UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   Form 10-QSB

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

                    For the Quarter Ended September 30, 2003

                        Commission File Number 000-31233

                        Green Dolphin Systems Corporation
                        ---------------------------------
                     (Name of Small Business in its Charter)

             Delaware                                            88-0432539
             --------                                            ----------
(State or other jurisdiction of                                  IRS Employer
incorporation or organization)                                Identification No.

2338 W Beaver Creek Rd., Powell, TN                                 37849
-----------------------------------                                 -----
(Address of principal executive offices)                          (Zip code)

Issuer's Telephone number: (888) 379-8693
                           --------------

Transitional Small business Disclosure Format (Check one):  Yes [ ]  No [X]


<PAGE>
<TABLE>
<CAPTION>

                                    CONTENTS
                                                                                                   Page
                                                                                                   ----
<S>                                                                                                  <C>
PART I                                                                                               3
------

ITEM 1. Financial Statements                                                                         3

        Balance Sheets at September 30, 2003 (unaudited) and December 31, 2002                       3

        Statements of operations three and nine months ended September 30, 2003
        (unaudited) and 2002 (unaudited)                                                             4

        Statements of Changes in Stockholders' Equity (Deficit) for the nine months
        ended September 30, 2003 (unaudited) and the year ended December 31, 2002                    5

        Statements of Cash Flows for the nine months ended September 30, 2003
        (unaudited) and 2002 (unaudited)                                                             6

        Notes to Financial Statements                                                              7 - 8

ITEM 2: Management's Discussion and Analysis or Plan of Operation                                    9

ITEM 3: Controls and Procedures                                                                      11

PART II                                                                                              11
-------

ITEM 1. Legal Proceedings.                                                                           11

ITEM 2. Changes in Securities.                                                                       11

ITEM 3. Defaults Upon Senior Securities.                                                             11

ITEM 4. Submission of Matters to a Vote of Security Holders.                                         11

ITEM 5. Other Information.                                                                           11

ITEM 6. Exhibits and Reports On Form 8-K.                                                            11

Signature                                                                                            12
</TABLE>























                                        2
<PAGE>
PART I
------

Item 1.  Financial Statements
         --------------------
<TABLE>
<CAPTION>
                        Green Dolphin Systems Corporation
                                 Balance Sheets
                                 --------------


                                                                                   unaudited
                                                                                  September 30,       December 31,
ASSETS                                                                                2003               2002
------                                                                                ----               ----
<S>                                                                              <C>                 <C>
Current
   Cash                                                                          $       40,066      $      44,060
   Accounts receivable                                                                   65,717             10,276
   Inventory                                                                             18,488             15,490
   Prepaid expenses                                                                          --                 --
                                                                                 --------------      --------------
                                                                                        124,271             69,826
                                                                                 --------------      --------------
Capital
   Shop equipment                                                                         9,391              9,391
   Office furniture and equipment                                                         2,951              2,783
                                                                                 --------------      --------------
                                                                                         12,342             12,174
      Less:  Accumulated depreciation                                                     8,479              6,470
                                                                                 --------------      --------------
                                                                                          3,863              5,704
                                                                                 --------------      --------------
Other Assets
   Trademarks and copyrights
        (net of amortization of $86,667 and $71,667 respectively)                       213,331            228,331
                                                                                 --------------      --------------
                                                                                 $      341,465      $     303,861
                                                                                 ==============      ==============

LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current
    Accounts payable and accrued liabilities                                     $       42,458      $      32,684
    Due to related companies (Note 2)                                                   320,351            218,028
                                                                                 --------------      --------------
                                                                                        362,809            250,712
                                                                                 --------------      --------------

Stockholders' equity (Deficit)
   Common stock                                                                          21,849             19,899
   Additional paid in capital                                                           568,457            336,407
   (Accumulated Deficit) Retained earnings                                             (611,650)          (303,157)
                                                                                 --------------      --------------
                                                                                        (21,344)            53,149
                                                                                 --------------      --------------
                                                                                 $      341,465      $     303,861
                                                                                 ==============      ==============
</TABLE>














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

                                        3
<PAGE>
<TABLE>
<CAPTION>
                        Green Dolphin Systems Corporation
                            Statements of Operations
                            ------------------------



                                                             (unaudited)                         (unaudited)
                                                         three months ended                   nine months ended
                                                            September 30,                       September 30,
                                                         2003            2002                2003            2002
                                                         ----            ----                ----            ----
<S>                                                 <C>             <C>                <C>             <C>
Sales

    Related party                                   $    132,454    $    118,917       $    295,429    $    291,252

    Other                                                112,383          36,582            233,895         206,323

                                                         244,837         155,499            529,324         497,575

Cost of sales                                            114,759          19,016            254,730         114,896

Gross margin                                             130,078         136,483            274,594         382,679


General and administrative expenses                      365,209         109,966            583,087         338,708

Net Income (Loss)                                   $   (235,131)   $     26,517       $   (308,493)   $     43,971

Earnings per share:

     Basic and diluted                              $      (0.01)   $         --       $      (0.02)   $         --

Net income (loss) and comprehensive

     Income (loss) per common share                 $      (0.01)   $         --       $      (0.02)   $      (0.02)

Basic and diluted weighted average

     shares outstanding                               21,848,700      19,898,700         20,548,700      19,898,700
</TABLE>






















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

                                        4
<PAGE>
<TABLE>
<CAPTION>
                        Green Dolphin Systems Corporation
             Statements of Changes in Stockholders' Equity (Deficit)
             -------------------------------------------------------
            For the Nine Months Ended September 30, 2003 (unaudited),
                        and Year Ended December 31, 2002




                                                                  Additional
                                             Common Stock           Paid-in    Accumulated
                                         Shares        Amount       Captial      Deficit       Total
                                         ------        ------       -------      -------       -----
<S>                                     <C>          <C>          <C>          <C>           <C>
Balance, January 1, 2002                19,898,700   $   19,899   $  336,407   $ (249,785)   $  106,521
                                        ----------   ----------   ----------   ----------    ----------


Net income (loss) for year                      --           --           --      (53,372)      (53,372)
                                        ----------   ----------   ----------   ----------    ----------


Balance, December 31, 2002              19,898,700   $   19,899   $  336,407   $ (303,157)   $   53,149
                                        ----------   ----------   ----------   ----------    ----------

Issuance of common shares:
    July 2003 (note 3)                   1,950,000        1,950      232,050           --       234,000

Net income (loss)                               --           --           --     (308,493)     (308,493)
                                        ----------   ----------   ----------   ----------    ----------


Balance, September 30, 2003             19,898,700   $   19,899   $  568,457   $ (611,650)   $  (21,344)
                                        ==========   ==========   ==========   ==========    ==========
</TABLE>

































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

                                        5
<PAGE>
<TABLE>
<CAPTION>
                        Green Dolphin Systems Corporation
                            Statements of Cash Flows
                            ------------------------
              For the nine months ended September 30, 2003 and 2002



                                                                  unaudited    unaudited
                                                                     2003        2002
                                                                     ----        ----
<S>                                                               <C>          <C>
Net cash used in operations                                       $(106,317)   $  53,441
                                                                  ---------    ---------

Investment activities
    Acquisition of furniture and equipment                               --       (1,225)
                                                                  ---------    ---------

                                                                         --       (1,225)
                                                                  ---------    ---------

Financing activities
    Advances from related company                                   102,323      (27,238)
                                                                  ---------    ---------

                                                                    102,323      (27,238)
                                                                  ---------    ---------

(Decrease) Increase in cash                                          (3,994)      24,978

Cash, beginning of period                                            44,060       15,243
                                                                  ---------    ---------

Cash, end of period                                               $  40,066    $  40,221
                                                                  =========    =========
</TABLE>

































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

                                        6
<PAGE>
                        Green Dolphin Systems Corporation
                        Notes to the Financial Statements
                  For the nine Months Ended September 30, 2003
                                   (Unaudited)

1. Significant accounting policies

      Basis of Presentation

         The accompanying unaudited financial statements of Green Dolphin
         Systems Corporation have been prepared in accordance with generally
         accepted accounting principles for interim financial information and
         with the instructions to Form 10-QSB and Article 10 of regulation S-X.
         Accordingly, they do not include all of the information and footnotes
         required by generally accepted accounting principles for complete
         financial statements. In the opinion of management, all adjustments
         (consisting of normal recurring accruals) considered necessary for fair
         presentation have been included. Operating results for the nine month
         period ended September 30, 2003 are not necessarily indicative of the
         results that may be expected for the fiscal year ending December 31,
         2003.

         The data underlying the Balance Sheet as of December 31, 2002 and the
         Statement of Stockholders' Equity (Deficit) for the year then ended was
         derived from audited financial statements but does not include all
         disclosures required by generally accepted accounting principles.

         For further information, refer to the audited financial statements and
         the footnotes thereto for the fiscal year ended December 31, 2002
         included in the Company's Annual Report on Form 10-KSB.

         The financial statements include the accounts of the Company and its
         wholly owned subsidiary, Green Dolphin Systems Corporation (a Nevada
         corporation).

      Inventories

         Inventories are stated at the lower of cost (first-in, first-out
         method) or market.

      Fixed assets and depreciation

        Fixed assets are recorded at cost. Depreciation of the equipment is
        recorded using the straight-line method over the estimated lives of the
        related assets.

        Upon disposal of an asset the gain or loss (if significant) is included
        in the computation of net income for the year and the respective cost
        and accumulated depreciation are removed from the accounts.

      Trademarks and copyrights

        Trademarks and copyrights are recorded at cost and are being amortized
        on a straight-line basis over their estimated useful lives.




                                        7
<PAGE>
                        Green Dolphin Systems Corporation
                        Notes to the Financial Statements
                  For the nine Months Ended September 30, 2003
                                   (Unaudited)

2.  Transactions With Related Companies

      To help accelerate the creation of a customer base and related sales the
      Company has entered into a sales agency relationship with a Canadian
      company (Canada), which shares substantially common ownership and
      management with Green Dolphin Systems Corporation. The essence of the
      agreement calls for Canada to finance and carry its own inventory, and
      Canada is to be paid a commission equal to 12% of the gross sales it
      generates. Sales from Canada are computed quarterly at which time the
      company reports the sales and is charged for the cost of the inventory
      sold and the commission earned by Canada.
<TABLE>
<CAPTION>
<S>                                                                                    <C>
               Sales by related party
                          for the nine months ended September 30, 2003                 $         295,429

               Management fees paid or accrued to Canada
                          for the three months ended September 30, 2003                $          45,000
                          for the nine months ended September 30, 2003                 $         135,000
</TABLE>
 3. Stockholders' Equity

      On July 1, 2003, the company issued 1,950,000 shares of common stock with
      a fair value of $234,000 as payment for consulting services.




































                                        8
<PAGE>
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The operating loss from inception in January 1999 through December 31, 2002 was
$303,157 as previously reported. The company realized further operating losses
of $308,493 during the nine months ended September 30, 2003, including a
non-cash charge of $234,000 to reflect the issuance of 1,950,000 shares of
common stock in exchange for consulting services. Part of the cash loss incurred
in the year to date was due to a distributor closing operations, which resulted
in uncollectible receivables. However, the company has shown a 6% sales increase
from the same period of last year.

Green Dolphin Systems Corporation is in the business of distributing water
based, environmental and user-friendly products in four primary areas:

      (1) products for the cleaning and remediation of ceiling and wall tiles,
      (2) fire retardants suitable for use on fabrics, wood and other building
          materials,
      (3) non-slip products suitable for use on tile, concrete, linoleum, and
          most other flooring surfaces, and
      (4) laundry additives and solutions.

The Company also distributes a line of water based clear and tinted wood stain
products. In terms of gross revenues,

      35% are derived from the sale of ceiling tile and wall restorer,
      15% are from non-slip treatment,
      15% are produced from the sale of fire retardant products,
      25% from laundry additives, and,
      10% from other products.

As funding is available, the Company intends to increase expenditures for
tradeshow presentations, trade journal advertising and direct marketing by
hiring additional in-house personnel. Such increases will be affected only if
warranted by increased revenues.

Green Dolphin is aggressively working to increase its markets by use of two
primary devices. First, it is increasing the size of its market for ceiling and
wall cleaners, fire retardant and non-slip floor treatment products by
aggressively working to increase the number of product distributors from the
present level of twenty-five by the end of the year. This is being done through
increased participation in trade shows, trade journals advertising and
face-to-face presentations. The company is also seeking to provide more input to
the dealership sales force to help them better market the company's product.

Second, the Company is working to set up businesses and individuals in numerous
market areas who will be in the business of applying Green Dolphin cleaning,
fire-retardant and non-slip products directly on the job. Presently, the
Company's program of selectively advertising these business opportunities in
trade journals and making presentations of Green Dolphin products at trade shows
throughout the U.S. and Canada has resulted in the establishment of twenty-five
restoration companies who are selling and applying a group of Green Dolphin
products on site. The Company initiated a program of referring customers who
have expressed an interest in Green Dolphin products to local "applicators"
rather than doing the work itself. This policy will increase the attractiveness
of dealerships by increasing dealer sales, and serve the interest of the Company
by reducing expenses.

At the present time Green Dolphin does not have any substantial commitments for
capital expenditures. It intends to operate on its current business plan,
without substantial change or additional expenditures, for the foreseeable
future.
                                        9
<PAGE>
Green Dolphin expects revenue to increase by the end of 2003 as a result
of:

     (1) response to tradeshow and trade journal advertising,
     (2) appointment of additional dealers and distributors,
     (3) increased revenue from retail sales through hardware and lumber stores,
         department stores and home centers who have recently begun carrying
         Green Dolphin's billing and delivery policies are as follows.
         International sales, that is sales to purchasers outside North America,
         are made to distributors pursuant to Exclusive Agency Distribution
         Agreements which require payment for the shipments by irrevocable
         letters of credit, certified checks or bank drafts before the items
         leave the plant. They are shipped F.O.B. shipping point. Overseas Agent
         are responsible to assign their independent inspection service
         companies to inspect each shipment. North America sales are made F.O.B.
         shipping point, but are made subject to the right of the purchasers to
         inspect and either accept or reject damaged shipments within seven (7)
         days of receipt. Terms of payment on domestic shipments are 2%-15 days,
         net-30 days. On both domestic and off-shore shipments, revenues are
         booked when the goods are shipped.

On both domestic and off-shore shipments, Green Dolphin's policy is to replace
goods received in damaged condition. Over the last two years, Green Dolphin has
been required to replace $283.16 in damaged goods. In light of the durability of
the goods shipped, the resulting small return rate and the return rate that is
likely to prevail in the future, no material change in our historical or future
net income would, or is likely to result from the adoption of different revenue
recognition or damaged goods policy.

The Company also expects to sign additional international agents consistently
over the next eighteen months. There is no known fact which would cause the
expenses of operation to increase more than corresponding increases in revenues.
Through the volume of sales fluctuates somewhat from quarter to quarter, those
fluctuations are not seasonal. They result from natural variations in selling
success, which are typical of companies involved in product distribution.

Green Dolphin believes it will continue as a going concern on the basis of
present revenues from operations. Its present growth assumptions are based on
internal expansion from execution of its business plan. The Company does not
anticipate any need for additional financing during fiscal 2003. If capital
acquisition should become feasible on any basis during the next year, such
prospects will be evaluated on their merit.

The Company filed a registration statement on Form S-8 with the Securities and
Exchange Commission in July of 2003. The registration statement effected the
registration of a total of 1,950,000 common shares in the capital stock of the
Company. The common shares so registered were issued in consideration for
consulting services rendered to the Company pursuant to the terms of 3 separate
consulting agreements which were entered into by the Company in May of 2003. The
issuance of these 1,950,000 common shares increased the Company's issued capital
to 21,848,700 common shares.

Investment in Green Dolphin shares involves a high degree of risk arising from
the following factors, among others:

     (1) The uncertainty of additional financing;
     (2) The start-up posture of the Company;
     (3) The limited scope of the present market for the Company's products, and
     (4) The early stage of execution of its business plan.







                                       10
<PAGE>
Furthermore, there is no present trading market for Green Dolphin shares, and
development of such a trading market will likely be restricted by the
application of the "Penny Stock Rules" which prohibit securities brokers from
soliciting transaction in shares of small issuers whose shares are traded at
prices below $5 per share.

ITEM 3:

Controls and Procedures

     (a) Evaluation of Disclosure Controls and Procedures

         Green Dolphin's Chief Executive Officer and Chief Financial Officer
have evaluated the Company's disclosure controls and procedures as of November
13, 2003, and they have concluded that these controls and procedures are
effective.

     (b) Changes in Internal Controls

         There are no significant changes in internal controls or in other
factors that could significantly affect these controls subsequent to November
13, 2003.

PART II
-------

ITEM 1. LEGAL PROCEEDINGS.

To the best of the Company's knowledge, the Company is not a party to any
pending legal proceedings.

ITEM 2. CHANGES IN SECURITIES.

On July 1, 2003, Green Dolphin issued 1,950,000 shares of its common stock to a
consultant in exchange for consulting services. Inasmuch as the consultant was a
sophisticated party, had access to relevant information pertaining to the
Company and had the ability to bear the economic risk of the transaction, the
issuance was undertaken in compliance with Section 4(2) of the Securities Act of
1933.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

There have been no defaults upon senior securities.

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

There has been no Submission of matters to a vote of security holders.

ITEM 5. OTHER INFORMATION.

There is no other information to report.

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

No report on Form 8-K was filed by the Company during the three month period
ending September 30, 2003.

                                       11
<PAGE>
                                   SIGNATURES

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

GREEN DOLPHIN SYSTEMS CORPORATION


Date: November 13, 2003                         By:/s/ Nicholas Plessas
                                                   ---------------------------
                                                   Nicholas Plessas, President



















































                                       12