SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

                                    FORM 20-F

[   ]     REGISTRATION  STATEMENT  PURSUANT  TO  SECTION  12(b)  OR  (g)  OF THE
SECURITIES  EXCHANGE  ACT  OF  1934
     OR

[ x ]     ANNUAL  REPORT  PURSUANT  TO  SECTION  13 OR 15(d) OF THE SECURITIES
EXCHANGE  ACT  OF  1934,  for  the  fiscal  year  ended: December 31, 2000
     OR

[   ]     TRANSITION  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE  ACT OF 1934, for the transition period from ___________ to __________.

COMMISSION  FILE  NO:     333-8958

                       EQUITY FINANCE HOLDING CORPORATION
              (Exact name of registrant as specific in its charter)

                             Belize, Central America
                 (Jurisdiction of incorporation or organization)

                                    SUITE 408
                            CALLE CLEOFAS RUIZ #853-B
                            ZONA CENTRO - C.P. 22710
                        PLAYAS DE ROSARITO, B.C., MEXICO

                    (Address of principal executive offices.)



Registrant's  area  code  and  telephone  number:     888-450-3342

Securities  to  be  registered  pursuant  to  Section  12(b)  of  the  Act:
Title  of  each  class:  None

Name  of  each  exchange  on  which  registered:  NASD  OTCBB,  United  States

Securities  to  be  registered  pursuant  to  Section  12(g)  of  the  Act:
Title  of  each  class:  None

Securities  for  which there is a reporting obligation pursuant to Section 15(d)
of  the  Act.
Title  of  each  class:

Indicate  the  number  of  outstanding shares of each of the issuer's classes of
capital  or  common  stock  as  of the close of the period covered by the annual
report - 5,149,000 Shares of Common Stock


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.
     [ X ]  YES     [   ]  NO


                             20-F     Page 1 of 40
<PAGE>
Indicate by check mark which financial statement item the registrant has elected
to  follow:
                                       [ ]  ITEM  17     [ ]  ITEM  18

(APPLICABLE  ONLY  TO  REGISTRANTS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PAST  FIVE  YEARS)

Indicate  by  check  mark  whether  the  registrant  has filed all documents and
reports  required  to  be  filed  by Sections 12, 13, or 15(d) of the Securities
Exchange  Act  of 1934 subsequent to the distribution of securities under a plan
confirmed  by  a  court.

     [  ]  YES     [  ]  NO

     INDEX  BEGINS  ON  PAGE  3.
                                  INTRODUCTION

     Equity  Finance  Holding Corporation (the "Company") was incorporated under
the  laws  of  Belize, Central America on March 6, 1998. Its principal executive
offices  are located at Suite 408, Calle Cleofas Ruiz #853-B, Zona Centro - C.P.
22710,  Playas  De  Rosarito,  B.C., Mexico.  Its telephone number in the United
States  is  (888)  450-3342.  Equity  Finance  Holding Corporation trades on the
United  States  NASD  OTCBB  stock  exchange  with  the trading symbol of EFHLF.

     As  used  herein,  except  as  the  context  otherwise  requires,  the term
"Company"  refers to Equity Finance Holding Corporation, a corporation organized
under  the  laws  of  Belize.

     The  Company  publishes its financial statements expressed in United States
dollars.  In  this  document,  references  to  "US  dollars" or "US$" are to the
currency  of  the  United  States  of  America.

     The  Company's fiscal year ends on December 31 of each year.  References in
this  document  to  a  particular  year  are to the fiscal year unless otherwise
indicated.

     In  the  future,  the  Company  will  continue  to  produce  annual reports
containing  audited financial statements and an opinion thereon by the Company's
independent  public  accountants.  The  financial  statements  contained in this
registration  statement  have  been  audited  in  accordance  with United States
Generally  Accepted  Accounting  Principles  ("US  GAAP").

                           SAFE HARBOR STATEMENT UNDER
              THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
                           FORWARD LOOKING STATEMENTS

     The  statements  included  in this annual report on Form 20-F ("Form 20-F")
regarding future financial performance and results and the other statements that
are  not  historical facts are forward-looking statements. The words "believes,"
"intends,"  "expects,"  "anticipates,"  "projects,"  "estimates," "predicts" and
similar  expressions  are  also intended to identify forward-looking statements.
Such  statements  reflect  various  assumptions  by  the  Company  concerning
anticipated  results  and  are  subject  to  significant  business, economic and
competitive risks, uncertainties and contingencies. Accordingly, there can be no
assurance  that such statements will be realized.  Such risks, uncertainties and
contingencies  could  cause  the Company's actual results for 2001 and beyond to
differ  materially  from  those expressed in any forward-looking statements made
by,  or  on  behalf  of,  the  Company.  The  Company makes no representation or
warranty as to the accuracy or completeness of such statements contained in this
Form  20-F.


                              20-F     Page 2 of 40
<PAGE>
     In  addition,  this  annual  report  includes  forward-looking  statements
relating  to  our  potential  exposure to various types of market risks, such as
foreign  exchange  rate risk, interest rate and other risks related to financial
assets  and  liabilities  and  equity  price  risk.  You  should  not  rely  on
forward-looking  statements  because  they  involve  known  and  unknown  risks,
uncertainties and other factors which are, in many cases, beyond our control and
may  cause  our actual results, performance or achievements to differ materially
from  anticipated  future  results,  performance  or  achievements  expressed or
implied  by the forward-looking statements and from past results, performance or
achievements.


     For  further  discussion  of  these  factors,  see  "Item  3-Key
Information-Selected  Financial  Information,"  "Item  4-Information  on  the
Company",  "Item  5-Operating  and Financial Review ", and "Item 11-Quantitative
and  Qualitative  Disclosures  about  Market  Risk".

     You  are  cautioned  not  to  place undue reliance on these forward-looking
statements.  These  forward-looking  statements  are made as of the date of this
annual  report  on  Form  20-F  and are not intended to give any assurance as to
future  results.

                                      INDEX
                                     PART  I

Item  1.  Identity  of  Directors,  Senior  Management  and  Advisers._________4
Item  2.  Offer  Statistics  and  Expected  Timetable._________________________4
Item  3.  Key  Information.____________________________________________________4
Item  4.  Information  on  the  Company._______________________________________8
Item  5.  Operating  and  Financial  Review___________________________________12
Item  6.  Directors,  Senior  Management  and  Employees._____________________15
Item  7.  Major  Shareholders  and  Related  Party  Transactions._____________19
Item  8.  Financial  Information._____________________________________________22
Item  9.  The  Offering  and  Listing.________________________________________35
Item 10.  Additional  Information.____________________________________________35
Item 11.  Quantitative and Qualitative Disclosures about Market Risk._________38
Item 12.  Description  of  Securities  Other  than  Equity  Securities._______39

                                    PART II

Item 13.  Defaults,  Dividend  Arrearages  and  Delinquencies.________________39
Item 14.  Material  Modifications  to  the  Rights of Security Holders
          and  Use  of  Proceeds._____________________________________________39
Item 15.  [Reserved]._________________________________________________________39
Item 16.  [Reserved]._________________________________________________________39

                                    PART III
Item 17.  Financial  Statements.______________________________________________39
Item 18.  Financial  Statements.______________________________________________39
Item 19.  Exhibits.___________________________________________________________39


                              20-F     Page 3 of 40
<PAGE>
                                     PART I

ITEM  1.  IDENTITY  OF  DIRECTORS,  SENIOR  MANAGEMENT  AND  ADVISERS

Not  applicable.

ITEM  2.  OFFER  STATISTICS  AND  EXPECTED  TIMETABLE

Not  applicable.

ITEM  3.  KEY  INFORMATION

A.  SELECTED  FINANCIAL  INFORMATION

     The  Company  is  a  management  consulting  corporation  and  marketer  of
management  and  financial  consulting  services  offered  principally  to small
businesses with annual sales of $2,000,000 to $20,000,000.  The Company provides
resources  to  a variety of business clients, assisting them in developing their
capitalization  to achieve corporate growth.  Additionally, the Company provides
counsel  and expertise to this market segment, which will allow the closely-held
client  corporations  to  be  held  more  broadly.

     The  Company  has operated only since 1998, therefore, only the period from
then  until  31  December 2000 is included in this annual report, not 5 years as
required.

<TABLE>
<CAPTION>
                                FOR THE PERIOD ENDED DECEMBER 31,
---------------------------  ----------  --------------  ----------
OPERATIONS FOR THE PERIOD:      2000          1999          1998
---------------------------  ----------  --------------  ----------
<S>                          <C>         <C>             <C>
Consulting fees              $       -   $       1,429   $   4,922
Loss from operations         $(297,287)  $    (236,109)  $(341,578)
Loss from operations per
share of    common stock
diluted                      $   (0.06)  $       (0.05)  $   (0.07)
Cash dividends declared per
share of stock               $       -   $           -   $       -
                                      DECEMBER 31,
---------------------------  ----------  --------------  ----------
BALANCE AT THE END OF THE         2000            1999        1998
PERIOD:
---------------------------  ----------  --------------  ----------
Total Assets                 $  49,689   $         582   $   2,898
Long-term obligations        $ 102,345   $      69,805   $  27,069
</TABLE>


     DIVIDENDS

     As of December 30, 2000, the Company has distributed to the shareholders of
its  common  stock 514,920 common shares of International Technology Enterprises
Ltd.,  a Belize International Business Corporation, and 514,920 common shares of
QVP International Ltd., a Belize International Business Corporation, as non-cash
dividends.  No  dividends,  either cash or non-cash, were distributed or paid in
previous  years.


B.  CAPITALIZATION  AND  INDEBTEDNESS.
Not  Applicable


                              20-F     Page 4 of 40
<PAGE>
C.  REASONS  FOR  THE  OFFER  AND  USE  OF  PROCEEDS.
Not  Applicable


D.  RISK  FACTORS

     COMPETITION

     As  described  in  more  detail  in  the section titled "Information on the
Company,"  below,  the Company is primarily engaged in the management consulting
business.  There  are  competitors  in  the  management consulting industry that
provide  similar  products  and  services  to  those,  which are provided by the
Company.  In  many  cases  these  competitors  are larger companies with greater
capital  resources on which to draw. The Company's future success will depend to
an  extent  upon  its  ability  to  remain  competitive in the areas of service,
quality,  price,  marketing, product development, service delivery, distribution
and  client  processing. There can be no assurance that the Company will be able
to  compete  successfully.  Prices  for  the  Company's  services  are typically
determined  by market conditions. To remain competitive, the Company reviews and
adjusts  its  pricing  structure  from  time  to  time  in  response  to  such
industry-wide  price changes. To the extent that the Company may be obligated to
adjust  its  pricing  policies  to  meet  competition,  the  Company's financial
performance  may  be  adversely affected by its inability to reduce its costs in
response  to  industry-wide price reductions or by its inability to increase its
prices  in  response  to  increases  in  its  costs  and  expenses.

     POSSIBILITY  OF  SETTING  ASIDE  LOCKUP/POOLING  AGREEMENT

     Beowulf  Investments  is  a  party  to  the  Lockup/Pooling  Agreement (the
Agreement)  along  with  the Company and certain companies beneficially owned by
principal  shareholders  of  the Company. The Agreement restricts the trading of
unregistered  shares  of the Company. There cannot be unqualified assurance that
this  pooling  agreement  will not be broken. The parties to the agreement would
not  be obligated to consider the public shareholders in a decision to break the
pooling  agreement  because  the  public  shareholders  are  not  a party to the
Agreement.  If  the  pooling agreement were broken, the insiders could sell some
or all of their shares to the public. Should this occur, the sales could depress
the  share  price. Such EFHC insider sales would be subject to SEC regulation as
are  the  sales  of  all  insider  stock.

     LIMITED  SALES  REPRESENTATIVES

     The  Company  intends  to  market  its services through a global network of
business  consultants.  At  present,  it  has  six  representatives,  located in
Berkeley  California,  Woodland,  California,  Phoenix,  Arizona,  Los  Angles,
California,  Singapore,  Singapore  and Hong Kong, China. EFHC has no assurances
that  it  can  attract  additional  representatives  or  more  clients.

     LIMITED  CUSTOMERS

     The  Company  currently  only  has three clients.  The loss of any of these
three  clients  could  have  a  material  adverse  impact  on  the  Company.

     INDEPENDENT ACCOUNTANT'S REPORT REFERRING TO GOING CONCERN UNCERTAINTIES

     The accompanying financial statements have been prepared on a going concern
basis,  which  contemplates  the  realization  of assets and the satisfaction of
liabilities  in  the  normal  course  of  business.  As  shown  in the financial
statements,  the Company has an accumulated deficit of $880,124, and, during the


                              20-F     Page 5 of 40
<PAGE>
year  ended  December  31,  2000,  the  Company incurred a loss of $297,287.  In
addition,  the  Company's  current  liabilities  exceed  its  current  assets by
$167,818 at December 31, 2000.  These factors, among others, raise a substantial
doubt  about  the  Company's  ability  to  continue  as  a  going  concern for a
reasonable  period of time, generally defined as a period not to exceed one year
beyond  the  balance  sheet  date.   The financial statements do not include any
adjustments  relating  to  the  classification  of  liabilities  that  might  be
necessary  should  the  Company  be  unable  to  continue  as  a  going concern.
Management has established a plan that it believes will generate sufficient cash
flows, through operations and additional debt financing, to remove the threat to
the  continuation  of the Company.  However, there can be no assurances that the
Company  will  be successful in generating sufficient cash flows from operations
or  obtaining  additional  debt  financing.


     PENNY  STOCK  DISCLOSURE  RULES

     The  Securities  Enforcement  and  Penny  Stock Reform Act of 1990 requires
additional disclosure in connection with trades in any stock defined as a "penny
stock."  The  Commission's  regulations  generally define a penny stock to be an
equity  security  that  has  a  price  of  less than $5.00 per share, subject to
certain  exceptions (such exceptions include an equity security listed on NASDAQ
or  issued by an issuer that has (1) net tangible assets of at least $2 million,
if  such  issuer  has  been  in  continuous  operation  for three years, (2) net
tangible  assets  of  at least $5 million, if such issuer has been in continuous
operation  for less than three years, or (3) average annual revenues of at least
$6  million, if such issuer has been in continuous operation for less than three
years). No such exceptions are applicable to the Company. Unless an exception is
available,  the  regulations  require  the  delivery,  prior  to any transaction
involving  a  penny  stock,  of a disclosure schedule explaining the penny stock
market  and  the  risks  associated  therewith.

     In  addition, unless and until the securities of the Company are listed for
trading  on NASDAQ or the Company has $2 million in net tangible assets, trading
in the Company's securities will be subject to Rule 15c2-6 promulgated under the
Securities  Exchange  Act  of  1934  for  non-NASDAQ  and  nonexchange  listed
securities.  Under  the  penny  stock  rules,  broker-dealers who recommend such
securities  to  persons other than institutional accredited investors (generally
institutions  with  assets  in excess of $5,000,000) must make a special written
suitability  determination  for  the  purchaser, receive the purchaser's written
agreement  to  the transaction prior to sale and provide the purchaser with risk
disclosure documents which identifies certain risks associated with investing in
penny  stock  and  which  describe  the  market as well as the purchaser's legal
remedies.  Further,  the  broker-dealer  must  also  obtain  a  signed and dated
acknowledgment  from the purchaser demonstrating that the purchaser has actually
received  the  required risk disclosure document before a transaction in a penny
stock can be consummated. These requirements may have the effect of reducing the
level  of  trading  activity  in the secondary market for securities that become
subject to the penny stock rules. With the Company's securities becoming subject
to  the  penny  stock  rules,  investors may find it more difficult to sell such
securities,  which  could  have  an  adverse effect on the market price thereof.

     Because  the Common Stock would be characterized as penny stock, the market
liquidity  for  the Company's securities could be adversely affected. In such an
event, the regulations on penny stocks could limit the ability of broker-dealers
to  sell  the Company's securities and the ability of stockholders to sell their
securities  in  the  secondary  market.

     DEPENDENCE  ON  KEY  PERSONNEL


                              20-F     Page 6 of 40
<PAGE>
     The  Company's  ability  to  compete  is  largely dependent on the personal
efforts  and  abilities  of its senior management, particularly James A. Bishop,
Director  and  Chief  Operating  Officer,  Jack  L.  Mahan,  Jr.,  President and
Secretary  of the Board of Directors, and William Cate, Chairman of the Board of
Directors.  The  Company  believes that the loss of the services of any of these
executives could have a material adverse effect on the Company. In addition, the
Company  believes  that  its  success is dependent on its ability to attract and
retain  additional  qualified  employees,  and the failure to recruit additional
skilled  personnel  could  have  a  materially  adverse  effect on the Company's
financial  condition  and results of operations.  The Company currently does not
maintain  key  employee  insurance  on  any  of  its  employees.

     ABSENCE  OF  CASH  DIVIDENDS

     The  Company anticipates that all of its earnings in the foreseeable future
will  be  retained  for  the  development  and  expansion  of  its business and,
therefore,  has  no  current  plans  to pay cash dividends. The Company's future
dividend  policy  will  depend  on the Company's earnings, capital requirements,
financial  condition,  bank  facilities and other factors considered relevant by
the Board of Directors. However, at present, the Company does not have any plans
to  pay  cash  dividends  in  the  future.

     NO  WARRANTIES  REGARDING  PERFORMANCE

     At  no  time  has the Company, or any of its officers, directors, agents or
employees,  or  any  other  person,  expressly  or by implication, guaranteed or
warranted  the  future  successful  operation  of  the  Company.

     NO  WARRANTIES  REGARDING  BENEFITS  TO  INVESTORS

     The  information and statements contained in this document are not intended
to  contain  any  representations  or  warranties  with  respect to the economic
returns  or benefits, which may accrue to investors in the future.  No assurance
can  be  given  that existing tax, securities or other laws, which are discussed
herein, will not be changed in the future or interpreted adversely.  Prospective
investors  are  not  to  construe  the  contents  of  this  document,  or  any
communications  with  the Company or any of its representatives, as constituting
legal,  tax  or investment advice.  Each investor should consult with his or her
own  counsel  or  advisors as to the advisability of an investment in the shares
considering  the  legal,  tax  and  other  effects  of such an investment.  Each
investor  should  consult  with  his  or  her  own counsel, accountant and other
advisors  as to the legal, tax and related matters concerning a purchase by such
investor  of  shares.

     CHANGES  IN  INCOME  TAX  LAWS

     Prospective  investors  should  not  rely  on the prospect that tax effects
provided  by  existing  law  will  continue.  There  can  be  no  assurance that
individual  countries nor the U.S. Congress or the U.S. Internal Revenue Service
("IRS")  will  not modify the tax consequences of owning Shares, or that changes
or  modifications  in existing judicial decisions or in the current positions of
the  U.S.  IRS  or  in  applicable  country,  state  or  local tax laws will not
substantially  (and  unfavorably)  modify such tax treatment or the consequences
which  may  arise  therefrom.

     EFFECT  OF  BELIZE  LAWS

     Because  the  Company  is  incorporated  in  Belize, Central America, it is
subject to potential changes in Belize law.  The effects of any change in Belize
laws on the Company are unknown at this time, but such effects may be adverse to
the  Company's  shareholders'  best  interests.  These potential changes include
changes in tax law, corporate law, political instability, economic collapse, and
currency  fluctuations.


                              20-F     Page 7 of 40
<PAGE>
ITEM  4.  INFORMATION  ON  THE  COMPANY

A.  HISTORY  AND  DEVELOPMENT  OF  THE  COMPANY

     The  Company  was  formed  in  Belize,  Central  America,  under the Belize
International  Business  Corporation Act, pursuant to Section 14(3), on March 6,
1998  as  IBC  #6826.  The  Company  operates  under the laws of Belize, Central
America.  The  registered  office  of  the Company is at 1st Floor East Wing, 65
Front  St.,  Punta  Gorda, Belize, Central America.  The International Corporate
address  is  Suite  408,  Calle  Cleofas  Ruiz #853-B, Zona Centro - C.P. 22710,
Playas  De Rosarito, B.C., Mexico.  EFHC business operations are located outside
the  United States.  EFHC's affiliate in the United States is located at 1296 E.
Gibson  Road,  #149,  Woodland,  CA,  95776,  USA.  The U.S. telephone number is
888-450-3342.

B.  BUSINESS  OVERVIEW.

     Equity  Finance  Holding  Corporation  ("the  Company")  is  a
management-consulting  corporation  that  assists  clients  in  obtaining equity
investments  in their company.  The U.S. SIC Code is 8742, Management Consulting
Services.  The  Company's  global  target  market  is  small  to  medium-size
enterprises  with  gross  sales  between  US$1,000,000  and US$20,000,000.  EFHC
commenced  operations  in  March 1998.  The Company shares office space in Punta
Gorda,  Belize with its resident agent. It also shares office space in Playas de
Rosarito,  B.C.,  Mexico  with  Equity Finance International Corporation.  It is
being  provided  office  space  without  charge.

     The  Company  identifies foreign and United States companies that can carry
out  an  expansion  program  designed  to  groom them for sale or merger with an
industry giant.  EFHC will assist the client in becoming a reporting company and
listing  with  the NASD OTCBB for trading.  Shares of the client company will be
sold  to public and private investors to arrange a funding of up to $10 million.
EFHC  will  then  work with the client company for the period.  EFHC will assist
with developing sound growth, shareholder value, and investor relations.  Shares
in  the  name of principals of the client company will be pooled and vaulted for
five  years.  The pooling and vaulting agreement will be designed to protect new
shareholders;  however,  this agreement may be modified at any time by unanimous
vote  of  all parties to the pooling and vaulting agreement. Because the parties
pooling and vaulting their shares may modify the pooling and vaulting agreement,
shareholders  not party to the agreement may suffer significant adverse effects,
specifically a material decline in their share value.  EFHC has represented this
program to some potential clients under the name "Advantage 2000 Program."  EFHC
representatives  and  affiliates  may  use  other  names  for  the  program.

     The  Company  intends  to  market  its services through a global network of
business  representatives  and  affiliates.  Representatives  are  freelance
consultants  who  provide  client  referrals to EFHC on a commission basis.  The
representative  refers clients to EFHC. The representative can: (1) simply refer
clients  to  EFHC, or (2) refer the client, help the client provide underwriting
documentation and assist with the client investor relations program after equity
investments  are  obtained.

     An affiliate is a strategic partner to EFHC, usually located outside of the
United  States,  who  is  generally  in the business of assisting companies with
venture  financing.  EFHC and the affiliate jointly venture to assist companies.
EFHC  pays  referral  fees  to  affiliates  identifying  client  companies  and
affiliates  participate in the fees for services provided on a shared basis. The
fees  for  services  will  be  mutually agreed upon. EFHC and the affiliate will
agree on a fee, scope of work, tasks and roles in advance of commencing services
for  the  client.  Affiliates  are  being  sought  in various parts of the world
including  Australia,  China,  Cypress,  England,  Germany,  India,  Pakistan,
Singapore,  and  the  United  States.  EFHC is also seeking to develop affiliate
relationships  with Venture Capital companies throughout the world.  EFHC has no
assurances  that  it  can  attract  affiliates,  representatives  or  additional
clients.


                              20-F     Page 8 of 40
<PAGE>
     As  of  December 31, 2000, the Company has three clients: QVP International
Ltd.,  International  Technology  Enterprises Ltd. and Global Recreation Inc. To
date no companies have become reporting companies and no companies have received
equity  investments  through  the  efforts  of  the  Company.

     If EFHC is able to increase its capital resources, either through a debt or
equity  financing,  the  Company  may  seek  to  grow through the acquisition of
Management Consulting Firms whose clients need EFHC's help.  However, management
can  provide  no assurances that such financing will be available to the Company
or  that  suitable  acquisition  candidates  will  be  identified.

     The  Company plans to reinvest profits and does not envision the payment of
cash dividends to stockholders.  The Company does plan to pay non-cash dividends
in  client  companies  to  EFHC  shareholders.  However,  since  inception,  two
non-cash  dividends  in client companies have been paid to EFHC shareholders and
no  assurances  can  be provided that such dividends will be paid in the future.

     START-UP  OF  BUSINESS  OPERATIONS

     The  Company  continues to interview prospective clients.  EFHC anticipates
losing  money  for  several years.  Without paid employees or paid office space,
the  Company's  operating  costs  are  minimal.

     COMPETITION  AND  PRICING

     Many  firms  offer  financial solutions to businesses.  Many of these firms
are  larger  and  better  financed  than  EFHC.  EFHC  must  price  its services
competitively.

     CONFLICT  OF  INTEREST

EFHC  has  a  policy of appointing a member to the Board of Directors of each of
its  client  companies.  At  present,  EFHC  would  select  Mr. J. Mahan, Mr. J.
Bishop,  or  Mr.  W.  Cate  as  their  representative  to  the client's Board of
Directors.  This policy has a potential to create a conflict of interest between
EFHC  and  the  client company's Board of Directors. The Company does maintain a
policy  on  Conflict  of  Interest. This policy requires a fiduciary duty on the
part  of  each  director  and  officer  of  the  Company. Should such a conflict
develop,  the  appointed  client board member would withdraw from the discussion
and  vote  on the issue before the EFHC Board.  In any potential conflict issue,
it  is  the  responsibility  of the individual director to state that they see a
conflict  and  withdraw  from the discussion and voting on that topic.  Further,
the  Board  of  Directors  will  also determine if a conflict of interest exists
pursuant  to  the  policy  of  the  Company.

C.  ORGANIZATIONAL  STRUCTURE.

     The  Company  is not part of a group, nor does the Company own subsidiaries
at this time.  The body of accounting principles used in preparing the financial
statements  is  primarily  U.S.  GAAP.

D.  PROPERTY,  PLANT  AND  EQUIPMENT.

     There  is  no  property,  tangible or intangible, recorded in the Financial
Statements  of the Company.  All office space is shared and the Company does not
pay  any  part  of  the  rent  for  its  use.


                              20-F     Page 9 of 40
<PAGE>
ITEM  5.  OPERATING  AND  FINANCIAL  REVIEW

A.   Operating  results.

     GENERAL

     All  statements  contained  herein  that  are not historical facts, such as
statements  regarding  the  Company's  current  business  strategy and plans for
future  operations,  are  based upon current expectations.  These statements are
forward-looking in nature and involve a number of risks and uncertainties.  Such
risks  and uncertainties include, but are not limited to, those described herein
including, among other things: (1) significant increases in competitive pressure
in the management and financial consulting industry; (2) general global economic
conditions;  (3)  changes  in the regulatory environment; and (4) changes in the
securities  markets.  Therefore,  the  information  set  forth  in  such
forward-looking  statements  should  be carefully considered when evaluating the
business  prospects  of  the  Company.

     FINANCIAL  RESULTS

     The Company had a net loss of $297,287 for the year ended December 31, 2000
compared  to  a  net loss of $236,109 for the year ended December 31, 1999 and a
net  loss  of $341,578 for the period from inception (March 6, 1998) to December
31,  1998.  The  increase in the current year loss of $61,178, or 25.9%, relates
primarily  to  an  increase  in  professional fees and foreign license fees. The
reduction  in  the  1999  loss  compared  to 1998 of $105,469, or 30.9%, relates
primarily  to  a  reduction  in  professional  fees  and  referral  fees.  These
reductions in 1999 were offset by an increase in salary expense, which covered a
full  year  in  1999.

     To  date the Company has not been successful in meeting the milestones that
would  allow  for  revenue  recognition.  Accordingly,  revenue  includes  other
consulting  fees  related to services provided on an ad hoc basis to clients not
enrolled  in  the  Advantage  2000  Program.

     The  Company  incurred  $50,283,  $2,171  and $128,737 in professional fees
during  the  years  ended  December  31,  2000  and 1999 and for the period from
inception  (March  6,  1998)  to December 31, 1998, respectively. Changes in the
level  of  professional  fees  relate  to  the  timing  of  external  reporting
requirements  and  to  changes in the level of Company operations.  In addition,
1998  fees  reflect  costs  associated  with  starting  the  business  and  SEC
registration.  Referral fees were zero in 2000 and decreased in 1999 compared to
1998  as  no  clients were accepted in 2000 or 1999 under arrangements requiring
the  payment  of  a  referral fee to a third party.  These expense reductions in
1999  were offset by an increase in salary expense related to the fact that 2000
and  1999  included  twelve  months  and  the  initial  operating period in 1998
included  approximately  10  months.

     The  Company's  financial  position  reflects  nominal  assets and negative
working capital.  At December 31, 2000 and 1999, obligations in accounts payable
included a $42,750 refund due to a former EFHC recipient of services terminating
receipt  of  services  from  EFHC  and  thereby  increasing  the amount of trade
payables  by  $34,757  and  $22,753,  respectively.  The  increase in 2000 trade
payables  is also due to the increase in operating expenses during 2000 compared
to  1999. Deferred revenue increased by $95,000 as of December 31, 2000 compared
to  December 31, 1999. This increase relates to retainer amounts received from a
client  during  2000.  The  $45,000  in  work in process as of December 31, 2000
relates  to  a  commission  paid  in  connection  with  obtaining  the retainer.


                             20-F     Page 10 of 40
<PAGE>
     The  total  shareholders' deficit is $270,163 at December 31, 2000 compared
to  $179,726 at December 31, 1999. The shareholders' deficit has been reduced by
the  value  of  services  provided  to  the  Company  by  its principals without
compensation.  Such  amounts  are reflected in additional paid-in capital. Basic
and  diluted  loss  per  share  was  $0.06,  $0.05 and $0.07 for the years ended
December  31,  2000  and  1999  and the period from inception (March 6, 1998) to
December  31,  1998,  respectively.  The reduction in the loss per share in 1999
compared to 1998 is attributable primarily to lower professional fees and larger
number  of  outstanding  shares  brought  about by the sale of 514,900 shares of
common stock to A&A International Industries. The weighted average common shares
outstanding  during  each  period  was  5,149,000,  5,065,770  and  4,587,910,
respectively.


     INFORMATION  REGARDING  SIGNIFICANT  FINANCIAL  FACTORS

     Inflation  generally affects companies by the cost of labor, equipment, and
raw  materials.  The  Company  does  not believe that inflation has had, or will
have, any material effect on the Company's business during the periods discussed
herein.  Most  of the Company's business is transacted in United States dollars.
Although  transactions could occur utilizing other world currencies, the Company
anticipates  these transactions to be translated directly into values equivalent
to  United  States  dollars.

     FUTURE  CASH  FLOWS

     The  terminating  client  referenced previously has requested the return of
unearned advances totaling $42,750. Accordingly, unearned advances equal to this
amount have been reclassified and reflected in accounts payable in the financial
statements  for  the  years  ended December 31, 2000 and 1999.  The repayment of
unearned  advances  will have a negative impact on future cash flows. Due to the
limited  operations  reflected  in  the  financial statements (from inception to
December  31, 2000), the cash flows for these periods might not be indicative of
cash  flows  in future period. The repayment of unearned advances related to the
client  termination,  other  client  termination  and/or  other  events  might
negatively  impact  the  Company's  cash flows in future periods. Management has
considered the required cash outflows and loss of future revenues related to the
terminated  client  in assessing the Company's ability to sustain operations, as
outlined  below.

B.   LIQUIDITY  AND  CAPITAL  RESOURCES.

     As  noted in the financial statements for the years ended December 31, 2000
and 1999 and the period from inception (March 6, 1998) to December 31, 1998, the
Company  has  incurred  significant  operating  losses  and  has  limited  cash
resources.  Management  continues  to  operate under a plan designed to generate
cash  for  operations  from  the  (1) acquisition of additional clients, and (2)
additional  debt  or  equity  financing  and  (3)  exercise  of  the  warrants.

     In  years  2000  and  1999,  the Company revised the fee collection methods
related  to  the  Advantage  2000  Program.  Previously,  the Company required a
$45,000  fee deposit prior to providing services to the client. Management found
the initial capital outlay presented a significant obstacle to obtaining Program
participants.  Under  the revised fee collection method operational during 2000,
total  cash  compensation for the Program was $250,000. After an initial payment
of  $15,000,  the client remits payments of $10,000 to EFHC on the first of each
month  to a maximum cumulative total of $100,000. No further payments beyond the
cumulative  total  of $100,000 are due until the company trades its stock on the
NASD  OTCBB.  At that time, $150,000 dollars is due and payable by the client to
EFHC.


                             20-F     Page 11 of 40
<PAGE>
     Currently, four (4) clients are enrolled in the EFHC Advantage 2000 Program
and  nine  (9)  prospective  clients  are  reviewing  the  Company's  product.

     While  Management  believes that the plan of operations in place is viable,
the  Company's  ability  to  obtain  additional  clients  or financing cannot be
assumed  or assured.  Accordingly, substantial doubt about the Company's ability
to  continue  as  a  going  concern  exists.


C.   RESEARCH  AND  DEVELOPMENT,  PATENTS  AND  LICENSES,  ETC.
Not  Applicable

D.   TREND  INFORMATION.

     The  most  significant  recent  trend  for the Company is the refocusing on
marketing  to  both  United  States  and  international clients by breaking EFHC
consulting  services  into  individually priced items as opposed to selling only
the  Advantage  2000  program.  As  a  result, more services may be marketed and
additional  revenue  could  be  anticipated.  Other significant recent trends in
production  involve  acquisition  of  additional legal professional services for
assistance  with  client  Securities  and  Exchange Commission filings, focus of
sales  through  expansion  of the representative and affiliate networks, and the
attraction  of  more clients in year 2001. Service delivery costs have increased
as  a function of additional professional services, but management is working to
keep  increases  to  a  minimum.

     Other  than  those  discussed herein, the Company, for at least the current
financial  year,  is  unaware  of  any  further  trends, uncertainties, demands,
commitments  or  events  that are reasonably likely to have a material effect on
the  Company's  net  sales  or  revenues,  income  from  continuing  operations,
profitability,  liquidity  or  capital  resources,  or that would cause reported
financial  information  not  necessarily  to  be  indicative of future operating
results  or  financial  condition.

     PLAN  FOR  OPERATIONS

     As  noted,  EFHC  has incurred significant operating losses and has limited
cash  resources.  Management  is operating under a plan of action that considers
generating  cash  for  operations through (1) acquisition of additional clients,
(2) additional debt or equity financing or (3) exercise of currently outstanding
warrants.  The  Company's  ability to obtain additional debt or equity financing
and  the exercise of currently outstanding options cannot be assumed or assured.
Accordingly,  management's  plans focus primarily on continuing operations using
proceeds  generated  from  the  acquisition of new client companies and from the
provision  of  consulting  services.

     The  Company continues to market itself to potential client companies, both
directly  and  through  its  sales  representative  and affiliate networks.  The
Company  is currently reviewing the qualifications of twelve companies (pipeline
companies).  Management  will  only  provide  services to qualified companies. A
qualified  company  is  one  that  management  believes  will  be  successful in
obtaining  equity  capital.  Accordingly,  management estimates that only six to
eight of the pipeline companies will ultimately prove to be qualified companies.
Management  is  unable  to  provide  an  estimate  of  the  number  of qualified
companies,  if  any  that  will  ultimately  become  client  companies.


                             20-F     Page 12 of 40
<PAGE>
     EFHC  has never received a referral from a venture capital company nor have
any  venture  capital companies agreed to refer clients to EFHC.  Only three (3)
EFHC  sales  representatives  have  referred  potential  clients  to  EFHC.

     Management  estimates  that  receipt  of  initial  deposits  from  two  (2)
additional  client  companies  in  2001  will  provide  sufficient cash flows to
service  client companies and sustain operations for a reasonable period.  While
management believes it will be able to achieve these sales, no assurances can be
provided  that  this  will  occur.

     Present  results  of operations lead to the conclusion that the Company may
not  be  financially  feasible in the long term.   Moreover, (1) it appears that
the  Company  will  be  dependent  upon  EFIC  exercising  its  warrants for the
substantial  portion  of  proceeds necessary to implement the Company's business
plan;  and  (2)  the  exercise  of  those  warrants  is  not  assured.  However,
management  believes  that  the  Company's  operations  can continue without the
immediate  exercise  of  such  warrants  and that the plan currently in place is
viable  and  has  a  reasonable  capability  of  allowing the Company to sustain
operations  and  meet  its  financial  objectives.  The plan includes increasing
revenues  and  closely  monitoring  costs.

     The  plan to increase revenues includes expanding the search for clients by
developing  relationships  for  client referrals from more business consultants,
venture  capital  companies  and  equity  search  networks throughout the United
States  and  abroad.  Venture  capital  company selection standards exclude many
companies EFHC could assist.  There are an estimated 1,500 venture capital firms
in  the  United  States.  The  average  venture  capital company receives equity
capital  requests  from  1,400 companies each year.  Of the 1,400 companies, 100
are  chosen  to  review.  Of  the  100,  10  companies  are selected for serious
consideration  and  1 company is provided equity capital by that venture capital
company.



     PLAN  FOR  LIQUIDITY  AND  CAPITAL  RESOURCES

     The  principal sources of cash to operate the company are anticipated to be
generated  from  the company's operations.  The Company believes that based upon
current  levels of operations and anticipated growth, it will be able to satisfy
its ongoing cash requirements through the end of fiscal 2001 primarily with cash
flow  from  operations.

     Bank  loans or borrowing may be necessary to supplement cash flow generated
from  operations.  Borrowings  to  date  have  been  from the parent company. No
assurances  can  be  provided  that  necessary  loans  will  be available to the
Company,  and  if  such loans are available, no assurances can be provided as to
what  the  costs  would  be  for  these  funds.



ITEM  6.  DIRECTORS,  SENIOR  MANAGEMENT  AND  EMPLOYEES

A.   DIRECTORS  AND  SENIOR  MANAGEMENT.


                             20-F     Page 13 of 40
<PAGE>
     The  Company's  Board  of  Directors  consists of five (5) directors.  Each
director  is elected by the shareholders of the Company and will serve until the
next  annual  meeting  or  until a successor is elected or appointed.  Executive
officers  are  appointed  annually  and  serve at the discretion of the board of
directors.  There  are  currently  no  arrangements or understandings between or
among  any of the above persons pursuant to which they were selected as director
or  executive officer. The Membership of the Board of Directors for 1 January to
31  December  2000  was  as  follows:


Name                   Position             Country        Off-Board  Activity
--------------------------------------------------------------------------------
Jack L. Mahan, Jr.     President/Chairman     US          Management Consultant
James  A.  Bishop      CFO/Secretary          US          Management Consultant
William  Cate          Director             BZ/US         Management Consultant
Malcolm  Granger       Director               UK          Health  Consultant
Ian  N.  Collins       Director               UK          Management Consultant


     The  principal  managers  of  the  Company  have  experience  with business
start-up,  management  financing,  consulting,  credit  underwriting, and public
corporation  growth  and  development.  J.  Mahan is president, with three years
experience  in the Company, and J. Bishop is CFO, with three years experience in
the  Company.  They  have  managed  the Company from its inception.  None of the
managers  or  the  board  members  has  any familial relationship.  There are no
arrangements  of understandings with major shareholders, customers, suppliers or
others,  pursuant  to  which  any  person  referred  to  above was selected as a
director  or  member  of  senior  management.

B.  COMPENSATION.

     As  per  the  recommendation  of  the  EFHC Board of Directors Compensation
Committee  meeting  held in December 2000 in London, United Kingdom, the Company
disclosed  the  information  below  to  its  shareholders  through  the  proxy
solicitation  and  at  the  annual  shareholders  meeting held in December 2000.

     COMPENSATION  OF  DIRECTORS

     For the year ended December 31, 2000 and the two (2) preceding years of the
Company's  existence,  there  was  no  compensation  paid  by the Company to its
directors  as a group.  In the year 2001, the directors may receive compensation
in  the  amount  of  $100.00  per  month and $500.00 for each board of directors
meeting  that  they attend.  This applies to directors who are not paid a salary
by  the  Company.  Board  members will be reimbursed for all travel expenses for
the  general  annual meeting.  There are no stock options, retirement plans, nor
agreements  for  compensation  upon  separation  from  the  Board  of Directors.


     COMPENSATION  OF  OFFICERS

     For the year ended December 31, 2000 and the two (2) preceding years of the
Company's  existence,  there  was  no  compensation  paid  by the Company to its
officers.  The estimated value of services contributed by the Company's Officers
has  been  recorded  in  additional paid in capital. The Company has developed a
formal  strategic  policy  regarding  the  compensation  of  its  executives and
officers that will be implemented when profitable operating results are achieved
and  appear  sustainable.  This  policy is intended to ensure executives a total
compensation  package  that is commensurate with their skill and experience.  In
addition  to  salary,  each  officer  will  receive a benefits package including
medical,  dental, vision, liability and life insurance.  J. Mahan, Jr. and J. A.
Bishop,  as President/Director and CFO/Director, respectively, will each receive
an  annual  salary  of  $100,000.  W.  Cate,  in his capacity as Treasurer, will
receive  an  annual salary of $12,000.00.  The eventual aggregate salary paid to
the officers, excluding the management benefits package described above, will be
$212,000.  There  are  no  stock  options,  retirement plans, nor agreements for
compensation  upon  separation  from  the  Company.


                             20-F     Page 14 of 40
<PAGE>
C.  BOARD  PRACTICES.

          The  experience  and  committee  assignments  of  the Company Board of
Directors  are  described  below.  The  Company  has  been  in  existence  for
approximately  3  years.


Years Experience and Committee Position:
----------------------------------------
Name                   Position              Years         Committee
-----------------------------------------------------------------------------
Jack L. Mahan, Jr.     President/Secretary     3          Executive
James  A.  Bishop      CFO/Director            3          Executive
William  Cate          Chairman                3          Executive
Malcolm  Granger       Director                3          Audit/Compensation
Ian  N.  Collins       Director                3          Audit/Compensation

     The  Board  of  Directors  meets on a quarterly basis, or more often at the
discretion  of  the  Chairman.  An  executive  committee  of  three directors is
authorized  to  meet at its discretion.  A quorum is necessary for voting.  Each
Board  Member  is  provided  one  vote.  Votes  may  be  cast  in  person,  by
teleconference/videoconference,  fax,  or  email.  Year 2000 Board Meetings were
held  in  Belize,  United  States  and  United  Kingdom.  The  Board  Audit  and
Compensation Committees met in December of 2000, in the United Kingdom, prior to
the  Annual  Shareholder  Meeting.  The Annual Shareholders meeting is generally
scheduled  for  December  of  each  year.

     Article 4.5 of the Memorandum of Association provides that the remuneration
of  the  directors  shall  from  time  to  time  be determined by the Company by
                                                                  -----------
ordinary  resolution.  Article  4.11  of  the Memorandum of Association provides
that  directors  may exercise all the powers of the Company to borrow money, and
to mortgage or charge its undertaking, property and uncalled capital or any part
thereof,  and  to issue securities whether outright or as security for any debt,
liability  or  obligation  of  the  Company for any third party.  Such borrowing
powers  can  only  be  altered  through  an  amendment  to  the  Memorandum  of
Association.  Directors  of  the  Company  are not required to own shares of the
Company  in  order  to  serve  as  directors.


     For  the  convenience  of the US stockholders, the 2000 annual shareholders
meeting  was conducted December 17, 2000 in Pleasanton, California, USA. At this
meeting,  Mr.  Cate  was  elected  to  the  office  of  Chairman of the Board of
Directors  and  Mr.  Mahan to the office of Secretary of the Board. Additionally
Mr.  King  Kwok Yu, of Hong Kong, China, was elected to the Board to replace the
retiring  Malcolm  Granger.  Mr. Yu was appointed to the audit committee and the
compensation  committee.  The  election was to be effective January 1, 2001. The
other  directors  were  elected  to  continue  in  their  present positions. The
officers  were  directed  to  continue in place. The annual meeting of the Audit
Committee and the Compensation Committee was held in London on December 4, 2000,
results  of  which  were  reported  at  the  annual  shareholders  meeting.

     As  a  new  Board Member, Mr. King Kwok Yu's background is as follows: KING
KWOK  YU  received a Bachelor of Arts in Economics from York University (Canada)
in  1976,  a  Master  of  Arts in Economics from University of California, Santa
Barbara  in  1977  and  a  Masters in Business Administration in Accounting from
Golden  Gate  University in San Francisco, California in 1979. Mr. Yu registered
as  a  Certified Public Accountant with the Board of Accountancy of the State of
California in 1982 and now holds an inactive Certified Public Accountant status.
In  1984,  Mr.  Yu  became  an  Associate  Member  of  the  Hong Kong Society of
Accountants.  From  1979  to  1984, Mr. Yu was Staff Auditor/Audit Supervisor to
Oppenheim,  Appel,  Dixon  & Co. (which included the practice of Robinson, Sain,


                             20-F     Page 15 of 40
<PAGE>
Snyder & Reiss) in San Francisco and Los Angeles, California. From 1984 to 1987,
Mr.  Yu was Audit Supervisor/Assistant Audit Manager to the Hong Kong offices of
Ernst  &  Whitney  and  Spicer  & Oppenheim. From 1987 to 1988, Mr. Yu served as
Group  Financial Controller to Glynhill International Limited in Hong Kong. From
1988  to  1990,  Mr.  Yu  was Group Chief Accountant to Polly Peck International
(Hong  Kong)  Limited.  In  1991, Mr. Yu was Director to PHINA Corporate Finance
Services  (Asia)  Limited  in  Hong  Kong.  From  1992 to 1994, Mr. Yu was Group
Finance  Director to Cathay International Group based in Hong Kong. From 1992 to
1994,  Mr.  Yu  also  provided  professional  advisory  services  to  Cathay
International  Group  through  D.M.  Forant  Inc., a company incorporated in the
State  of  Delaware  and  to which Mr. Yu was the sole stockholder, director and
officer.  D.M.  Forant Inc. did not render professional advisory services to any
other  entities, and has not carried out any activities since 1995. From 1994 to
1997,  Mr.  Yu  served as Director and Chief Financial Officer to Pharmaceutical
China  Inc.,  British  Virgin  Islands,  Faulding  China Limited, Hong Kong, and
Foshan Faulding Pharmaceutical Co. Ltd., P.R.C. From 1997 to 1998, Mr. Yu served
as  Executive Director to Richard King & Company Limited, of which he had been a
Director  since  1991.  From February 1999 to April 1999, Mr. Yu has served as a
Consultant  and  Associate  Director  to  Hantec  Asia  Alliance Capital (China)
Limited.  In  May  1999,  Mr.  Yu  formed  Paddington  Inc.  with  two  business
associates.  Paddington  Inc.  was  a  Blank  Check  Company  with  common stock
registered  under  the Securities Act or the Exchange Act. As defined in Section
7(b)(3)  of  the  Securities Act, a "blank check" company is a development stage
company  that has no specific business plan or purpose or has indicated that its
business  plan  is  to  engage  in  a merger or acquisition with an unidentified
company  or companies and is issuing "penny stock" securities as defined in Rule
3a51-1  of the Exchange Act. From May 1999 to September 2000, Mr. Yu served as a
Director  to Paddington Inc. Mr. Yu resigned as a Director to Paddington Inc. in
September  2000  after  Paddington  Inc.  effected  a  merger  with Supply Chain
Services, Limited in August 2000. From May 2000 to present, Mr. Yu is an Officer
of  Paddington  Inc. Mr. Yu also serves as a Director to several other Hong Kong
and  US  companies, all of which have not carried out any business activities in
the  last  five years, and all of which remain inactive as of the date of filing
of  this  annual  report.


D.  EMPLOYEES.

     The Company has no employees. There are no stock options, retirement plans,
nor  agreements  for  compensation  upon  separation  from  the  Company.


E.  SHARE  OWNERSHIP.

     Members  of  the  Board  own  the  following  EFHC  shares*:

DATE           WHO        SHARES   STOCK       TRANSACTION
16-Aug-00  JAMES BISHOP      Less  EFHLF (0RD)
                          than 1%
29-Dec-00  CATE, WILLIAM  * 2,000  EFHLF (ORD)  Purchased at $1.50/Share.
           Director                             Cost of $3,000.
26-Dec-00  CATE, WILLIAM  * 1,000  EFHLF (ORD)  Purchased at $1.75/Share.
           Director                             Cost of $1,750.
23-Oct-00  CATE, WILLIAM  * 3,500  EFHLF (ORD)  Purchased at $0.75/Share.
           Director                             Cost of $2,625.
*Insider  &  restricted  shareholder  transactions  reported  over the last year
(http://finance.yahoo.com/q?s=EFHLF.OB&d=t).  EFHLF  is  the  NASD OTCBB trading
     -------------------------------------
symbol  for  EFHC  shares.


                             20-F     Page 16 of 40
<PAGE>
     Mr.  Cate's  shares,  as  reflected  in  insider  trading  filings with the
Securities  and  Exchange  Commission  on  EDGAR  and  on  the  Internet  at
http://finance.yahoo.com/q?s=EFHLF.OB&d=t,  are  owned  in  the  name of Beowulf
-----------------------------------------
Investments.  There  are  no stock options, retirement plans, nor agreements for
employees;  or  share  compensation  upon  separation  from  the  Company.


ITEM  7.  MAJOR  SHAREHOLDERS  AND  RELATED  PARTY  TRANSACTIONS

A.  MAJOR  SHAREHOLDERS.

     The  following is provided regarding the Company's major shareholders; that
is,  the  beneficial  owners  of 5% or more of the Company's common share voting
securities.  Provided are the names of the major shareholders, and the number of
shares  and  the  percentage of outstanding shares of the common shares owned by
each  of  them  as  of  December  2000.

EFHC REGISTRANT NAME                                     COMMON    PERCENTAGE
                                                         SHARES
Equity Finance International Corporation, Belize, C.A.  1,588,416       30.84%
Equity Finance Information Systems, Belize, C.A.        1,163,525       22.59%
Augen Opticien GMBH of Honk Kong Ltd., Belize, C.A.     1,133,525       22.01%
International Money School, Belize, C.A.                1,133,525      22.014%

     The  Company's  major  shareholders  do  not  have different voting rights.


B.  RELATED  PARTY  TRANSACTIONS.

     The Company has four shareholders that own more than 5% of the total shares
outstanding. These shareholders are resident in Belize. Their stock has not been
registered  with  the  United  States  Securities  and  Exchange Commission and,
therefore,  cannot be sold in the United States. Any sale of such shares outside
the United States would not be afforded any protection under American Securities
Laws,  since  the  unregistered  shares  are  not  subject  to the United States
Securities  and  Exchange  regulation.

     William  Cate,  director,  has  filed  disclosures  of  interest  with  the
Securities  and  Exchange Commission.  These are exhibited on the EDGAR Internet
service  and  http://finance.yahoo.com/q?s=EFHLF.OB&d=t.  The  filings  are  as
              -----------------------------------------
follows:

29-Dec-00  CATE, WILLIAM  * 2,000  EFHLF (ORD)  Purchased at
           Director                             $1.50/Share.
                                                Cost of $3,000.
26-Dec-00  CATE, WILLIAM  * 1,000  EFHLF (ORD)  Purchased at
           Director                             $1.75/Share.
                                                Cost of $1,750.
23-Oct-00  CATE, WILLIAM  * 3,500  EFHLF (ORD)  Purchased at
           Director                             $0.75/Share.
                                                Cost of $2,625.

     Mr.  James  A.  Bishop, Director and Officer, has disclosed the purchase of
the  Company  shares  as  of 16 August 2000 totaling less than 1% of the Company
shares.  His son, Christopher Bishop, is also the beneficial holder of less than
1%  of  the  Company  shares.


                             20-F     Page 17 of 40
<PAGE>
     Certain Directors of the Company are the principal owners of EFIC, QVPI and
ITEL.  QVPI  and  ITEL  are  non-operating companies with nominal assets.  These
companies  were  formed  by  EFHC  on behalf of Program clients. At December 31,
2000,  these  Directors are the beneficial owners of approximately 97.50% of the
Company's  shares  and  approximately  10%  of  the  shares  of  QVPI  and ITEL.

     During 1998, the Company distributed 4,634,097 shares valued at US$.001 per
share to EFIC to partially repay principal and interest outstanding on a related
party  note  payable.  Equity  Finance  International  Corporation  has provided
capital  to  the  Company  and  in  return  has received an unsecured note, plus
accrued interest, totaling $51,224 at 31 December 2000. A note has been provided
to  International  Technology  Enterprises  Ltd.,  a  Belize,  Central  America,
International  Business  Corporation, in the amount of US$2,575, for purchase of
514,920  shares  of  common  stock.

     On April 1, 1998, Beowulf Investments (Beowulf), whose managing director is
a  director  of  the  Company, purchased 3,000,000 warrants from the Company for
$2,000.  The  warrant  exercise  prices  were  as follows: 1,000,000 warrants at
US$1.95,  1,000,000  at  US$3.25 per share and 1,000,000 warrants at US$5.20 per
share.  The  unchanged documenting agreement, the Warrant Funding Agreement, has
been  reported  previously  in a registration statement on Form F-1 Amendment 6,
effective  23  March  1999  under  the Securities Act, of Equity Finance Holding
Corporation,  IBC No. 6825, incorporated, Belize, Central America, 6 March 1998,
and  is  hereby  incorporated by specific reference in this annual report to the
previous  registration  statement  which  was  determined  effective by the U.S.
Securities  and  Exchange  Commission on March 23, 1999. The warrants expired on
September  30,1999.

     On April 1, 1998, the Company, EFIC, and Beowulf Investments entered into a
Stock  Pooling Agreement. The unchanged documenting agreement, the Stock Pooling
Agreement,  has been reported previously in a registration statement on Form F-1
Amendment  6,  filed  under  the  Securities  Act  of  Equity  Finance  Holding
Corporation,  IBC No. 6825, incorporated, Belize, Central America, 6 March 1998,
and  is  hereby  incorporated by specific reference in this annual report to the
previous  registration  statement  which  was  determined  effective by the U.S.
Securities  and  Exchange  Commission on March 23, 1999. The warrants expired on
September  30  1999.  Shares  purchased  by EFIC are subject to a Lockup/Pooling
agreement between EFHC, EFIC and Beowulf Investments which restricts the sale of
the  shares  for  a  period  of five years from the March 1, 1999 sale date. The
parties  can  amend  the  Lockup/Pooling  agreement.

     During  April 1998, the Company entered into an agreement to provide a loan
up  to  $500,000 to a client, QVP Family Products, Inc., a private United States
company  for  the  purposes  of  sustaining their operations and financing their
acquisition  of  a target company should the Company be unable to arrange equity
funding of up to $10,400,000 for the client company prior to October 1998.  Such
financing  has  not  been  arranged;  however, the Company was only obligated to
provide  this  loan  from the proceeds received from the exercise of outstanding
warrants.

     On  October  22,  1998,  the Company distributed 4,634,097 shares valued at
US$.001  per share to EFIC to partially repay principal and interest outstanding
on the related party note payable discussed above.  These shares will be subject
to  the  Lockup/Pooling  agreement  between  EFHC,  EFIC and Beowulf Investments
outlined  below.  Management  believes  that the agreed upon per share value was
materially  consistent  with  fair  value.

     During  1998,  the  Company  sold 514,900 shares of its common stock to A&A
International  Industries,  Inc.  a  Canadian corporation publicly traded in the
United  States  (A&A),  for  Canadian  $.01  (approximately  US$00.65).  A&A
distributed  the shares to its shareholders as a non-cash dividend.  Certain A&A
shareholders  entered  into  separate agreements and immediately sold 346,455 of
the  distributed EFHC shares at a price of Canadian $.02 (approximately US$.013)
to  EFIC,  the  sole  shareholder  of the Company prior to the A&A sale.  Shares
purchased  by  EFIC are subject to a Lockup/Pooling agreement between EFHC, EFIC
and  Beowulf  Investments which restricts the sale of the shares for a period of
five  years  from  the  March  1,  1999  sale  date.  The  parties can amend the
Lockup/Pooling  agreement.


                             20-F     Page 18 of 40
<PAGE>
     On  October 22, 1999, warrants for 3,000,000 shares of the Company's common
stock were distributed to EFIC. The related party note to EFIC (discussed above)
was  reduced  by  US$1,000.  The  warrants have an exercise price of US$3.34 per
share  and  expire  on  October  22, 2002, with an option to extend.  Management
believes  the  agreed-upon  warrant purchase price is materially consistent with
the  fair  value  of  the  warrants.

     On  December  28,  2000, the Company purchased 514,920 shares, representing
10%  of  the  outstanding  shares,  of stock of QVP International Ltd. (QVPI), a
related  party,  for  US$0.005  per  share.  The  stock  was  purchased with the
issuance of a $2,574.60 note payable to QVPI.  The Company distributed one share
of  QVPI  stock for every 10 shares of EFHC stock held to EFHC shareholders as a
non-cash  dividend declared December 28, 2000 to shareholders of record December
29,  2000.  Management  believes  the  agreed-upon  purchase price is materially
consistent  with  the  fair  value  of  the  shares  purchased.

     On  December  28,  2000, the Company purchased 514,920 shares, representing
10%  of  the  outstanding  shares,  of  stock  from  International  Technology
Enterprises Ltd. (ITEL), a related party, for US$0.005 per share.  The stock was
purchased  with  the  issuance of a $2,574.60 note payable to ITEL.  The Company
distributed  one  share  of ITEL stock for every 10 shares of EFHC stock held to
EFHC  shareholders  as  a  non-cash  dividend  declared  December  28,  2000  to
shareholders  of  record December 29, 2000.  Management believes the agreed-upon
purchase  price  is  materially  consistent  with  the  fair value of the shares
purchased.

C.  INTERESTS  OF  EXPERTS  AND  COUNSEL.
Not  applicable.


                             20-F     Page 19 of 40
<PAGE>
ITEM  8.  FINANCIAL  INFORMATION.

A.  STATEMENTS  AND  OTHER  FINANCIAL  INFORMATION.

     Relevant  audited  financial  information  appears  below.


                       EQUITY FINANCE HOLDING CORPORATION


                              FINANCIAL STATEMENTS


                 FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999

                          AND THE PERIOD FROM INCEPTION

                      (MARCH 6, 1998) TO DECEMBER 31, 1998

                                       AND

                          INDEPENDENT AUDITOR'S REPORT


                             20-F     Page 20 of 40
<PAGE>
                          INDEPENDENT AUDITOR'S REPORT
                          ----------------------------



The  Board  of  Directors
Equity  Finance  Holding  Corporation

     We  have  audited  the accompanying balance sheet of Equity Finance Holding
Corporation  (the  "Company")  as of December 31, 2000 and 1999, and the related
statements  of  operations,  shareholders'  deficit and cash flows for the years
ended  December  31, 2000 and 1999 and the period from inception (March 6, 1998)
to  December 31, 1998.  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 of America.  Those standards require that we plan
and  perform  the  audits  to  obtain  reasonable  assurance  about  whether the
financial  statements  are  free  of  material  misstatement.  An audit includes
examining,  on  a test basis, evidence supporting the amounts and disclosures in
the  financial  statements.  An  audit  also  includes  assessing the accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating  the  overall  financial statement presentation.  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 Equity Finance Holding
Corporation at December 31, 2000 and 1999, and the results of its operations and
its  cash  flows  for  the years ended December 31, 2000 and 1999 and the period
from  inception  (March  6,  1998)  to  December  31,  1998  in  conformity with
accounting  principles  generally  accepted  in  the  United  States of America.

     The  accompanying financial statements have been prepared assuming that the
Company  will  continue as a going concern.  As discussed in Note 9, the Company
has  an  accumulated  deficit  of  $880,124  and  has  not  achieved  profitable
operations.  Additionally,  current  liabilities  exceed  current  assets  by
$167,818.  This raises substantial doubt about the Company's ability to continue
as  a  going  concern.  The  financial statements do not include any adjustments
that  might  result  from  the  outcome  of  this  uncertainty.



/s/  Perry-Smith  LLPG
----------------------
Signed


Sacramento,  California
March  2,  2001


                             20-F     Page 21 of 40
<PAGE>
<TABLE>
<CAPTION>
                       EQUITY FINANCE HOLDING CORPORATION

                         BALANCE SHEET (IN U.S. DOLLARS)

                           DECEMBER 31, 2000 AND 1999


                                                             2000        1999
                                                          ----------  ----------
<S>                                                       <C>         <C>
                                     ASSETS

Current assets:
    Cash                                                  $   1,189   $     582
    Work in process                                          45,000
    Other assets                                              3,500
                                                          ----------  ----------

            Total current assets                          $  49,689   $     582
                                                          ==========  ==========

                                 LIABILITIES AND
                              SHAREHOLDERS' DEFICIT

Current liabilities:
    Accounts payable and other liabilities (Note 2)       $  77,507   $  65,503
    Deferred revenue                                        140,000      45,000
                                                          ----------  ----------

            Total current liabilities                       217,507     110,503

Note payable (Note 3)                                        45,971      43,450
Related party notes payable (Note 4)                         56,374      26,355
                                                          ----------  ----------

            Total liabilities                               319,852     180,308
                                                          ----------  ----------

Commitments (Note 5)

Shareholders' deficit (Note 6):
    Common stock, par value $0.001; 100,000,000
        shares authorized, 5,149,000 shares outstanding       5,149       5,149
    Additional paid-in capital                              604,812     392,812
    Accumulated deficit                                    (880,124)   (577,687)
                                                          ----------  ----------

            Total shareholders' deficit                    (270,163)   (179,726)
                                                          ----------  ----------

                                                          $  49,689   $     582
                                                          ==========  ==========
</TABLE>


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


                             20-F     Page 22 of 40
<PAGE>
<TABLE>
<CAPTION>
                       EQUITY FINANCE HOLDING CORPORATION

                    STATEMENT OF OPERATIONS (IN U.S. DOLLARS)

             FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999 AND THE
           PERIOD FROM INCEPTION (MARCH 6, 1998) TO DECEMBER 31, 1998



                                             2000         1999         1998
                                          -----------  -----------  -----------
<S>                                       <C>          <C>          <C>
Revenues:
    Consulting fees                                    $    1,429   $    4,922
                                          -----------  -----------  -----------

Operating expenses:
    Salaries                              $  212,000      212,000      174,977
    Professional fees                         51,663        2,171      129,737
    Transfer agent fees                        5,365        6,492
    Referral fees                              1,635        1,591       25,300
    Other                                     20,809       11,329       15,205
                                          -----------  -----------  -----------

            Total operating expenses         291,472      233,583      345,219
                                          -----------  -----------  -----------

            Loss from operations            (291,472)    (232,154)    (340,297)

Other income (expense):
    Interest income                              400
    Interest expense                          (6,215)      (3,955)      (1,281)
                                          -----------  -----------  -----------

            Total other income (expense)      (5,815)      (3,955)      (1,281)
                                          -----------  -----------  -----------

            Loss before income taxes        (297,287)    (236,109)    (341,578)

Income taxes (Note 8)                              -            -            -
                                          -----------  -----------  -----------

            Net loss                      $ (297,287)  $ (236,109)  $ (341,578)
                                          ===========  ===========  ===========

Basic and diluted loss per share          $    (0.06)  $    (0.05)  $    (0.07)
                                          ===========  ===========  ===========

Weighted average outstanding shares        5,149,000    5,065,770    4,587,910
                                          ===========  ===========  ===========
</TABLE>


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


                             20-F     Page 23 of 40
<PAGE>
<TABLE>
<CAPTION>
                                 EQUITY FINANCE HOLDING CORPORATION

                        STATEMENT OF SHAREHOLDERS' DEFICIT (IN U.S. DOLLARS)

                       FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999 AND THE
                     PERIOD FROM INCEPTION (MARCH 6, 1998) TO DECEMBER 31, 1998

                                             COMMON  STOCK
                                       ---------------------------
                                                                   ADDITIONAL               TOTAL
                                                                    PAID-IN  ACCUMULATED
SHAREHOLDERS-
                                          SHARES        AMOUNT      CAPITAL    DEFICIT     DEFICIT
                                       ------------  -------------  --------  ----------  ----------
<S>                                    <C>           <C>            <C>       <C>         <C>
Issuance of common stock for $1.00
    per share                                    3                  $      3              $       3

Issuance of common stock for $0.001
    per share (Note 6)                   4,634,097                     4,634                  4,634

Issuance of stock purchase warrants
    (Note 6)                                                           2,000                  2,000

Services contributed by principals
    without compensation                                             174,977                174,977

Net loss                                                                      $(341,578)   (341,578)
                                       ------------  -------------  --------  ----------  ----------

Balance, December 31, 1998               4,634,100          4,634    176,980   (341,578)   (159,964)

Issuance of common stock for $0.0065
    per share (Note 6)                     514,900            515      2,832                  3,347

Issuance of stock purchase warrants
    (Note 6)                                                           1,000                  1,000

Services contributed by principals
    without compensation                                             212,000                212,000

Net loss                                                                       (236,109)   (236,109)
                                       ------------  -------------  --------  ----------  ----------

Balance, December 31, 1999               5,149,000          5,149    392,812   (577,687)   (179,726)

Issuance of non-cash dividends
    (Note 6)                                                                     (5,150)     (5,150)

Services contributed by principals
    without compensation                                             212,000                212,000

Net loss                                                                       (297,287)   (297,287)
                                       ------------  -------------  --------  ----------  ----------

Balance, December 31, 2000               5,149,000   $      5,149   $604,812  $(880,124)  $(270,163)
                                       ============  =============  ========  ==========  ==========
</TABLE>


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


                             20-F     Page 24 of 40
<PAGE>
<TABLE>
<CAPTION>
                         EQUITY FINANCE HOLDING CORPORATION

                     STATEMENT OF CASH FLOWS (IN U.S. DOLLARS)

               FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999 AND THE
             PERIOD FROM INCEPTION (MARCH 6, 1998) TO DECEMBER 31, 1998


                                                    2000        1999        1998
                                                 ----------  ----------  ----------
<S>                                              <C>         <C>         <C>
Cash flows from operating activities:
   Net loss                                      $(297,287)  $(236,109)  $(341,578)
   Adjustments to reconcile net loss
      to net cash used in operating activities:
         Increase in work in process               (45,000)
         Increase in other assets                   (3,500)
         Increase in accounts payable and
            other liabilities                       12,004      16,710      90,793
         Increase in deferred revenue               95,000                  45,000
         Increase in accrued interest included
            in notes payable                         5,510       3,433       1,203
         Services contributed by principals        212,000     212,000     174,977
                                                 ----------  ----------  ----------

               Net cash used in operating
                  activities                       (21,273)     (3,966)    (29,605)
                                                 ----------  ----------  ----------

Cash flows from financing activities:
   Proceeds from related party notes
      payable                                       21,880       1,650      32,500
   Issuance of common stock                                                      3
                                                 ----------  ----------  ----------

               Net cash provided by financing
                  activities                        21,880       1,650      32,503
                                                 ----------  ----------  ----------

               Increase (decrease) in cash             607      (2,316)      2,898

Cash at beginning of year                              582       2,898
                                                 ----------  ----------  ----------

Cash at end of year                              $   1,189   $     582   $   2,898
                                                 ==========  ==========  ==========
</TABLE>


                                   (Continued)


                             20-F     Page 25 of 40
<PAGE>
<TABLE>
<CAPTION>
                       EQUITY FINANCE HOLDING CORPORATION

                    STATEMENT OF CASH FLOWS (IN U.S. DOLLARS)
                                   (Continued)
             FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999 AND THE
           PERIOD FROM INCEPTION (MARCH 6, 1998) TO DECEMBER 31, 1998


                                                 2000    1999     1998
                                                ------  -------  ------
<S>                                             <C>     <C>      <C>
Supplemental schedule of non-cash
   financing activities:

      Issuance of related party note payable
         in purchase of QVP International
         stock (Note 4)                         $2,575  $     -  $    -
                                                ======  =======  ======

      Issuance of related party note payable
         in purchase of International
         Technology Enterprises Limited
         stock (Note 4)                         $2,575  $     -  $    -
                                                ======  =======  ======

      Reduction of related party note payable
         through sale of warrants (Notes 4
         and 6)                                 $    -  $ 1,000  $2,000
                                                ======  =======  ======

      Reduction of related party note payable
         through issuance of common stock
         (Notes 4 and  6)                       $    -  $ 3,347  $4,634
                                                ======  =======  ======

      Conversion of account payable to an
         unsecured note payable (Note 3)        $    -  $42,000  $    -
                                                ======  =======  ======

      Increase of accumulated deficit
         through issuance of non-cash
         dividends (Note 6)                     $5,150  $     -  $    -
                                                ======  =======  ======
</TABLE>


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


                             20-F     Page 26 of 40
<PAGE>
                       EQUITY FINANCE HOLDING CORPORATION

                          NOTES TO FINANCIAL STATEMENTS


1.  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

     Description  of  Business
     -------------------------

     Equity  Finance Holding Corporation (the Company) was incorporated on March
     6,  1998 in Belize, Central America with offices in Punta Gorda, Belize and
     Playas  De  Rosarito,  B.C., Mexico. The Company is a management consulting
     corporation  and  marketer  of management and financial consulting services
     offered  principally to small businesses with annual sales of $1,000,000 to
     $20,000,000.  The  Company  will provide resources to a variety of business
     clients, allowing them to develop their capitalization to achieve corporate
     growth.  Additionally,  the  Company  will provide counsel and expertise to
     this  market segment, which will allow the closely-held client corporations
     to  be  held  more  broadly  and  develop  equity through capital infusion.

     The  Company  will  provide  its  management  consulting services through a
     five-year  program  of  coordinated management decisions and acquisition of
     resources  under the name "The Advantage 2000 Program." The Company markets
     and  sells  its services principally through representatives in California.

     The  Company maintains its books and records in United States dollars using
     accounting  principles  generally accepted in the United States of America.

     Revenue  Recognition
     --------------------

     The  Company  recognizes revenue for Advantage 2000 Program (the "Program")
     services  using  the  specific  performance method with revenue recognition
     tied  to  the  completion  of  identifiable  milestones.  Substantially all
     services  to be provided by the Company in connection with the Program will
     have  been completed prior to the recognition of revenue. Revenue for other
     consulting  services  provided  to  Program clients will be recognized upon
     completion  of  the  contracted  task.  Company clients are not required to
     purchase  supplemental  services  from  the Company and client entitlements
     related  to refunds vary by contract, but generally allow for the return of
     unearned  advances,  less  a  5%  processing  fee.

     Deferred  Revenue
     -----------------

     Deferred revenue consists of retainers collected from clients in advance of
     reaching  contractual  milestones  for  recognizing  the  revenue.

     Work  in  Process
     -----------------

     Work  in  process  represents  costs  incurred related to providing Program
     services  which have not yet been earned. These costs will be recognized in
     operating  expenses  upon meeting the milestones for recognizing revenue as
     outlined  above.


                             20-F     Page 27 of 40
<PAGE>
1.  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (Continued)

     Salaries
     --------

     The  Company currently has no employees. Management and oversight functions
     have  been  provided,  without  charge,  by  principals of the Company. The
     Company  has recorded salary expense in an amount that it believes would be
     commensurate  with  compensation  that  would  be  paid  to  employees.  A
     corresponding  charge  has  been  recorded  in  additional paid-in-capital.

     Income  Taxes
     -------------

     The  Company's  primary tax reporting country is Belize. Under Belize laws,
     foreign earned income is taxable only on income transferred to Company bank
     accounts  in Belize. Income from operations in the United States is taxable
     by  the  United  States  and  applicable  state  governments.

     Deferred tax assets and liabilities are recognized for the tax consequences
     of  temporary  differences  between  the  reported  amounts  of  assets and
     liabilities  and  their  tax bases. Deferred tax assets and liabilities are
     adjusted  for  the  effects of changes in tax laws and rates on the date of
     enactment.

     Earnings  (Loss)  Per  Share
     ----------------------------

     Basic earnings (loss) per share (EPS), which excludes dilution, is computed
     by dividing income available to common shareholders by the weighted-average
     number  of  common  shares outstanding for the period. Diluted EPS reflects
     the potential dilution that could occur if securities or other contracts to
     issue  common  stock,  such  as  warrants, result in the issuance of common
     stock,  which  shares  in  the  earnings  of  the  Company.

     Warrants  to  purchase  3,000,000 shares of the Company's common stock were
     outstanding at December 31, 2000 and 1999 (see Note 6). These warrants were
     not  considered  in the calculation of earnings per share as the conversion
     of  potential common stock equivalents is antidilutive when a net loss from
     operations  occurs.

     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.

2.  ACCOUNTS  PAYABLE

     At  December  31, 2000 and 1999, accounts payable includes a $42,750 refund
     due  to  a  former  Program  participant.


                             20-F     Page 28 of 40
<PAGE>
3.  NOTE  PAYABLE

     In  June  1999,  the  Company  negotiated  the settlement of an outstanding
     account  payable  through  the issuance of an unsecured note payable to the
     service provider totaling $42,000. The note bears interest at 5% and is due
     June  2004. No payment of either principal or interest is required prior to
     the  maturity  date.  The  service provider has the ability to exchange the
     note  for  100,000  shares  of  the Company's stock owned by Equity Finance
     International  Corporation (EFIC). Accrued interest included in the balance
     of  the  note  payable  totaled  $3,971 and $1,450 at December 31, 2000 and
     1999,  respectively.

4.  RELATED  PARTY  NOTES  PAYABLE

     Related  party  notes  payable  consist  of  the  following:


                                                              2000     1999
                                                             -------  -------

     Equity Finance International Corporation (EFIC),
          6% annual interest, principal and interest due
          March 2003.                                        $51,224  $26,355
     QVP International (QVPI), 5% annual interest,
          principal and interest due December 2005
          (Note 6)                                             2,575

     International Technology Enterprises Limited
          (ITEL), 5% annual interest, principal and
          interest due December 2005 (Note 6)                  2,575
                                                             -------  -------

                                                             $56,374  $26,355
                                                             =======  =======


     Accrued  interest  included  in  the  balance  of  the note payable to EFIC
     totaled  $6,175  and  $3,186  at  December 31, 2000 and 1999, respectively.

     Certain  directors  of  the  Company are the principal owners of EFIC and a
     Company  director  serves  on the Board of QVPI and ITEL. QVPI and ITEL are
     non-operating  companies  with nominal assets that have been established by
     Program  clients.  At December 31, 2000, these directors are the beneficial
     owners of approximately 97.5% of the Company's shares and approximately 10%
     of the outstanding shares of QVPI and ITEL. All related party notes payable
     are  unsecured.

5.   COMMITMENTS

     In  April  1998, the Company entered into an agreement to provide a loan up
     to  $500,000  to  a  client  company  for  the purposes of sustaining their
     operations  and  financing their acquisition of a target company should the
     Company  be  unable to arrange equity funding of $10,400,000 for the client
     company  prior  to  October  1998.  Such  financing  has not been arranged;
     however,  the  Company  was  only  obligated  to provide this loan from the
     proceeds  received  from the exercise of outstanding warrants (see Note 6).


                             20-F     Page 29 of 40
<PAGE>
6.   SHAREHOLDERS'  DEFICIT

     During  1998,  the Company distributed 4,634,097 shares valued at $.001 per
     share  to EFIC to partially repay principal and interest outstanding on the
     related  party  note  payable  discussed  in  Note  4. These shares will be
     subject  to  the  Lockup/Pooling  agreement  between EFHC, EFIC and Beowulf
     outlined  below.  Management  believes that the agreed-upon per share value
     was  materially  consistent  with  fair  value.

     On April 1, 1998, Beowulf Investments (Beowulf), whose managing director is
     a  director  of the Company, purchased warrants for 3,000,000 shares of the
     Company's  common  stock  for  $2,000.  The warrant exercise prices were as
     follows:  1,000,000  warrants  at  $1.95;  1,000,000 warrants at $3.25; and
     1,000,000  warrants  at  $5.20. The warrants expired on September 30, 1999.

     On  October 22, 1999, warrants for 3,000,000 shares of the Company's common
     stock were distributed to EFIC and the related party note payable discussed
     in  Note  4  was  reduced by $1,000. The warrants have an exercise price of
     $3.34  per  share and expire on October 22, 2002, with an option to extend.
     Management  believes  the  agreed-upon warrant purchase price is materially
     consistent  with  the  fair  value  of  the  warrants.

     The  Company  sold  514,900 shares of its common stock to A&A International
     Industries,  Inc.,  a  Canadian  corporation  publicly traded in the United
     States  (A&A), for Canadian $.01 (approximately US $.0065). A&A distributed
     the  shares  to  its  shareholders  as  a  non-cash  dividend.  Certain A&A
     shareholders  entered into separate agreements and immediately sold 346,455
     of  the  distributed EFHC shares at a price of Canadian $.02 (approximately
     US  $.013)  to  EFIC,  the sole shareholder of the Company prior to the A&A
     sale.  Shares  purchased  by EFIC are subject to a Lockup/Pooling agreement
     between  EFHC, EFIC and Beowulf, which restricts the sale of the shares for
     a period of five years from the March 1, 1999 sale date. The Lockup/Pooling
     agreement  can  be  amended  by  the  parties.

     On  December  28,  2000, the Company purchased 514,900 shares, representing
     10%  of  the  outstanding  shares of stock from QVP International (QVPI), a
     related  party,  for  $0.005  per  share.  The stock was purchased with the
     issuance of a $2,575 note payable to QVPI (Note 4). The Company distributed
     one  share  of  QVPI  stock  for every 10 shares of EFHC stock held to EFHC
     shareholders  as  a  non-cash  dividend  declared  December  28,  2000  to
     shareholders  of  record  December  29, 2000 and paid on December 29, 2000.
     Management believes the agreed-upon purchase price is materially consistent
     with  the  fair  value  of  the  shares  purchased.

     On  December  28,  2000, the Company purchased 514,900 shares, representing
     10%  of  the  outstanding  shares,  of  stock from International Technology
     Enterprises  Limited  (ITEL),  a  related  party, for $0.005 per share. The
     stock  was  purchased  with  the  issuance of a $2,575 note payable to ITEL
     (Note  4).  The  Company  distributed  one share of ITEL stock for every 10
     shares  of  EFHC  stock  held  to  EFHC shareholders as a non-cash dividend
     declared  December 28, 2000 to shareholders of record December 29, 2000 and
     paid  on  December  29,  2000. Management believes the agreed-upon purchase
     price is materially consistent with the fair value of the shares purchased.


                             20-F     Page 30 of 40
<PAGE>
7.   FAIR  VALUE  OF  FINANCIAL  INSTRUMENTS

     The  fair  value  for  cash  and accounts payable is estimated to equal the
     carrying amount. The fair value of notes payable based upon borrowing rates
     currently  available  for bank loans with similar terms and maturity are as
     follows:

                                        December  31,
                           --------------------------------------
                                   2000               1999
                           ------------------  ------------------
                           Carrying    Fair    Carrying    Fair
                            Amount     Value    Amount     Value
                           ---------  -------  ---------  -------

     Note payable          $  45,971  $27,800  $  43,450  $20,500
     Related party notes
          payable             56,374   35,300     26,355   19,000
                           ---------  -------  ---------  -------

                           $ 102,345  $  63,100  $69,805  $39,500
                           =========  =======  =========  =======

8.   INCOME  TAXES

     Since  inception,  substantially  all  activities  of the Company have been
     undertaken in the United States. Accordingly, the results of the activities
     represent  a  taxable event in the United States. The Company sustained net
     operating losses for financial statement and tax reporting purposes for the
     years ended December 31, 2000 and 1999 and the period from inception (March
     6,  1998)  to December 31, 1998. Because it is uncertain as to the ultimate
     realization of the future benefit associated with these losses, the Company
     has  not  recognized  an  income  tax  benefit.

     The  provision  for  income taxes for the years ended December 31, 2000 and
     1999  and  the  period  from inception (March 6, 1998) to December 31, 1998
     consisted  of  the  following:

                                       Federal     State      Total
                                      ---------  ---------  ---------
     2000
     ----

     Deferred benefit                 $(24,600)  $ (6,100)  $(30,700)
     Increase in valuation allowance    24,600      6,100     30,700
                                      ---------  ---------  ---------

                                      $      -   $      -   $      -
                                      =========  =========  =========

     1999
     ----

     Deferred benefit                 $ (5,600)  $ (1,400)  $ (7,000)
     Increase in valuation allowance     5,600      1,400      7,000
                                      ---------  ---------  ---------

                                      $      -   $      -   $      -
                                      =========  =========  =========
     1998
     ----

     Deferred benefit                 $(58,100)  $(14,500)  $(72,600)
     Increase in valuation allowance    58,100     14,500     72,600
                                      ---------  ---------  ---------

                                      $      -   $      -   $      -
                                      =========  =========  =========


                             20-F     Page 31 of 40
<PAGE>
8.   INCOME  TAXES  (Continued)

     Deferred  tax  assets  are  comprised  of  the  following:

                                                   2000       1999
                                                ----------  ---------

     Organizational costs                       $   4,300   $  6,400
     Net operating loss carryforward              106,000     73,200
                                                ----------  ---------

          Deferred tax assets before valuation
               allowance                          110,300     79,600

     Valuation allowance                         (110,300)   (79,600)
                                                ----------  ---------

          Net deferred tax assets               $       -   $      -
                                                ==========  =========

     The benefit for income taxes for the years ended December 31, 2000 and 1999
     and  the period from inception (March 6, 1998) to December 31, 1998 differs
     from  amounts  computed  by  applying  the  statutory United States Federal
     income tax rate to the loss before income taxes. The items comprising these
     differences  consisted  of  the  following:

<TABLE>
<CAPTION>
                                         2000               1999               1998
                                 ------------------  -----------------  ------------------
                                   Amount    Rate %   Amount    Rate %    Amount    Rate %
                                 ----------  ------  ---------  ------  ----------  ------
<S>                              <C>         <C>     <C>        <C>     <C>         <C>
     United States Federal
       income tax benefit, at
       statutory rate            $(101,100)     34   $(80,300)     34   $(116,100)     34
     California state franchise
       tax benefit, net of
       Federal tax effect          (17,300)      6    (16,400)      7     (23,900)      7
     Contributed services           84,400     (28)    89,700     (38)     67,400     (20)
     Other                           3,300      (1)
     Valuation allowance            30,700     (11)     7,000      (3)     72,600     (21)
                                 ----------  ------  ---------  ------  ----------  ------

                                 $       -       -   $      -       -   $       -       -
                                 ==========  ======  =========  ======  ==========  ======
</TABLE>

9.   GOING  CONCERN

     The accompanying financial statements have been prepared on a going concern
     basis, which contemplates the realization of assets and the satisfaction of
     liabilities  in  the  normal  course of business. As shown in the financial
     statements,  the Company has an accumulated deficit of $880,124 and, during
     the  year ended December 31, 2000, the Company incurred a loss of $297,287.
     In addition, the Company's current liabilities exceed its current assets by
     $167,818  at  December  31,  2000.  These  factors,  among  others, raise a
     substantial  doubt  about  the  Company's  ability  to  continue as a going
     concern  for a reasonable period of time, generally defined as a period not
     to  exceed  one  year  beyond  the  balance  sheet  date.


                             20-F     Page 32 of 40
<PAGE>
9.   GOING  CONCERN  (Continued)

     The  financial  statements  do  not include any adjustments relating to the
     classification of liabilities that might be necessary should the Company be
     unable  to  continue  as a going concern. Management has established a plan
     that  it  believes  will generate sufficient cash flows, through operations
     and  additional debt financing, to remove the threat to the continuation of
     the  Company.  However, there can be no assurances that the Company will be
     successful in generating sufficient cash flows from operations or obtaining
     additional  debt  financing.


B.  Significant  changes.

     Significant  changes  are  discussed  in  Item  8  and  Item  5  herein.

ITEM  9.  THE  OFFER  AND  LISTING.

Not  applicable.


ITEM  10.  ADDITIONAL  INFORMATION.

A.  SHARE  CAPITAL.
Not  Applicable.

B.   MEMORANDUM  AND  ARTICLES  OF  ASSOCIATION.

     The  information  called for by Item 10.B has been reported previously in a
registration  statement  on Form F-1 Amendment 6, a registration statement filed
under  the  Securities Act, and has not changed.  This information, contained in
the  by-laws  of  Equity  Finance  Holding  Corporation  and  The  Memorandum of
Association  and  Articles of Association of Equity Finance Holding Corporation,
IBC  No.  6825,  incorporated,  Belize, Central America, 6 March 1998, is hereby
incorporated  by  specific  reference  in  this  annual  report  to the previous
registration statement which was determined effective by the U.S. Securities and
Exchange  Commission  on  March  23,  1999.


C.   MATERIAL  CONTRACTS.

     The following represents a summary of each material contract (not discussed
in  item 7B. above), other than contracts entered into in the ordinary course of
business,  to  which  the Company or any member of the group is a party, for the
two  years  immediately preceding publication of this document, including dates,
parties,  general  nature  of the contracts, terms and conditions, and amount of
any  consideration  passing  to  or  from the company or any other member of the
group:

     On October 29, 2000 the Company entered into a Transfer Agent and Registrar
Agreement  with  Transfer  Online Inc., Portland, Oregon, U.S.A.  This agreement
substitutes  Transfer  Online  Inc. for the previous stock transfer agent, Stock
Transfer.com  LLC.  The  new  agreement  with  Transfer Online Inc. provides for
stock  transfer  and  registrar  services for Equity Finance Holding Corporation
including  maintaining of shareholder account records viewable to Equity Finance
Holding  Corporation  shareholders  by  Internet  access  to  the
http://www.transferonline.com website.  Instructions to the Company shareholders
-----------------------------
for  opening  the  Transfer  Online  shareholder  account,  as  well  as  other
shareholder  information,  is available at http://www.EFHLF-Shareholder.com, the
                                           --------------------------------
Company's  Shareholder  Information  Center  on the Internet.  EFHLF is the NASD
OTCBB  trading  symbol  for  the  Company.


                             20-F     Page 33 of 40
<PAGE>
     EXCHANGE  CONTROLS.

     Because  the  Company  is  incorporated  in  Belize, Central America, it is
subject to potential changes in Belize law.  The effects of any change in Belize
laws on the Company are unknown at this time, but such effects may be adverse to
the  Company's  shareholders  best  interests.  At  this  time,  there  are  no
governmental  laws,  decrees,  regulations  or  other legislation in Belize, the
Company's  home  country,  which  are  known to the Company, that may negatively
affect  the  import or export of capital, including the availability of cash and
cash  equivalents  for  use  by  the  Company,  or  the remittance of dividends,
interest  or  other payments to nonresident holders of the Company's securities.
Most  of  the  Company's  business  is  transacted  in  United States.  Although
transactions  could  occur  utilizing  other  world  currencies,  the  Company
anticipates  these transactions to be translated directly into values equivalent
to  United  States.  While  the  Company  is  incorporated in Belize and has its
primary  office in Mexico, the Company does business in the United States.  This
policy  may  exclude  some potential clients from using EFHC's services.  EFHC's
U.S.  Dollar  policy  appears  to  limit  foreign  exchange  risk.

D.   TAXATION.

     The discussion does not deal with all possible tax consequences relating to
an  investment  in  the  Common  Stock and does not purport to deal with the tax
consequences  applicable  to all categories of investors, some of which (such as
dealers  in  securities,  insurance  companies  and  tax-exempt entities) may be
subject  to  special  rules.  In particular, the discussion does not address the
tax  consequences  under  state,  provincial, local and other national tax laws.
Accordingly,  each  prospective  investor  should  consult  its  own tax advisor
regarding  the  particular tax consequences to it of an investment in the Common
Stock.  The  following  discussion  is based upon laws, regulations and relevant
interpretations  thereof  in  effect  as  of the date of this Prospectus, all of
which  are  subject  to  change,  possibly  retroactively.

     Belize  Tax  Law

     Since the Company operates under Belize IBC laws, the Company's primary tax
reporting  country  is  Belize.  These  tax laws are summarized as follows.  The
Company is responsible for income tax under Belize law.   Unless exempt under an
investment  incentive, resident companies are liable for corporate income tax on
all of their income, whether derived from Belize or not, although foreign earned
income  is  taxed only on remittances to Belize.  A company is resident if it is
incorporated  in  Belize or if it's central management and control are exercised
in  Belize.  If  a  company does not operate under a Fiscal Incentives (Approved
Enterprise  Order)  the  total tax payable is 35% of the chargeable income.  All
companies  should  file  a  Company's  Income  Tax  Return,  together with their
financial statements within three (3) months of the end of the financial period,
to  the  nearest  Income Tax Department.  If more time is required, a request in
writing  should  be  directed  to  the Commissioner of Income Tax before the due
date.  Otherwise  a  penalty  for late filing is a levy of 3% of the tax for the
financial  period,  for  each  month or part of the month in which the return is
late  to  a total of twenty (20) months.  The penalty for late payment of income
tax  is  1.5%  per  month  on the unpaid amount from the due date to the date of
payment.  This  applies  to  any  deficiencies  in installment as well as to any
other  amount.  In  the  case  of  installments  this charge is based on the tax
calculated  on  the  chargeable  income for the previous financial period or the
actual  income  tax  for  the  financial  period for which this return is filed,
whichever is less.  This charge also applies to any amount unpaid after the date
for  final  payment.  A  company  should  pay  its  income  tax  by  quarterly
installments.  Installments  are due no later than the last day of the 3rd, 6th,
9th,  and  12th month of the company's financial period.  If a company wishes to
employ  foreign  consultancy,  technicians etc. who are not normally resident in
Belize,  their  names  should  be  registered at the Income Tax Department and a
company  should  deduct  25%  of  total  income  paid  to  non-residents.


                             20-F     Page 34 of 40
<PAGE>
     Corporate  income  tax  is  charged  on  net  profits,  as adjusted for tax
purposes.  Net  profits comprise the aggregate amount of net income derived from
conducting  business  in  Belize.  Inventory  valuation  is  not  specifically
addressed  in  income tax law and, in any event, is inapplicable to the Company.
Methods  that conform to generally accepted accounting principles may be used as
long  as  they  are consistently applied.  Dividends are taxable in the hands of
recipients, the cash amount of the dividends paid being grossed up by the amount
of corporate income tax paid by the distributing company, although the latter is
liable  only  for  corporate income tax and does not actually account to the tax
authorities  for any withholding.  Some dividends are not taxable on recipients,
including  those  paid  to  exempt  entities  and those paid under specified tax
incentives.

     Foreign  Source  Income

     Foreign-source earned income is taxable only when it is remitted to Belize.
Income  derived  from the United Kingdom qualifies for tax credit relief under a
double  tax  treaty.  Unilateral  relief  is  available for income received from
countries  in  the  British  Commonwealth  and  from  the  CARICOM  countries.

     Belize's  legislation  does  not specifically address exchange differences.
Realized  exchange  gains  are in practice taxed like other business income, and
realized  exchange  losses  are  deducted  like  other  business  expenses.

     Taxation  Of  Nonresident  Entities

     Nonresident  companies  are  liable  for  tax  at the normal rate of 35% on
income  arising  in Belize and all foreign income brought into Belize.  Branches
of  foreign companies operating in Belize must register there.  Foreign entities
qualify  for  various  tax  and  customs  duty  incentives when they satisfy the
relevant  rules.

     Tax  Treatment  Of  Groups  &  Companies

     Exempt  in  the  case of public investment companies, there are no rules in
Belize  under  which consolidated returns can be submitted or losses transferred
between  companies  in  a  group.  Also,  there  are  no special rules governing
inter-company  payments  or  transfers  of assets within a group.  Belize has no
specific  provisions dealing with capitalization or transfer-pricing issues.  As
far as public investment companies are concerned, a group consists of the public
investment  company itself and its subsidiaries (those in which it has a greater
than  50% holding).  Subsidiaries may or may not be public investment companies,
and  they  may include nonresident as well as resident companies.  The group may
file  one  return  as  if  it comprised a single company, and it effectively may
transfer  losses  between  group companies.  The public investment company group
pays  tax  as one entity on the combined net profit of the Belizean subsidiaries
at  the  special  rate  of  25%.

     License  Fees

     License  Fees  are  payable  by  the 31st of December in the year following
incorporation,  and  then  annually.  Companies with an authorized capital up to
$5,000  pay  the  sum of $100.00 per year, which is fixed for a period of twenty
years.  Companies  with  a  share capital between $5,001 and $50,000 pay $300.00
per  year, and companies with share capitals in excess of $50,001 pay the sum of
$1,000  per  year.  Companies  whose authorized capitals have some or all of its
shares  with  no  par  value  pay  the  sum  of  $350.00  per  year

     Financial  Statement  Requirement


                             20-F     Page 35 of 40
<PAGE>
     While  there  is  no  requirement  to  file  audited  accounts  with  the
authorities,  a  company  is required to keep financial records that reflect the
financial  position  of  a  company.

F.   DIVIDENDS  AND  PAYING  AGENTS.

     The  Company  has  a  plan for paying dividends to EFHC shareholders in the
form  of  non-cash dividends of each of the client companies successfully served
by  EFHC.  The  EFHC  Board  of  Directors approved the distribution of non-cash
dividends  during  December  of  2000.  The  timing  of the distribution of such
dividends  is  dependent upon many factors including the time and uncertainty of
completing  the  US  Securities and Exchange Commission registration process and
listing  the  client company's stock on the NASD OTCBB for trading.  On December
28, 2000, the Company distributed equity securities of two client companies, QVP
International  Ltd.  and  International  Technology  Enterprises  Ltd.  to  its
registered  shareholders.  The  stock  transfer  agent, Transfer Online, Inc. of
Portland  Oregon, U.S.A consummated the distribution.  The records are available
to  shareholders  through  Internet  access.  The  Company  plans  to distribute
certificates  documenting  ownership  when  both  International  Technology
Enterprises  Ltd.  and QVP International Ltd. are registered with the Securities
and  Exchange  Commission.


G.  STATEMENT  BY  EXPERTS.
Not  Applicable.


H.  DOCUMENTS  ON  DISPLAY.
Not  Applicable.

I.  SUBSIDIARY  INFORMATION.

     The  Company is a subsidiary of no other corporation and the Company has no
subsidiaries.


ITEM  11.  QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK.

     Since  the  Company  does  not  maintain  nor invest in market sensitive or
interest rate sensitive holdings, the Company has no quantitative or qualitative
exposure  to  market  risk  associated  with  activities in derivative financial
instruments,  other  financial instruments and derivative commodity instruments.

ITEM  12.  DESCRIPTION  OF  SECURITIES  OTHER  THAN  EQUITY  SECURITIES.

Not  Applicable.



                                     PART II

ITEM  13.  DEFAULTS,  DIVIDEND  ARREARAGES  AND  DELINQUENCIES.

Not  applicable.


ITEM  14.  MATERIAL  MODIFICATIONS  TO THE RIGHTS OF SECURITY HOLDERS AND USE OF
PROCEEDS.

Not  applicable.


                             20-F     Page 36 of 40
<PAGE>
ITEM  15.  [Reserved]

ITEM  16.  [Reserved]

                                    PART III

ITEM  17.  FINANCIAL  STATEMENTS

Not  Applicable


ITEM  18.  FINANCIAL  STATEMENTS

Not  Applicable



ITEM  19.  EXHIBITS

None


                             20-F     Page 37 of 40
<PAGE>
                                   SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing
on  Form 20-F and that it has duly caused and authorized the undersigned to sign
this  annual  report  on  its  behalf.

                          EQUITY FINANCE HOLDING CORPORATION
                                     (Registrant)

                               /s/ Jack L. Mahan, Jr.
                               -----------------------
                            Jack L. Mahan, Jr., President
                                     (Signature)*

Date: 17  April  2001
      ---------------


                             20-F     Page 38 of 40
<PAGE>