FORM 10-KSB



                    U. S. Securities and Exchange Commission
                             Washington, D.C. 20549
(Mark One)
[X] ANNUAL REPORT UNDER Section 13 or 15(d) of the Securities Exchange Act of
1934 For the Fiscal year ended: December 31, 2003



                        Commission file number 000-26907

                        BIO-AMERICAN CAPITAL CORPORATION
                        --------------------------------
                 (Name of Small Business Issuer in its charter)

Nevada                                                     93-1118938
------                                                     ----------
State or other jurisdiction of                            IRS Employer ID Number
Incorporation or organization

498 Ellis Street, 2nd Floor, Penticton, BC  V2A 4MS
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(Address of principal executive offices)

Issuer's Telephone Number:                  (250) 497-6072

Securities registered under Section 12(b) of the Act: None
                                                      ----

Securities registered under Section 12(g) of the Exchange Act: Common Stock,
$0.001 par value                                              (Title of class)

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

Yes  [X]    No [ ]

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of issuer'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]

State issuer's revenues for its most recent fiscal year: $0
                                                         --

Aggregate market value of the voting stock held by non-affiliates of the
registrant as of December 31, 2003 was $36,300 based on $0.02 per share average.

The number of shares of Common Stock of the registrant outstanding as of
December 31, 2003 was 3,930,250.

                   Documents Incorporated by reference: None.

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                                TABLE OF CONTENTS


                                     PART I


                                                                            Page
Item 1.  Description of Business.........................................      3

Item 2.  Description of Properties.......................................     13

Item 3.  Legal Proceedings ..............................................     13

Item 4.  Submission of Matters to a Vote of Security Holders.............     13


                            PART II


Item 5.  Market for Registrant's Common Equity and Related Stockholder
         Matters.........................................................     13

Item 6.  Management's Discussion and Analysis of Operations or Plan of
         Operations .....................................................     16

Item 7.  Financial Statements............................................     18

Item 8.  Changes in and Disagreements with Accountants on Accounting
         and Financial Disclosure........................................     18

                           PART III


Item 9.  Directors, Executive Officers, Promoters and Control Persons;
         Compliance with Section 16 (a) of the Exchange Act.............      18

Item 10. Executive Compensation.........................................      20

Item 11. Security Ownership of Certain Beneficial Owners and Management.      22

Item 12. Certain Relationships and Related Transactions ................      22

Item 13. Exhibits, Financial Statements Schedules and Reports on Form
         on Form 8-K.....................................................     23


Signature Page...........................................................     24



<PAGE>


                                     PART I


ITEM 1.  DESCRIPTION OF BUSINESS.
---------------------------------

Background
----------

         Bio-American Capital Corporation (the "Company") was incorporated under
the laws of the State of Nevada on May 5, 1992 to raise capital for a business
venture. Minimal capital was raised and it engaged in no business and remained
dormant until November 1998. In November 1998 the Company's Board of Directors
approved a Share Purchase Agreement that provided for: (i) one for twenty
reverse split (with no stockholder being reduced to less than 100 shares) of the
issued and outstanding shares of common stock; (ii) the purchase of 157,150
shares of the 290,250 issued and outstanding common stock (post reverse split)
by a non-affiliated investor from the Company's principal shareholder; and (iii)
appointment of new directors upon the closing of the proposed transaction. The
transaction closed in November 1998 and the Board of Directors appointed a new
president.

         The Company adopted a new business plan to act as a technology venture
finance company to organize, capitalize, acquire and finance technology
companies that were positioned to effectively integrate and enhance the delivery
of products and services to consumers. The Company intended to take senior debt
and equity positions in companies which it chose to finance and provide
consulting services for capital structuring, and reorganization of small
technology companies to assist in market share growth and the development of the
capital structure to facilitate an eventual public offering. The Company also
planned to consider acquisitions of operating technology companies for stock and
debt. The Company's principal shareholder introduced the Company to several
non-affiliated investors who expressed interest in investing in the electronic
communications and commerce industry. The Company initially planned to provide
NCSS America, Inc. ("NCSS"), with bridge loan financing of $750,000 to meet its
contractual obligations and working capital requirements. NCSS was a start-up
company that had a license for certain propriety wireless communications
technology.

         During November 1998, the Company issued an exempt offering under
Regulation D, Rule 504 as adopted then by the Securities and Exchange
Commission, to sell 3,000,000 shares at $ 0.33 per share. The Company issued
1,540,000 shares of common stock and raised $508,200.

         In November 1998, Universal Alliance, Inc. ("UAI"), acquired NCSS. In
December 1998 the Company entered into a Share Exchange Agreement with UAI and
certain shareholders of UAI. The Company also advanced $450,060 to UAI and UAI
executed three unsecured notes payable. The notes payable between the Company
and UAI matured in December 1999 and no payments have been received. The
Promissory Notes provide UAI will pay all costs of collection and reasonable
attorney's fees. In July 1999, The Company, UAI and the UAI Controlling

<PAGE>

Shareholders subsequently terminated the Share Exchange Agreement and entered
into a Stock Option Agreement. Effective March 31, 2001 the Stock Option
Agreement expired and the Company and UAI have mutually abandoned the
transaction. In February 2003, the Superior Court of California, County of San
Diego issued a Judgment in favor of the Company for the principal balance
outstanding, plus accrued interest and legal fees against UAI and its chief
executive officer. During March 2003, the chief executive officer of UAI filed a
chapter 7 bankruptcy. Once the Company has sufficient working capital it will
pursue its legal remedies.

         In May 2001 the Company President was issued 2,100,000 shares of common
stock as the forgiveness of $42,000 of indebtedness of notes payable, accrued
management fees and interest expense. The stock ownership of the Company's
principal shareholder in November 1998 is currently less than 4% and two of the
three Directors appointed in November 1998 have been replaced.

            In July 2002, the Company agreed to acquire Bright Star Resources,
Inc. ("Bright Star") under a "Plan and Agreement of Reorganization"
("Agreement"). In anticipation of the approved Agreement, the Company appointed
the President of Bright Star, as President of the Company. The Company
authorized the new President to execute $160,000 in secured promissory notes
(the "Notes") from non-affiliated parties with the proceeds to be used to
purchase 3 leases in the Raton Basin. The Company authorized the issuance of
notes due October 14, 2002, with interest accrued at 10% interest plus the
issuance of one warrant to purchase common stock at $0.40 per share for each
dollar of principal advanced (the "Warrants"). The Company conditioned the
execution of the Notes and issuance of the Warrants upon the execution of the
Guaranty Agreement between the new President and the Company. The new president
executed two secured promissory notes for a total of $130,000. The notes were
due October 14, 2002, with an interest payment of $13,000 plus the Warrants. The
leases were not delivered as required by the security agreement and the lender
has notified the Company that the loan is in default.

         In October 2002 the Company terminated the Agreement and removed the
new President. The Company made a formal demand under the Guaranty Agreement to
pay the Notes, or otherwise obtain a release of the Company. The Company intends
to rescind the Notes and Warrants due to the non-delivery of leases,
non-compliance with the Board of Directors' authorization, and termination of
the failure of the Plan and Agreement of Reorganization.

         With limited operating capital, the Company has become a "shell"
company. The Company's current business plan is to seek, investigate, and, if
warranted, acquire one or more properties or businesses to enhance shareholder
value. Any business combination or transaction will likely result in a
significant issuance of shares and substantial dilution to present stockholders
of the Company.

         The proposed business activities described herein classify the Company
as a "blank check" company. Many states have enacted statutes, rules and
regulations limiting the sale of securities of "blank check" companies in their
respective jurisdictions. In order to comply with these various limitations,
management does not intend to undertake any efforts to sell any additional
securities of the Company, either debt or equity.



<PAGE>


General Business Plan
---------------------

         The Company's purpose is to seek, investigate and, if such
investigation warrants, acquire an interest in business opportunities presented
to it by persons or firms who or which desire to seek the perceived advantages
of a corporation which is registered under the Securities Exchange Act of 1934
(the "Exchange Act"). The Company will not restrict its search to any specific
business; industry or geographical location and the Company may participate in a
business venture of virtually any kind or nature. This discussion of the
proposed business is purposefully general and is not meant to be restrictive of
the Company's virtually unlimited discretion to search for and enter into
potential business opportunities. Management anticipates that it may be able to
participate in only one potential business venture because the Company has
nominal assets and limited financial resources. See Item 7, "Financial
Statements." This lack of diversification should be considered a substantial
risk to shareholders of the Company because it will not permit the Company to
offset potential losses from one venture against gains from another.

         The Company may seek a business opportunity with entities which have
recently commenced operations, or which wish to utilize the public marketplace
in order to raise additional capital in order to expand into new products or
markets, to develop a new product or service or for other corporate purposes.
The Company may acquire assets and establish wholly owned subsidiaries in
various businesses or acquire existing businesses as subsidiaries.

         The Company anticipates that the selection of a business opportunity in
which to participate will be complex and extremely risky. Due to general
economic conditions, rapid technological advances being made in some industries
and shortages of available capital, management believes that there are numerous
firms seeking the perceived benefits of a publicly registered corporation. Such
perceived benefits may include facilitating or improving the terms on which
additional equity financing may be sought, providing liquidity for incentive
stock options or similar benefits to key employees, providing liquidity (subject
to restrictions of applicable statutes) for all shareholders and other factors.
Potentially, available business opportunities may occur in many different
industries and at various stages of development, all of which will make the task
of comparative investigation and analysis of such business opportunities
extremely difficult and complex.

         The Company has, and will continue to have, no capital with which to
provide the owners of business opportunities with any significant cash or other
assets. However, management believes that the Company will be able to offer
owners of acquisition candidates the opportunity to acquire a controlling
ownership interest in a publicly registered company without incurring the cost
and time required to conduct an initial public offering. The owners of the
business opportunities will, however, incur significant legal and accounting
costs in connection with the acquisition of a business opportunity, including
the costs of preparing Form 8-Ks, 10-Qs or 10-KSBs, agreements and related
reports and documents. The Exchange Act specifically requires that any merger or
acquisition candidate comply with all applicable reporting requirements, which
include providing audited financial statements to be included within the

<PAGE>

numerous filings relevant to complying with the Exchange Act. Nevertheless, the
officers and directors of the Company have not conducted market research and are
not aware of statistical data that would support the perceived benefits of a
merger or acquisition transaction for the owners of a business opportunity.

         The analysis of new business opportunities will be undertaken by, or
under the supervision of, the officers and directors of the Company, none of
whom is a professional business analyst. Management intends to concentrate on
identifying preliminary prospective business opportunities that may be brought
to its attention through present associations of the Company's officers and
directors, or by the Company's shareholders. In analyzing prospective business
opportunities, management will consider such matters as the available technical,
financial and managerial resources; working capital and other financial
requirements; history of operations, if any; prospects for the future; nature of
present and expected competition; the quality and experience of management
services which may be available and the depth of that management; the potential
for further research, development or exploration; specific risk factors not now
foreseeable but which then may be anticipated to impact the proposed activities
of the Company; the potential for growth or expansion; the potential for profit;
the perceived public recognition or acceptance of products, services or trades;
name identification; and other relevant factors. Officers and directors of the
Company will meet personally with management and key personnel of the business
opportunity as part of their investigation. To the extent possible, the Company
intends to utilize written reports and personal investigation to evaluate the
above factors. The Company will not acquire or merge with any company for which
audited financial statements cannot be obtained within a reasonable period of
time after closing of the proposed transaction.

         Management of the Company, while not especially experienced in matters
relating to the new business of the Company, shall rely upon their own efforts
and, to a much lesser extent, the efforts of the Company's shareholders, in
accomplishing the business purposes of the Company. It is not anticipated that
any outside consultants or advisors, other than the Company's legal counsel and
accountants, will be utilized by the Company to effectuate its business purposes
described herein. However, if the Company does retain such an outside consultant
or advisor, any cash fee earned by such party will need to be paid by the
prospective merger/acquisition candidate, as the Company has no cash assets with
which to pay such obligation. There have been no contracts or agreements with
any outside consultants and none are anticipated in the future.

         The Company will not restrict its search to any specific kind of firms,
but may acquire a venture which is in its preliminary or development stage,
which is already in operation or which is in essentially any stage of its
corporate life. It is impossible to predict at this time the status of any
business in which the Company may become engaged, in that such business may need
to seek additional capital, may desire to have its shares publicly traded or may
seek other perceived advantages which the Company may offer.

         It is anticipated that the Company will incur nominal expenses in the
implementation of its business plan described herein. Because the Company has no
capital with which to pay these anticipated expenses, the Company's President
will pay these charges with his personal funds, as loans to the Company.
However, the only opportunity that the Company President has to have these loans

<PAGE>

repaid will be from a prospective merger or acquisition candidate. The Company
President has agreed that the repayment of any loans made on behalf of the
Company will not impede, or be made conditional in any manner, on consummation
of a proposed transaction.

         Nevada Revised Statutes provide for the indemnification of its
directors, officers, employees, and agents, under certain circumstances, against
attorney's fees and other expenses incurred by them in any litigation to which
they become a party arising from their association with or activities on behalf
of the Company, which can include liabilities arising under the securities laws.
Therefore, assets of the Company could be used or attached to satisfy any
liabilities subject to such indemnification.

Acquisition of Opportunities
----------------------------

         In implementing a structure for a particular business acquisition, the
Company may become a party to a merger, consolidation, reorganization, joint
venture or licensing agreement with another corporation or entity. It may also
acquire stock or assets of an existing business. On the consummation of a
transaction, it is probable that the present management and shareholders of the
Company will no longer be in control of the Company. In addition, the Company's
directors may, as part of the terms of the acquisition transaction, resign and
be replaced by new directors without a vote of the Company's shareholders or may
sell their stock in the Company. Any and all such sales will only be made in
compliance with the securities laws of the United States and any applicable
state.

         It is anticipated that any securities issued in any such reorganization
would be issued in reliance upon exemption from registration under applicable
federal and state securities laws. In some circumstances, however, as a
negotiated element of its transaction, the Company may agree to register all or
a part of such securities immediately after the transaction is consummated or at
specified times thereafter. If such registration occurs, of which there can be
no assurance, it will be undertaken by the surviving entity after the Company
has successfully consummated a merger or acquisition and the Company is no
longer considered a "shell" company. Until such time as this occurs, the Company
will not attempt to register any additional securities. The issuance of
substantial additional securities and their potential sale into any trading
market may have a depressive effect on the value of the Company's securities in
the future.

         While the actual terms of a transaction to which the Company may be a
party cannot be predicted, it may be expected that the parties to the business
transaction will find it desirable to avoid the creation of a taxable event and
thereby structure the acquisition in a so-called "tax-free" reorganization under
Sections 368(a)(1) or 351 of the Internal Revenue Code (the "Code"). In order to
obtain tax-free treatment under the Code, it may be necessary for the owners of
the acquired business to own 80% or more of the voting stock of the surviving
entity. In such event, the shareholders of the Company would retain less than
20% of the issued and outstanding shares of the surviving entity, which would
result in significant dilution in the equity of such shareholders.

          As part of the Company's investigation, officers and directors of the
Company will meet personally with management and key personnel, may visit and
inspect material facilities, obtain independent analysis or verification of
certain information provided, check references of management and key personnel

<PAGE>

and take other reasonable investigative measures, to the extent of the Company's
limited financial resources and management expertise. The manner in which the
Company participates in an opportunity will depend on the nature of the
opportunity, the respective needs and desires of the Company and other parties,
the management of the opportunity and the relative negotiation strength of the
Company and such other management.

         With respect to any merger or acquisition, negotiations with target
company management are expected to focus on the percentage of the Company which
target company shareholders would acquire in exchange for all of their
shareholdings in the target company. Depending upon, among other things, the
target company's assets and liabilities, the Company's shareholders will in all
likelihood hold a substantially lesser percentage ownership interest in the
Company following any merger or acquisition. The percentage ownership may be
subject to significant reduction in the event that the Company acquires a target
company with substantial assets. Any merger or acquisition effected by the
Company can be expected to have a significant dilutive effect on the percentage
of shares held by the Company's then-shareholders. If required to so do under
relevant law, management of the Company will seek shareholder approval of a
proposed merger or acquisition via a Proxy Statement. However, such approval
would be assured where management supports such a business transaction because
management presently controls sufficient shares of the Company to effectuate a
positive vote on the proposed transaction. Further, a prospective transaction
may be structured so that shareholder approval is not required, and the Board of
Directors may effectuate such a transaction without shareholder approval.

         The Company will participate in a business opportunity only after the
negotiation and execution of appropriate written agreements. Although the terms
of such agreements cannot be predicted, generally such agreements will require
some specific representations and warranties by all of the parties thereto, will
specify certain events of default, will detail the terms of closing and the
conditions which must be satisfied by each of the parties prior to and after
such closing, will outline the manner of bearing costs, including costs
associated with the Company's attorneys and accountants, will set forth remedies
on default and will include miscellaneous other terms.

         As stated hereinabove, the Company will not acquire or merge with any
entity which cannot provide independent audited financial statements within a
reasonable period of time after closing of the proposed transaction. The Company
is subject to all of the reporting requirements included in the Exchange Act.
Included in these requirements is the affirmative duty of the Company to file
independent audited financial statements as part of its Form 8-K to be filed
with the Securities and Exchange Commission upon consummation of a merger or
acquisition, as well as the Company's audited financial statements included in
its annual report on Form 10-KSB (or 10-K, as applicable). If such audited
financial statements are not available at closing, or within time parameters
necessary to insure the Company's compliance with the requirements of the
Exchange Act, or if the audited financial statements provided do not conform to
the representations made by the candidate to be acquired in the closing
documents, the closing documents will provide that the proposed transaction will
be voidable, at the discretion of the present management of the Company. If such
transaction is voided, the agreement will also contain a provision providing for
the acquisition entity to reimburse the Company for all costs associated with
the proposed transaction.

<PAGE>

Competition
-----------

         The Company will remain an insignificant participant among the firms
that engage in the acquisition of business opportunities. There are many
established venture capital and financial concerns which have significantly
greater financial and personnel resources and technical expertise than the
Company. In view of the Company's combined extremely limited financial resources
and limited management availability, the Company will continue to be at a
significant competitive disadvantage compared to the Company's competitors.

Employees
---------

         The Company is a development stage company and currently has no
employees. Management of the Company expects to use consultants, attorneys and
accountants as necessary, and does not anticipate a need to engage any full-time
employees so long as it is seeking and evaluating business opportunities. The
need for employees and their availability will be addressed in connection with
the decision whether or not to acquire or participate in specific business
opportunities.

         The duties of the president include: (i) managing the administrative
duties of the Company; (ii) regulatory filings; (iii) communicating with
shareholders; (iv) identifying and analyzing investment opportunities; (v)
negotiating and structuring the proposed investments; (vi) drafting acquisition
agreements; (vii) preparing financial statements and completing financial audit
by an independent accountant; (viii) raising funds; (ix) retaining outside
professional services and (x) all other required functions. Under a
month-to-month agreement the Company has agreed to pay the president a
management fee of $5,000 a month for services rendered. See Item 9, "Directors,
Executive Officers, Promoters and Control Persons; Compliance with Section 16(a)
of the Exchange Act."

Investment Company Act of 1940
------------------------------

         The Company may participate in a business or opportunity by purchasing,
trading or selling the securities of such business. However, the Company does
not intend to engage primarily in such activities. Specifically, the Company
intends to conduct its activities so as to avoid being classified as an
"Investment Company" under the Investment Company Act of 1940 (the "Investment
Act"), and therefore avoid application of the costly and restrictive
registration and other provisions of the Investment Act and the regulations
promulgated thereunder.

         Section 3(a) of the Investment Act provides the definition of an
"Investment Company" which includes an entity that engages or holds itself out
as being engaged primarily in the business of investing, reinvesting or trading
in securities, or that engages or proposes to engage in the business of
investing, reinvesting, owning, holding or trading "investment securities"
(defined as all securities other than government securities, securities of
majority-owned subsidiaries and certain other securities) the value of which
exceeds 40% of the value of its total assets (excluding government securities,
cash or cash items). The Company intends to implement its business plan in a
manner that will result in the availability of this exception from the
definition of "Investment Company." Consequently, the Company's participation in

<PAGE>

a business or opportunity through the purchase and sale of investment securities
will be limited. In order to avoid classification as an "Investment Company",
the Company will search for, analyze and acquire or participate in a business
opportunity by use of a method that does not involve the acquisition, ownership
or holding of investment securities.

         The Company's plan of business may involve changes in its capital
structure, management, control and business, especially if it consummates a
reorganization as discussed above. Each of these areas is regulated by the
Investment Act, which regulation has the purported purpose of protecting
purchasers of investment company securities. Since the Company will not register
as an investment company, its shareholders will not be afforded these purported
protections.

         The Company intends to vigorously resist classification as an
"Investment Company" and to take advantage of any exemptions or exceptions from
application of the Investment Act, which allows an entity a one-time option
during any three-year period to claim an exemption as a transient investment
company. The necessity of asserting any such resistance, or making any claim of
exemption, could be time-consuming and costly, or even prohibitive, given the
Company's limited resources.

Certain Risks
-------------

         The Company's business is subject to numerous risk factors, including
the following:

         1. N0 OPERATING HISTORY OR REVENUE AND MINIMAL ASSETS. The Company has
had no operating history nor any revenues or earnings from operations. The
Company has no significant assets or financial resources. The Company will, in
all likelihood, sustain operating expenses without corresponding revenues, at
least until the consummation of a business combination. This may result in the
Company incurring a net operating loss which will increase continuously until
the Company can consummate a business combination with a profitable business
opportunity. There is no assurance that the Company can identify such a business
opportunity and consummate such a business combination.

         2. SPECUALTIVE NATURE OF COMPANY'S PROPOSED OPERATIONS. The success of
the Company's proposed plan of operation would depend to a great extent on the
operations, financial condition and management of the identified business
opportunity. While management intends to seek business combination(s) with
entities having established operating histories, there can be no assurance that
the Company will be successful in locating candidates meeting such criteria. In
the event the Company completes a business combination, of which there can be no
assurance, the success of the Company's operations may be dependent upon
management of the successor firm or venture partner firm and numerous other
factors beyond the Company's control.

         3. SCARCITY OF AND COMPETITION FOR BUSINESS OPPORTUNITIES AND
COMBINATIONS. The Company is and will continue to be an insignificant
participant in the business of seeking mergers with, joint ventures with and
acquisitions of small private and public entities. A large number of established
and well-financed entities, including venture capital firms, are active in
mergers and acquisitions of companies which may be desirable target candidates
for the Company. Nearly all such entities have significantly greater financial

<PAGE>

resources, technical expertise and managerial capabilities than the Company and,
consequently, the Company will be at a competitive disadvantage in identifying
possible business opportunities and successfully completing a business
combination. Moreover, the Company will also compete in seeking merger or
acquisition candidates with numerous other small public companies.

         4. NO AGREEMENT FOR BUSINESS COMBINATION OR OTHER TRANSACTION AND NO
STANDARDS FOR BUSINESS COMBINATION. The Company has no arrangement, agreement or
understanding with respect to engaging in a merger with, joint venture with or
acquisition of, a private or public entity. There can be no assurance that the
Company will be successful in identifying and evaluating suitable business
opportunities or in concluding a business combination. Management has not
identified any particular industry or specific business within an industry for
evaluation by the Company. There is no assurance that the Company will be able
to negotiate a business combination on terms favorable to the Company. The
Company has not established a specific length of operating history or a
specified level of earnings, assets, net worth or other criteria which it will
require a target business opportunity to have achieved, and without which the
Company would not consider a business combination in any form with such business
opportunity. Accordingly, the Company may enter into a business combination with
a business opportunity having no significant operating history, losses, limited
or no potential for earnings, limited assets, negative net worth or other
negative characteristics.

         5. CONTINUED MANAGEMENT CONTROL AND LIMITED TIME AVAILABILITY. While
seeking a business combination, management anticipates devoting limited time to
the business of the Company. None of the Company's officers has entered into a
written employment agreement with the Company and none is expected to do so in
the foreseeable future. The Company has not obtained key man life insurance on
any of its officers or directors. Notwithstanding the combined limited
experience and time commitment of management, loss of the services of any of
these individuals would adversely affect development of the Company's business
and its likelihood of continuing operations.

         6. CONFLICT OF INTEREST - GENERAL. Certain officers and directors of
the Company may in the future participate in business ventures that could be
deemed to compete directly with the Company. Additional conflicts of interest
and non-arms length transactions may also arise in the future in the event the
Company's officers or directors are involved in the management of any firm with
which the Company transacts business. The Company's Board of Directors has
adopted a policy that the Company will not seek a merger with, or acquisition
of, any entity in which management serve as officers or directors, or in which
they or their family members own or hold a controlling ownership interest.
Although the Board of Directors could elect to change this policy, the Board of
Directors has no present intention to do so. See Item 9, "Directors, Executive
Officers, Promoters and Control Persons; Compliance with Section 16(a) of the
Exchange Act - Conflicts of Interest."

         7. REPORTING REQUIREMENTS MAY DELAY OR PRECLUDE ACQUISITION. Sections
13 and 15(d) of the Exchange Act require companies subject thereto to provide
certain information about significant acquisitions, including certified

<PAGE>

financial statements for the company acquired, covering one, two or three years,
depending on the relative size of the acquisition. The time and additional costs
that may be incurred by some target entities to prepare such statements may
significantly delay or essentially preclude consummation of an otherwise
desirable acquisition by the Company. Acquisition prospects that do not have or
are unable to obtain the required audited statements may not be appropriate for
acquisition so long as the reporting requirements of the Exchange Act are
applicable.

         8. LACK OF MARKET RESEARCH OR MARKETING ORGANIZATION. The Company has
neither conducted, nor have others made available to it, results of market
research indicating that market demand exists for the transactions contemplated
by the Company. Moreover, the Company does not have, and does not plan to
establish, a marketing organization. Even in the event demand is identified for
a merger or acquisition contemplated by the Company, there is no assurance the
Company will be successful in completing any such business combination.

         9. LACK OF DIVERSIFICATION. The Company's proposed operations, even if
successful, will in all likelihood result in the Company engaging in a business
combination with a business opportunity. Consequently, the Company's activities
may be limited to those engaged in by the business opportunity or opportunities
that the Company merges with or acquires. The Company's inability to diversify
its activities into a number of areas may subject the Company to economic
fluctuations within a particular business or industry and therefore increase the
risks associated with the Company's operations.

         10. REGULATION. Although the Company will be subject to regulation
under the Exchange Act, management believes the Company will not be subject to
regulation under the Investment Company Act of 1940, insofar as the Company will
not be engaged in the business of investing or trading in securities. In the
event the Company engages in business combinations which result in the Company
holding passive investment interests in a number of entities, the Company could
be subject to regulation under the Investment Company Act of 1940. In such
event, the Company would be required to register as an investment company and
could be expected to incur significant registration and compliance costs. The
Company has obtained no formal determination from the Securities and Exchange
Commission as to the status of the Company under the Investment Company Act of
1940 and, consequently, any violation of such Act would subject the Company to
material adverse consequences.

         11. PROBABLE CHANGE IN CONTROL AND MANAGEMENT. A business combination
involving the issuance of the Company's Common Stock will, in all likelihood,
result in shareholders of a private company obtaining a controlling interest in
the Company. Any such business combination may require management of the Company
to sell or transfer all or a portion of the Company's Common Stock held by them,
or resign as members of the Board of Directors of the Company. The resulting
change in control of the Company could result in removal of one or more present
officers and directors of the Company and a corresponding reduction in or
elimination of their participation in the future affairs of the Company.

<PAGE>

         12. REDUCTION OF PERCENTAGE SHARE OWNERSHIP FOLLOWING BUSINESS
COMBINATION. The Company's primary plan of operation is based upon a business
combination with a private concern which, in all likelihood, would result in the
Company issuing securities to shareholders of any such private company. The
issuance of previously authorized and unissued shares of Common Stock of the
Company would result in a reduction in the percentage of shares owned by present
and prospective shareholders of the Company and may result in a change in
control or management of the Company.

         13. DISADVANTAGE OF BLANK CHECK OFFERING. The Company may enter into a
business combination with an entity that desires to establish a public trading
market for its shares. A business opportunity may attempt to avoid what it deems
to be adverse consequences of undertaking its own public offering by seeking a
business combination with the Company. Such consequences may include, but are
not limited to, time delays of the registration process, significant expenses to
be incurred in such an offering, loss of voting control to public shareholders
and the inability or unwillingness to comply with various federal and state laws
enacted for the protection of investors.

          14. TAXATION. Federal and state tax consequences will, in all
likelihood, be major considerations in any business combination the Company may
undertake. Currently, such transactions may be structured so as to result in
tax-free treatment to both companies, pursuant to various federal and state tax
provisions. The Company intends to structure any business combination so as to
minimize the federal and state tax consequences to both the Company and the
target entity; however, there can be no assurance that such business combination
will meet the statutory requirements of a tax-free reorganization or that the
parties will obtain the intended tax-free treatment upon a transfer of stock or
assets. A non-qualifying reorganization could result in the imposition of both
federal and state taxes that may have an adverse effect on both parties to the
transaction.

         15. REQUIREMENT OF AUDITED FINANCAIL STATEMETNS MAY DISQUALIFY BUSINESS
OPPORTUNITIES. Management of the Company believes that any potential business
opportunity must provide audited financial statements for review, for the
protection of all parties to the business combination. One or more attractive
business opportunities may choose to forego the possibility of a business
combination with the Company, rather than incur the expenses associated with
preparing audited financial statements.


ITEM 2.  DESCRIPTION OF PROPERTY.
---------------------------------

         The Company has no property and at this time has no agreements to
acquire any properties. The Company intends to attempt to acquire assets or a
business in exchange for its securities which assets or business is determined
to be desirable for its objectives.

         The Company currently maintains an office at 462 Stevens Avenue, Suite
308, Solana Beach, California 92075. The Company pays $750 per month for an
office and all related expenses including receptionist, clerical and technical
support, office supplies, telephone, computer, etc.

<PAGE>

ITEM 3.  LEGAL PROCEEDINGS
--------------------------

         The Company is not a party to any pending legal proceedings, and no
such proceedings are known to be contemplated.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
------------------------------------------------------------

         No matters were submitted by the Company to a vote of the Company's
shareholders through the solicitation of proxies or otherwise.


                                     PART II

ITEM 5. MARKET PRICE AND DIVIDENDS ON THE REGISTRANT'S COMMON EQUITY AND OTHER
------------------------------------------------------------------------------
SHAREHOLDER MATTERS
-------------------

         (a) The Company's shares of common stock began trading on the
Over-the-Counter Bulletin Board (the "OTCCB") on December 8, 1998 under the
symbol "BIAN". In October 1999, due to the change in Rule 15c2-11, the Company
was reduced to trading in the "Pink Sheets" because it did not have an effective
Form 10SB. In August 1999 the Company's Form 10SB become effective. A Form 211
application was accepted by the NASD Regulations, Inc. and the Company's shares
of common stock began trading on the OTCCB in June 2002. The prices set forth on
the next page represent closing prices for 2002 and 2001.


                                   High                           Low
                                   ----                           ---


                 2003
                 ----

First Quarter                      $ 0.05                         $ 0.02

Second Quarter                     $ 0.06                         $ 0.01

Third Quarter                      $ 0.05                         $ 0.01

Fourth Quarter                     $ 0.05                         $ 0.01


                 2002
                 ----

First Quarter                      $ 0.11                         $ 0.05

Second Quarter                     $ 0.08                         $ 0.031

Third Quarter                      $ 0.38                         $ 0.05

Fourth Quarter                     $ 0.25                         $ 0.03


<PAGE>

        (b)    As of December 31, 2003 were 62 holders of records of the
               Company's common stock.

        (c)    No dividends have been either declared or paid to date and the
               Company's Board of Directors does not anticipate paying dividends
               in the foreseeable future.

         Effective August 11, 1993, the Securities and Exchange Commission (the
"Commission") adopted Rule 15g-9, which established the definition of a "penny
stock," for purposes relevant to the Company, as any equity security that has a
market price of less than $5.00 per share or with an exercise price of less than
$5.00 per share, subject to certain exceptions. For any transaction involving a
penny stock, unless exempt, the rules require: (i) that a broker or dealer
approve a person's account for transactions in penny stocks; and (ii) that the
broker or dealer receive from the investor a written agreement to the
transaction, setting forth the identity and quantity of the penny stock to be
purchased. In order to approve a person's account for transactions in penny
stocks, the broker or dealer must (i) obtain financial information and
investment experience and objectives of the person; and (ii) make a reasonable
determination that the transactions in penny stocks are suitable for that person
and that person has sufficient knowledge and experience in financial matters to
be capable of evaluating the risks of transactions in penny stocks. The broker
or dealer must also deliver, prior to any transaction in a penny stock, a
disclosure schedule prepared by the Commission relating to the penny stock
market, which, in highlight form, (i) sets forth the basis on which the broker
or dealer made the suitability determination; and (ii) states that the broker or
dealer received a signed, written agreement from the investor prior to the
transaction. Disclosure also has to be made about the risks of investing in
penny stock in both public offerings and in secondary trading, and about
commissions payable to both the broker-dealer and the registered representative,
current quotations for the securities and the rights and remedies available to
an investor in cases of fraud in penny stock transactions. Finally, monthly
statements have to be sent disclosing recent price information for the penny
stock held in the account and information on the limited market in penny stocks.

         In order to be included in NASDAQ's SmallCap Market, a company must
satisfy the requirements summarized in this paragraph. A company must meet one
or more of the following three requirements: (i) net tangible assets of $4
million ($2 million for continued inclusion); (ii) have a market capitalization
of $50 million ($35 million for continued inclusion); or (iii) have net income
(in the latest fiscal year or two of the last three fiscal years) of $750,000
($500,000 for continued inclusion). In addition, a company must also satisfy the
following requirements: (i) 1 million shares in the public float (500,000 for
continued inclusion); (ii) $5 million of market value of the public float ($1
million for continued inclusion); (iii) a minimum bid price of $4 ($1 for
continued inclusion); (iv) three market makers (two for continued inclusion);
(v) 300 (round lot) shareholders; (vi) an operating history of one year or
market capitalization of $50 million; and (vii) certain corporate governance
standards.

         Management intends to strongly consider undertaking a transaction with
any merger or acquisition candidate that will allow the Company's securities to
be traded without the aforesaid limitations. However, there can be no assurance
that, upon a successful merger or acquisition, the Company will qualify its
securities for listing on NASDAQ or some other national exchange, or be able to

<PAGE>

maintain the maintenance criteria necessary to insure continued listing. The
failure of the Company to qualify its securities or to meet the relevant
maintenance criteria after such qualification in the future may result in the
discontinuance of the inclusion of the Company's securities on a national
exchange. In such event, trading, if any, in the Company's securities may then
continue in the non-NASDAQ over-the-counter market. As a result, a shareholder
may find it more difficult to dispose of, or to obtain accurate quotations as to
the market value of, the Company's securities.

Holders
-------

         There are approximately 62 record holders of the Company's Common
Stock. 3,930,250 shares Company's Common Stock are issued and outstanding.

Dividends
---------

         The Company has not paid any dividends to date, and has no plans to do
so in the immediate future.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS OR PLAN OF OPERATIONS
-----------------------------------------------------------------------------

Plan of Operation
-----------------

         The Company intends to seek to acquire assets or shares of an entity
actively engaged in business that generates revenues, in exchange for its
securities. The Company has no particular acquisitions in mind and has not
entered into any negotiations regarding such an acquisition. As of the date of
this report, the Company has no plans, arrangements, understandings or
commitments with respect to any potential merger or acquisition, nor is the
Company engaged in negotiations with respect to such matter. For a complete
description of the Company's plan of operation, see Item 1, "Description of
Business."

         If required to so do under relevant law, management of the Company will
seek shareholder approval of a proposed merger or acquisition via a Proxy
Statement. However, such approval would be assured where management supports
such a business transaction because management presently controls sufficient
shares of the Company to effectuate a positive vote on the proposed transaction.
Further, a prospective transaction may be structured so that shareholder
approval is not required, and the Board of Directors may effectuate such a
transaction without shareholder approval. While any disclosure, which may be
provided to shareholders, may include audited financial statements of such a
target entity, there is no assurance that such audited financial statements will
be available. The Board of Directors does intend to obtain certain assurances of
value of the target entity assets prior to consummating such a transaction, with
further assurances that an audited statement would be provided within 60 days
after closing of such a transaction. Closing documents relative thereto will

<PAGE>

include representations that the value of the assets conveyed to or otherwise so
transferred will not materially differ from the representations included in such
closing documents, or the transaction will be voidable.

RESULTS OF OPERATIONS FOR YEAR ENDED DECEMBER 31, 2003 COMPARED TO YEAR ENDED
DECEMBER 31, 2002

        The Company had no revenues in the years ended December 31, 2003 or
2002.  The Company had no operations in the year but continued to incur manage-
ment, audit, professional, and office expenses totalling $62,672 in 2003
compared to $77,166 in 2002.  The largest component of expense in 2003 and 2002
was management fees in the amounts of $45,000 and $60,000, respectively.  The
Company incurred $13,000 and $10,000 in interest accrual in 2003 and 2002,
respectively.

        The Company had extraordinary income in 2003 due to foregiveness of debt
totalling $145,834 from accrued management fees to its President.  In 2002, the
Company had a $130,000 expense for bad debt.  The Company had a net gain in 2003
of $70,162 due to the extraordinary income compared to a ($217,166) net loss in
2002, $130,000 of which was attributable to bad debt provisions.  The Company
had a net gain per share in 2003 of $.02 due to the extraordinary income from
debt foregiveness compared to a ($.05) loss per share in 2002 due to expenses
and bad debt provisions.

        The Company expects the trend of losses to continue until the Company
can achieve a profitable business combination, of which there can be no
assurance, or raises capital, develops a business plan, and achieves revenues,
of which there can be no assurance.

NEED FOR ADDITIONAL CAPITAL

        The Company does not have capital sufficient to meet the Company's cash
needs. The Company will have to seek loans or equity placements to cover such
cash needs.

        The Company is in the process of offering to sell 2,000,000 shares at $1
per share in a private placement to accredited investors to raise up to
2,000,000 shares of common stock at $1.00 per share to attempt to raise up to
$2,000,000 in capital to continue business development and fund operations.

        No commitments to provide additional funds have been made by management
or other stockholders. Accordingly, there can be no assurance that any addition-
al funds will be available to the Company to allow it to continue its business
plan.

GOING CONCERN

     The  foregoing  raises  substantial  doubt about the  Company's  ability to
continue as a going  concern.  Management's  plans  include  seeking  additional
capital and/or debt  financing or the possible sale of the Company.  There is no
guarantee that  additional  capital and/or debt financing will be available when
and to the extent required, or that if available, it will be on terms acceptable
to the  Company.  The  consolidated  financial  statements  do not  include  any
adjustments that might result from the outcome of this uncertainty.


ITEM 7.  FINANCIAL STATEMENTS.
------------------------------

         The information required by Item 7 is submitted as a separate section
of this report beginning on page F-1.

ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS.
-------------------------------------------------------

         None.


                                    PART III

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

         Set forth below is certain information concerning the directors and
executive officers of the Company as of the date of filing this report.


NAME                          Age               POSITION HELD
----                          ---               -------------

Ted Kozub                     65                President, Secretary, CFO, &
                                                Director
                                                (Appointed 12/15/03)

         Officers are appointed by and serve at the discretion of the Board of
Directors. Each director holds office until the next annual meeting of
shareholders or until a successor has been duly elected and qualified. Each of
the Company's officers and directors devotes only such time as is available to
the business of the Company. There are no family relationships between any
directors or executive officers of the Company.

<PAGE>

Biographical Information

      TED KOZUB, Mr. Kozub is the president, treasurer, secretary and sole
director of the company. Mr. Kozub was a tax partner with KPMG, in Canada for
more than five years ending in 2003 upon his retirement. Mr. Kozub also held
senior positions with Revenue Canada Taxation, and Mr. Kozub was appointed to
the special task force for reform of Canadian tax law. Mr. Kozub was the presi-
dent of Canadian Petroleum Tax Society, Tax Manager with Hudson's Bay Oil and
Gas, located in Calgary, Alberta, and a subsidiary of Conoco.

Compliance with Section 16(a) of the Exchange Act
-------------------------------------------------

          Section 16(a) of the Securities Exchange Act of 1934 (the "Exchange
Act") requires that the Company's officers and directors, and persons who own
more than ten percent of a registered class of the Company's equity securities,
file reports of ownership and changes in ownership with the Securities and
Exchange Commission. Officers, directors and greater than ten percent
stockholders are required by regulation to furnish to the Company copies of all
Section 16(s) forms they file.

Conflicts of Interest
---------------------

          Members of the Company's management are associated with other firms
involved in a range of business activities. Consequently, there are potential
inherent conflicts of interest in their acting as officers and directors of the
Company. Insofar as the officers and directors are engaged in other business
activities, management anticipates it will devote only a limited amount of time
to the Company's affairs, including filing regulatory reports and screening and
assessing and, if warranted, negotiating to acquire business opportunities.

         The Company's Board of Directors has adopted a policy that the Company
will not seek a merger with, or acquisition of, any entity in which any officer
or director serves as an officer or director or in which they or their family
members own or hold a controlling ownership interest. Although the Board of
Directors could elect to change this policy, the Board of Directors has no
present intention to do so.

         The Company's officers and directors may actively negotiate or
otherwise consent to the purchase of a portion of their common stock as a
condition to, or in connection with, a proposed merger or acquisition
transaction. It is anticipated that a substantial premium over the initial cost
of such shares may be paid by the purchaser in conjunction with any sale of
shares by the Company's officers and directors which is made as a condition to,
or in connection with, a proposed merger or acquisition transaction. The fact
that a substantial premium may be paid to the Company's officers and directors
to acquire their shares creates a potential conflict of interest for them in
satisfying their fiduciary duties to the Company and its other shareholders.
Even though such a sale could result in a substantial profit to them, they would
be legally required to make the decision based upon the best interests of the
Company and the Company's other shareholders, rather than their own personal
pecuniary benefit.

         There can be no assurance that management will resolve all conflicts of
interest in favor of the Company.


<PAGE>

ITEM 10.  EXECUTIVE COMPENSATION.
--------------------------------

<TABLE>
<CAPTION>

                    SUMMARY COMPENSATION TABLE OF EXECUTIVES
                    ----------------------------------------

                                                  Annual Compensation                        Awards

                                                                                           Restricted         Securities
Name and                                                              Other Annual            Stock           Underlying
Principal                             Salary          Bonus           Compensation          Award(s)           Options/
Position                  Year         ($)             ($)                ($)                  ($)             SARs (#)
--------                  ----         ---             ---                ---                  ---             --------
<S>                       <C>           <C>             <C>             <C>                     <C>                <C>
Ted Kozub                 2003          0               0               0                       0                  0
President, Secretary
and Chief Financial
Officer

Leonard Viejo,            2002          0               0               0                       0                  0
President, Secretary
and Chief Financial
Officer
(Resigned 12/15/03)

Leonard Viejo,            2003          0               0               60,000*                 0                  0
President, Secretary
and Chief Financial
Officer
(Resigned 12/15/03)

</TABLE>

(*)  - See Item 12 "Certain Relationships and Related Transactions"


<TABLE>
<CAPTION>

Directors' Compensation
-----------------------
                                                                                                        Number of
                                                                                                       Securities
                                   Annual                       Consulting                             Underlying
                                Retainer Fee      Meeting    Fees/Other Fees    Number of Shares       Options SAR
Name                                 ($)         Fees ($)           ($)                (#)                 (#)
----                                 ---         --------           ---                ---             -----------
<S>                                   <C>            <C>             <C>                <C>                 <C>
A. Director                           0              0               0                  0                   0
   Ted Kozub
   (Appointed 12/15/03)

A. Director                           0              0               0                  0                   0
   Leonard Viejo
   (Resigned 12/15/03)

B. Director                           0              0               0                  0                   0
   John T. Bigley
   (resigned 2003)

C. Director                           0              0               0                  0                   0
   Steven H. Wilhelm
   (resigned 2003)
</TABLE>

Option/SAR Grants Table (None)

Aggregated Option/SAR Exercises in Last Fiscal Year and FY-End Option/SAR value
(None)

Long Term Incentive Plans - Awards in Last Fiscal Year (None)

The Company has no stock option, retirement, pension, or profit-sharing programs
for the benefit of directors, officers or other employees, but the Board of
Directors may recommend adoption of one or more such programs in the future.

         It is possible that, after the Company successfully consummates a
merger or acquisition with an unaffiliated entity, that entity may desire to
employ or retain one or a number of members of the Company's management for the
purposes of providing services to the surviving entity, or otherwise provide
other compensation to such persons. However, the Company has adopted a policy
whereby the offer of any post-transaction remuneration to members of management
will not be a consideration in the Company's decision to undertake any proposed
transaction. Each member of management has agreed to disclose to the Company's
Board of Directors any discussions concerning possible compensation to be paid
to them by any entity which proposes to undertake a transaction with the Company
and further, to abstain from voting on such transaction. Therefore, as a
practical matter, if each member of the Company's Board of Directors were
offered compensation in any form from any prospective merger or acquisition
candidate, the proposed transaction would not be approved by the Company's Board
of Directors as a result of the inability of the Board to affirmatively approve
such a transaction.


<PAGE>


ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
------------------------------------------------------------------------

         The following table sets forth, as of the date of this Registration
Statement, the number of shares of common stock owned of record and beneficially
by executive officers, directors and persons who hold 5.0% or more of the
outstanding common stock of the Company. Also included are the shares held by
all executive officers and directors as a group.


<TABLE>
<CAPTION>
                                                                                 NUMBER OF
SHAREHOLDERS BENEFICIAL OWNERS                                                      SHARES         PERCENTAGE
------------------------------                                                      ------         ----------
<S>                                                                              <C>                  <C>
Ted Kozub                                                                        2,100,000            53.4%
President, Secretary, Treasurer,
& Sole Director
498 Ellis Street, 2nd Floor
Penticton, BC  V2A 4M2
(Appointed 12/15/03)

Cede & Co.
Box 20 Bowling Green Station
New York, New York  10004                                                        1,234,075            31.4%

Leonard Viejo,
462 Stevens Avenue, Suite 308                                                    0                    0
Solana Beach, CA 92075
(resigned 12/15/03)
                                                                                 ---------            -----          --

All directors and executive
Officers as a group (1 person)                                                   2,100,000            53.4%
                                                                                 =========            =====
</TABLE>

Each principal shareholder has sole investment power and sole voting power over
the shares.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
-------------------------------------------------------

         The Company's current business address is at the office of the
President of the Company. The Company has agreed to pay $750 per month for an
office and all related expenses to a non-affiliate. It is likely that the
Company will establish and maintain a different office after completion of a
business combination.

         Although management has no current plans to cause the Company to do so,
it is possible that the Company may enter into an agreement with an acquisition
candidate requiring the sale of all or a portion of the common stock held by the
Company's current stockholders to the acquisition candidate or principals
thereof, or to other individuals or business entities, or requiring some other

<PAGE>

form of payment to the Company's current stockholders, or requiring the future
employment of specified officers and payment of salaries to them. It is more
likely than not that any sale of securities by the Company's current
stockholders to an acquisition candidate would be at a price substantially
higher than that originally paid by such stockholders. Any payment to current
stockholders in the context of an acquisition involving the Company would be
determined entirely by the largely unforeseeable terms of a future agreement
with an unidentified business entity.

         Repayment of the outstanding debts of the company will undoubtedly be a
criteria which will be required to be satisfied by any target company. This of
course will require cash to be provided for such repayment of debts. The cash
would have to be provided either by the target company, or by a private
placement to new investors concurrent with the target company transaction. The
requirement of cash availability to pay old debt can be, and often is, a factor,
which discourages, impairs, or precludes the Company from either negotiations
with a target company, or completion of a transaction with a target company.


ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K
------------------------------------------

(a)         Exhibits:  31 and 32 -- Sarbanes-Oxley Certifications

(b)         No reports on Form 8-K were filed during the period.


ITEM 14.  CONTROLS AND PROCEDURES
---------------------------------

The management of the company has evaluated the effectiveness of the issuer's
disclosure controls and procedures as of a date within 90 days prior to the
filing date of the report (evaluation date) and have concluded that the
disclosure controls and procedures are adequate and effective based upon their
evaluation as of the evaluation date.

There were no significant changes in internal controls or in other factors that
could significantly affect internal controls subsequent to the date of the most
recent evaluation of such, including any corrective actions with regard to
significant deficiencies and material weaknesses.


<PAGE>



                                   SIGNATURES:

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                                 BIO-AMERICAN CAPITAL CORPORATION


DATED:  February ____, 2004      By:
                                     ---------------------------
                                     Ted Kozub
                                     President/Secretary/Chief Financial Officer



Pursuant to the requirements of the Securities Exchange Act of 1934, this report
is signed below by the following persons on behalf of the Registrant in the
capacities and on the dates indicated.



                                      By:
DATED:  February ____, 2004               -----------------------------
                                          Ted Kozub
                                          Director

<PAGE>

                        BIO-AMERICAN CAPITAL CORPORATION
                          (A Development Stage Company)

                              Financial Statements
                 For the Years Ended December 31, 2003 and 2002



<PAGE>

                          Michael Johnson & Co., LLC.
                             9175 Kenyon Ave., #100
                                Denver, CO 80237
                              Phone: 303-796-0099
                               Fax: 303-796-0137




                          INDEPENDENT AUDITOR'S REPORT


To the Board of Directors of
Bio-American Capital Corporation
Solana Beach, California


We have audited the accompanying balance sheets of Bio-American Capital
Corporation (A Development Stage Company) as of December 31, 2003 and 2002, and
the related statements of operations, changes in stockholders' equity, and cash
flows for the years then ended and for the period May 5, 1992 (inception) to
December 31, 2003. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statement is 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. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Bio-American Capital Corp., as
of December 31, 2003 and 2002 and the results of their operations and their cash
flows for the years then ended and for the period May 5, 1992 (inception) to
December 31, 2003 in conformity with accounting principles generally accepted in
the United States.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As described in Note 1 to the
financial statements, conditions exist which raise substantial doubt about the
Company's ability to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.


/s/ Michael Johnson & Co., LLC.
Denver, Colorado
February 17, 2004


                                      F-1




<PAGE>

<TABLE>
<CAPTION>

                                   BIO-AMERICAN CAPITAL CORP.
                                 (A Development Stage Company)
                                         Balance Sheets
                                   December 31 2003 and 2002


                                                                                     2003                 2002
                                                                                 --------------       -------------
<S>                                                                              <C>                  <C>

ASSETS:

Current Assets:
  Cash                                                                                     $ -                $ 58
                                                                                 --------------       -------------
Total Current Assets                                                                         -                  58
                                                                                 --------------       -------------

Other Assets:
  Notes Receivable                                                                           -                   -
                                                                                 --------------       -------------
Total Other Assets                                                                           -                   -
                                                                                 --------------       -------------

TOTAL ASSETS                                                                               $ -                $ 58
                                                                                 ==============       =============


LIABILITIES & STOCKHOLDERS' DEFICIT:

Current Liabilities:
 Accounts payable                                                                          $ -            $254,198
 Accrued liabilities and interest                                                       15,778              16,800
 Notes payable                                                                         130,000             130,000
                                                                                 --------------       -------------
  Total Current Liabilities                                                            145,778             400,998
                                                                                 --------------       -------------

   Stockholders' Deficit:
     Common stock, par value $0.001; 100,000,000
       shares authorized; 3,930,250 shares issued and
       outstanding for 2003 and 2002 respectively                                        3,930               3,930
   Additional paid-in capital                                                          728,083             543,083
   Accumulated deficit during the development stage                                   (877,791)           (947,953)
                                                                                 --------------       -------------
Total Stockholders' Deficit                                                           (145,778)           (400,940)
                                                                                 --------------       -------------

TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT                                                  $ -                $ 58
                                                                                 ==============       =============
</TABLE>


   The accompanying notes are an integral part of these financial statements.

                                      F-2

<PAGE>

<TABLE>
<CAPTION>


                                           BIO-AMERICAN CAPITAL CORP.
                                         (A Development Stage Company)
                                            Statements of Operations

                                                                                                    For the
                                                                                                     Period
                                                                                                  May 5, 1992
                                                              Year Ended                         (Inception) to
                                                               December 31,                       December 31,
                                                                 2003              2002               2003
                                                             -------------     -------------     ---------------
<S>                                                          <C>               <C>               <C>
REVENUE:                                                              $ -               $ -                 $ -


EXPENSES:
   Provision for bad debt                                               -           130,000             583,432
   Amortization                                                         -                 -                 500
   Professional expenses                                            8,640             6,310              72,472
   Management fees                                                 45,000            60,000             295,000
   Other                                                            2,282             1,856               6,513
   Office expenses                                                  6,750             9,000              44,250
                                                             -------------     -------------     ---------------
Total Expenses                                                     62,672           207,166           1,002,167
                                                             -------------     -------------     ---------------
OTHER INCOME/ EXPENSES
  Interest income                                                       -                 -               3,372
  Interest expense                                                (13,000)          (10,000)            (23,000)
  Other expenses                                                        -                 -              (1,830)
                                                             -------------     -------------     ---------------
Total Other Income/Expenses                                       (13,000)          (10,000)            (21,458)
                                                             -------------     -------------     ---------------
Extraordinary income - debt forgiveness                           145,834                 -             145,834
                                                             -------------     -------------     ---------------
NET GAIN (LOSS)                                                  $ 70,162         $(217,166)         $ (877,791)
                                                             =============     =============     ===============

Net gain (loss) per share                                          $ 0.02           $ (0.05)
                                                             -------------     -------------
Weighted average shares outstanding                             3,930,250         3,930,250
                                                             =============     =============
</TABLE>

   The accompanying notes are an integral part of these financial statements.

                                      F-3

<PAGE>

<TABLE>
<CAPTION>


                                      BIO-AMERICAN CAPITAL CORP.
                                    (A Development Stage Company)
                                       Statements of Cash Flows

                                           Indirect Method


                                                                                                     For the
                                                                                                     Period
                                                                                                   May 5, 1992
                                                                Year Ended                        (Inception) to
                                                                 December 31,                     December 31,
                                                                   2003             2002              2003
                                                               -------------     ------------     --------------
<S>                                                            <C>               <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net Loss                                                        $ 70,162        $(217,166)        $ (877,791)
   Adjustments to reconcile net loss to net cash
    used in operating activities
    Amortization                                                          -                -                500
    Stock issued for accrued liabilities                                  -                -             25,500
    Provision for bad debt                                                -          130,000            583,432
    Changes in assets and liabilities:
     (Decrease) Increase in accounts payable                       (254,198)          73,425                  -
     (Decrease) Increase in accrued liabilities                      (1,022)          13,700             15,778
                                                               -------------     ------------     --------------
   Total adjustments                                               (255,220)         217,125            625,210
                                                               -------------     ------------     --------------
Net Cash Used in Operating Activities                              (185,058)             (41)          (252,581)
                                                               -------------     ------------     --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
     Notes receivable                                                     -         (130,000)          (583,432)
     Incorporation costs                                                  -                -               (500)
                                                               -------------     ------------     --------------
Net Cash Used in Investing Activities                                     -         (130,000)          (583,932)
                                                               -------------     ------------     --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
     Additional paid in cash                                        185,000                -            185,000
     Proceeds from sale of common stock                                   -                -            505,013
     Proceeds from notes payables                                         -          130,000            146,500
                                                               -------------     ------------     --------------
Net Cash Provided by Financing Activities                           185,000          130,000            836,513
                                                               -------------     ------------     --------------
(Decrease) Increase in cash                                             (58)             (41)                 -

Cash at beginning of period                                              58               99                  -
                                                               -------------     ------------     --------------
Cash at end of period                                                   $ -             $ 58                $ -
                                                               =============     ============     ==============

Supplemental Disclosures
 Cash paid during the year for:
     Interest                                                           $ -              $ -                $ -
                                                               -------------     ------------     --------------
     Taxes                                                              $ -              $ -                $ -
                                                               -------------     ------------     --------------

Noncash investing and financing activities:
 Issuance of common stock in exchange for
  for cancellation of note payable of $16,500 and
                                                               -------------     ------------     --------------
  accrued expenses of $25,500.                                          $ -         $ 42,000           $ 42,000
                                                               -------------     ------------     --------------
 Debt forgiveness of $145,834

</TABLE>


   The accompanying notes are an integral part of these financial statements.

                                      F-4

<PAGE>

<TABLE>
<CAPTION>

                                           BIO-AMERICAN CAPITAL CORP.
                                         (A Development Stage Company)
                             Statement of Changes in Stockholders' Equity (Deficit)

                                                                                               Deficit
                                                                                             Accumulated
                                                                               Additional     During the         Total
                                                        Common Stock            Paid-In        Development    Stockholders'
                                                    Shares         Amount       Capital         Stage            Equity
                                                  ------------    ----------   -----------   -------------    -------------
<S>                                               <C>             <C>          <C>           <C>              <C>

Balance - May 5, 1992                                       -           $ -           $ -             $ -              $ -
                                                  ------------    ----------   -----------   -------------    -------------
Balance - December 31, 1992                                 -             -             -               -                -
                                                  ------------    ----------   -----------   -------------    -------------
Issuance to Founders for Cash                          39,000            39         7,761               -            7,800
Net Loss                                                    -             -             -          (1,285)          (1,285)
                                                  ------------    ----------   -----------   -------------    -------------
Balance - December 31, 1993                            39,000            39         7,761          (1,285)           6,515
                                                  ------------    ----------   -----------   -------------    -------------
Net Loss                                                    -             -             -          (2,732)          (2,732)
                                                  ------------    ----------   -----------   -------------    -------------
Balance - December 31, 1994                            39,000            39         7,761          (4,017)           3,783
                                                  ------------    ----------   -----------   -------------    -------------
Net Loss                                                    -             -             -          (3,583)          (3,583)
                                                  ------------    ----------   -----------   -------------    -------------
Balance - December 31, 1995                            39,000            39         7,761          (7,600)             200
                                                  ------------    ----------   -----------   -------------    -------------
Net Loss                                                    -             -             -            (185)            (185)
                                                  ------------    ----------   -----------   -------------    -------------
Balance - December 31, 1996                            39,000            39         7,761          (7,785)              15
                                                  ------------    ----------   -----------   -------------    -------------
Net Loss                                                    -             -             -            (185)            (185)
                                                  ------------    ----------   -----------   -------------    -------------
Balance - December 31, 1997                            39,000            39         7,761          (7,970)            (170)
                                                  ------------    ----------   -----------   -------------    -------------
Issuance of stock for cash - March 30, 1998           251,250           251         4,749               -            5,000
Issuance of stock for cash - December 11, 1998      1,500,000         1,500       477,513                          479,013
Issuance of stock for subscription agreement -
 - December 31, 1998                                   40,000            40        13,160               -           13,200
Net Loss                                                    -             -             -         (22,968)         (22,968)
                                                  ------------    ----------   -----------   -------------    -------------
Balance - December 31, 1998                         1,830,250         1,830       503,183         (30,938)         474,075
                                                  ------------    ----------   -----------   -------------    -------------
Net Loss                                                    -             -             -        (538,147)        (538,147)
                                                  ------------    ----------   -----------   -------------    -------------
Balance - December 31, 1999                         1,830,250         1,830       503,183        (569,085)         (64,072)
                                                  ------------    ----------   -----------   -------------    -------------
Issuance of stock for debt forgiveness              2,100,000         2,100        39,900               -           42,000
Net Loss                                                    -             -             -         (80,893)         (80,893)
                                                  ------------    ----------   -----------   -------------    -------------
Balance - December 31, 2000                         3,930,250         3,930       543,083        (649,978)        (102,965)
                                                  ------------    ----------   -----------   -------------    -------------
Net Loss                                                    -             -             -         (80,809)         (80,809)
                                                  ------------    ----------   -----------   -------------    -------------
Balance - December 31, 2001                         3,930,250         3,930       543,083        (730,787)        (183,774)
                                                  ------------    ----------   -----------   -------------    -------------
Net Loss                                                    -             -             -        (217,166)        (217,166)
                                                  ------------    ----------   -----------   -------------    -------------
Balance - December 31, 2002                         3,930,250         3,930       543,083        (947,953)        (400,940)
                                                  ------------    ----------   -----------   -------------    -------------
Additional paid in capital                                  -             -       185,000               -          185,000
Net Loss                                                    -             -             -          70,162           70,162
                                                  ------------    ----------   -----------   -------------    -------------
Balance - December 31, 2003                         3,930,250       $ 3,930      $728,083      $ (877,791)      $ (145,778)
                                                  ============    ==========   ===========   =============    =============
</TABLE>


   The accompanying notes are an integral part of these financial statements.

                                      F-5


<PAGE>



                        BIO-AMERICAN CAPITAL CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 2003

Note 1 - The Company
         -----------

         Nature of Business:

         Bio-American Capital Corporation, a development stage company, (the
         "Company") was incorporated in May 1992 in the state of Nevada to raise
         capital for a business venture. The Company intended to sell merchant
         banking services and intended to take senior debt and equity positions
         in companies which it chose to finance. The Company would provide
         consulting services for capital structuring, and reorganization of
         small technology companies to assist in market share growth and the
         development of the capital structure to facilitate an eventual public
         offering.

         In November 1998, the Company raised $508,200 to become a technology
         venture finance company that would organize, capitalize, acquire and
         finance technology companies. The Company provided $450,060 in
         financing to a private holding company. The notes payable matured in
         December 1999 and no payments have been received. Once the Company has
         sufficient working capital it will pursue its legal remedies. In May
         2000, with limited operating capital the Company has become a "public
         shell" and is actively pursuing merging with an operating company that
         has a strong business plan and wants to establish a public trading
         market for its securities.

         Going Concern

         The accompanying financial statements have been prepared in conformity
         with accounting principles generally accepted in the United States,
         which contemplates continuation of the Company as a going concern. The
         Company operations are in the development stage and the Company has
         experienced significant losses from limited operations. The Company's
         current liabilities exceed current assets by $145,778, and the Company
         incurred net losses of $877,791.

         The future success of the Company is likely dependent on its ability to
         attain additional capital, or to find an acquisition to add value to
         its present shareholders and ultimately, upon its ability to attain
         future profitable operations. There can be no assurance that the
         Company will be successful in obtaining such financing, or that it will
         attain positive cash flow from operations.

Note 2 - Summary of Significant Accounting Policies:
         ------------------------------------------

         Basis of Presentation - Development Stage Company

         The Company has not earned significant revenue from planned principal
         operations. Accordingly, the Company's activities have been accounted
         for as those of a "Development Stage Enterprise" as set forth in
         Financial Accounting Standards Board Statement No. 7 ("SFAS 7"). Among
         the disclosures required by SFAS 7 are that the Company's financial
         statements be identified as those of a development stage company, and
         that the statements of operations, stockholders' equity (deficit) and
         cash flows disclose activity since the date of the Company's inception.

         Cash and Cash Equivalents:

         The Company considers all highly liquid debt instruments, purchased
         with an original maturity of three months, to be cash equivalents.


                                      F-6

<PAGE>


                        BIO-AMERICAN CAPITAL CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 2003

Note 2 - Summary of Significant Accounting Policies: Continued
         -----------------------------------------------------

         Use of estimates:

         The preparation of financial statements, in conformity with accounting
         principles generally accepted in the United States, 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 revenue and expenses during the reporting period. Actual
         results could differ from those estimates.

         Net Loss Per Share:

         Basic net loss per share is computed by dividing net loss by the
         weighted average number of shares of common stock outstanding for the
         period.

         Income Taxes:

         The Company accounts for income taxes under SFAS No. 109, which
         requires the asset and liability approach to accounting for income
         taxes. Under this approach, deferred income taxes are determined based
         upon differences between the financial statement and tax bases of the
         Company's assets and liabilities and operating loss carryforwards using
         enacted tax rates in effect for the years in which the differences are
         expected to reverse. Deferred tax assets are recognized if it is more
         likely than not that the future tax benefit will be realized.

         Fair Value of Financial Instruments

         The carrying amount of cash, accounts payable, and accrued expenses are
         considered to be representative of their respective fair values because
         of the short-term nature of these financial instruments.

         Stock Subscription:

         The Company records a stock subscription once the Subscription
         Agreement is accepted.

         Other Comprehensive Income

         The Company has no material components of other comprehensive income
         (loss) and accordingly, net loss is equal to comprehensive loss in all
         periods.



                                      F-7



<PAGE>

                        BIO-AMERICAN CAPITAL CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 2003


Note 3 -Note Payable
        ------------

         In anticipation of a proposed Plan and Agreement of Reorganization with
         Bright Star Resources, Inc. and its shareholders, the Company appointed
         Donald Walker, President of Bright Star Resources, as President of the
         Company. The Company authorized Mr. Walker to execute $130,000 in
         secured promissory notes (the "Notes") from non-affiliated parties with
         the proceeds to be used to purchase three (3) leases in the Raton
         Basin. The Notes were due October 14, 2002, with interest accrued at
         10% interest plus the issuance of warrants to purchase 160,000 common
         shares at $.40 per share (the "Warrants"). The Company conditioned the
         execution of the Notes and issuance of the Warrants upon the execution
         of the Guaranty Agreement between Mr. Walker and the Company. This
         Receivable-Guaranty includes the amount of the Notes plus accrued
         interest though September 30, 2002. Subsequently the leases were not
         delivered as required by the security agreement and the lender has
         notified the Company that the loan is in default.

         In October 2002, the Company terminated the proposed Plan and Agreement
         of Reorganization with Bright Star Resources, Inc and its shareholders.
         The Company intends to rescind the Notes and Warrants due to the
         non-delivery of leases and termination of the failure of the Plan and
         Agreement of Reorganization.


Note 4 -Bad Debt
        --------

         Notes Receivable - Universal Alliance, Inc.

         In December 1998, the Company provided $450,060 in the form of
         unsecured bridge notes to finance Universal Alliance, Inc. ("UAI"). The
         principal and interest of these notes were to be paid the earlier of
         one year from the date of issue or from the proceeds raised from the
         UAI Confidential Offering Memorandum that was issued in December 1998.
         These notes also granted the Company the option to purchase 90,000
         shares of UAI common stock at a price of $5.00 per share.

         Effective December 31, 1999, the Company wrote-off the principal sum of
         $450,060 and the accrued interest of $3,372. No payments have been
         received from UAI. The Company has issued a formal demand for payment
         of all principal and interest and retained counsel to begin collection
         efforts. The Promissory Notes provide UAI will pay all costs of
         collection and reasonable attorney's fees. The Company did not execute
         its options to purchase the UAI common stock.

         Note Receivable - Donald Walker

         In July 2002, the Company authorized Donald Walker to execute $130,000
         in secured promissory notes to purchase (3) three leases in Raton Basin
         conditioned upon the execution of a Guaranty Agreement between Mr.
         Walker and the Company. The leases were never purchased and the Company
         is seeking legal remedy to collect monies to payoff these promissory
         notes.


                                      F-8

<PAGE>


                        BIO-AMERICAN CAPITAL CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 2003




Note 5 -Commitment and Contingencies:
        ----------------------------

         Related Party Transactions  -Management Fee and Rental Lease

         Under a month-to-month agreement the Company has agreed to pay the
         president of the Company a management fee of $5,000 a month for
         services rendered. The Company also pays $750 a month for an office
         suite and all related expenses including receptionist, clerical and
         technical support, office supplies, postage, telephone and computer
         equipment under a month-to-month agreement. In October 2003, the
         Company stopped accruing management fees and office rental fees.

Note 6 - Income Taxes
         ------------

         There has been no provision for U.S. federal, state, or foreign income
         taxes for any period because the Company has incurred losses in all
         periods and for all jurisdictions.

         Deferred income taxes reflect the net tax effects of temporary
         differences between the carrying amounts of assets and liabilities for
         financial reporting purposes and the amounts used for income tax
         purposes. Significant components of deferred tax assets are as follows:

Note 7 - Change of Control
         -----------------

       On December 15, 2003, Mr. Ted Kozub acquired 2,100,00 shares of the
       Company's common stock, representing approxiamately 53% of the issued and
       outstanding shares of Company's common stock. In addition, Mr. Kozub was
       appointed the sole director and the president, treasurer, and secretary
       of the Company. As a result of these events, there has been a change of
       control of the Company.

Note 8 - Income Taxes (Continued):
         ------------------------


         Deferred tax assets
            Net operating loss carryforwards                   $877,791
            Valuation allowance for deferred tax assets        (877,791)
                                                               --------
         Net deferred tax assets                               $      -
                                                               ========

         Realization of deferred tax assets is dependent upon future earnings,
         if any, the timing and amount of which are uncertain. Accordingly, the
         net deferred tax assets have been fully offset by a valuation
         allowance. As of December 31, 2003, the Company had net operating loss
         carryforwards of approximately $877,791 for federal income tax
         purposes. These carryforwards, if not utilized to offset taxable income
         begin to expire in 2113. Utilization of the net operating loss may be
         subject to substantial annual limitation due to the ownership change
         limitations provided by the Internal Revenue Code and similar state
         provisions. The annual limitation could result in the expiration of the
         net operating loss before utilization.


                                      F-9

<PAGE>

                        BIO-AMERICAN CAPITAL CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 2003



Note 9 - Capital Stock Transactions
         --------------------------

         During November 1998 the Company raised $508,200 from an exempt
         Offering Circular under Regulation D, Rule 504 of the Securities and
         Exchange Commission.

         Reverse Stock Split:

         On November 10, 1998, the Company's Articles of Incorporation were
         amended to reduce the number of shares issued and outstanding on a
         basis of one new share for each twenty of such issued and outstanding,
         provided that no stockholder shall be reduced thereby to less than 100
         shares. The reverse stock split was effective on November 25, 1998. All
         shares and per share amounts in the accompanying financial statements
         of the Company and notes thereto have been retroactively adjusted to
         give effect to the stock splits.

         Cancellation of Indebtedness:

         In May 2000, the president of the Company was issued 2,100,000 shares
         of common stock for $16,500 of notes payable, $1,582 in accrued
         interest, and $23,918 of accrued management fees and office expense.
         During 2003, the former Company's president forgave $145,834 in accrued
         management fees, office expense, and accrued interest.





                                      F-10