have the cash to pay
all of this remuneration

Salaries paid in 2002 by the Company to executive officers:
         Ian Herman, Chairman                               $75,240.80
         Ronald Clark, Director                             $75,240.80
         John Sawyer, Director       (President of HAT)     $88,310.72

Stock & Options awarded to executive officers:
         Ian Herman, Chairman                               200,000 shares of
                                                            common stock and
                                                            options to purchase
                                                            40,000 shares
         Ronald Clark, Director                             250,000 shares of
                                                            common stock
         John Sawyer, Director (President of HAT)           400,000 shares of
                                                            common stock

The Company intends to take back a number of its outstanding shares of common
stock of approximately 2,900,000 shares from OMAC. It was resolved that,
contingent upon the shares being recovered from OMAC, the Company will assign up
to 2.9 million shares of its restricted common stock, in equal amounts, to
Messrs. Clark, Herman and Sawyer. Since this would be an assignment of shares,
no additional dilution to the shareholders from the number of shares previously
outstanding will be incurred. Messrs. Clark, Herman and Sawyer agreed to waive
their right to take this stock in 2002.

11.  INCOME TAXES

The Company had no current State or Federal income tax expense for the year
ended December 31, 2002.

Deferred tax assets and liabilities are determined based on the difference
between currently enacted tax rates. Deferred tax expense or benefit is the
result of the changes in deferred tax assets and liabilities.

Deferred income taxes arise principally from the temporary differences between
financial statement and income tax recognition of net operating losses.

<PAGE>


The components of deferred taxes at December 31, 2002 in the accompanying
balance sheet is summarized below:

     Net operating loss carryforward                            $900,000
       Less valuation allowance                                 (900,000)
                                                                --------
       Deferred tax asset-net                                   $   --

At December 31, 2002, the Company has approximately $2,500,000 of unused Federal
net operating loss carryforwards, which expire in the year 2020.

12. GOING CONCERN

The accompanying consolidated financial statements have been prepared assuming
the Company will continue as a going concern. The Company has incurred losses
since acquiring Hamilton Aerospace in May of 2002. (as discussed in Note 1). The
Company requires and is currently pursuing additional capital for growth and
strategic plan implementation. On December 15, 2002, the Company entered into an
agreement with American Capital Ventures, L.L.C to provide the Company with a
credit facility of up to $6.000,000. (See SUBSEQUENT EVENTS)

13. SUBSEQUENT EVENTS

On February 10, 2003, the judge presiding over the Chapter 11 Bankruptcy of
Hamilton Aviation approved a Sale of Assets Agreement between Hamilton Aviation
and Hamilton Aerospace. The agreement is for a purchase price of $1.5 million,
with a down payment, in the amount of $300,000. The balance is payable monthly
at 6 1/2% interest. Funding for the down payment is available at this time.

On March 1, 2003, Hamilton Aerospace and the Company signed a secured promissory
note with American Capital Ventures, L.L.C. as the lender. The principal amount
of the note is $675,000. Interest is payable in monthly installments at the rate
of l.25% per month, payments beginning April 1,2003. The entire unpaid Principal
and any accumulated, accrued or unpaid interest thereon are due and payable on
September 1, 2003. This loan represents the first installment of a bridge loan
of up to $2million. This bridge loan will be replaced by a combination of a
preferred stock offering and a $4 to $6 million credit facility.

On March 14, 2003 Ronald Clark placed his resignation, as a director of Hamilton
Aerospace. On April 10, 2003 he place his resignation as a director of the
Company, before the Board. It was resolved that his resignations be accepted
with immediate effect, and further resolved that Mr. Clark will become a
consultant to the Board. The Board acknowledged Mr. Clark's contribution as
essential and further acknowledged that his compensation for these efforts had
not been adequate. Therefore, the Board awarded Mr. Clark a bonus of 1.25
million shares of Renegade common stock. This award bonus is inclusive of all
shares approved by the Board on October 22, 2002 and is contingent upon the
recovery by Renegade from Old Mission Assessment Corporation (OMAC) of the 2.9
million shares already in issue. The shares will be restricted for one year and
the Company will have first right of purchase thereafter.