**SECURITIES AND EXCHANGECOMMISSION**

**Washington, D.C. 20549**

 

**FORM 10-KSB**

 

 

| x |   | ANNUAL REPORT PURSUANT    TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 **For the    fiscal year ended December 31, 2003** |
|---|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

 

 

 

OR 

 

| o |   | TRANSITION REPORT    PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------|----------------------------------------------------------------------------------------------|

 

Commission File No.1-14827 

 

**EVCI Career Colleges Incorporaed******

**(Exact name ofRegistrant as specified in its charter)**

 

| Delaware 
06-1488212
(State or other    jurisdiction of incorporation or organization) 
(I.R.S. Employer    Identification No.) 
1 Van Der Donck    Street, 2nd Floor, Yonkers, New York  
10701
(Address of principal    executive offices) 
(Zip Code)
 Issuer's telephone number, including area code: (914) 623-0700 Securities registered pursuant to Section l2(b) of the Act:  
Title of each    class
Name of each exchange on which registered
common stock, $**.**0001 par    value per share    Boston Stock Exchange
 

Securities registered under Section 12(g)of the Exchange Act:common stock,$**.**0001 par value per share(Title of class)

     Check whether the issuer: (1) filedall reports required to be filed by Section 13 or 15(d) of the Exchange Actduring the past 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.  YES  x    NO  o

     Check if there is nodisclosure of delinquent filers in response to Item 405 of Regulation S-Bcontained in this form, and no disclosure will be contained, to the best ofregistrant's knowledge, in definitive proxy or information statementsincorporated by reference in Part III of this Form 10-KSB or any amendment tothis form 10-KSB. x

          The issuer's total revenues forits most recent fiscal year were $20,237,728.

          As of March 1, 2004, theaggregate market value of the issuer's common equity held by non-affiliates was$110,132,158 based on the closing price of $10.70 for its common stock on TheNasdaq SmallCap Market on March 1, 2004.  10,931,309 shares of the issuer'scommon stock were outstanding as of March 1, 2004.   

Documents Incorporated by Reference

          Issuer's definitive proxy statement for its 2003 annual meeting ofstockholders is incorporated into Part III of this Form 10-KSB.

          TransitionalSmall Business Disclosure Formats (check one): YES  o    NO  x

 

 

 

 

 

**EVCI CAREER COLLEGES INCORPORATED                                                                                                                                                                                                                Form 10-KSB                                                                                                                                                                                                        Year Ended December 31, 2003                                                                                                                                                                                                             TABLE OF CONTENTS                                                                                                             **

**PART I**     **Item**   **Page** **1.**      Description of Business   1 **2.**          Description of Property   22 **3.**          Legal Proceedings   22 **4.**          Submission of Matters to a Vote of Security Holders   24    
**PART     II**     **5.**          Market for Common Equity, Related Stockholder             Matters and Shall Business Issuer Purchases of Equity Securities   24 **6.**          Management's Discussion and Analysis of Financial             Condition and Results of Operations   25 **7.**          Financial Statements   F-1**8.**          Changes in and Disagreements with Accountants on             Accounting and Financial Disclosure   35 **8A**        Controls and Procedures   35    
**PART     III**        **9, 10, 11, 12 and 14**   36 **13.**          Exhibits, List and Reports on Form 8-K   36       **SIGNATURES**   40  PART I Item 1. Description ofBusiness. General 
        EVCICareer Colleges Incorporated provides on-campus career college education, presentlythrough its wholly-owned subsidiary, Interboro Institute, Inc. Interboro is a two-yearcollege that offers degree programs leading to the Associate of Occupational Studiesdegree. It has a main campus in mid-town Manhattan and an extension center in Flushing,New York. Interboro also has two other college sites, one in the Washington Heightssection of Manhattan, New York City, and the other in Yonkers, New York. We acquiredInterboro in January 2000. 
About EVCI 
        EVCIwas organized in March 1997. We completed an underwritten initial public offering of ourcommon stock in the first quarter of 1999. In February 2004, we relocated our principalexecutive offices to 1 Van Der Donck Street, 2nd Floor, Yonkers, New York10701. Our new telephone number is (914) 623-0700. 

        Ourcode of ethics is available on our Internet website at www.evcinc.com.  Click on "About Us"and then on "Our Business Conduct Policies."

        In2003, most all of EVCI’s activities were for the benefit of Interboro. EVCI’ssignificant 2003 accomplishments include: 
- increasing total revenue to$20.2 million, up 31% from $15.4 million in 2002.    having net income available tocommon stockholders of $2.6 million, or basic earnings per share of $0.35 and         diluted earnings per share of $0.31.
increasing our stock price froma low closing price of $0.49 on January 14, 2003 to a closing price of $5.39          onDecember 31, 2003.
selling common stock andwarrants to institutional investors for $2.0 million.
reaching a settlement withAmaranth Trading L.L.C. that resulted in the conversion of our remaining Series B         preferred stock into 3,004,444 shares of our common stock at $3.375 per share. There were previous Series B          conversions in 2003 into 477,100 shares of ourcommon stock at $5.24 per share and 68,700 shares at $5.24          per share. Thesettlement included EVCI's payment of all previously undeclared dividends of $1.8 millionon          the Series B preferred.
obtaining a $1,000,000 bankloan that was used to fully prepay EVCI's $910,000 promissory note held by its         Series B preferred stockholders, guaranteed by Interboro and secured byInterboro's stock.
receiving $874,771 from theexercise of warrants and options to purchase 709,012 shares of our common stock.
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obtaining for Interboro a $1.5million stand-by line of credit to finance up to 50% of TAP payment deferrals.
avoiding delisting by Nasdaqfor not meeting the minimum $1.00 bid price requirement.
Demand forInterboro’s Career College Education 
        *Target market*
        Thepostsecondary education market is vast and growing. The U.S. Department of Educationestimates this market is more than a $280 billion industry. People are seeking degreesbecause the salary gap continues to widen between those who have and do not have a collegedegree. 
        WhileInterboro is part of this national market, it has chosen to concentrate on a specificniche in which it faces little direct competition. Interboro serves students in the NewYork Metropolitan area that come from economically disadvantaged backgrounds, many of whomtypically do not have a high school diploma, and thus have few educational opportunitiesavailable to them. However, they can evidence their ability to perform college level workby passing a federal “ability to benefit examination”. This allows them toqualify for federal and state grants which, for many students, can cover the cost ofInterboro’s tuition. 
        Approximately45% to 50% of the students that start in the New York City public school systemdo not graduatewith a high school diploma. In addition, there is a large and growing market of legalimmigrants lacking an American high school education or GED equivalent who may qualify foradmission to Interboro. 
        *Availability oftuition grants and loans*
        Federaland state financial aid programs are available to pay for higher education tuition costs.These are almost exclusively in the form of grants and/or subsidized and unsubsidizedloans. 
        Almostall of Interboro’s students fund their tuition through federal Pell grants, pursuantto the Title IV, and New York State Tuition Assistance Program (TAP) grants. In addition, Interboro participates in the federal College Work Study program, which allows a limitednumber of students to receive additional aid by working in college. Interboro alsoreceives funds from the federal Supplemental Education Opportunity Grant program, whichprovides some Interboro students additional grants to meet college costs. Interboro allowssome of its students to pay over time the portion, if any, of tuition, that is not coveredby Pell or TAP grants. However, Interboro has chosen not to participate in any federalTitle IV loan programs that would subject it to liability or scrutiny as a result ofdefaults by its students. 
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        *The rising cost ofpublic and private colleges and universities*
        Webelieve tuition costs will continue to rise at both public and private colleges fasterthan the rate of inflation. At Interboro, tuition is approximately $4,000 per semester,which is lower than most all private colleges and universities and can be more than fundedthrough full TAP and Pell grants at their current levels by satisfying eligibilityrequirements. This gives eligible students, who otherwise could not afford a collegeeducation, the opportunity to obtain an Associate in Occupational Studies Degree withoutobtaining Title IV college loans. 
Our Operating Strategy 
        Keycomponents of our operating strategy follow: 
        *Focus on careerbased academic curricula with transfer options*
        Interborooffers educational programs principally in the following career-related areas of academicstudy: 
business  administration: accounting and management
ophthalmic dispensing
paralegal studies
office technologies:  executiveassistant, legal office assistant and               medical office assistant
security services and management
        Wesee a growing demand by employers for individuals possessing career-oriented skills, inthe degree majors and academic concentrations offered by Interboro. We believeInterboro’s experience and expertise in career oriented college education enables itto more effectively tailor its marketing plans and to differentiate Interboro from most ofits competitors. 
        Interboro’scurriculum design prepares students who want to transfer to a bachelor degree college. Anumber of bachelor degree colleges have entered into articulation agreements withInterboro under which they will accept its full degree or academic credits that translateto their curriculum in approved bachelor degree programs. Many more colleges accept theacademic credits of Interboro transfer students without formal articulation agreements. 
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        *Provide a qualityand caring educational experience*
        Mostof our faculty members teaching career-based courses have direct work experience in theareas they teach. Interboro’s full-time faculty is particularly effective inproviding any necessary remedial education. Typically, full-time faculty members are hiredafter they have proven their effectiveness as adjunct instructors at Interboro. 
        Moststudents who start at Interboro do not have high school diplomas. They also face the dailyproblems endemic to those who are economically disadvantaged. We require our faculty torecognize and be sensitive to the special needs of our students. They are asked by us toeducate the whole person. We believe our faculty is particularly adept at working withstudents, and gaining their confidence and trust to assist them in the remediation anddevelopmental process necessary for them to succeed academically at Interboro. 
        Interborofaculty, administration and staff work to establish professional, yet personal,relationships with students. We strive to set realistic goals for our students whilemaintaining our academic integrity. Students generally receive a telephone call from afaculty member or an academic advisor if they miss class. Professors and advisors workwith students to meet particular academic needs. We offer a variety of support programsincluding intensive tutoring, mentoring and internship programs. Our staff refers studentsto outside day care agencies and social service agencies in order to help students meetpersonal challenges and stay in college. 
        *Improve studentretention*
        Improvingstudent retention is essential to the continuing success of Interboro and is one ofInterboro’s greatest challenges and opportunities. The retention process starts fromthe initial enrollment and continues through graduation. As is true throughout the countryfor disadvantaged students, a large number of Interboro’s students never finish theirdegree programs for personal, financial or academic reasons. We recognize that our abilityto retain students until graduation is an important indicator of our success and thatmodest improvements in retention rates can result in meaningful increases in revenue andprofitability. 
        Interborosignificantly increased its retention and graduation rates in 2003, in part by adding 350additional hours of tutoring per week college wide. For 2004, Interboro has hired 10full-time remediation and developmental specialists whose sole job is to work, in andoutside the classroom, with students, faculty and tutors in order to provide students withthe skill sets required for them to succeed in college. Notwithstanding the extra expenseof intense tutoring intervention it generally has been more cost-effective for us toretain students than to recruit new students. 
        Improvedretention and graduation rates continue to be a top priority at Interboro. We are proud ofthe progress, so far, of our student retention programs since we acquired Interboro. Weconsider student retention the responsibility of the entire college personnel. 
4
        *Maintain academicintegrity and create cutting edge programs*
        Westrive to meet the changing needs of our students and their potential employers. Interbororegularly evaluates its academic programs, considers revisions to existing courses andprograms and develops new curricula and tests based upon its evaluations. 
Our Growth Strategy 
        *Same sites/annexes*
        Weexpect to grow in 2004 mostly by continuing to increase new student enrollment and improveretention of students at our existing sites. Continuing the pace of our same site growthwill require us to increase capacity by the Fall 2004 semester. We plan to open annexesand are aggressively seeking annex space for our main campus and Flushing extension centerand our Washington Heights site. Annexes must be located within close walking distance toan existing site. We are in the process of adding additional classroom space in thebuilding where our Yonkers site operates. 
        *New sites*
        Withthe New York State Education Department’s approval, we plan to open a new Interborocollege site in 2004. However, we cannot now predict whether or when such approval will begranted. With the NYSED’s approval, Interboro will continue to open new college sitesin communities with economically disadvantaged populations that recognize the need forInterboro programs. We believe that convenience is a strong factor considered by ourstudents when selecting a college. Besides increasing our enrollment capacity, new sitesallow us to more effectively leverage our infrastructure and our investment in curricula.They also increase our name recognition and reputation. 
        *Acquisitions*
        Acquisitionsare again an integral part of our growth strategy, with the substantial improvements inour financial condition and operating results. We also look to acquire for-profit,career-oriented schools, preferably colleges that have sound management, functionaloperations and quality educational programs. We seek schools that will benefit from ourmanagement experience and operating strengths and will allow us to increase theirenrollment, revenue and profitability. Our first priority is to acquire colleges that canserve the same target market as Interboro serves. 
Operations 
        *Enrollments*
        Interborohas Spring, Summer and Fall semesters and day and evening programs. There areapproximately 2,800 full-time students enrolled at Interboro for the 2004 Spring semester,a 56% increase over the 2003 Spring semester. Our current per semester capacity is about2,900 students, without expanding our late afternoon or weekend classes. Our plans forexpansion are discussed above under the caption “Growth Strategy” and below in“Managements Discussion and Analysis of Financial Condition and Results ofOperations.” 
5
        *Tuition*
        Approximately94% of tuition payments to Interboro in 2003 consisted of Pell and TAP grant funds. Ingeneral, for students who receive full financial aid, approximately 53% of thestudents’ tuition is covered by TAP grants and approximately 47% of tuition is fundedby Pell grants. Accordingly, TAP grants were approximately 49% and Pell grants wereapproximately 44%, of our 2003 net revenue. 
        Mostof Interboro’s students who pay their tuition with Pell and TAP grants do not have ahigh school diploma but have passed a federal exam that establishes their “ability tobenefit” from the degree programs offered by Interboro. Because of our niche market,we believe a higher percentage of Interboro’s total student body consists of abilityto benefit students than most other colleges or universities that receive Pell and TAPgrants. 
        Ourapproximately $4,000 per semester tuition rate is one of the lowest for a private college,but like many private colleges, is somewhat higher than public institutions, such ascommunity colleges and state universities. 
        *Placement ofInterboro Graduates*
        Basedon a survey of 2003  Interboro graduates, and current information from ourfaculty, at least 85% of them are either attending a baccalaureate degree college or arecurrently employed. 
        *2003 developments*
        Significant2003 developments at Interboro include: 
Full-time student enrollmentsfor the full year increased by 28% to 5,250 from 4,110 in 2002.
Full-time student enrollmentsincreased each semester over the same semester of 2002:
SpringSummerFall**2003**   1850  1100  2300 **2002**   1410  950  1750 
The New York State Board ofRegents granted Interboro accreditation for five years ending September 30, 2008.
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Interboro's course outlines,syllabi, course examinations, and required textbooks for 35 of its key courses         were evaluated by academic department chairpersons, or their designees, frommore than 15 colleges and          universities in the New York metropolitan area.  TheInterboro courses that were reviewed were validated in          their rigor, methodologyand content to be equivalent and worthy of transfer credit at those colleges and         universities.
Interboro continued tostrengthen its academic programs by raising the academic standards in English and        mathematics, encouraging our existing faculty to enhance their qualifications,hiring more qualified new         full-time and adjunct instructors, and continuing toupgrade our library system and computer labs.
Student retention andgraduation rates were significantly better than in 2002.
In June 2003, Interborograduated the largest class in Interboro's recent history, a 37% increase over 2002.
Interboro completed installinga new comprehensive information management system, Campus 2000.   This system         allows Interboro's multiple college sites to more effectively andcomprehensively track data regarding its          students.
Interboro hired a newvice-president for admissions with extensive experience at for profit higher education         schools operating in urban markets.
The Higher Education ServicesCorporation, acting on behalf of the New York State Department of Education,         notified all colleges which receive TAP awards that a deferral up to 30% of TAPawards for the Summer 2003,          Fall 2003, and for Spring 2004 semesters would bemade by deferring a portion of the TAP award in the Spring          2004 semester untilAugust 1, 2004.  In December 2003, TAP withheld $1.3 million, or 24%, of prepayments for         Interboro's Spring 2004 semester.  This deferral is approximately $1.7 millionless than the approximately          $3.0 million that Interboro expected to be deferredby December 31, 2003.
The TAP deferral of $620,000 ofawards for Interboro's Spring 2003 semester was paid on July 21, 2003 prior          tothe announced deferral date of August 1, 2003.
Interboro obtained a "change ofscope" from the NYSED for its Washington Heights and Yonkers sites.  A          "changeof scope" allows a college to offer more than 50% of its courses towards a degree at aparticular          site.  
**Marketing**

        Interboroemploys a variety of marketing and advertising techniques to generate qualified leads ofpotential students for our college sites. We use subway and bus ads, newspapers, radio,direct mail, television, telemarketing and the yellow pages. The effectiveness of ourmarketing and advertising campaigns greatly depends on the message, placement and timingof ads and following up with timely and accurate lead tracking. We also work withcommunity based organizations and school districts in promoting Interboro to prospectivestudents. Lead tracking occurs at the main campus. Each college site is responsible forconverting leads to enrollments. Our lead tracking capability generally allows us toidentify leads generated by specific media and adjust our marketing to focus on the mostcost-effective lead sources. Word of mouth from our current students and graduates is themost effective means of recruiting new students. 

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Government Regulation ofProprietary Schools 
        Interborois subject to extensive regulation by governmental agencies that administer Pell and TAPand by the NYSED. As a result, Interboro must comply with a complex framework of laws andregulations and is subjected to frequent compliance and financial reviews and detailedoversight. 

        *Title IV*

        Pellis one of the federal student financial aid programs that is covered by Title IV of thefederal Higher Education Act of 1965 (HEA), and related regulations issued by the U.S.Department of Education (DOE). Participants in Title IV programs are subjected tosignificant regulatory scrutiny in the form of numerous standards they must satisfy. Theseinclude obtaining and maintaining authorization by appropriate state and accreditingagencies. 

        Underthe HEA, regulatory authority is divided among: 
- the federal government, whichacts through the DOE    the accrediting agenciesrecognized by the DOE
state higher educationregulatory bodies
        TheHEA regulations must be complied with on an institutional basis. The regulations define aninstitution as a main campus and its additional locations, if any. If any locationviolates these regulations, the school could suffer financial liabilities, greaterscrutiny and/or limitations on its participation in Title IV programs. 
        Risksrelating to reauthorization of Title IV are discussed below in a risk factor captioned“Changes in the amount or timing of Pell program disbursements could materiallyimpede Interboro’s ability to operate.” 
        *Accreditation.*
        Accreditationprovides the basis for: 
the recognition andacceptance by other higher education institutions, employers and governmental entities              of the degrees and credits earned by students
qualification to participate inTitle IV grants, including Pell and TAP grants
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        Interborois accredited by the New York State Board of Regents. As a result of the change in controlthat occurred when we acquired Interboro in January 2000, its accreditation wasprobationary until 2003 when the Board of Regents took Interboro off probation and grantedit accreditation for five years ending September 30, 2008. 
        TheNew York State Education Department, through the Board of Regents, requires periodicregistration and approval of all degree programs. All Interboro degree programs werereregistered in February 2002 for a period of three years. TAP funds are only available tostudents enrolled in registered programs. The Commission of Opticianry accreditedInterboro’s AOS degree in Ophthalmic Dispensing for the six-year period ending March2005. Accreditation by the American Bar Association for Interboro’s paralegal programis pending. 
        *Pell grants*
        TitleIV provides grant, loan and work-study programs. Interboro is not participating in anyloan program that would subject it to any default rate scrutiny or liability. 
        TheDOE currently awards federal financial aid under the Pell grant program on the basis ofthe student’s financial need. This is generally defined as the difference between thecost of attendance and the amount a student can contribute according to a federal formula. 
        Factorsthat could affect Interboro’s participation in the Pell grant program include: 
Interboro could lose itseligibility to participate if it receives in excess of 90% of its cash basis              revenue from Title IV programs for tuition, fees and institutional charges. For 2003, approximately 44%               of Interboro's net revenue was derived fromPell grants.
Interboro cannot pay anycommission, bonus, or other incentive payment, based directly or indirectly on              success in securing enrollments or financial aid, to any person or entityengaged in any domestic               student recruitment, admission or financial aidawarding activity.  However, Interboro can increase               salaries college-widebased on increases in enrollments as a result of improved retention and              recruitment.
Interboro's participation inTitle IV is based, in part, on satisfying administrative capability              requirements.  Interboro must demonstrate that it complies with Title IVregulations, has capable and               sufficient personnel to administer its TitleIV program and advise students about financial aid,               satisfactorily measuresits students' academic progress, and timely submits all reports and financial              statements as required by DOE.
Our independent auditorsannually audit Interboro's administration of Title IV funds.  The resulting              audit report is submitted to the DOE.  If it is determined that Interboroimproperly disbursed Title IV               funds or violated a provision of the HEA, itcould be required to repay such funds and might be assessed               anadministrative fine.  Interboro could also become subject to heightened monitoring ortransfer from               the advance system of payment to the reimbursement system,under which it must disburse its own funds to               students and document thestudent's eligibility for Title IV funds before receiving funds from the DOE.
9- Violations of Title IVrequirements could also subject Interboro to other civil and criminal penalties              including loss of Title IV eligibility.    In the event a studentwithdraws and does not complete an academic program during a semester,              Interboro's tuition refund policy must meet the requirements of the DOE. For example, Interboro must               return to the Pell program a portion of theTitle IV funds disbursed to it if a student withdraws prior               to completionof more than 60% of a semester.  The return must be made within 30 days after Interboro              determines the student has withdrawn.
Interboro must satisfy DOEnumeric standards of financial responsibility.  Compliance with these              standards is evaluated for purposes of recertification to participate inTitle IV and also annually               after submission of audited financial statementsto the DOE.  If the DOE determines Interboro does not               meet the standards offinancial responsibility, it can continue to participate in the Title IV programs              if it can demonstrate that it is financially responsible on an alternativebasis.  Alternatives include               posting a letter of credit in favor of the DOEand possibly accepting other condition on participation               in Title IVprograms.
        Interborohas policies and procedures that are designed to assure its compliance with Title IVregulations. Since Interboro was acquired by EVCI, its Pell oversight of Interboro’scompliance reports has not resulted in material deficiencies. 
        *TAP grants*
        TheTAP grant program is part of the New York State budget. Each year the governor makesbudget recommendations to the New York State Senate and Assembly. This year the governorhas recommended changes that could materially affect TAP grants. These are described belowin a risk factor captioned “Changes in the amount or timing of TAP disbursementscould materially impede Interboro’s ability to operate.” As in prior years,Interboro is working aggressively with other colleges and universities to oppose anychanges in TAP that could negatively impact the educational opportunities of economicallydisadvantaged students. 
        Eachstudent seeking a TAP grant must be a U.S. citizen or permanent resident and must meet NewYork State residency requirements. 
        TAPacademic requirements for Interboro are basically the same as the Pell academicrequirements. 
        TAPfunds disbursed to Interboro subsequent to academic year 1992 are still subject to auditas are future disbursements. The unpaid portion of the purchase price payable by EVCI forInterboro would be reduced to the extent of any disallowance under TAP or Pell withrespect to periods prior to January 14, 2000. An audit by TAP regulators ofInterboro’s academic years ending June 30, 2003 is discussed below in the risk factorcaptioned “An ongoing TAP audit could result in Interboro being required to makematerial refunds of TAP grants.” 
10
        Factorsthat could affect Interboro’s participation in TAP include: 
Interboro must timely disbursefinancial aid funds due to students.
Interboro cannot certifyineligible students to receive TAP grants.
Interboro must have and complywith an acceptable tuition refund policy.
        *Change of ownershipor control*
        *TitleIV.*A change in control of a school can affect its eligibility to participate in TitleIV programs. After a change in control, the school must re-establish its stateauthorization and accreditation and satisfy DOE’s requirements to be recertified bythe DOE as an eligible institution under new ownership. 
        Ifa school is recertified following a change of control, it will be on a provisional basis.While provisionally certified, the school may be subject to closer review by the DOE andto summary adverse action for violations of Title IV program requirements. Provisionalcertification does not otherwise limit an institution’s access to Title IV Programfunds. 
        Followingits acquisition by EVCI, Interboro initially received its temporary certification thatbecame a provisional certification on April 4, 2000. Subsequently the DOE renewedInterboro’s certification through December 31, 2004. 
        BecauseEVCI is a publicly traded corporation, DOE regulations provide that a change of control ofEVCI, and, therefore, Interboro, occurs under either of two standards. 
        First,it occurs if a person acquires ownership and control that requires EVCI to file a Form 8-Kwith the Securities and Exchange Commission disclosing a change of control. Second, itoccurs if an existing stockholder (other than an institutional investor) ceases to be acontrolling stockholder. A controlling stockholder is someone who holds or controls byagreement 25% or more of the total outstanding voting stock and more shares of votingstock than any other stockholder. EVCI does not have a controlling stockholder under thisdefinition. 
        Accordingto the Board of Regents, a change of ownership or control includes a merger orconsolidation with any corporation; a sale, lease, exchange or other disposition of all orsubstantially all of the assets of an institution; and the transfer of controllinginterest of a institution’s stock. 
        *Opening new collegesites and adding educational college programs*
        TheHEA generally requires that proprietary colleges be fully operational for two years beforeapplying to participate in Title IV programs. However, a college that is certified toparticipate in Title IV programs may establish a new site and apply to participate inTitle IV programs at that site immediately, if such new site satisfies all otherapplicable eligibility requirements, including approval by the state licensing agency andaccrediting agency. These requirements do not apply to the opening of an annex to anexisting site. 
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        Generally,a college that is eligible to participate in Title IV programs may add a new educationalprogram without DOE approval if that new program leads to an associate level or higherdegree and the school already offers programs at that level. Also, a college may generallyadd a new program that prepares students for gainful employment in the same or relatedoccupation as an educational program that has previously been designated as an eligibleprogram at that school and the program meets minimum length requirements. If a collegeerroneously determines that an educational program is eligible for Title IV programs, theschool would likely be liable for repayment of the Title IV funds provided to students inthat educational program. 
Competition for collegeacquisitions 
        Changesin the regulatory environment have stimulated consolidation in the postsecondary educationindustry. Regulations adopted in recent years have tightened standards for educationalcontent, established strict standards for student loan default rates, required intensifiedscrutiny by state education agencies and accrediting agencies and created more stringentstandards for the evaluation of an institution’s financial responsibility andadministrative capability. As a result, some career-oriented schools have been forced tosell out or close because they lacked the necessary skill and resources to keep up withthese changes. The opportunity for us to acquire Interboro arose because its formermanagement was unable to satisfy TAP authorities and the New York State EducationDepartment. 
        Mostof our for-profit public competitors have substantially greater financial and otherresources than we do. In general, they have not acquired colleges that principally serveour target market. 
        Wehave competitive advantages over potential new entrants into the post-secondary educationmarket. They will face significant barriers to entry that include: 
the Title IV requirement that aschool be fully operational for two years before applying to participate in         Title IV programs
the time it takes to obtainaccreditation
the considerable expense ofstart-up operations
the difficulty of achievingacceptable margins with a low tuition rate that is competitive with Interboro
for those existing colleges oruniversities that need to participate in Title IV loan programs, the risk of         losing eligibility to participate in any Title IV program because loan defaultrates exceed 25% of the          students who have taken loans.  Because of theirfinancial circumstances, students from our target market          are more likely todefault. Interboro students do not take out Title IV loans because the combination of         federal and state grants generally covers the cost of tuition for full timestudents.
12Employees 
        Asof December 31, 2003, we had 176 full-time employees, 76 part-time adjunct faculty and 51part-time time employees, a total of 303 employees. We believe our relationship with ouremployees is good. 

        Inthe last quarter of 2002, 83 full-time Interboro employees joined Local 153 of the Officeand Professional Employees International Union. The negotiations of a union contract withLocal 153 commenced in February 2003 and a contract was entered into in February 2004which will expire August 31, 2006. Approximately 100 out of a total of approximately 300Interboro employees are members of Local 153. The agreement provides for minimum andmaximum average annual salary increases of 3% and 6% and gives management full controlover Interboro’s operations. Increases over the minimum are tied to increases inInterboro’s retention and new student enrollment. We believe the agreement is goodfor both Interboro and its union employees. 
Forward-lookingstatements and risk factors 
        Statementsand financial discussion and analysis by our management contained in this 10-KSB that arenot historical facts are forward-looking statements. They reflect management’scurrent views with respect to future events and, accordingly, are subject to certainassumptions, risks and uncertainties, including the risk factors discussed below. If anyof the following or other risks actually occur, or should our assumptions prove incorrect,actual results may vary materially from those anticipated by those forward-lookingstatements. Furthermore, our business, financial condition and results of operations couldbe materially and adversely affected. 

**Interboro Institute’s failureto comply with extensive federal and New York State regulations could have a materialadverse impact on its ability to operate and grow.**

        Interboroderived approximately 92% of its 2003 net revenue from TAP and Pell grants.Interboro’s participation in the Pell and TAP grant programs subjects it to frequentreviews and detailed oversight. It must comply with complex laws and regulations,including with respect to its accreditation, operations, growth and change of its orEVCI’s corporate structure. The regulations, standards and policies of the regulatoryagencies frequently change. 

        Interboro’sfailure to comply with existing requirements or its inability or failure to comply withchanges or new interpretations could materially limit and adversely affectInterboro’s ability to operate and grow. Some of the specific significant regulatoryrisks that apply to us are described in risk factors below. 

**Adverse changes in the amount ortiming of TAP disbursements could materially impede Interboro’s ability to operate.**

        Budgetaryissues have caused delays in TAP disbursements. We cannot predict what will happen eachbudget year because the issues relating to TAP are political in nature. 

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        In2002, approximately $830,000 of TAP funds we would ordinarily have received in April andMay were not paid to Interboro until July and August because approval of the New YorkState budget was delayed. 

        InDecember 2002, TAP withheld $620,000, or 26%, of prepayments for Interboro’s Spring2003 semester until July 2003. 

        InDecember 2003, TAP withheld $1.3 million, or 24%, of prepayments for Interboro’sSpring 2004 semester. This deferral is scheduled to be paid by August 1, 2004. We could bemistaken in our belief that this deferral will not adversely impact our operations orgrowth. 

        Facedwith substantial budget deficits, Governor Pataki has been proposing to change TAPrequirements for the past few years in a manner that would be materially adverse toInterboro. However, the actual changes made by the New York State legislature have notbeen materially adverse to Interboro. We believe that, while the governor has not proposedchanging the full amount of TAP a student is eligible to receive per semester, he isrecommending a restructuring of TAP to defer one-third of TAP until graduation. We believethis deferral would be financed by loans guaranteed by the U.S. government and/or providedby TAP. TAP funds would be disbursed to pay the amount of their deferred TAP award plusaccrued interest on their loans if and when they receive their degrees. If a student doesnot graduate, the deferral would not be paid. The New York state legislature hassuccessfully opposed tying TAP awards to retention or graduation rates because manycolleges, universities and other interested parties have aggressively lobbied against thegovernor’s proposals. 

        Alarge majority of Interboro’s students do not graduate. Faced with the prospect ofhaving to borrow to finance their tuition, if TAP grants were tied to graduation, webelieve there are students who would not take out a loan to start or continue atInterboro. A substantial decrease in enrollment would have a material adverse impact onInterboro. 

        Ifour students do take out loans, and if those loans default rates are similar to Title IVloan default rates, Interboro could, over time, become ineligible to participate in theTAP program. Accordingly, we do not know whether a loan program, even if used by Interborostudents, would lessen the adverse impact on Interboro of a deferral or cutback in TAPgrants with respect to those students. 

        Furthermore,changes in TAP regulations may materially increase Interboro’s administrative costsand require Interboro to modify its practices in a material adverse manner. 

**Adverse changes in the amount ortiming of Pell program disbursements could materially impede Interboro’s ability tooperate.**

        TitleIV must be reauthorized by congress every six years. The congressional reauthorizationprocess is presently ongoing. However, the fact that this is an election year increasesthe likelihood that it will not be voted on this year. Accordingly, the current Title IVlegislation remains effective. Congress also reviews appropriations for Title IV programsannually. Mounting budget deficits could negatively affect Congress’ appropriations. 

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        Anysignificant decreases in the amount or timing of revenue we receive through the Pellprogram would have a material adverse effect on Interboro. Additionally, legislative orregulatory actions may materially increase Interboro’s administrative costs andrequire Interboro to modify its practices in a material adverse manner. 

**An ongoing TAP audit could resultin Interboro being required to make material refunds of TAP grants and limit its expansionplans.**

        TheOffice of the New York State Controller periodically conducts audits of colleges anduniversities that participate in TAP. The Controller is conducting an audit ofInterboro’s compliance with the TAP requirements for the three years ended June 30,2003. The principle purpose of the audit is to determine whether Interboro complied withrules and regulations in certifying the TAP eligibility of its students. 

        Webelieve Interboro is generally in compliance with TAP requirements and will not berequired to make any material repayments of TAP grants. However, Interboro has not had aTAP audit since we acquired it in January 2000. Problems that prior management had withTAP regulators are discussed in a separate risk factor below. Interboro implemented newpolicies and procedures since it was acquired by us in January 2000. We could be mistaken,however, in our belief this audit will not result in any material repayment of TAP fundsby Interboro. 

**Interboro’s failure toeffectively open and operate new college sites, or annexes to existing sites, couldadversely affect our business.**

        Openingadditional college sites, or annexes to existing sites, requires Interboro to use its cashfor new personnel, capital expenditures, marketing expenses and other startup costs. Toopen a new college site, Interboro is also required to obtain appropriate regulatoryapprovals. Interboro’s failure to effectively locate, open and manage the operations,or to obtain authorization to participate in the federal and state financial aid programsof newly established sites could have a material adverse effect on those andInterboro’s other sites. 

**If the New York State EducationDepartment does not give Interboro the requisite approval to open new collegesites or to receive extension center status for our Washington Heights andYonkers sites, Interboro's operations and growth could be adversely affected. **

            We have an application pendingfor extension center status at our Washington Heights site and intend to applyshortly for extension center status for our Yonkers site.  While we believe itis likely our applications will be granted, the New York State EducationDepartment could deny our applications or slow down the process in order tolimit the pace of Interboro's growth for any number of reasons that includethose discussed below.  

            The NYSED wants to improve theretention and graduation rates of college students statewide, especially thosewho enter colleges without high school diplomas after passing the federalability to benefit exam.  The great majority of Interboro students are in thiscategory.  Interboro has enhanced and strengthened its retention and graduationstrategies and rates.  Its senior management is continuing to discuss goals andexpectations with the NYSED.

            In the event the results ofInterboro's TAP audit are materially unsatisfactory, the NYSED may considerdelaying or denying approval of any application we make.

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**If Interboro is unable to obtainadditional space within the buildings of its existing sites or for annexes to its existingsites, Interboro’s same site growth rate will be materially limited.**

        Ourcurrent growth rate cannot be sustained unless we expand our existing sites. Interboro isseeking additional space on a continuing basis so it can increase its capacity, mostlyannexes, to existing sites to accommodate more students by the Fall 2004 semester. Thereare many factors that could prevent Interboro from accomplishing this goal. It needs toraise additional capital. In addition, it must obtain space at reasonable rentals that isproximate to existing space and complies with zoning requirements and landlordrestrictions. Competition for space, and the time it takes to complete siteidentification, lease negotiation and renovations are additional hurdles Interboro mustovercome before it can operate in any new space. 

**The seasonality ofInterboro’s enrollments is expected to produce significant variations in our resultsfrom quarter to quarter.**

        Interboro’srevenue varies seasonally as a result of changes in student enrollment. Total studentenrollment and net revenue are typically highest in our fourth and first quarters, whichinclude October through March. As a result, our second and third quarters have not beenprofitable prior to our 2003 third quarter in which we had net income of $79,087.Furthermore, while for a full fiscal year, changes in enrollments directly relate tochanges in revenue, enrollments for academic semesters do not have the same directrelationship to revenues for any particular fiscal quarter. Our courses are 15 to 16 weekslong and revenue per semester is, therefore, reported over two quarters. 

**Interboro Institute’s priorproblems with regulators, under prior management, could recur and adversely affect itsoperations.**

        Priorto our acquiring Interboro, TAP administrators disallowed approximately $4,800,000 ofgrants previously disbursed to Interboro for academic years 1989/1990 through 1991/1992.After protracted litigation between TAP administrators and previous management, Interborowas required to repay approximately $5,850,000, including $1,050,000 of interest, to theNew York State Higher Education Services Corporation. The entire amount was fully paid andall but approximately $700,000 was paid prior to our purchase of Interboro. However, fundsdisbursed to Interboro subsequent to academic year 1992 are still subject to audit by TAPadministrators. We have recourse against the former owner of Interboro for disallowancesrelating to periods prior to January 14, 2000, only to the extent of any unpaid purchaseprice for Interboro. The amount of this unpaid purchase price is being disputed in anongoing arbitration described in the next risk factor. 

**The outcome of our ongoingarbitration with the former owner of Interboro regarding management fees paid to EVCI byInterboro could have a material adverse affect on us.**

        Weare currently involved in arbitration with Bruce R. Kalisch, the former owner of Interboroover the calculation of the purchase price he is entitled to receive for his sale ofInterboro. We have accrued approximately $2.6 million as of December 31, 2003, for Mr. Kalisch as current and long-term liabilities payable in equal quarterly installments of$324,445 on April 10, July 10, October 10 and January 10 of 2004 and 2005. This accrualdoes not include any portion of the corporate allocations charged by EVCI to Interboro in2001 and 2002 totaling approximately $3.9 million. Mr. Kalisch is seeking to disallowthese charges and may decide to attack the propriety of approximately $2.0 million ofoverhead allocated to Interboro in 2003. Mr. Kalisch would be entitled to 50% of theportion, if any, of those allocations that are disallowed by the arbitrator. Although ourearnings would not be affected by a disallowance, our cash position could be materiallyand adversely affected if the arbitrator finds that the amount of our accrual is too lowand/or our schedule of payments is too long. 

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**EVCI and Interboro depend on keymanagement personnel to operate and grow.**

        Theefforts of Dr. Arol I. Buntzman, chairman of EVCI and chairman and chancellor ofInterboro, and Dr. John J. McGrath, chief executive officer and president of EVCI andchief executive officer of Interboro, are essential to our operations and growth. The lossof the services of Drs. Buntzman or McGrath would materially adversely affect us. Wemaintain insurance on the life of Dr. Buntzman in the amount of $2.0 million. We haveemployment agreements, expiring December 31, 2005, with each of Dr. Buntzman and Dr.McGrath. 

**A change of control of EVCI wouldadversely affect Interboro’s receipt of Pell and TAP funds.**

        UnderDOE regulations, a change in control includes a stockholder becoming and ceasing to be acontrolling stockholder. A controlling stockholder is someone who holds or controls byagreement 25% or more of EVCI’s voting stock and more voting stock than any otherEVCI stockholder. Under the DOE definitions, EVCI does not now have a controllingstockholder. Under TAP regulations, a change of control includes the transfer ofcontrolling interest in EVCI. A significant acquisition or disposition of our common stockmay be beyond our control. 

        Aftera change of control, Interboro’s cash flow could be adversely affected by thewithholding of significant portions of grant funds until the change of control isreaffirmed, if at all. A change of control could take several months. If not reaffirmed,Interboro would lose its ability to participate in the Pell and TAP programs and would notbe able to continue operating. 

**A change of control of EVCI wouldcause regulatory and accrediting authorities to return Interboro to a probationary status.**

        Ifa change of control were to occur in the future, Interboro would have to be reviewed andrecertified for participation in Pell and its accreditation would have to be reaffirmed bythe New York Board of Regents. A change of control would return Interboro to a provisionalaccreditation status. That status subjects Interboro to more scrutiny by the New YorkState Education Department, including by means of additional reporting requirements,greater restrictions on expansion activities and the Board of Regents retaining authorityto award degrees for Interboro. 

        Boardof Regents retention of degree granting authority results in a greater level of scrutinyfor each degree and delays in the awarding of degrees. 

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**Future changes in ownership of ourcommon stock could substantially limit the utilization of our net operating losscarryforwards.**

        Complexrules under Section 382 of the Internal Revenue Code govern the determination of whetherone or more changes of ownership of EVCI’s common stock will result in limitations onEVCI’s ability to offset taxable income against its approximately $24 million ofavailable net operating loss carryforwards. Sales of EVCI’s common stock by EVCI andpersons defined as 5% holders under Section 382 regulations must be monitored by us so wecan determine whether ownership changes have occurred that result in limitations on ournet operating losses (NOL) utilization. We have no control over sales by 5% holders. Oureffective cost of raising capital may be affected by these regulations. 

**Interboro’s inability tofoster and maintain relationships with community organizations in the communities whereits college sites are located could adversely affect those sites.**

        Acollege site may require the support of the community-based organizations that serve theminority populace from which the site seeks to recruit and retain economicallydisadvantaged students. Local politics and rivalries can jeopardize Interboro’srelationships with these organizations. Changes in our relationships with community-basedorganizations or other events beyond Interboro’s control might adversely affect theoperations and growth of an existing site 

**Our failure to effectively manageour growth could hurt our business.**

        Ourrapid growth has at times strained our management, operations, employees and resources. Wewant to continue to grow to the extent our resources and regulators will permit. Thechallenges of recruiting, hiring, training and managing supervisory and support personnel,maintaining infrastructure and of planning and budgeting, become far more complex as wegrow. These and other factors may prevent us from effectively managing our expandingoperations or achieving significant growth on a profitable basis. 

**Our business could materiallysuffer if we make acquisitions that do not meet our expectations.**

        Weexpect to seek acquisitions, especially colleges. We are engaging in evaluations of, anddiscussions with, possible acquisition candidates. We may be unable to acquire certainschools because we may not be able to raise sufficient funds to finance their acquisitionor we may be unable to use our stock to fund the purchase. Or we may choose not topurchase a school after we conduct our due diligence.****In 2001, after a significantexpenditure of time, effort and money, we decided not to acquire one of Canada’slargest operators and franchisors of post-secondary business career schools. Ouracquisition of ICTS was costly. From these and other experiences, we know that it takestime and resources to identify and acquire suitable acquisition candidates. 

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If we do make acquisitions, oursuccess with Interboro may not be repeated. Potential hurdles for us include: 
- an inability to fund operationsof the acquired company    possible loss of key employees
diversion of our managementresources
adverse effects on ouroperating results
unanticipated business orregulatory uncertainties or liabilities
breaches of representations orwarranties by the seller of the acquired company for which we do not have         adequate recourse
underestimation of capital needs
failure to develop or implementa viable business plan
an inability to continue aschool's participation in financial aid programs as a result of regulatory change         in control provisions
**Our prior history of net lossesmay recur if we cannot generate more revenue than our expenses and any extraordinarycharges.**
        Ourrevenue and net loss for 2002 was $15,434,000 and $2,005,000. Our accumulated deficit atDecember 31, 2002 was $33,731,000. Although for 2003 we had net income available to commonstockholders of $2,570,185 and diluted earnings per common share of $0.31, in the futurewe may not be able to generate enough revenue to offset our expenses and to have netincome and positive earnings per share. 
**Terrorist activity, or the threatof it, in the New York Metropolitan area could adversely affect Interboro.**
        Allof Interboro’s sites are located in or near New York City. If New York City is againa target or threatened target of terrorists, Interboro’s operations, enrollments andretention rates could be adversely impacted. 
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**Actual or potential future salesof shares of our common stock by management could have an adverse effect on the marketprice of our common stock.**
        Salesof our common stock from time to time by management may cause the marketplace to think theseller is not confident about our prospects. This may be so even if the reason isotherwise and is stated publicly. With the rise of our stock price, the likelihoodincreases that directors and officers will sell shares of our common stock. 
**Our share price has ranged greatlysince we went public and may be very volatile in the future.**
        Sinceour public offering in February 1999, the market price of our common stock has rangedbetween $0.26 and $40.94. 
        Inaddition to the actual or potential future sales of our common stock, our share price alsocould be affected by a number of factors, including: 
actual or anticipatedfluctuations in our quarterly or yearly operating results
changes in expectations as toour future financial performance or changes in financial estimates of              securities analysts
regulatory developments thataffect our cash flow or ability to open or expand sites
increased competition in ourtarget market
the operating and stock priceperformance of other comparable companies
general stock market oreconomic conditions, including as a result of uncertainty about, or the              occurrence of, war or terrorism
sales of our stock by ourmanagement or others pursuant to a prospectus or otherwise
acquisitions of postsecondaryinstitutions
additional financings
        Inaddition, the stock market in general has experienced volatility that often has beenunrelated to the operating performance of particular companies. These broad market andindustry fluctuations may adversely affect the trading price of our common stockregardless of our actual operating performance. 
**Provisions of laws or regulations,our certificate of incorporation and by-laws and agreements with our executive officerscould discourage takeover attempts and other investments in our common stock.**
        Weare subject to a provision of Delaware law that prohibits a party that has acquired 15% ormore of our common stock, without our board’s approval, from causing a businesscombination (as defined) involving EVCI or its subsidiaries unless approved by our boardand two-thirds of our common stock held by our other stockholders. 
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        Theadverse regulatory effect of a change of ownership of EVCI’s common stock resultingin a change of control could discourage bids for our outstanding shares at a premium orotherwise. 
        Theeffects of the classified board provisions of our certificate of incorporation areexplained in the next risk factor. 
        Ourby-laws prohibit stockholders from calling, or proposing any business at, a specialmeeting of stockholders. The amendments also require a stockholder to give us substantialadvance notice of any business to be proposed by the stockholder at an annual meeting,including nominees for election as directors. 
        Inaddition, we have change of control agreements with each of our chairman, chief executiveofficer and president, and chief financial officer that require substantial payments tothem in the event their employment is terminated, except for cause, following a change ofcontrol of EVCI. 
        Theseprovisions are intended to encourage persons seeking control of EVCI to engage innegotiations with our board rather than initiate a hostile takeover. They could also havethe effect of entrenching management that resists an acquisition a majority of ourstockholders might think is good. Accordingly, they could also limit the price that otherinvestors might be willing to pay for our common stock because they believe our managementcan defeat a takeover of us that could be beneficial to non-management stockholders. 
**Our classified board limitsstockholder voting for election and removal of directors.**
        Ourboard of directors is divided into three classes. The directors in each class are electedfor three-year terms when their class stands for election at a stockholders meeting. Thisstaggering of director terms protects directors from being removed from office by anyoneengaged in a proxy contest for control of the board and dilutes the ability ofstockholders to influence corporate governance policies. Furthermore, our directors canonly be removed, with or without cause, by the holders of 66 2/3% of the shares entitledto vote at an election of directors. 
        Theeffect of these provisions is to make it difficult for any stockholder to take control ofour board of directors in a proxy contest that is not waged with respect to two of ourannual stockholder meetings. 
**Indemnification and limitation ofliability of our officers and directors may insulate them from accountability tostockholders at substantial cost to us.**
        Ourcertificate of incorporation and by-laws include provisions whereby our officers anddirectors are to be indemnified against liabilities to the fullest extent permissibleunder Delaware law. Our certificate of incorporation also limits a director’sliability for monetary damages for breach of fiduciary duty, including gross negligence.In addition, we have agreed to advance the legal expenses of our officers and directorswho are required to defend against claims. These provisions and agreements may have theeffect of reducing the likelihood of suits against directors and officers even though suchsuits, if successful, might benefit EVCI and its stockholders. Furthermore, we may beadversely affected by paying the cost of settlement and damage awards against directorsand officers. 
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Item 2. Description ofProperty. 
        Thefollowing table sets forth the location, approximate square footage, lease expiration dateand use of each facility used by EVCI and Interboro: 

**Location**
**Square Footage**
**Expiration Date**
**Use**
Yonkers, NY
         2,200
   10/31/2013
EVCI's and Interboro's corporate and administrative offices    
Mid-townNew York, NY
       38,000
     1/31/2014
Interboro's mid-Manhattan main campus    
Mid-townNew York, NY
         2,000
     2/03/2007
Interboro's admissions department    
Flushing, NY
       11,000
     12/31/2010*
Interboro's Flushing extension center    
Washington Heights, Northern Manhattan, NY
         7,500 
    12/31/2005
Interboro's Washington Heights site    
Yonkers, NY
       10,000
    12/28/2009
Interboro's Yonkers site
_________________ * Including a five-year renewal atInterboro’s option. 
Item 3. LegalProceedings. 
        DuringJanuary 2004, a hearing was held in New York City in the pending arbitration brought byBruce Kalisch, the former owner of Interboro, against Interboro and EVCI. Closingstatements were presented on February 2, 2004. We currently expect that post-hearingbriefs will be submitted and replied to by March 22, 2004. After submission of replybriefs the arbitrator has indicated that he will render a decision within 60 to 90 days. 

        Testimonyat the hearing from experts, including Mr. Kalisch’s expert, supported the conclusionthat allocations of expenses by a parent to a subsidiary are not only permissible butrequired. Nevertheless, Mr. Kalisch continues to claim that all of the approximately $3.9million of allocation of expenses charged by EVCI to Interboro in 2001 and 2002 should beentirely disallowed. 

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        Afterhe reviews our calculation of all 2003 EBITDA, as defined in the Stock Purchase Agreement,Mr. Kalisch may also challenge $2.0 million of expense allocated in 2003. 

        Anydisallowance would increase the purchase price for Interboro payable to Mr. Kalisch by 50%of the disallowance. We have not accrued any additional amounts to cover a potentialdisallowance because we believe the allocated expenses and salaries are proper charges toInterboro. 

        Ina related matter, in February, 2003 the New York Supreme court issued an Order limitingtransfers of funds by Interboro to EVCI. This led to an interim Stipulation between EVCIand Mr. Kalisch allowing for certain transfers of funds provided that Mr. Kalischcontemporaneously receives certain payments toward the purchase price for Interboro’sStock. While the order is the subject of an appeal to be heard in the next 60 days, Mr.Kalisch also filed a motion asserting that the Order had been violated by a $1,000,000refinancing of a loan obligation to EVCI’s Series B preferred stockholders. Inresponse to Mr. Kalisch’s motion, the court appointed a Special Referee to conduct anevidentiary hearing and to issue a report and recommendation. On February 27, 2004, theSpecial Referee issued his Report, in which he found no wrongdoing whatsoever on the partof EVCI or Interboro. The special referee ended his decision with the following statement:“Inasmuch as I have noted above that petitioner is a sophisticated business person, Ifurther recommend to the court that petitioner be duly cautioned that further applicationsin the nature of the instant pending application shall be deemed frivolous conductresulting in the imposition of sanctions as per 22 NYCR 130-1.1 et seq.” 

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**Item 4. Submission ofMatters to a Vote of Security Holders.**

        Not applicable.
Part II Item 5. Market forCommon Equity, Related Stockholder Matters and Small Business Issuer Purchases of EquitySecurities. 
        Ourcommon stock is quoted on The Nasdaq Small Cap Market and the Boston Stock Exchange underthe symbol “EVCI”. The following table sets forth the high and low sales prices,of our common stock, as reported by Nasdaq, for each quarter of 2002 and 2003. 

2002HighLowFirst Quarter   $2.00  $1.34 Second Quarter   1.75     .90 Third Quarter   1.45     .81 Fourth Quarter   1.06     .49    
2003First Quarter   0.90        0.42 Second Quarter   2.50        0.85 Third Quarter   3.02        1.95 Fourth Quarter   5.80        2.37 
        Asof February 23, 2004, the number of EVCI’s stockholders of record was 53 and thenumber of beneficial owners of its common stock was approximately 1,873. 

        Wehave never declared or paid any cash dividends on our common stock. As a result of thepayment of all previously undeclared dividends on our Series B preferred stock and itsautomatic conversion into our common stock in 2003, we no longer have restrictions on thepayment of dividends on our common stock. However, we currently anticipate retaining anyfuture earnings to finance internal growth and potential acquisitions. 

        Theissuances of 82,550 shares of our common stock in the fourth quarter 2003 upon exercisesof warrants that are described in Item 6 below under “Liquidity and CapitalResources,” were to accredited investors and, accordingly, were exempt fromregistration under the Securities Act of 1933 in reliance upon Regulation D of the SEC. 

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**Item 6. Management's Discussion andAnalysis of Financial Condition and Results of Operations.**

        Thefollowing information should be read in conjunction with the financial statements andnotes thereto included in this report for the year ended December 31, 2003. All numbersthat have been rounded are approximate. Excluded from the discussion are all costs relatedto the discontinuation in 2002 of our ICTS activities. 
Overview 
        Interborohas Spring, Summer and Fall semesters with day and evening classes. Full-time studentenrollment for 2003 increased 28% to 5,250 from 4,110 in 2002. There are approximately2,800 full-time students enrolled at Interboro for the 2004 Spring semester, a 56%increase over the 2003 Spring semester. The following table compares 2003 with 2002enrollments by semester. 
    **2003**** **** ****2002**** ****Spring**   1,850  1,410 **Summer**   1,100  950 **Fall**   2,300  1,750            5,250  4,110        
        Interborooperates in a niche market because it primarily targets and recruits students who willqualify each semester for Pell and TAP grants that cover most, if not all, of the cost oftheir tuition. Pell and TAP grants are made based on a student’s financial need.Accordingly, Interboro’s target market is the economically disadvantaged in minoritycommunities. 

        CurrentInterboro tuition is $3,900 to $4,000 per semester. The per semester maximum grants perstudent are: Pell, $2,025 and TAP, $2,500. Students who qualify for the maximum Pell andTAP grants generally have the excess grant funds applied to pay for their books andtransportation. Any balance after tuition, books and transportation is refunded to thestudents. For 2003, Interboro students qualifying for financial aid received an average of$1,784 in Pell grants and $2,259 in TAP grants, a total of $4,043. 

        Morethan 85% of Interboro’s students are not high school graduates. They must, therefore,pass a federal “ability to benefit” exam in order to be accepted into Interboroand qualify for Pell and TAP grants. We believe that no other college or university in NewYork, which receives Pell and TAP grants, has a higher percentage of their students whoare ability to benefit students than Interboro. Serving Interboro’s target marketprovides significant opportunities, as well as challenges and uncertainties, for thecollege. 

        Webelieve that there are significant barriers to entry into our target market, by newentrants, that include: 
- the Title IV requirement that aschool be fully operational for two years before it can apply to participate         inTitle IV programs  25- the time it takes to obtainaccreditation    the considerable expense ofstart-up operations
the difficulty of achievingacceptable margins with a low tuition rate that is competitive with Interboro
for those existing colleges oruniversities that need to participate in Title IV loan programs, the risk of        losing eligibility to participate in any Title IV program because loan defaultrates exceed 25% of the         students who have taken loans.  Because of theirfinancial circumstances, students from our target market are         more likely todefault.  Interboro does not participate in Title IV loan programs.
        *Capacity*
        Interboro’scurrent capacity is approximately 2,900 full-time students per semester, withoutincreasing late afternoon or weekend classes. On a site-by-site basis our current capacitybreaks down approximately as follows: 
Manhattan main campus   1,565 Flushing extension center   625 Washington Heights site   510 Yonkers site   200 
        Interborois currently looking for new space for same-site annexes to support our continuing growth.Our current capacity without new space permits us to grow our enrollments by 20%college-wide in the Fall 2004 as compared to the Fall 2003. We are aggressively seekingspace to open same-site annexes to our Manhattan main campus, Flushing extension centerand Washington Heights site. Annexes are located within close walking distance to theexisting site. We are in the process of adding additional classroom space in the buildingwhere our Yonkers site is located. 
        *Components ofrevenue and other Income*
        Allof our net revenue consists of tuition after deducting $300 per student for books and anyrefunds made to students. In 2003, approximately 94% of our net revenue consisted of TAPand Pell grants. Other income consists primarily of application fees and miscellaneouscharges to students as well as fees charged for Interboro’s optical services renderedby its ophthalmology department. 
        *Revenue recognition*
        Interborohas three semesters per academic year: Fall, Spring and Summer. There are generally 15 to16 weeks in a semester and revenue is recorded ratably over the semester on a weeklybasis. The Fall semester generally begins the first week of September, the Spring semestergenerally begins the second week of January and the Summer semester generally begins thesecond week of May. Revenue per semester will, therefore, be reported over two quarters.Accordingly, while for a full fiscal year increases in our enrollment directly relate toincreases in revenue, enrollments for our academic semesters do not have the same directrelationship to revenues in any particular fiscal quarter. 
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        Revenue,to the extent it has not been earned, is classified on our balance sheet under currentliabilities as deferred revenue. At year-end, our deferred revenue is comprised almostentirely of TAP prepayments for the next Spring semester. Interboro can receive TAPprepayments for the Spring and Fall semesters based on the preceding semester’sroster of students that have been certified by Interboro and accepted by TAPadministrators. Prepayments can be up to 40% of the prior semester’s roster. There isusually no prepayment for the Summer semester because TAP generally does not have thenecessary funds until the next fiscal year’s budget is passed by New York Statelegislature. Budgetary issues can also affect the maximum amount of TAP prepayments, aswas the case in 2003 and 2002 when 26% of Spring 2004 and 24% of Spring 2003 prepaymentswere deferred. 
        *Seasonality*
        Interboro’srevenue varies as a result of changes in the level of its enrollments. 
        Mostcolleges and universities traditionally experience a greater seasonal increase inenrollments for the Fall semester over the Spring semester in an academic year (Fall,Spring and Summer semesters). Since we acquired Interboro, Spring semester enrollment hasbeen greater than the immediately preceding Fall semester’s enrollment. However, dueto our expansion and progress in increasing retention of Interboro students, we areexperiencing record enrollment for each succeeding Fall, Spring and Summer semester.Enrollment during the Summer semester is traditionally significantly lower than theremainder of the same academic year. As a result of these factors, total studentenrollment and net revenue are typically highest in our fourth and first quarters, whichinclude October through March. 
        Accounts receivable
        Ouraccounts receivable consists of tuition earned, but not yet paid, by Pell and TAP grantsor by students who we allow to pay in installments the amounts of their tuition and feesthat are not covered by Pell and TAP. We keep our bad debt exposure low by requiringstudents to keep their tuition installments current in order to continue their degreeprogram the next semester. 
        Upto 90% of Pell funds is generally received by us prior to the completion of the semesterand the balance is usually paid to us within 30 days after the semester. The collection ofPell funds can begin at the beginning of the semester for continuing students. For newstudents, we can start collecting Pell funds after students have completed 61% of thesemester. 
        Asa prepayment, we received approximately 40% of TAP funds prior to the start of the Fall2003 semester, based on the previous semester’s student roster. However, as a result of achange approved in the New York State 2002-2003 budget, TAP deferred payment in December2003 of prepayments of $1,328,000, related to the Spring 2004 semester, until not laterthan August 2004. As a result, we received a prepayment of approximately $955,000 for theSpring 2004 semester. This is included as deferred revenue on our balance sheet as ofDecember 31, 2003. As the semester progresses and we determine our students’eligibility for TAP, we certify or decertify them. This process applies to new students aswell as continuing students. We are conservative regarding our certifications so that wecan avoid having to make large refunds of TAP grants. The majority of TAP funds in paymentof tuition for a semester is generally received by us prior to the start of the nextsemester and the balance is usually substantially collected over the next 2 to 3 months.This collection rate assumes the New York State budget is passed on time without adverselyaffecting TAP. 
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        *Cost of revenue*
        Costof revenue mostly consists of salaries of academic, administrative and staff personnelsuch as deans, professors, admissions personnel, and library staff. It also includesstudent transportation allowance, testing and vaccination costs. 
        *Salaries and benefits*
        Thesecosts are included in selling, general and administrative expense. All employee costs thatare not included in cost of sales are included in this category, including benefit costsfor all of our employees. The employees in this category are executive, financial aid,accounting, clerical, maintenance and security personnel. 
        OnFebruary 28, 2004, Interboro entered into a collective bargaining agreement with Local 153of the Office & Professional Employees International Union expiring August 31, 2006.Approximately 100 out of a total of approximately 300 Interboro employees are members ofLocal 153. The agreement provides for minimum and maximum average annual salary increasesof 3% and 6% and gives management full control over Interboro’s operations. Increasesover the minimum are tied to increases in Interboro’s enrollment. 
        *Marketing costs*
        Marketingcosts are expensed as incurred. We use subway andbus ads, newspapers, radio, direct mail, television, telemarketing and theyellow pages. 
Critical accountingpolicies 
        Ourdiscussion and analysis of our financial condition and the results of our operations arebased upon our consolidated financial statements and the data used to prepare them. Ourconsolidated financial statements have been prepared in accordance with accountingprinciples generally accepted in the United States of America. On an ongoing basis were-evaluate our judgments and estimates including those related to accounts receivable,goodwill, fixed assets, deferred revenue, income taxes, accruals, litigation andcontingencies. We base our estimates and judgments on our historical experience, knowledgeof current additions and our beliefs of what could occur in the future consideringavailable information. Actual results may differ from these estimates under differentassumptions or conditions. Our estimates are guided by observing the following criticalaccounting policies: 
EVCI reviews goodwill andidentified intangibles for impairment whenever events or changes in circumstances        indicate that the carrying value of an asset may not be fully recoverable.  EVCIperforms nondiscounted cash         flow analyses to determine if impairment exists.
28- EVCI's recognition of revenueis discussed above.    Accounts receivable arereported at their outstanding unpaid principal balances reduced by an allowance for        doubtful accounts.  EVCI estimates doubtful accounts based on historical baddebts and factors related to         specific students.  EVCI writes off accountsreceivable against the allowance when a balance is determined to         beuncollectible.  Our accounts receivable are primarily due from students who were awardedfinancial aid.
Property and equipment isrecorded at cost.  Depreciation is provided for by the straight-line method over        the estimated useful lives of the property and equipment.  Amortization ofleasehold improvements is provided         for by the straight-line method over the termof the lease.
Marketing costs are discussedabove.
EVCI employs the liabilitymethod of accounting for income taxes pursuant to Statement of Financial        Accounting Standards ("SFAS") No. 109.  Under this method, recorded deferredincome taxes reflect the tax         consequences on future years of temporarydifferences (differences between the tax basis of assets and         liabilities andtheir financial amounts at year-end).  EVCI provides a valuation allowance that reduces        deferred tax assets to their net realizable value.
SFASNo. 128, *Earnings per Share*, requires dual presentation of basic earnings per shareand diluted EPS on the face of all statements for all entities with complex capitalstructures. Basic EPS is computed as net earnings divided by the weighted-average numberof common shares outstanding for the period. Diluted EPS reflects the potential dilutionthat could occur from common shares issuable through stock-based compensation includingstock options, restricted stock awards, warrants and other convertible securities. 

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2003 Compared to 2002 
        Thefollowing table summarizes our operating results as a percentage of revenue for 2003 and2002. 
Year Ended          December 31,   **2003**** **** ****2002**** ****Revenue:**   Net revenue  98.4% 98.9%  Other income  1.6  1.1    Total Revenue  100.0% 100.0%   **Operating expenses:**   Cost of revenue  24.4% 23.5%  Selling, general and administrative expenses       67.5  73.3    Total operating expenses  91.9  96.8    **Income from continuing operations***  7.5  2.5    Net income (loss)  16.7  (13.0)   Net Income (loss) available to common stockholders  12.7% (20.5%)   
_________________ *Incremental income from operationsas a percentage of incremental revenue was approximately 24%. 
        Netrevenue for 2003 increased 31%, or $4,655,000 to $19,912,000 from $15,257,000 for 2002,because Interboro’s full-time student enrollment rose by 28% to 5,250 from 4,110 in2002. Each of Interboro’s sites contributed to the net revenue increase: Manhattan$1,026,000, Flushing $967,000, Washington Heights $2,141,000 and Yonkers $565,000. Theseare net of a $44,000 decrease at EVCI. 
        Forthe Fall 2003 semester, prior to taking new space for the Spring 2004, Interboro’sfull-time enrollment was at 90% of capacity. For the Spring semester of 2004,Interboro’s full-time enrollment is currently at approximately 97% of capacity. Inaddition to increasing capacity at our college sites in time for the Fall 2004, wecurrently plan to increase tuition by $200 per semester. 
        Otherincome increased by $148,000, to $325,000 for 2003 from $177,000 for 2002, resulteddirectly from Interboro’s enrollment increases. In 2003, we also received $86,000from a settlement with the former owners of ICTS. 
        Costof revenue increased by $1,299,000, to $4,928,000 for 2003 from $3,629,000 for 2002. Mostall of the increase is attributable to an increase during the year from 129 to 162 infull- and part-time personnel that are included in cost of sales. Salaries made up 95% ofthe cost of sales in 2003 and 2002 and the balance was primarily made up of studenttransportation costs, open house costs, vaccinations, doctor’s fees, optical costsand graduation costs. The most significant increases in personnel were: 
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    **2003**** **** ****2002** Part-time instructors   76  58          Full time Instructors*   32  31          Part-time tutors   24  16          Recruiters   16  11 
_________________ *Approximately 45% to 50% of our courses are taught by full-time instructors. 
        Thefollowing table sets forth our selling, general and administrative expense items as apercentage of our total revenue for 2003 and 2002: 
    **2003**** **** ****2002** Salaries and benefits   31.7% 33.9%         Marketing   9.4% 8.5%         Depreciation and amortization   4.3% 3.9%         Other expenses   17.8% 21.0%         Professional fees        4.3% 3.9%
        Salariesand benefits increased by 23%, or $1,185,000, to $6,418,000 for 2003 from $5,233,000 for2002. This increase results mostly from an Interboro payroll increase of $1,385,000 thatwas offset by an EVCI payroll decrease of $200,000. The Interboro selling, general andadministrative full- and part-time personnel were 155 in 2003 and 109 in 2002. As apercentage of our revenue, salaries and benefits decreased because the cost of theadditional administrative and clerical employees was proportionately less than theincrease in revenues resulting from our enrollment growth. In September 2003, ouradministrative and clerical staff received a salary increase of 6% or a total ofapproximately $80,000. Our executive management team received bonuses of $250,000 inNovember 2003. Additional wages, fringes and payroll costs of new personnel to supportInterboro’s growth accounted for $525,000 of the increase. 
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        Includedin Interboro’s payroll for 2003 are approximately 85 employees who joined Local 153.At December 31, 2003, the annual salaries and benefits cost of these 85 union employeeswas approximately $2,400,000. 
        Marketing costsincreased by $593,000, or 45%, to $1,909,000 for 2003 from $1,316,000 for 2002.These costs are mostly for newspaper, radio, TV and subway advertising.
        Depreciationand amortization increased by $277,000 to $877,000 for 2003 from $600,000 for 2002,primarily as a result of leasehold improvements made and computer equipment purchased tosupport Interboro’s growth. 
        Otherexpenses increased by $331,000 to $3,587,000 for 2003 from $3,256,000 for 2002.Approximately 85% of other expenses consisted of the following: 
    **2003**** **** ****2002** Rent and utilities  $ 1,620,000 $ 1,460,000          Insurance   405,000  365,000          Telephone and internet   359,000  213,000          Supplies   209,000  103,000          Equipment rental   208,000  150,000          Travel and entertainment   162,000  192,000          Investor relations   106,000  256,000         $ 3,069,000 $ 2,739,000      
        Netincome/(loss) available to common stockholders for 2003 was $2,570,000 compared to a($3,164,000) loss for 2002. Our income in 2003 was reduced by $809,000 and our loss in2002 was increased by $1,159,000 for the accreted value of warrants and transaction costsand undeclared preferred stock dividends. These charges related almost entirely to ourSeries B preferred stock and will not recur in 2004 because the remaining shares of SeriesB preferred stock were converted into our common stock and all undeclared Series Bdividends were declared and paid before October 15, 2003. We do not expect to incursimilar charges in 2004. 
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Liquidity and capitalresources 
        Oursources and uses of funds during 2003 and our cash balances on January 1 and December 31,2003 are summarized below: 
**Sources:**   
**2003**       Cash collections from operations  $  18,299,000 Private placement   2,000,000 Exercises of options and warrants   875,000 Proceeds of note payable from bank   1,000,000           22,174,000     **Uses:**        Payment of operating expenses   18,291,000 Payment of dividends on Series B preferred stock   1,752,000 Payment of note held by Series B preferred stockholders   1,000,000 Payment of principle on notes payable to financial institutions   105,000 Payment of principal portion of capital leases   122,000 Purchases of property and equipment   649,000 Payment of purchase price for Interboro   345,000         22,274,000     Net decrease in cash   (100,000)    Cash at beginning of year   2,622,000     Cash at end of year  $2,522,000     
        Inthe second quarter 2003, EVCI received funds from exercises of options and warrants topurchase our common stock as follows: 
No. of SharesPrice Per     Share   Proceeds        406,190 
    $1.05  $   426,500         123,549  
    $2.00  247,098           $   673,598      
        Inthe third quarter 2003, EVCI received $2,000,000 from the sale of 943,396 shares of ourcommon stock and warrants to purchase an additional 235,850 shares of our common stock.The purchase and warrant exercise prices were $2.12 per share. 

        Inthe third quarter 2003, Interboro received the proceeds of $1,000,000 three-year bankloan. 

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        Inaddition, in the third quarter 2003, EVCI received $25,000 from exercises of warrants topurchase our common stock at $1.05 per share. 

        Inthe fourth quarter, EVCI received funds from exercises of options and warrants as follows: 
No. of SharesPrice Per     Share        Proceeds          45,000 $1.05      $   47,250           22,500 $1.52 34,200           983 $1.20 1,180                $   82,630         
        In thefourth quarter 2003, Interboro obtained a stand-by line of credit to finance the deferredportion of TAP grants. Advances will be made in the bank’s discretion and will belimited to 50% of the amounts deferred provided the outstanding advances do not exceed$1.5 million. Interest will be floating at the bank’s prime rate plus 1%. There areno commitment fees. This line will expire September 1, 2004, subject to renewal in thebank’s discretion. EVCI is the guarantor of the line. Interboro has not needed to usethis line of credit. 

        Asin 2003, we expect that our cash generated from operations will be sufficient to pay ouroperating expenses. This assumes that we will not require significant additional capitalfor one or more of the following: 
- to pay to the formerowner of Interboro substantially more than the approximately $975,000 we have accrued        for payment in installments of approximately $325,000 each on the 10th of April,July and October 2004.  We do         not expect to receive the arbitrators decisionuntil the second quarter of 2004.    to finance any shortfall in, ordeferral of, TAP payments that exceed the limit of the line of credit we         have forthis purpose.
to pay the costs of increasingInterboro's capacity by adding annexes to existing sites.
        Itis difficult for us to budget our expansion before we are able to secure an appropriatesame-site annex because the kind and cost of leasehold improvements may vary substantiallyfrom location to location depending on the location’s suitability forInterboro’s operations. Furthermore, delays in completing construction and becomingfully operational could delay our ability to generate revenue from the same-site annexes. 
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        Withthe improvement in our financial condition, net income and cash flow, we have been able tosecure financing more easily. While optimistic about the continuation of this trend, we donot assume we will be able to raise the necessary cash when and if we need it. 
Item 7. FinancialStatements. 
        Thefinancial information required by this item is set forth beginning on page F-1. 
**Item 8. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures.**
        Not applicable.
Item 8A. Controls andProcedures. 
        Ourmanagement, including our chief executive officer and president and our chief financialofficer, have conducted an evaluation of the effectiveness of our disclosure controls andprocedures (as defined in Rule 13a-15(e) under the Securities and Exchange Act of 1934) asof December 31, 2003. Based upon that evaluation, our chief executive officer andpresident and our chief financial officer have concluded that our disclosure controls andprocedures are effective for timely gathering, analyzing and disclosing the information weare required to disclose in our reports filed under the Exchange Act. There have been nosignificant changes made in our internal controls or in other factors that couldsignificantly affect our internal controls subsequent to that evaluation date. 
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PART III 
        Items9, 10, 11, 12 and 14 are incorporated by reference to our definitive proxy statement forour 2004 annual meeting of stockholders. 
Item 13. Exhibits, Listand Reports on Form 8-K. 
(a)              The following exhibits are filed as part of this report.  

Exhibit No.*
 
Descriptionof Exhibit 
 
 
 
3.1[1]  
  
Certificateof Incorporation of the Registrant. |
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