UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

[ x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT
      OF 1934

                   For the quarterly period ended May 31, 2003

                                       OR

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT
      OF 1934

           For the transition period from ___________to ____________

                        Commission File Number: 333-64244


                             THE MACREPORT.NET, INC.
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)


            Delaware                                            11-3584538
 ------------------------------                              -----------------
(State or other jurisdiction of                             (I.R.S. Employer
 incorporation or organization)                             Identification No.)


                              200 Broadhollow Road
                                    Suite 207
                               Melville, NY 11747
           -----------------------------------------------------------
          (Address, including zip code, of principal executive offices)

                                 (631) 393-5075
               --------------------------------------------------
              (Registrant's telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

(1)Yes  X     No
      -----     -----

(2)Yes  X     No
      -----     -----

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

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

     Common stock, par value $0.0001, 15,875,232 shares as of May 31, 2003.

<PAGE>



                             THE MACREPORT.NET, INC.

                                   FORM 10-QSB

                                  May 31, 2003

                                      INDEX

                         PART I - FINANCIAL INFORMATION

                                                                            Page
   Item 1.

              Unaudited Consolidated Balance Sheet                            3

              Unaudited Consolidated Statements of Operations                 4

              Unaudited Consolidated Statements of Cash Flows                 6

              Unaudited Notes to Consolidated Financial Statements            7

   Item 2.    Management's Discussion and Analysis of Financial
              Condition and Results of Operations                             8

   Item 3.    Controls and Procedures                                         13


              PART II - OTHER INFORMATION

   Item 1.    Legal Proceedings                                               14

   Item 2.    Changes in Securities                                           14

   Item 3.    Defaults by the Company upon Its Senior Securities              14

   Item 4.    Submission of Matters to a Vote of Security Holders             15

   Item 5.    Other Information                                               15

   Item 6.    Exhibits and Reports on Form 8-K                                15

              Signatures                                                      16

              Certification Pursuant to Section 302 of the
              Sarbanes-Oxley Act of 2002                                      17


<PAGE>


                                     PART I.
                              FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS
         --------------------


                     THE MACREPORT.NET, INC. AND SUBSIDIARY
                          (A Development Stage Entity)
                     CONSOLIDATED BALANCE SHEET - UNAUDITED
                                  MAY 31, 2003


                                     ASSETS



CURRENT ASSETS:

   Cash and Cash Equivalents                                        $   245,035
                                                                    -----------

         Total Current Assets                                           245,035

EQUIPMENT, at cost, less accumulated
   depreciation of $22,480                                               38,036


   DEPOSITS                                                               5,845
   DUE FROM STOCKHOLDER                                                   2,768
                                                                    -----------

         TOTAL ASSETS                                               $   291,684
                                                                    ===========

                    LIABILITIES AND STOCKHOLDERS' DEFICIENCY

CURRENT LIABILITIES:

   Accounts payable and accrued expenses                            $   397,228
   Note payable                                                       1,593,981
   Deferred revenue                                                      25,202
                                                                    -----------

         Total Current Liabilities                                    2,016,411

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' DEFICIT
   Preferred stock, $.0001 par value,
     5,000,000 shares authorized,
     no shares issued or outstanding
   Common stock, $.0001 par value,
     25,000,000 shares authorized
     15,875,232 shares issued and outstanding                             1,588
   Additional paid-in capital                                           866,412

   Deficit Accumulated in the Development Stage                      (2,592,727)
                                                                    -----------
         Total Stockholders' Deficiency                              (1,724,727)
                                                                    -----------

         TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY             $   291,684
                                                                    ===========

          See accompanying notes to consolidated financial statements.

                                        3

<PAGE>


                     THE MACREPORT.NET, INC. AND SUBSIDIARY
                          (A Development Stage Entity)
                CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED



                                                        Three months ending
                                                      May 31,         May 31,
                                                       2003            2002
                                                   ------------    ------------

   Revenues                                        $     77,458    $       --

   Cost of Revenues                                      56,678            --
                                                   ------------    ------------

         Gross profit                                    20,780            --

   Selling, general and administrative expenses         226,420         199,469
                                                   ------------    ------------

Loss From Operations                                   (205,640)       (199,469)

   Interest expense                                     (27,095)           --

         Loss before income taxes                      (232,735)       (199,469)

   Income taxes                                             455            --
                                                   ------------    ------------

         Net Loss                                  $   (233,190)   $   (199,469)
                                                   ============    ============



Basic and Diluted Loss Per Share                   $      (0.01)   $      (0.01)
                                                   ============    ============

Weighted Average Number of Shares Outstanding        15,875,232      15,845,000
                                                   ============    ============


          See accompanying notes to consolidated financial statements.

                                        4

<PAGE>
<TABLE>
<CAPTION>


                               THE MACREPORT.NET, INC. AND SUBSIDIARY
                                    (A Development Stage Entity)
                          CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED



                                                           Six months ending          Inception to
                                                         May 31,         May 31,         May 31,
                                                          2003            2002            2003
                                                      ------------    ------------    ------------
<S>                                                   <C>             <C>             <C>
Revenues                                              $    231,842    $       --      $    258,179

Cost of Revenues                                            89,054            --           125,743
                                                      ------------    ------------    ------------

         Gross profit                                      142,788            --           132,436

Selling, general and administrative expenses               540,400         383,595       2,424,205
                                                      ------------    ------------    ------------

         Loss From Operations                             (397,612)       (383,595)     (2,291,769)
                                                      ------------    ------------    ------------

Other Income(Expense):
     Realized loss on sale of marketable securities           --            (1,412)       (194,309)
     Interest expense                                      (49,605)           --          (105,874)
     Interest income                                          --              --               190
                                                      ------------    ------------    ------------
         Total other income (expense)                      (49,605)         (1,412)       (299,993)
                                                      ------------    ------------    ------------

         Loss before income taxes                         (447,217)       (385,007)     (2,591,762)

   Income taxes                                                455             455             965
                                                      ------------    ------------    ------------

         Net Loss                                     $   (447,672)   $   (385,462)   $ (2,592,727)
                                                      ============    ============    ============


Basic and Diluted Loss Per Share                      $      (0.02)   $      (0.02)
                                                      ============    ============

Weighted Average Number of Shares Outstanding           15,875,232      15,845,000
                                                      ============    ============


                   See accompanying notes to consolidated financial statements.

                                                  5
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                                  THE MACREPORT.NET, INC. AND SUBSIDIARY
                                       (A Development Stage Entity)
                             CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED



                                                                   Six months ending        Inception to
                                                                 May 31,        May 31,        May 31,
                                                                  2003           2002           2003
                                                               -----------    -----------    -----------
CASH FLOWS FROM OPERATING ACTIVITIES
   <S>                                                         <C>            <C>            <C>
   Net loss                                                    $  (447,672)   $  (385,462)   $(2,592,727)
   Adjustments to reconcile net loss to net cash
    used in operating activities:
     Depreciation and amortization                                   6,134          5,330         22,480
   Changes in assets and liabilities (Increase) Decrease in:
     Marketable securities                                            --            5,605           --
     Prepaid expenses                                                 --           23,003           --
     Security deposits                                                --             --            5,845)
   Increase (Decrease) in:
     Accounts payable and accrued expenses                         (12,806)        (7,903)       397,228
     Deferred revenue                                              (31,457)          --           25,202
                                                               -----------    -----------    -----------
         Total adjustments                                         (38,129)        26,035        439,065
                                                               -----------    -----------    -----------
     Net cash used in operating activities                        (485,801)      (359,427)    (2,153,662)
                                                               -----------    -----------    -----------
CASH FLOWS FROM INVESTING ACTIVITIES
   Payments for equipment                                           (6,246)        (3,000)       (60,516)
                                                               -----------    -----------    -----------
   Net cash used in operating activities                            (6,246)        (3,000)       (60,516)
                                                               -----------    -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES
   Net proceeds from issuance of common stock                         --             --          868,000
   Net advances (to)/from stockholder                              (30,935)        68,621         (2,768)
   Net proceeds from note payable                                  621,359        308,847      1,593,981
                                                               -----------    -----------    -----------
     Net cash provided by financing activities                     590,424        377,468      2,459,213
                                                               -----------    -----------    -----------

NET INCREASE IN CASH AND CASH EQUIVALENTS                           98,377         15,041        245,035

CASH AND CASH EQUIVALENTS - BEGINNING                              146,658          1,168           --
                                                               -----------    -----------    -----------

CASH AND CASH EQUIVALENTS -  END                               $   245,035    $    16,209    $   245,035
                                                               ===========    ===========    ===========


                       See accompanying notes to consolidated financial statements.

                                                     6
</TABLE>

<PAGE>


                     THE MACREPORT.NET, INC. AND SUBSIDIARY
                          (A Development Stage Entity)
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                 FOR THE SIX MONTHS ENDED MAY 31, 2003 AND 2002


1.   Basis of Presentation:

All financial statements are unaudited. All unaudited amounts are subject to
year-end adjustments and audit, but the Company believes all adjustments,
consisting only of normal and recurring adjustments, necessary to present fairly
the financial condition, results of operations and changes in cash flows for all
interim periods have been made. The results of operations for interim periods
are not necessarily indicative of the operating results for the full year.

Footnote disclosures normally included in the financial statements prepared in
accordance with generally accepted accounting principles have been omitted in
accordance with published rules and regulations of the Securities and Exchange
Commission. These financial statements should be read in conjunction with the
audited financial statements and notes thereto included in the Company's form
10-KSB for the most recent fiscal year.

2.   Summary of Significant Accounting Policies:

  a. Principles of consolidation and basis of presentation

     The consolidated financial statements include the accounts of the Company
and its wholly owned subsidiary, Michael Adams Securities Inc. All significant
intercompany transactions have been eliminated in consolidation. As of November
30, 2002, there were no intercompany transactions, nor did the subsidiary
commence operations.

     The subsidiary was formed in November 2002 to facilitate the acquisition of
a registered broker/dealer.

  b. Use of estimates

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

  c. Revenue recognition

     Revenues from fee-based contracts with terms greater than one month are
recognized ratably over the life of the contract. Advertising revenues are
recognized over the period of the related ad.

  d. Cash and cash equivalents

     For purposes of the statement of cash flows, the Company includes cash on
deposit, money market funds and amounts held by brokers in cash accounts to be
cash equivalents.

                                       7

<PAGE>


  e. Allowance for doubtful accounts

     Management must make estimates of the uncollectability of accounts
receivable. Management specifically analyzes accounts receivable and analyzes
historical bad debts, customer concentrations, customer credit-worthiness,
current economic trends and changes in customer payment terms when evaluating
the adequacy of the allowance for doubtful accounts.

  f. Concentration of risk

     The Company invests its excess cash in deposits and money market accounts
with major financial institutions with strong credit ratings. Generally, the
investments mature within ninety days, and therefore, are subject to little
risk. The Company has not experienced losses related to these investments.

  g. Loss per share

     Loss per share is computed by dividing income or loss available to common
shareholders by the weighted average number of common shares outstanding during
the period. The computation of Diluted EPS does not assume conversion, exercise
or contingent exercise of securities that would have an antidilutive effect on
earnings.



ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         ---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------

The following discussion and analysis should be read in conjunction with our
financial statements and the notes thereto appearing elsewhere in this report.
This report contains statements that constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. We
caution you that forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual results may
differ materially from the statements that constitute forward-looking statements
as a result of various factors.

General

The MacReport.Net, Inc. was incorporated as a Delaware corporation in December
2000. We commenced operations at such time. We are a development stage company
that has leveraged our core competencies to create high-value information and
applications to benefit private and public companies.

Since commencing operations, our activities have been primarily devoted to
business development, proof of concept activities and recruiting personnel. We
have spent considerable time and capital resources fine tuning and developing
our strategic plan and Web site.

Summary of Critical Accounting Policies; Significant Judgments and Estimates

Our discussion and analysis of our financial condition and results of operations
are based upon our Consolidated Financial Statements, which have been prepared
in accordance with accounting principles generally accepted in the United
States. The preparation of these financial statements requires us to make
significant estimates and judgments that affect the reported amounts of assets,

                                       8

<PAGE>


liabilities, revenues and expenses, and related disclosure of contingent assets
and liabilities. These items are regularly monitored and analyzed by management
for changes in facts and circumstances, and material changes in these estimates
could occur in the future. Changes in estimates are recorded in the period in
which they become known. We base our estimates on historical experience and
various other assumptions that we believe to be reasonable under the
circumstances. Actual results may differ from our estimates if past experience
or other assumptions do not turn out to be substantially accurate.

A summary of those accounting policies that we believe are most critical to
fully understanding and evaluating our financial results is set forth below.
This summary should be read in conjunction with our Consolidated Financial
Statements and the related Notes included elsewhere in this Annual Report.

Revenue Recognition and Allowance for Doubtful Accounts. We recognize revenue
from the provision of professional services under written service contracts with
our clients. We derive our revenue from fixed-price, fixed-time contracts.
Revenue generated from these contracts is recognized based on the ratio of labor
hours incurred to estimated total labor hours. This method is used because
reasonably dependable estimates of the revenues and costs applicable to various
stages of a contract can be made, based on historical experience and milestones
set in the contract.

If we do not accurately estimate the resources required or the scope of work to
be performed for a contract or we do not manage the project properly within the
planned time period, then we may recognize a loss on the contract. Provisions
for estimated losses on uncompleted contracts are made on a contract-by-contract
basis and are recognized in the period in which such losses are determined. We
have committed unanticipated additional resources to complete projects in the
past, which has resulted in lower than anticipated profitability or losses on
those contracts. We expect that we will experience similar situations in the
future. In addition, we may fix the price for some projects at an early stage of
the process, which could result in a fixed price that turns out to be too low
and, therefore, could adversely affect our business, financial condition and
results of operations.

In some instances during 2002 and 2003, we provided services to clients in
exchange for equity instruments of the client. We measure the fair value of the
equity instrument on the date the parties come to a mutual understanding of the
terms of the arrangement and a commitment for performance by us to earn the
equity instruments is reached, or when the equity is earned, whichever occurs
earlier.

Results of Operations

Three months ended May 31, 2003 compared with three months ended May 31, 2002.

     Overall Financial Situation. The Company had revenues of $77,458 with costs
of revenues of $56,678 for the quarter ended May 31, 2003. The Company did not
have revenues during the quarter ended May 31, 2002. The Company had a
stockholders' deficiency at May 31, 2003 in the amount of $1,724,727, an
increase of $1,111,428 from the stockholders' deficiency at May 31, 2002 of
$613,299. This increase is partly due to the net loss of $233,190 for the
quarter ended May 31, 2003. Selling general and administrative expenses
increased from the quarter ended May 31, 2002 by $26,951 or 13.5%, resulting in
a loss from operations of $205,640 for the quarter ended May 31, 2003. Interest
expense increased by $27,095 for the quarter ended May 31, 2003 from no interest
expense for the quarter ended May 31, 2002 primarily due to the convertible note
financing in 2002.

                                       9

<PAGE>


     Revenues. We generated revenues of $77,458 from continuing operations
during the quarter ended May 31, 2003 and no revenues during the quarter ended
May 31, 2002. We incurred cost of revenues of $56,678 during the quarter ended
May 31, 2003.

     Selling, General and Administrative Expenses. Selling general and
administrative expenses increased from the quarter ended May 31, 2002 by $26,951
or 13.5%, resulting in a loss from operations of $205,640 for the quarter ended
May 31, 2003. These expenses consist primarily of consulting fees, professional
fees and other corporate expenses, including business development and general
legal activities.

     Other Expense. Interest expense increased by $27,095 for the quarter ended
May 31, 2003 from no interest expense for the quarter ended May 31, 2002
primarily due to the convertible note financing in 2002.

Six Months ended May 31, 2003 compared with the Six Months ended May 31, 2002.

     Overall Financial Situation. The Company had revenues of $231,842 with
costs of revenues of $89,054 for the six month period ended May 31, 2003. The
Company did not have revenues during the six month period ended May 31, 2002.
The Company had a stockholders' deficiency at May 31, 2003 in the amount of
$1,724,727, an increase of $1,111,428 from the stockholders' deficiency at May
31, 2002 of $613,299. This increase is partly due to the net loss of $447,672
for the six month period ended May 31, 2003. Selling general and administrative
expenses increased from the six month period ended May 31, 2002 by $156,805 or
40.7%, resulting in a loss from operations of $397,612 for the six month period
ended May 31, 2003. Interest expense increased by $49,605 for the six month
period ended May 31, 2003 from no interest expense for the six month period
ended May 31, 2002 primarily due to the convertible note financing in 2002.

     Revenues. We generated revenues of $231,842 during the six month period
ended May 31, 2003 and no revenues during the six month period ended May 31,
2002. We incurred cost of revenues of $89,054 during the six month period ended
May 31, 2003.

     Selling, General and Administrative Expenses. Selling general and
administrative expenses increased from the six month period ended May 31, 2002
by $156,805 or 40.7%, resulting in a loss from operations of $397,612 for the
six month period ended May 31, 2003. These expenses consist primarily of
consulting fees, professional fees and other corporate expenses, including
business development and general legal activities.

     Other Expense. Interest expense increased by $49,605 for the six month
period ended May 31, 2003 from no interest expense for the six month period
ended May 31, 2002 primarily due to the convertible note financing in 2002.

Liquidity and Capital Resources

During March, April and May 2003, pursuant to a loan restructuring of the
$100,000 February 28, 2003 six month promissory note, the $100,000 January 14,
2002 120-day promissory note (as amended), the $100,000 November 16, 2001 60-day
promissory note (as amended), and other notes (as included below) with an
aggregate principal amount of $97,997, the Company received an additional
$355,000 from the holder of the notes who is also a shareholder of the Company.
Pursuant to the restructuring, the Company issued this shareholder (the holder
of the notes) a convertible promissory note with an aggregate principal amount
of $752,997 plus interest accrued pursuant to the terminated notes. The
convertible note bears interest at a rate of 8% per annum with a maturity date
of May 30, 2004. Pursuant to the terms of the convertible note, prior to May 30,
2004, we may convert the balance due together with accrued interest into shares
of common stock. The conversion ratio is 2.50. Each of the prior notes, the
$100,000 February 28, 2003 six month promissory note, the $100,000 January 14,
2002 120-day promissory note (as amended), the $100,000 November 16, 2001 60-day
promissory note (as amended), and the other notes with an aggregate principal
amount of $97,997, have been cancelled.

                                       10

<PAGE>


During March and April 2003, we issued convertible promissory notes to 5
individuals with an aggregate principal amount of $35,000. The convertible notes
bear interest at a rate of 8% per annum with a maturity date of April 1, 2004.
Pursuant to the terms of the convertible notes, prior to April 1 2004, we may
convert the balance due together with accrued interest into shares of common
stock. The conversion ratio is the greater of: (y) the amount that is equal to
the product of the closing bid price per share for the Common Stock, as reported
on the over-the-counter electronic bulletin board, or such other public market
that the Company's Common Stock is then traded and seventy-five percent (75%);
and (z) 3.50.

During January and February 2003, we issued convertible promissory notes to 3
individuals with an aggregate principal amount of $50,000. The convertible notes
bear interest at a rate of 8% per annum with a maturity date of December 1,
2003. Pursuant to the terms of the convertible notes, prior to December 1, 2003,
we may convert the balance due together with accrued interest into shares of
common stock. The conversion ratio is the greater of: (y) the amount that is
equal to the product of the closing bid price per share for the Common Stock, as
reported on the over-the-counter electronic bulletin board, or such other public
market that the Company's Common Stock is then traded and seventy-five percent
(75%); and (z) 3.50.

During December 2002 through February 2003, we issued convertible promissory
notes with an aggregate principal amount of $81,350. The convertible notes bear
interest at a rate of 8% per annum with a maturity date of December 30, 2003.
Pursuant to the terms of the convertible notes, if the Company does not prepay
the note prior to December 30, 2003, the Company shall convert the balance due
together with accrued interest into shares of common stock of Michael Adams
Securities, Inc., a Delaware corporation and wholly owned subsidiary of the
Company. The conversion ratio is one and one-half dollars ($1.50) per share of
common stock.

During May through November 2002, we issued convertible promissory notes to 60
individuals with an aggregate principal amount of $674,625. The convertible
notes bear interest at a rate of 8% per annum with maturity dates ranging from
May 1, 2003 to September 30, 2003. Pursuant to the terms of the convertible
notes, prior to their respective maturity dates, we may convert the balance due
together with accrued interest into shares of common stock. The conversion ratio
ranges from: (y) the greater of: (i) one and one-half dollars ($1.50) per share
of common stock; and (ii) the average of the closing bid prices per share for
the common stock, as reported on the over-the-counter electronic bulletin board,
or such other public market on which our common stock is then traded, during the
30 trading days prior to date of the conversion; to (z) the greater of: (y) the
amount that is equal to the product of the closing bid price per share for the
Common Stock, as reported on the over-the-counter electronic bulletin board, or
such other public market that the Company's Common Stock is then traded and
seventy-five percent (75%); and (z) 2.50. Pursuant to the terms of certain
convertible notes issued in November 2002 to 27 individuals, if the Company does
not prepay the note prior to September 30, 2003, the Company shall convert the
balance due together with accrued interest into shares of common stock of
Michael Adams Securities, Inc., a Delaware corporation and wholly owned
subsidiary of the Company at a conversion ratio of one and one-half dollars
($1.50). The Company and each of the holder's of the convertible notes that have
maturity dates of May 1, 2003, June 1, 2003 and July 1, 2003 (18 convertible
notes with the aggregate principal amount of $374,500) have been engaged in
discussions with respect to such convertible notes to either: (i) convert the
notes into shares of common stock of the Company; (ii) pay the interest and
principal balance of the notes; or (iii) extend the maturity dates to December
1, 2003. These discussions will be finalized within thirty (30) days.

Additionally, we received gross proceeds of $845,000, consisting of $245,000 in
cash and $600,000 in marketable securities from an issuance of common stock. Of
these securities, we received 147,700 shares of common stock of Netwolves Corp.
on February 7, 2001 and 500,000 shares of common stock of Netcurrents, Inc. on
May 31, 2001. Netwolves Corp.'s common stock trades on the Nasdaq SmallCap
Market and Netcurrents, Inc. trades on the over-the-counter electronic bulletin
board. We issued certificates representing shares of our common stock to
investors in this offering in May 2001 after amending our certificate of
incorporation to increase the amount of our authorized capital stock.

                                       11

<PAGE>


During February 2002, we sold an aggregate amount of 30,232 shares of
unregistered common stock to 8 individuals at the price of $1.50 per share for
the total amount of $45,350. The shares were issued by the Company to the
investors on December 4, 2002.

As of August 31, 2002, we sold an aggregate of 147,700 shares of Netwolves Corp.
and 495,000 of Netcurrents, Inc., and we owned 5,000 shares of Netcurrents, Inc.
and no shares of Netwolves Corp. Netcurrents, Inc. is no longer conducting
business. Thus, the shares of Netcurrents, Inc. have no value.

We have used the gross proceeds from these offerings to, among other things,
obtain additional office space, for other general and administrative expenses,
including the construction and redesign of our Web site and pay for our
obligations to Michael Adams Consulting, Inc., a company wholly owned by V.
William Lucchetti, Jr., our president and CEO pursuant to a consulting agreement
which has since expired.

As of May 31, 2003, we had $245,035 in cash and cash equivalents.

To engage in certain components of our planned operations, we are required to
register with the Securities and Exchange Commission as an investment advisor
under the Investment Advisors Act of 1940, as amended. As an investment adviser,
we will be subject to restrictions against engaging in fraudulent, deceptive or
manipulative acts or practices.

We have filed with NASD Regulation entitlement forms for access to the
Investment Advisor Registration Depository (IARD) and have established an IARD
User Account. We have delayed the filing of Form ADV as our business model has
been modified and the components of our plans that require registration have not
been implemented and are not an integral part of our operations. We are not
certain that we will ever implement the components that require registration.
However, if we do decide to implement such components to our business model,
until such time as we file Form ADV, we will not be able to commence such
operations. The requirement to register as an investment advisor with the
Securities and Exchange Commission will cause us to incur additional costs and
expenses, will result in delays in certain operations and the execution of
certain plans.

Current and Future Financing Needs

We have incurred negative cash flow from operations since we started our
business. We have spent, and expect to continue to spend, substantial amounts in
connection with implementing our business strategy. We have 12 full time
employees. We had engaged one full-time consultant pursuant to agreement. We
paid this consultant $5,000 per month.

Based on our current plans, we do not believe that our cash and cash equivalents
and cash flows will be sufficient to enable us to meet our planned operating
needs. To execute our business plan over the next twelve months, we believe that
we will require approximately $125,000 per month over the next 12 months, which
will require us to raise, approximately, an additional $700,000. We anticipate
that we will raise these additional funds through the private sale of our
securities and/or through loans issued to us by our officers and/or directors.
However, the actual amount of funds we will need to operate is subject to many
factors, some of which are beyond our control.

These factors include the following:

o    expenses incurred by us in connection with the redesign of our Web site;

o    costs associated with any acquisitions targets;

o    costs associated with marketing our services;

                                       12

<PAGE>


o    expense incurred in connection with our registration as an investment
     advisor and compliance with the Investment Advisors Act; and

o    our ability to implement our business strategy.

We have based our estimate on assumptions that may prove to be wrong.

We need to obtain additional funds immediately and we may need to obtain
additional funds in greater amounts than we currently anticipate. Potential
sources of financing include strategic relationships, public or private sales of
our shares or debt and other sources. We may seek to access public or private
equity markets when conditions are favorable due to our capital requirements. We
do not have any committed sources of financing at this time, and it is uncertain
whether additional funding will be available when we need it on terms that will
be acceptable to us, or at all. If we raise funds by selling additional shares
of common stock or other securities convertible into common stock, the ownership
interest of our existing stockholders will be diluted. Our ability to continue
as a going concern depends upon our ability to raise additional funds in the
immediate future. If we are not able to obtain financing when needed, we may be
unable to carry out our business plan. As a result, we may have to significantly
limit or cease our operations and we may seek protection from our creditors
under the bankruptcy laws, in which case our common stock would be essentially
without value.

ITEM 3.   CONTROLS AND PROCEDURES
          -----------------------

Within the 90-days prior to the filing of this quarterly report, we carried out
an evaluation, under the supervision and with the participation of our Chief
Executive Officer and Executive Vice President/Director, of the effectiveness of
the design and operation of our disclosure controls and procedures. Based on
this evaluation, our Chief Executive Officer and Vice President/Director
concluded that our disclosure controls and procedures are effective in timely
alerting them to material information required to be included in this quarterly
report.

There have been no significant changes in our internal controls or in other
factors that could significantly affect internal controls subsequent to our most
recent evaluation of our internal controls.

                                       13

<PAGE>



                                    PART II.
                                OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS
          -----------------

The Company is involved in various legal proceedings and claims incident to the
normal conduct of its business. The Company believes that such legal proceedings
and claims, individually and in the aggregate, are not likely to have a material
adverse effect on its financial position or results of operations.

In January 2003, Bondy & Schloss LLP, a law firm which formerly provided
services to the Company, filed a complaint against the Company as well as
against Michael Adams Consulting, Inc. and V. William Lucchetti, Jr. in the
Supreme Court of the State of New York, County of New York, alleging monies owed
to the plaintiff for certain legal services. The plaintiff seeks monetary
damages totaling $73,339 plus costs and attorney's fees. Bondy & Schloss, LLP
refiled the complaint with respect to the same cause of action in May 2003. The
Company, which intends to defend the action vigorously, does not believe that
the suit will have a material adverse effect on its financial position or
results of operations, however, there can be no assurance of the outcome.


ITEM 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS
          -----------------------------------------

During March, April and May 2003, pursuant to a loan restructuring of the
$100,000 February 28, 2003 six month promissory note, the $100,000 January 14,
2002 120-day promissory note (as amended), the $100,000 November 16, 2001 60-day
promissory note (as amended), and other notes (as included below) with an
aggregate principal amount of $97,997, the Company received an additional
$355,000 from the holder of the notes who is also a shareholder of the Company.
Pursuant to the restructuring as of May 31, 2003, the Company issued this
shareholder (the holder of the notes) a convertible promissory note with an
aggregate principal amount of $752,997 plus interest accrued pursuant to the
terminated notes. The convertible note bears interest at a rate of 8% per annum
with a maturity date of May 30, 2004. Pursuant to the terms of the convertible
note, prior to May 30, 2004, we may convert the balance due together with
accrued interest into shares of common stock. The conversion ratio is 2.50. Each
of the prior notes, the $100,000 February 28, 2003 six month promissory note,
the $100,000 January 14, 2002 120-day promissory note (as amended), the $100,000
November 16, 2001 60-day promissory note (as amended), and the other notes with
an aggregate principal amount of $97,997, have been cancelled.


ITEM 3.   DEFAULTS BY THE COMPANY UPON ITS SENIOR SECURITIES
          --------------------------------------------------

During May through July 2002, we issued convertible promissory notes to 18
individuals with an aggregate principal amount of $374,500. The convertible
notes bear interest at a rate of 8% per annum with maturity dates ranging from
May 1, 2003 to July 1, 2003. Pursuant to the terms of the convertible notes,
prior to their respective maturity dates, we may convert the balance due
together with accrued interest into shares of common stock. The conversion ratio
ranges from: (y) the greater of: (i) 1.50; and (ii) the average of the closing
bid prices per share for the common stock, as reported on the over-the-counter
electronic bulletin board, or such other public market on which our common stock
is then traded, during the 30 trading days prior to date of the conversion; to
(z) the greater of: (y) the amount that is equal to the product of the closing
bid price per share for the Common Stock, as reported on the over-the-counter
electronic bulletin board, or such other public market that the Company's Common
Stock is then traded and seventy-five percent (75%); and (z) 2.00. The Company

                                       14

<PAGE>


and each of the holder's of the convertible notes that have maturity dates of
May 1, 2003, June 1, 2003 and July 1, 2003 have been engaged in discussions with
respect to such convertible notes to either: (i) convert the notes into shares
of common stock of the Company; (ii) pay the interest and principal balance of
the notes; or (iii) extend the maturity dates to December 1, 2003. These
discussions will be finalized within thirty (30) days.


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

None.


ITEM 5.   OTHER INFORMATION
          -----------------

On December 10, 2002, the Company executed a letter of intent to acquire all of
the issued and outstanding common stock of a registered broker/dealer. In May
2003, the Company terminated the letter of intent as a result of certain
findings of the due diligence investigation of the target company.


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K
          --------------------------------

a)  Exhibits

     Exhibit 99.1 Certification pursuant to Exchange Act Rules 13A-14 and 15D-14

b) Reports on Form 8-K

     None

                                       15

<PAGE>


                                   SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                            THE MACREPORT.NET, INC.
                                                (Registrant)


                                            By:  /s/  Vito W. Lucchetti, Jr.
                                              --------------------------------
                                                      Vito W. Lucchetti, Jr.
                                                      Chairman, Chief Executive
                                                      Officer and President
                                                      (Principal Executive
                                                      Officer and Principal
                                                      Accounting and Financial
                                                      Officer)


Date:  July 15, 2003

                                       16

<PAGE>


                      CERTIFICATION PURSUANT TO SECTION 302
                        OF THE SARBANES-OXLEY ACT OF 2002

I, V. William Lucchetti, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-QSB of The Macreport.net,
Inc.;

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

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

4. The Company's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

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

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

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

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

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

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

6. The Company's other certifying officers and I have indicated in this
quarterly report whether there were significant changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date:   July 15, 2003


/s/  V. William Lucchetti, Jr.
-------------------------------
     V. William Lucchetti, Jr.
     Chief Executive Officer,
     Chairman of the Board of Directors