----

----

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

|   | |__| | TRANSITION                  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT                  OF                  1934 |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------|

*000-27225*

|  BDC                  Capital, Inc.                                        |
|---------------------------------------------------------------------------------|
| (Name                  of small business issuer in its charter)                 |
|                                                                            |   |
| Minnesota                                                                       | 41-1427445 |
| (State                  or other jurisdiction of incorporation or organization) | (I.R.S.                  Employer Identification No.) |
|                                                                            |   |
| 11974                  Portland Avenue,Burnsville,                  Minnesota   | 55337 |
| (Address                  of principal executive offices)                       | (Zip                  Code) |
|                                                                            |   |
| Issuer's                  telephone number: (952)                  890-2362     |

| Yes | X |   | No |   |
|-----|---|--------|----|--------|

----

----

| PART                  I  |                                                                             | 1        |
|--------------------------|----------------------------------------------------------------------------------|----------|
| Item                  1. | Financial                  Statements                                            |  1  |
|                     |                                                                             |     |
| Item                  2. | Management’s                  Discussion and Analysis or Plan of Operation | 13       |
|                     |                                                                             |     |
| Item                  3. | Controls                  and Procedures                                         | 15       |
|                     |                                                                             |     |
| PART                  II |                                                                             | 16       |
| Item                  1. | Legal                  Proceedings                                               | 16       |
|                     |                                                                             |     |
| Item                  2. | Unregistered                  sales of Equity Securities and Use of Proceeds     |  16 |
|                     |                                                                             |     |
| Item                  3. | Defaults                  Upon Senior Securities                                 |  16 |
|                     |                                                                             |     |
| Item                  4. | Submission                  of Matters to a Vote of Security Holders             | 16       |
|                     |                                                                             |     |
| Item                  5. | Other                  Information                                               | 16       |
|                     |                                                                             |     |
| Item                  6. | Exhibits                  and Reports on Form 8-K                                | 16       |
|                     |                                                                             |     |
|  Signatures         | 16                                                                               |

----

|                                           |  Page |
|------------------------------------------------|------------|
|                                           |       |
| Financial                  Statements          | 1          |
| Balance                  Sheets                | 2          |
| Statements                  of Operations      | 3          |
| Statements                  of Cash Flows      | 5          |
| Notes                  to Financial Statements | 7          |

----

| **ASSETS**                                                                                                                                                              |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                    |   | May                  31,2005 |   | February                  28,2005 |   |
| **Assets**                                                                                                                                                              |   |   |  |   |   |  |   |
| Cash                                                                                                                                                                    |   | $ | 85,357 |   | $ | 260,179 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Prepaid                  expense                                                                                                                                        |   |   | 3,000 |   |   | - |   |
| Investment                  in securities, at fair value (cost of 343,303 and $67,403)                                                                                  |   |   | 950,900 |   |   | 675,000 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Property                  and equipment                                                                                                                                 |   |   | - |   |   | - |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total                  Assets                                                                                                                                           |   | $ | 1,039,257 |   | $ | 935,179 |   |
|                                                                                                                                                                    |   |   |  |   |   |  |   |
|                                                                                                                                                                    |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY (DEFICIT)**                                                                                                     |
| **Liabilities**                                                                                                                                                         |   |   |  |   |   |  |   |
| Accounts                  payable                                                                                                                                       |   | $ | 17,649 |   | $ | - |   |
| Convertible                  debentures, net of original issue discount of $38,396 and                  $188,526                                                        |   |   | 65,631 |   |   | 108,308 |   |
| Convertible                  debentures, net of original issue discount of $375,240 and                  $189,295                                                       |   |   | 48,790 |   |   | 9,697 |   |
| Accrued                  liabilities                                                                                                                                    |   |   | 11,993 |   |   | 7,038 |   |
| Due                  to BDC Partners, Inc.                                                                                                                              |   |   | - |   |   | 2,100 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total                  Liabilities                                                                                                                                      |   |   | 144,063 |   |   | 127,143 |   |
|                                                                                                                                                                    |   |   |  |   |   |  |   |
| **Stockholders’                  Equity**                                                                                                                         |   |   |  |   |   |  |   |
| Preferred                  stock, $.01 par value, 20,000,000 shares authorized 10,000,000                  and                  3,939,000 issued and outstanding        |   |   | 104,390 |   |   | 39,390 |   |
| Common                  stock, $.01 par value, 2,020,000,000 shares authorized 17,722,582                  and                  6,980,117 shares issued and outstanding |   |   | 177,226 |   |   | 69,801 |   |
| Additional                  paid-in-capital                                                                                                                             |   |   | 5,012,773 |   |   | 4,762,773 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Accumulated                  deficit                                                                                                                                    |   |   | (4,399,195 | ) |   | (4,063,928 | ) |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total                  Stockholders’ Equity                                                                                                                       |   |   | 895,194 |   |   | 808,036 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total                  Liabilities and Stockholders’ Equity                                                                                                       |   | $ | 1,039,257 |   | $ | 935,179 |   |
|                                                                                                                                                                    |   |   |  |   |   |  |   |

----

|                                                                      |   | As                  a Business Development Company |       |
|---------------------------------------------------------------------------|--------|----------------------------------------------------|------------|
|                                                                      |   | Three                  months ended May 31, 2005   |       |
| **Investment                  income**                                    |   | $                                                  | 804        |   |
|                                                                      |   |                                               |            |   |
| **Operating                  Expenses:**                                  |   |                                               |            |   |
| Professional                  fees                                        |   |                                               | 33,235     |   |
| Administrative                  expenses                                  |   |                                               | 15,885     |   |
| Rent                                                                      |   |                                               | 1,125      |   |
| Printing                  and reproduction                                |   |                                               | 49         |   |
| Other                                                                     |   |                                               | 1,588      |   |
| Interest                  expense                                         |   |                                               | 284,189    |   |
|                                                                      |   |                                               |       |   |
| Total                  Operating expenses                                 |   |                                               | 336,071    |   |
|                                                                      |   |                                               |       |   |
| **Net                  investment loss**                                  |   |                                               | (335,267   | ) |
|                                                                      |   |                                               |            |   |
| **Net                  change in unrealized appreciation on investment**  |   |                                               | -          |   |
|                                                                      |   |                                               |       |   |
| **Net                  decrease in net assets resulting from operations** |   | $                                                  | (335,267   | ) |
|                                                                      |   |                                               |            |   |
| Loss                  per common share - basic and diluted                |   | $                                                  | (.02       | ) |
|                                                                      |   |                                               |       |   |
| Weighted                  average shares outstanding - basic and diluted  |   |                                               | 16,939,870 |   |

----

|                                                                       |   | Prior                    to becoming aBusiness                    DevelopmentCompanyThree                    months endedMay                    31, 2004 |      |
|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
| Revenues                                                                   |   | $                                                                                                                                                        | 54,730    |   |
| Cost                    of sales                                           |   |                                                                                                                                                     | 42,587    |   |
|                                                                       |   |                                                                                                                                                     |      |   |
| Gross                    profit                                            |   |                                                                                                                                                     | 12,143    |   |
|                                                                       |   |                                                                                                                                                     |      |   |
|  Operating                    Expenses                                |   |                                                                                                                                                     |           |   |
| Selling,                    general and administrative expenses            |   |                                                                                                                                                     | 24,289    |   |
|                                                                       |   |                                                                                                                                                     |      |   |
| Loss                    from operations                                    |   |                                                                                                                                                     | (12,146   | ) |
|                                                                       |   |                                                                                                                                                     |           |   |
|                                                                       |   |                                                                                                                                                     |      |   |
| Total                    other income (expense)                            |   |                                                                                                                                                     | -         |   |
|                                                                       |   |                                                                                                                                                     |           |   |
| Net                    loss                                                |   | $                                                                                                                                                        | (12,146   | ) |
|                                                                       |   |                                                                                                                                                     |           |   |
| Loss                    per common share - basic and diluted               |   | $                                                                                                                                                        | (.01      | ) |
| Weighted                    average shares outstanding - basic and diluted |   |                                                                                                                                                     | 1,671,675 |   |

----

**BDC        Capital, Inc.**

**(formerly        eNetpc, Inc.)**

**STATEMENTS        OF CASH FLOWS**

|                                                                                                                                                                                |   | **As                      a Business Development Company Three months ended May 31,                      2005** |     | **Prior                      to becoming a Business Development Corporation Three months                      ended May 31,                      2004** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **CASH                      FLOWS FROM OPERATING ACTIVITIES**                                                                                                                       |   |                                                                                                            |     |                                                                                                                                                    |   |
| Net                      loss                                                                                                                                                       |   | $                                                                                                               | -        |                                                                                                                                                    | $      | (12,146 | ) |
| Net                      decrease in net assets resulting from operations as a business                      development                      company                               |   |                                                                                                            | (335,267 | )                                                                                                                                                       |   | - |   |
| Adjustments                      to reconcile net assets resulting from operations and net loss                      to net cash                      used by operating activities: |   |                                                                                                            |          |                                                                                                                                                    |   |  |   |
| Depreciation                      and amortization                                                                                                                                  |   |                                                                                                            | -        |                                                                                                                                                    |   | - |   |
| Amortization                      of original issue discount                                                                                                                        |   |                                                                                                            | 272,270  |                                                                                                                                                    |   | - |   |
| Accounts                      receivable                                                                                                                                            |   |                                                                                                            | -        |                                                                                                                                                    |   | 6,892 |   |
| Prepaid                      expenses                                                                                                                                               |   |                                                                                                            | (3,000   | )                                                                                                                                                       |   | (1,063 | ) |
| Accounts                      payable                                                                                                                                               |   |                                                                                                            | 17,649   |                                                                                                                                                    |   | (11,603 | ) |
| Accrued                      liabilities                                                                                                                                            |   |                                                                                                            | 4,954    |                                                                                                                                                    |   | (203 | ) |
| Investment                      in BDC Partners, Inc.                                                                                                                               |   |                                                                                                            | (275,900 | )                                                                                                                                                       |   | - |   |
| Due                      to BDC Partners, Inc.                                                                                                                                      |   |                                                                                                            | (2,100   | )                                                                                                                                                       |   | - |   |
|                                                                                                                                                                                |   |                                                                                                            |     |                                                                                                                                                    |   |   |   |
| Net                      cash used in operating activities                                                                                                                          |   |                                                                                                            | (321,394 | )                                                                                                                                                       |   | (18,123 | ) |
|                                                                                                                                                                                |   |                                                                                                            |     |                                                                                                                                                    |   |   |   |
| **CASH                      FLOWS FROM FINANCING ACTIVITIES**                                                                                                                       |   |                                                                                                            |          |                                                                                                                                                    |   |  |   |
| Proceeds                      from issuance of common stock                                                                                                                         |   |                                                                                                            | 58,560   |                                                                                                                                                    |   | - |   |
| Net                      proceeds (payments) from due to stockholder                                                                                                                |   |                                                                                                            | -        |                                                                                                                                                    |   | 10,218 |   |
| Payments                      made on convertible debentures                                                                                                                        |   |                                                                                                            | (161,988 | )                                                                                                                                                       |   | - |   |
| Proceeds                      from issuance of convertible debentures                                                                                                               |   |                                                                                                            | 250,000  |                                                                                                                                                    |   | - |   |
| Net                      cash provided by financing activities                                                                                                                      |   |                                                                                                            | 146,572  |                                                                                                                                                    |   | 10,218 |   |
|                                                                                                                                                                                |   |                                                                                                            |     |                                                                                                                                                    |   |   |   |
| **Net                      change in cash and cash equivalents for the                      period**                                                                                |   |                                                                                                            | (174,822 | )                                                                                                                                                       |   | (7,905 | ) |
|                                                                                                                                                                                |   |                                                                                                            |          |                                                                                                                                                    |   |  |   |
| **Cash                      and cash equivalents at beginning of period**                                                                                                           |   |                                                                                                            | 260,179  |                                                                                                                                                    |   | 9,683 |   |
|                                                                                                                                                                                |   |                                                                                                            |     |                                                                                                                                                    |   |   |   |
| **Cash                      and cash equivalents at end of period**                                                                                                                 |   | $                                                                                                               | 85,357   |                                                                                                                                                    | $      | 1,778 |   |
|                                                                                                                                                                                |   |                                                                                                            |          |                                                                                                                                                    |   |  |   |
|                                                                                                                                                                                |   |                                                                                                            |          |                                                                                                                                                    |   |  |   |
| **SUPPLEMENTAL                      DISCLOSURES OF CASH FLOW INFORMATION**:                                                                                                         |   |                                                                                                            |          |                                                                                                                                                    |   |  |   |
| Cash                      payments for interest                                                                                                                                     |   | $                                                                                                               | 6,965    |                                                                                                                                                    | $      | 100 |   |
|                                                                                                                                                                                |   |                                                                                                            |          |                                                                                                                                                    |   |  |   |
| **SUPPLEMENTAL                      SCHEDULE OF NONCASH INVESTING** **AND                      FINANCING ACTIVITIES:**                                                         |   |                                                                                                            |          |                                                                                                                                                    |   |  |   |
| Debt                      to equity conversion                                                                                                                                      |   | $                                                                                                               | 113,865  |                                                                                                                                                    | $      | - |   |

----

**BDC        Capital, Inc.**

**(formerly        eNetpc, Inc.)**

**SCHEDULE        OF INVESTMENTS**

**May        31, 2005**

| **Portfolio                  Company** | **Principal                  business** | **Investments** | **Cost** | **Fair                  Value** |
|----------------------------------------|-----------------------------------------|-----------------|----------|---------------------------------|
| BDC                  Partners, Inc.    | Technology                              | Equity          | $343,303 | $950,900                        |
|                                   |                                    |            |     |                            |

----

**Note        1. Nature of Business and Summary of Significant Accounting        Policies**

**Nature        of business**
***:***

----

***Investment        Strategy:***

**A        summary of the Company's significant accounting policies        follows:**

***Conversion        to Business Development Company***

***Valuation        of Investments:***

----

***Investments        in equity securities:***

***Income        taxes:***

----

***Stock-based        employee compensation:***

***Net        loss per share:***

***Carrying        value of financial instruments:***

**Note        2. Property and Equipment:**

|                                            |   | **May                  31,****2005** |    | **February                  28,****2004** |   |
|-------------------------------------------------|--------|--------------------------------------|---------|-------------------------------------------|--------|
| Office                  equipment and furniture |   | $                                    | 469,666 |                                      | $      | 469,666 |   |
| Leasehold                  improvements         |   |                                 | -       |                                      |   | 37,270 |   |
| Production                  equipment           |   |                                 | -       |                                      |   | 61,515 |   |
|                                            |   |                                 | 469,666 |                                      |   | 568,451 |   |
| Less                  accumulated depreciation  |   |                                 | 455,028 |                                      |   | 553,813 |   |
| Less                  impairment of equipment   |   |                                 | 14,638  |                                      |   | 14,638 |   |
|                                            |   | $                                    | -  |                                      | $      | - |   |

**Note        3. Convertible debentures:**

----

| A)   | Purchaser                  shall first be entitled to an amount equal to 200% of the face                  amount of                  each debenture attributable to the sale of common stock acquired                  from the                  conversion of the associated debt. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B)   | After                  the Purchaser receives the amount in A above, the Company shall                  be                  entitled to 50% of any additional Net Sales Proceeds of the stock.                  Net                  Sales Proceeds shall mean the gross proceeds received from the                  sale of the                  stock, less reasonable brokerage                  commissions. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C)   | Final                  adjusted Net Sales Proceeds are to be wired to the Company within                  7 days                  from the date of the final settlement of the sale of stock from                  the                  conversion of all of the outstanding                  debentures. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Note        4 Stockholders' Equity:**

***Preferred        Stock***

***Stock          Dividend***

----

**Note        5. Related Party Transactions**

**Note        6. Commitments and Contingencies:**

**Note        7. Financial Highlights**
***:***

| Per                  Share Data:                                                                                |   |   |       |   |   |
|-----------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|
| Net                  asset value beginning of period                                                            |   |   | .12        |   |   |
|                                                                                                            |   |   |       |   |        |
| Income                  from investment operations:                                                             |   |   |       |   |        |
| Net                  Investment loss                                                                            |   |   | (.02       | )      |        |
| Net                  realized gains on investments                                                              |   |   | -          |   |        |
| Net                  unrealized appreciation on investments                                                     |   |   | -          |   |        |
| Net                  increase in net assets resulting from operations                                           |   |   | (.02       | )      |        |
|                                                                                                            |   |   |       |   |        |
| Dividends                                                                                                       |   |   | -          |   |        |
|                                                                                                            |   |   |       |   |        |
| Issuance                  of shares (preferred and common)                                                      |   |   | .06        |   |        |
| Dilutive                  effect of share issuances                                                             |   |   | (.12       | )      |        |
| Increase                  in stockholders' equity (deficit) from OID on convertible                  debentures |   |   | .01        |   |        |
| Increase                  in stockholder's equity relating to equity issuances                                  |   |   |       |   |        |
|                                                                                                            |   |   |       |   |        |
| Net                  asset value, end of period                                                                 |   | $      | .05        |   |   |
|                                                                                                            |   |   |       |   |        |
| Per                  share market value at end of period                                                        |   |   | .16        |   |        |
| Total                  Return                                                                                   |   |   | 700        | %      | (a)    |
| Shares                  outstanding at end of period                                                            |   |   | 17,722,582 |   |        |
|                                                                                                            |   |   |       |   |        |
| Ratio/Supplemental                  Data:                                                                       |   |   |       |   |        |
| Net                  assets end of period                                                                       |   |   | 895,194    |   |        |
| Ratio                  of operating expenses to average net assets (annualized)                                 |   |   | 157        | %      |        |
| Ratio                  of net investment loss to average assets (annualized)                                    |   |   | 157        | %      |        |
|                                                                                                            |   |   |       |   |        |
|                                                                                                            |   |   |       |   |        |

| (a) | Total                  return for the period is not                  annualized |
|-----|---------------------------------------------------------------------------------|

**Note        8. Subsequent Events:**

----

----

***As        a business development company***

***Prior        to becoming a business development company***

**Recent        Developments — Portfolio Companies **

**Critical        Accounting Policies **

----

***Recently        issued accounting pronouncements:***

----

**PART        II**

|  | (a) | All                    information required to be disclosed on a report on Form 8-K                    during the                    period ended May 31, 2005 has previously been                    reported. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | There                    have been no material changes to the procedures by which security                    holders                    may recommend nominees to the registrant’s board of                    directors. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1 | Articles                  of Incorporation, as amended (1)                                                                             | Previously                  Filed |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|
|   | 3.2 | Bylaws                  (1)                                                                                                            | Previously                  Filed |
|   | 31  | Certifications                  of Chief Executive Officer and Chief Financial Officer under Rule                  13a-14(a)/15d-14(a) | Included                          |
|   | 32  | Certifications                  under Section 1350                                                                                     | Included                          |

|                                  | BDC                  CAPITAL, INC. |
|---------------------------------------|------------------------------------|
|                                  |                               |   |
| Dated:                  July 20, 2005 | By:                                |                     /s/ Richard A.                  Pomije                               |
|                                  |                               | Richard                  A. Pomije, Chief Executive Officer |
|                                  |                               | (Principal                  executive officer) |

----