UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             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 - March 31, 2005
                                       OR
[ ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934

                         For the transition period from:

                          Commission file number: 34884

                FEDERAL MORTGAGE CORPORATION OF PUERTO RICO, INC.
                 (Name of Small Business Issuer in its charter)

                  Delaware                                   02-0703753
       (State or other jurisdiction                    (I.R.S. Employer
       incorporation or organization)                  Identification Number)

                    444 Park Forest Way, Wellington, FL 33414
                    (Address of principal executive offices)

                     Issuer's telephone number: 561-798-4294

           Securities registered under Section 12(b) of the Act: None

              Securities registered under Section 12(g) of the Act:

                    Common Stock, $0.005 par value per share
                                (Title of class)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(D) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days.     YES [ ] NO [X]

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation  S-B is not  contained  in  this  form,  and no  disclosure  will  be
contained,  to the  best of  registrant's  knowledge,  in  definitive  proxy  or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [ ]

         State issuer's revenues for its most recent fiscal year. $ -0-

State the  aggregate  market value of the voting  stock held by non-  affiliates
computed by reference  to the price at which the stock was sold,  or the average
bid and asked  prices of such stock,  as of a specified  date within the past 60
days. (See definition of affiliate in Rule 12b-2 of the Exchange Act): $ -0-

Check  whether the issuer has filed all  documents  and  reports  required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the  distribution  of
securities under a plan confirmed by a court.     Yes [ ] No [ ] Not applicable.

                      (APPLICABLE ONLY TO CORPORATE REGISTRANTS)

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
                       100,000,000 as of March 31, 2005.

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

                                        1
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                                     PART I

ITEM 1.  BUSINESS

Federal   Mortgage   Corporation  of  Puerto  Rico,  Inc.  (the  "Company")  was
incorporated  on  January 5, 1970,  under the laws of the State of  Delaware  as
Modulated  Building  Systems,  Inc.,  to conduct  and carry on the  business  of
builders  and  contractors  for the  purpose of  building,  erecting,  altering,
repairing,  wrecking,  dig or any  other  work in  connection  with  any and all
classes  of  building  and  improvement  of any kind and nature  whatsoever;  to
design,  draw,  and  prepare  plans,  specifications  and  estimates  for and to
supervise,  bid upon, enter into, and execute contracts for the construction and
alteration of buildings,  structures,  houses,  piers,  wharves,  canals, docks,
slips, dams, bridges, viaducts, railroads, railways,  right-of-ways, cut, fills,
roads, avenues, streets, fortifications, conduits, pipe lines, electric or other
transmission lines, subways, tunnels, foundations,  mines, shafts, wells, walls,
waterways,  manufactories,  plans, machinery,  drainage,  irrigation, and sewage
disposal systems and any other engineering or construction project or enterprise
of any nature whatsoever;  to carry on and conduct any and every kind of general
contracting  construction,  and engineering  business;  to carry on the trade or
business of manufacturing,  producing, adapting, preparing, buying, selling, and
otherwise  dealing  in any and all  kinds  of  furniture  and  supplies,  and to
manufacture,  produce, purchase, adapt, prepare, use, sell, or otherwise deal in
any  materials,  articles,  or things  required  for,  in  connection  with,  or
incidental to, the manufacture, use, purchase, and sale of, or other, dealing in
any and all kinds of furniture and supplies, and generally to carry on any other
manufacturing  business which can conveniently be carried on in conjunction with
any of the  matters  aforesaid;  to  engage  in and  carry  on the  business  of
acquiring,   owning,   buying,   selling,   leasing,   mortgaging,   exchanging,
manufacturing,  distributing, marketing, or otherwise dealing in timber, lumber,
and the various  products  thereof;  to conduct  logging  operations and operate
mills for the  manufacture of lumber and products  thereof;  to acquire,  erect,
maintain, and operate mill privileges,  water rights, mills and other buildings,
machinery,  and  all  appliances;  to  carry  on in any  capacity  any  business
appertaining  to, or which,  in the judgment of the Company,  may at any time be
convenient;  to acquire, by purchase, lease, or otherwise, and to own, mortgage,
equip,  maintain,  and  operate  woodworking  plants,  sash and door  factories,
sawmills,  planning mills, lumber yards, and other works, plants, machinery, and
equipment  for the  manufacture  and  sale of  sash,  doors,  frames,  moulding,
millwork, and lumber of all description; to produce, manufacture,  glaze, paint,
and  otherwise  prepare  for use,  market  and sale,  and to sell and  otherwise
dispose of any and all products  and  articles  made wholly or partly of wood or
similar  material;  to engage in and transact a general lumber and mill business
in any and all its branches;  to deal in with lumber,  timber, wood and products
of any and all kinds, and in any and all forms; and to manufacture, purchase, or
otherwise  acquire,  and to  sell,  and  otherwise  deal in and  with  flooring,
shingles,  laths, staves,  boxes, barrels, and other articles and things made in
whole or in part of wood, and contractors' and builders'  supplies of every kind
and nature;  and to engage in any lawful act of activity for which  corporations
may be organized  under the General  Corporation  Law of Delaware.  On April 17,
1972,  the Company  amended its name to Federal  Mortgage  Corporation of Puerto
Rico,  Inc.  The Company  conducted  mortgage-banking  business in Puerto  Rico,
Florida  and  Minnesota.  The  Company  actively  engaged  in the  placement  of
commercial and residential  project loans through its lending sources and at the
same time retained  servicing of a major portion of these loans for the lenders.
The Company decided, because of market conditions,  to discontinue operations in
the early  part of 1975,  at which  time it  disposed  of all of its  assets and
resolved  all of its  liabilities.  No further  business  was  engaged in by the
Company  since the  disposition  of its assets in 1975.  On July 15,  2003,  the
Company's charter was renewed  retroactively back to February 24, 1976, the date
of the  expiration  of the  charter.  Its  purpose  is to engage  in any  lawful
corporate  undertaking,  including,  but not  limited to,  selected  mergers and
acquisitions.  The  Company  had  been  in the  developmental  stage  and had no
operations  since the renewal of its  charter.  Effective  March 31,  2005,  the
Company  acquired Pride Lending,  Inc. in exchange for 90,000,000  shares of its
common stock.  Further  references to the Company include the subsidiary,  Pride
Lending, Inc. The Board of Directors of the Company has elected to acquire Pride
Lending,  Inc. and therefore be in the lending business as described below under
"BUSINESS  OF  ISSUER".   The  Company  may  make  additional   acquisitions  if
opportunities are available.  The Company is not pursuing any such opportunities
at this time.

The  Company's  business  is subject to numerous  risk  factors,  including  the
following:

                                        2
<PAGE>

              BUSINESS OF ISSUER: PRINCIPAL PRODUCTS AND SERVICES

Federal  Mortgage  Corporation  of Puerto  Rico is a holding  company and has no
business operations. Its wholly owned subsidiary, Pride Lending, Inc., is in the
lending  business.  The Company's source of revenue is from interest on mortgage
and other notes receivable.

ACQUISITION OF OPPORTUNITIES

While the Company has now become engaged in the lending business,  it may choose
to make further  acquisitions for business expansion if opportunities  arise. In
implementing a structure for a particular business acquisition,  the Company may
become a party to a merger,  consolidation,  reorganization,  joint venture,  or
licensing  agreement  with another  corporation  or entity.  It may also acquire
stock or assets of an existing  business.  On the consummation of a transaction,
it is probable that the present  management and shareholders of the Company will
no longer be in control of the Company.  In addition,  the  Company's  directors
may, as part of the terms of the acquisition transaction, resign and be replaced
by new directors without a vote of the Company's  shareholders or may sell their
stock in the  Company.  Any and all such sales  will only be made in  compliance
with the securities laws of the United States and any applicable state.

It is anticipated that any securities issued in any such reorganization would be
issued in reliance upon exemption from registration under applicable federal and
state securities laws. In some  circumstances,  however, as a negotiated element
of its  transaction,  the Company  may agree to  register  all or a part of such
securities  immediately  after the  transaction  is  consummated or at specified
times  thereafter.  If  such  registration  occurs,  of  which  there  can be no
assurance,  it will be undertaken by the surviving  entity after the Company has
successfully  consummated a merger or  acquisition  and the Company is no longer
considered a "shell" company.  Until such time as this occurs,  the Company does
not intend to register any  additional  securities.  The issuance of substantial
additional securities and their potential sale into any trading market which may
develop in the Company's securities may have a depressive effect on the value of
the Company's  securities  in the future,  if such a market  develops,  of which
there is no assurance.

While the actual  terms of a  transaction  to which the  Company  may be a party
cannot  be  predicted,  it may be  expected  that the  parties  to the  business
transaction  will find it desirable to avoid the creation of a taxable event and
thereby structure the acquisition in a so-called "tax-free" reorganization under
Sections 368(a)(1) or 351 of the Internal Revenue Code (the "Code"). In order to
obtain tax-free  treatment under the Code, it may be necessary for the owners of
the acquired  business to own 80% or more of the voting  stock of the  surviving
entity.  In such event,  the  shareholders of the Company would retain less than
20% of the issued and outstanding  shares of the surviving  entity,  which would
result in significant dilution in the equity of such shareholders.

As part of the  Company's  investigation,  officers and directors of the Company
may personally  meet with  management  and key personnel,  may visit and inspect
material  facilities,  obtain analysis of  verification  of certain  information
provided,  check  references of  management  and key  personnel,  and take other
reasonable  investigative  measures,  to the  extent  of the  Company's  limited
financial  resources and management  expertise.  The manner in which the Company
participates in an opportunity will depend on the nature of the opportunity, the
respective needs and desires of the Company and other parties, the management of
the  opportunity and the relative  negotiation  strength of the Company and such
other management.

With  respect to any merger or  acquisition,  negotiations  with target  company
management  is expected  to focus on the  percentage  of the  Company  which the
target  company  shareholders  would  acquire  in  exchange  for  all  of  their
shareholdings  in the target company.  Depending upon,  among other things,  the
target company's assets and liabilities,  the Company's shareholders will in all
likelihood  hold a substantially  lesser  percentage  ownership  interest in the
Company  following any merger or  acquisition.  The percentage  ownership may be
subject to  significant  reduction  in the event the  Company  acquires a target
company  with  substantial  assets.  Any merger or  acquisition  effected by the
Company can be expected to have a significant  dilutive effect on the percentage
of shares held by the Company's then shareholders.

                                        3
<PAGE>

The  Company  will  participate  in  a  business   opportunity  only  after  the
negotiation and execution of appropriate written agreements.  Although the terms
of such agreements  cannot be predicted,  generally such agreements will require
some specific representations and warranties by all of the parties thereto, will
specify  certain  events of  default,  will  detail the terms of closing and the
conditions  which must be  satisfied  by each of the parties  prior to and after
such  closing,  will  outline  the  manner of  bearing  costs,  including  costs
associated with the Company's attorneys and accountants, will set forth remedies
on default and will include miscellaneous other terms.

As stated  hereinabove,  the  Company  will not acquire or merge with any entity
which  cannot  provide  independent   audited  financial   statements  within  a
reasonable period of time after closing of the proposed transaction. The Company
is  subject  to all of the  reporting  requirements  included  in the 1934  Act.
Included in these  requirements is the  affirmative  duty of the Company to file
independent  audited  financial  statements  as part of its Form 8-K to be filed
with the Securities and Exchange  Commission  upon  consummation  of a merger or
acquisition,  as well as the Company's audited financial  statements included in
its annual  report on Form 10-K (or  10-KSB,  as  applicable).  If such  audited
financial  statements  are not available at closing,  or within time  parameters
necessary to insure the Company's  compliance with the  requirements of the 1934
Act,  or if the  audited  financial  statements  provided  do not conform to the
representations  made by the candidate to be acquired in the closing  documents,
the  closing  documents  will  provide  that the  proposed  transaction  will be
voidable,  at the discretion of the present  management of the Company.  If such
transaction is voided, the agreement will also contain a provision providing for
the  acquisition  entity to reimburse the Company for all costs  associated with
the proposed transaction.

The Company does not intend to provide the Company's  security  holders with any
complete   disclosure   documents,   including  audited  financial   statements,
concerning an  acquisition  or merger  candidate  and its business  prior to the
consummation of any acquisition or merger transaction.

COMPETITION

The  Company  will  remain an  insignificant  participant  among the firms which
engage in the lending business and in the acquisition of business opportunities.
There are many  established  venture  capital and financial  concerns which have
significantly  greater financial and personnel resources and technical expertise
than the Company.  In view of the Company's combined limited financial resources
and  limited  management  availability,  the  Company  will  continue to be at a
significant competitive disadvantage compared to the Company's competitors.

ITEM 2. DESCRIPTION OF PROPERTY.

The  Company  currently  maintains  a mailing  address at 444 Park  Forest  Way,
Wellington, FL 33414, which is the address of its President. The Company pays no
rent for the use of this mailing  address.  The Company does not believe that it
will need to maintain an office at any time in the  foreseeable  future in order
to carry out its plan of operations described herein.

ITEM 3. LEGAL PROCEEDINGS.

In the opinion of counsel there are no known legal  proceedings  or  outstanding
judgments against the Company, nor any pending litigation.

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

No matters were submitted during the fourth quarter of the calendar year covered
by this report to a vote of security holders.



                                       4
<PAGE>

                                     PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

(a) Market Information.

There is not a market for the Company's securities.

(b) Holders.

As of March 31,  2005,  there were  fifty-three  (53)  holders of the  Company's
Common Stock.  One of the  shareholders  holds 302,178 shares in one certificate
for the benefit of approximately 800 shareholders.

(c) Dividends.

Except  for the  special  dividend  paid by Pride  Lending,  Inc.  to its parent
company prior to the acquisition,  Federal  Mortgage  Corporation of Puerto Rico
has not paid a cash  dividend on its Common  Stock  during the years ended March
31, 2005 and 2004, and has no present intention to declare or pay cash dividends
on the Common Stock in the foreseeable future. The Company intends to retain any
earnings,  which  it may  realize  in the  foreseeable  future  to  finance  its
operations.  Future  dividends,  if any,  will  depend  on  earnings,  financing
requirements and other factors.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
        FINANCIAL CONDITIONS.

The following  discussion  should be read in  conjunction  with the  information
contained  in the  financial  statements  of the Company  and the Notes  thereto
appearing elsewhere herein.

Year Ended March 31, 2005

Revenue for the year ended March 31, 2005 was approximately  $42,000 as compared
to  revenue  of  approximately  $65,000  for the year ended  March 31,  2004,  a
decrease of approximately  $23,000.  This decrease was principally the result of
the  reduction  in  interest  income due to the  collection  of  mortgage  notes
receivable.  The average revenue per month for the year ended March 31, 2005 was
approximately  $3,500 as compared to approximately $5,400 per month for the year
ended March 31, 2004, a decrease of $1,900 per month.

Operating  expenses were  approximately  $20,000 during the year ended March 31,
2005, and approximately $27,000 during the year ended March 31, 2004, a decrease
of  approximately  $7,000.  The average per month  decreased from  approximately
$2,300 to $1,700,  a decrease of  approximately  $600 per month. The decrease in
operating  expenses  was  primarily  the  result in the  decrease  in  officer's
compensation to the Company's  President and the decrease in  professional  fees
and other administrative costs.

Net income after provision for income taxes decreased from approximately $31,000
during the year ended March 31, 2004 to  approximately  $18,000  during the year
ended March 31,  2005, a decrease of  approximately  $13,000,  or  approximately
$1,100 per month.

Year Ended March 31, 2004

Revenue for the year ended March 31, 2004 was approximately  $65,000 as compared
to  approximately  $62,000  for the year ended  March 31,  2003,  an increase of
approximately  $3,000.  This increase was  principally  the result of additional
interest from mortgage notes receivable.

Operating  expenses were  approximately  $27,000 during the year ended March 31,
2004,  and  approximately  $23,000  during the year  ended  March 31,  2003,  an
increase  of  approximately   $4,000.  The  average  per  month  increased  from
approximately $1,900 to $2,300, an increase of approximately $400 per month.

                                       5
<PAGE>

Net income after provision for income taxes decreased from approximately $32,000
during the year ended March 31, 2003 to  approximately  $31,000  during the year
ended March 31, 2004, a decrease of approximately  $1,000,  or approximately $80
per month.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2004, the Company had cash of approximately  $22,000. The Company's
current  assets  were  approximately  $615,000 at March 31, 2004 and its current
liabilities  totaled  approximately  $0,  resulting  in net  working  capital of
approximately $615,000, a current ratio of approximately 100 to one.

At March 31, 2005, the Company had cash of approximately  $15,000. The Company's
current  assets  were  approximately  $85,000 at March 31,  2005 and its current
liabilities totaled  approximately  $2,000,  resulting in net working capital of
approximately  $83,000,  a current ratio of  approximately  40.1 to one. Working
capital  decreased by  approximately  $532,000  from March 31, 2004 to March 31,
2005.

The Company's assets decreased from  approximately  $1,149,000 at March 31, 2004
to  approximately  $309,000  at March 31,  2005,  a  decrease  of  approximately
$840,000. This net decrease was comprised principally of a dividend distribution
paid to Pride Lending, Inc.'s former parent company.

The Company's  liabilities  increased from approximately $0 at March 31, 2004 to
approximately $2,000 at March 31, 2005, an increase of $2,000.

The Company's business is not subject to seasonality or any weather  seasonality
conditions.  The Company knows of no trends,  events or uncertainties that have,
or are reasonable likely to have, a material impact on the Company's  short-term
or long-term liquidity.

ITEM 7. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Please see pages F-1 through F-10.

                                    PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE
        WITH SECTION 16(A) OF THE EXCHANGE ACT.

OFFICERS AND DIRECTORS

The  following  table  sets forth  certain  information  concerning  each of the
Company's directors and executive officers:

NAME                    AGE      POSITION

Michael Schumacher      56       President, Treasurer, Director, Chief Executive
                                    Officer and Chief Financial Officer

Peter Porath            73       Vice-President and Director

George A. Powell        79       Secretary and Director




                                        6
<PAGE>

MICHAEL SCHUMACHER.  Michael Schumacher was Treasurer,  Secretary and a Director
of the Company since July 2003, and effective  March 31, 2005 became  President.
Mr.  Schumacher was President and Chairman of the Board of Prime Rate Income and
Dividend  Enterprises,   Inc.,  a  public  company,  until  December  2002.  Mr.
Schumacher  was a director  and officer of Sun Vacation  Properties  Corporation
(formerly  Commonwealth  Equities,  Inc.), a public company,  from November 2000
until February 2001, and a director and officer of Vacation Ownership Marketing,
Inc., a public  company) from May 2000 until August 2001. He was also, from June
2003 to May 31, 2005, a Vice-President and Director of National Superstars, Inc,
an inactive pubic company until May 31, 2005.  Effective May 31, 2005,  National
Superstars,  Inc.  completed  a business  combination  with MSO  Holdings,  Inc.
resulting  in a change in control of National  Superstars,  Inc.  Since  January
2005,  he has been  President,  Treasurer,  CFO and a  director  of  Springfield
Financial,  Inc., an inactive public company.  Also since January 2005,  Michael
Schumacher has been President, Treasurer, Chief Financial Officer and a Director
of Marwich II, Ltd., an inactive public  company.  Since March 2005, he has been
Secretary,  Treasurer  and a director of  American  Telstar,  Inc.,  an inactive
public  company.  Mr.  Schumacher  is  President,  Chairman  of the  Board,  and
controlling  shareholder  of  Pride,  Inc.  and its  wholly-owned  subsidiaries,
including Pride Equities, Inc. Pride, Inc. and its subsidiaries are primarily in
the real estate investment  business.  Mr. Schumacher is President and Treasurer
of Birch Branch,  Inc., a real estate investment company. Mr. Schumacher is also
a Director and President of Schumacher &  Associates,  Inc., a certified  public
accounting  firm  located in Denver,  Colorado  that  provides  audit  services,
principally to public  companies on a national basis  throughout the U.S.A.  Mr.
Schumacher is a Certified Public Accountant, Certified Management Accountant and
an Accredited  Financial Planning  Specialist.  Mr. Schumacher has a Bachelor of
the Sciences Degree in Business  Administration  with a major in accounting from
the  University of Nebraska at Kearney and a Masters in Business  Administration
from the University of Colorado.

PETER  PORATH.  Peter Porath was  President  and a director of the Company since
July 2003,  and effective  March 31, 2005,  became  Vice-President,  rather than
President.  Since  October  2004,  Peter  Porath has been  Vice-President  and a
director of Marwich II, Ltd., an inactive  public  company.  He has also,  since
June 2003,  been a  President  and  Director  of  National  Superstars,  Inc, an
inactive  pubic  company until May 31, 2005.  Effective  May 31, 2005,  National
Superstars,  Inc.  completed  a business  combination  with MSO  Holdings,  Inc.
resulting  in a change in control of National  Superstars,  Inc.  Since  January
2005, he has been Vice-President and a director of Springfield Financial,  Inc.,
an inactive public company.  Since March 2005, he has been  Vice-President and a
director of American Telstar, Inc., an inactive public company. Mr. Porath was a
director of Sun Vacation Properties Corporation (formerly Commonwealth Equities,
Inc.),  a public  company,  and was President  from November 2000 until February
2001. Mr. Porath was a director and president of Vacation  Ownership  Marketing,
Inc.,  (a public  company)  from May 2000 until  August 2001.  Mr.  Porath was a
director for Plants For Tomorrow,  an environmental  mitigation  concern through
the years from  1989-1991.  From 1990 through  2001,  Mr.  Porath,  semi-retired
operated a retail  magic  supply  store in Fort  Lauderdale,  Florida,  Merlin's
Festival of Magic.  From 1978 to 1979,  Mr. Porath was executive  vice-president
and director of International Resort Properties,  Inc., a timesharing company in
Hillsboro  Beach,  Florida where he was  responsible  for the  development  of a
20-unit  project.  Prior to 1978,  Mr.  Porath was Vice  President of Investment
Corporation of Florida,  a public company on the American  Stock  Exchange,  and
developer of Wellington and Palm Beach Polo, now a city of 40,000 people.  Prior
to this,  Mr.  Porath was  President  of San  Andros,  Inc.,  doing real  estate
workouts  for the Bank of Virginia;  Vice-President  of Magnuson  Corp.,  a real
estate developer;  Supervisor of Customer Service for General Development Corp.,
a New York Stock  Exchange  Company;  and  Assistant  to the  Vice-President  of
Moody's Investors Service,  Chicago,  now a New York Stock Exchange Company. Mr.
Porath attended  Syracuse  University in the U.S. Air Force Security Service and
holds a Bachelor  of the Arts Degree in English  from Ripon  College and a Juris
Doctor from De Paul University in Chicago.

GEORGE A.  POWELL.  George A.  Powell has been  Secretary  and a Director of the
Company  since March,  2005.  Mr.  Powell has been  Secretary  and a Director of
Marwich II, Ltd. an inactive  public  company since October 2004. Mr. Powell has
been a director,  secretary  and  vice-president  of PRIDE,  Inc. Mr. Powell was
previously,  until September 22, 1999, a director,  secretary and vice-president
of Rocky  Mountain  Power  Co.,  a public  reporting  company.  Mr.  Powell  was
previously, until November 12, 2002, a director, secretary and vice-president of
Prime Rate Income & Dividend Enterprises, Inc. (PIDV). Mr. Powell is currently a
director,  secretary,  and  vice-president of Birch Branch,  Inc. Mr. Powell was
previously  a director and  president of  Continental  Investors  Life,  Inc., a
public  reporting  insurance  company.  Since Mr.  Powell's  retirement from the
insurance business in 1988, he has been self-employed as a business consultant.

                                       7
<PAGE>

SIGNIFICANT EMPLOYEES

The Company has no regular  employees.  Peter Porath and Michael Schumacher each
devote approximately 5% of their time to the Company's business.

ITEM 10. EXECUTIVE COMPENSATION.

Presently,  none of the  Company's  current  officers or directors  received any
compensation for their respective services rendered unto the Company, other than
Mr. Schumacher,  whose compensation from Pride Lending,  Inc. totaled $7,317 and
$12,595 for the years ended March 31, 2005 and 2004, respectively. They all have
agreed to act without  compensation  until authorized by the Board of Directors,
which is not  expected to occur until the Company has  generated  revenues  from
operations after consummation of a merger or acquisition.  The Company currently
has no funds  available  to pay  officers  or  directors.  Further,  none of the
officers or directors  are accruing any  compensation  pursuant to any agreement
with the Company.

It is possible  that,  after the Company  successfully  consummates  a merger or
acquisition  with an  unaffiliated  entity,  that entity may desire to employ or
retain one or a number of members of the Company's  management  for the purposes
of  providing  services to the  surviving  entity,  or otherwise  provide  other
compensation to such persons.  However, the Company has adopted a policy whereby
the offer of any post-transaction remuneration to members of management will not
be  a  consideration  in  the  Company's  decision  to  undertake  any  proposed
transaction.  Each member of management  has agreed to disclose to the Company's
Board of Directors any discussions  concerning possible  compensation to be paid
to them by any entity that proposes to undertake a transaction  with the Company
and  further,  to  abstain  from  voting on such  transaction.  Therefore,  as a
practical  matter, if each member of the Company's Board of Directors is offered
compensation in any form from any prospective  merger or acquisition  candidate,
the  proposed  transaction  will  not be  approved  by the  Company's  Board  of
Directors  as a result of the  inability of the Board to  affirmatively  approve
such a transaction.

It is possible that persons  associated  with management may refer a prospective
merger or  acquisition  candidate  to the  Company.  In the  event  the  Company
consummates a transaction  with any entity referred by associates of management,
it is possible that such an associate will be compensated  for their referral in
the form of a finder's  fee. It is  anticipated  that this fee will be either in
the form of  restricted  common stock issued by the Company as part of the terms
of the  proposed  transaction,  or  will be in the  form of cash  consideration.
However,  if such  compensation  is in the form of cash,  such  payment  will be
tendered  by the  acquisition  or merger  candidate,  because  the  Company  has
insufficient  cash  available.  The  amount  of  such  finder's  fee  cannot  be
determined as of the date of this registration statement,  but is expected to be
comparable to  consideration  normally paid in like  transactions.  No member of
management  of the Company  will receive any finder's  fee,  either  directly or
indirectly,  as a result of their respective  efforts to implement the Company's
business plan outlined herein.

No retirement,  pension,  profit sharing,  stock option or insurance programs or
other  similar  programs have been adopted by the Company for the benefit of its
employees.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

PRINCIPAL STOCKHOLDERS

The  following  table  sets  forth  certain  information  as of March  31,  2005
regarding the  beneficial  ownership of the  Company's  Common Stock by (i) each
stockholder  known by the Company to be the beneficial  owner of more than 5% of
the Company's Common Stock,  (ii) by each Director and executive  officer of the
Company and (iii) by all  executive  officer and  Directors  of the Company as a
group.  Each of the persons  named in the table has sole  voting and  investment
power with respect to Common Stock beneficially owned.

                                       8
<PAGE>

NAME AND ADDRESS                                   NUMBER OF         PERCENTAGE
                                                 SHARES OWNED         OF SHARES
                                                 OR CONTROLLED          OWNED


Peter Porath                                         484,919            0.48%
444 Park Forest Way
Wellington, FL 33414

Michael Schumacher
Beneficially through Pride Holdings, Inc.         90,000,000           90.00%
Beneficially through Pride Equities, Inc.          8,000,000            8.00%
2525 15th Street, Ste. 3H
Denver, Colorado 80211

George A. Powell                                     100,000            0.10%
7209 S. Garland Court
Littleton, Colorado 80128


All Officers and Directors as a Group             98,584,919           98.58%

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

Effective  July,  2003,  Pride  Equities,  Inc.  agreed to fund the Company with
$30,000  in  exchange  for  8,000,000  shares  of the  Company's  common  stock.
Effective  March 31, 2005,  the Company issued  90,000,000  shares of its common
stock to Pride Holdings, Inc. in exchange for Pride Lending, Inc.

The Board of Directors has passed a resolution  which contains a policy that the
Company will not seek an  acquisition  or merger with any entity in which any of
the Company's Officers, Directors, principal shareholders or their affiliates or
associates  serve  as  officer  or  director  or hold  any  ownership  interest.
Management is not aware of any  circumstances  under which this policy,  through
their own initiative may be changed.





                                       9
<PAGE>

                                     PART IV

ITEM 13. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.

(a) Financial Statements are contained in Item 7.

(b) Reports on Form 8-K

No  reports on Form 8-K have been  filed  during the last  quarter of the period
covered by this report.

(c) Exhibits.

     3.1   Articles of Incorporation *

     3.2   Bylaws of the Company *

    31.1   Section 302 Certification by the Corporation's Chief Executive
           Officer.  (Filed herewith).

    31.2   Section 302 Certification by the Corporation's Chief Financial
           Officer.  (Filed herewith).

    32.1   Section 906 Certification by the Corporation's Chief Executive
           Officer.  (Filed herewith).

    32.2   Section 906 Certification by the Corporation's Chief Financial
           Officer.  (Filed herewith).

* These documents are rendered as previously filed and incorporated by reference
to the Company's previous filings with the Securities and Exchange Commission.











                                       10
<PAGE>


                          INDEX TO FINANCIAL STATEMENTS

                FEDERAL MORTGAGE CORPORATION OF PUERTO RICO, INC.
                -------------------------------------------------
                           AND CONSOLIDATED SUBSIDIARY
                           ---------------------------


                              FINANCIAL STATEMENTS

                                      with

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACOUNTING FIRM


    Report of Independent Registered Public Accounting Firm                F-2

    Consolidated Financial Statements:

             Consolidated Balance Sheets                                   F-3

             Consolidated Statements of Operations                         F-4

             Consolidated Statement of Changes in Stockholders' Equity     F-5

             Consolidated Statements of Cash Flows                         F-6

             Notes to Consolidated Financial Statements                    F-7


















                                       F-1
<PAGE>

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
             -------------------------------------------------------

The Board of Directors
Federal Mortgage Corporation of Puerto Rico, Inc.
Wellington, Florida

We have audited the accompanying consolidated balance sheets of Federal Mortgage
Corporation  of Puerto Rico,  Inc. and  Consolidated  Subsidiary as of March 31,
2005 and 2004, and the related  statements of operations,  stockholders'  equity
and cash flows for the years then  ended.  These  financial  statements  are the
responsibility of the Company's management.  Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance  with the standards of the Public  Company
Accounting  Oversight Board (United States of America).  Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material  misstatement.  The Company is not
required  to have,  nor were we engaged  to  perform,  an audit of its  internal
control over financial reporting.  Our audit included  consideration of internal
control over financial  reporting as a basis for designing audit procedures that
are appropriate in the  circumstances,  but not for the purpose of expressing an
opinion on the  effectiveness  of the Company's  internal control over financial
reporting. Accordingly, we express no such opinion. An audit includes examining,
on a  test  basis,  evidence  supporting  the  amounts  and  disclosures  in the
financial statements. An audit also includes assessing the accounting principles
used and  significant  estimates made by  management,  as well as evaluating the
overall financial statement  presentation.  We believe that our audits provide a
reasonable basis for our opinion.

In our opinion,  the financial  statements referred to above, present fairly, in
all material respects, the financial position of Federal Mortgage Corporation of
Puerto Rico, Inc. and Consolidated Subsidiary as of March 31, 2005 and 2004, and
the results of its operations,  changes in its stockholders' equity and its cash
flows  for the  years  then  ended  in  conformity  with  accounting  principles
generally accepted in the United States of America.




Miller and McCollom
Certified Public Accountants
4350 Wadsworth Blvd., Suite 300
Wheat Ridge, CO 80033

July 14, 2005







                                       F-2
<PAGE>
<TABLE>
<CAPTION>

                FEDERAL MORTGAGE CORPORATION OF PUERTO RICO, INC.
                           AND CONSOLIDATED SUBSIDIARY

                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS
                                     ------


                                                              March 31,    March 31,
                                                                2005         2004
                                                             ----------   ----------
<S>                                                          <C>          <C>
Current Assets:
  Cash                                                       $   14,967   $   21,884
  Mortgage notes receivable, current portion                     68,338      584,983
  Accrued interest receivable                                     2,108        7,804
                                                             ----------   ----------
Total Current Assets                                             85,413      614,671

Advances, related parties                                          --        133,656
Mortgage notes receivable, net of current portion               119,445      256,314
Note receivable                                                 104,242      144,063
                                                             ----------   ----------
TOTAL ASSETS                                                 $  309,100   $1,148,704
                                                             ==========   ==========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
  Accounts payable                                           $    2,132   $     --
                                                             ----------   ----------
   Total Current Liabilities                                      2,132         --
                                                             ----------   ----------

TOTAL LIABILITIES                                                 2,132         --
                                                             ----------   ----------

Stockholders' Equity:
  Common stock, $.001 par value
   100,000,000 shares authorized,
   100,000,000 shares issued and outstanding                    100,000       90,000
  Additional Paid In Capital                                    206,968      942,301
  Retained earnings                                                --        116,403
                                                             ----------   ----------

TOTAL STOCKHOLDERS' EQUITY                                      306,968    1,148,704
                                                             ----------   ----------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                   $  309,100   $1,148,704
                                                             ==========   ==========

</TABLE>



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



                                       F-3
<PAGE>

                FEDERAL MORTGAGE CORPORATION OF PUERTO RICO, INC.
                           AND CONSOLIDATED SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF OPERATIONS




                                               For the Year Ended March 31,
                                                   2005            2004
                                               -----------     -----------

Revenue
  Interest income                              $    42,079     $    57,725
  Other income                                        --             6,821
                                               -----------     -----------
                                                    42,079          64,546

Expenses:
  General and administrative                        12,604           9,962
  Officer's compensation                             7,317          12,595
  Administrative and other                             209           4,205
                                               -----------     -----------
                                                    20,130          26,762
                                               -----------     -----------
Net income before provision for income taxes        21,949          37,784

Provision for income taxes (Note 2):
  Current                                            4,061           6,990
                                               -----------     -----------
                                                     4,061           6,990
                                               -----------     -----------

Net Income                                     $    17,888     $    30,794
                                               ===========     ===========


Per Share                                      $       Nil     $       Nil
                                               ===========     ===========

Weighted Average Shares Outstanding             90,000,000      90,000,000
                                               ===========     ===========






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


                                       F-4
<PAGE>
<TABLE>
<CAPTION>

                FEDERAL MORTGAGE CORPORATION OF PUERTO RICO, INC.
                           AND CONSOLIDATED SUBSIDIARY

            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
            For the Period from April 1, 2003 through March 31, 2005



                                       Additional
                                         Common        Stock        Paid-in        Retained
                                       No./Shares      Amount       Capital        Earnings        Total
                                      -----------   -----------   -----------    -----------    -----------
<S>                                   <C>           <C>           <C>            <C>            <C>
Balance at April 1, 2003               90,000,000   $    90,000   $   915,174    $    85,609    $ 1,090,783

Additional paid-in capital (Note 3)          --            --          27,127           --           27,127

Net income for the year ended
March 31, 2004                               --            --            --           30,794         30,794
                                      -----------   -----------   -----------    -----------    -----------

Balance at March 31, 2004              90,000,000        90,000       942,301        116,403      1,148,704

Recapitalization in connection with
reorganization (Note 1)                10,000,000        10,000        (2,871)          --            7,129

Additional paid-in capital (Note 3)          --            --          23,982           --           23,982


Dividend                                     --            --        (756,444)      (134,291)      (890,735)

Net income for the year ended
March 31, 2005                               --            --            --           17,888         17,888
                                      -----------   -----------   -----------    -----------    -----------

Balance at March 31, 2005             100,000,000   $   100,000   $   206,968    $      --      $   306,968
                                      ===========   ===========   ===========    ===========    ===========

</TABLE>

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







                                       F-5
<PAGE>
<TABLE>
<CAPTION>

                FEDERAL MORTGAGE CORPORATION OF PUERTO RICO, INC.
                           AND CONSOLIDATED SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CASH FLOWS


                                                      For the Year Ended March 31,
                                                          2005            2004
                                                      ------------    ------------
<S>                                                   <C>             <C>
Cash Flows from Operating Activities:
 Net Income                                           $     17,888    $     30,794
 Adjustment to reconcile net income
  to net cash provided by operating activities:
    Increase in accounts payable                             2,132            --
    Decrease in accrued interest receivable                  5,696           1,034
                                                      ------------    ------------


Net Cash Provided by Operating Activities                   25,716          31,828
                                                      ------------    ------------

Cash Flows from Investing Activities:
  Investment in mortgage notes receivable                     --          (418,970)
  Collection of mortgage notes receivable                  653,513         169,451
  Collection of note receivable                             39,822          19,020
                                                      ------------    ------------
Net Cash Provided by (Used in) Investing Activities        693,335        (230,499)
                                                      ------------    ------------

Cash Flows from Financing Activities:
  Additional paid-in capital                                31,111          27,128
  (Advances) repayments, related parties                  (757,079)         62,500
                                                      ------------    ------------

Net Cash Provided by (Used in) Financing Activities       (725,968)         89,628
                                                      ------------    ------------

Net (Decrease) in Cash                                      (6,917)       (109,043)

Cash, Beginning of Period                                   21,884         130,927
                                                      ------------    ------------
Cash, End of Period                                   $     14,967    $     21,884
                                                      ============    ============

Interest Paid                                         $       --      $       --
                                                      ============    ============

Income Taxes Paid                                     $       --      $       --
                                                      ============    ============

</TABLE>


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

                                       F-6
<PAGE>

                FEDERAL MORTGAGE CORPORATION OF PUERTO RICO, INC.
                           AND CONSOLIDATED SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 March 31, 2005

Note 1 - Organization and Summary of Significant Accounting Policies

This summary of significant  accounting policies of Federal Mortgage Corporation
of Puerto Rico,  Inc.  (Company) is  presented  to assist in  understanding  the
Company's  financial   statements.   The  financial  statements  and  notes  are
representations  of the  Company's  management,  who is  responsible  for  their
integrity  and  objectivity.  These  accounting  policies  conform to  generally
accepted  accounting  principles  in the United  States of America and have been
consistently applied in the preparation of the financial  statements,  which are
stated in U.S. Dollars.

Organization and Principles of Consolidation

The Company was  incorporated  on January 5, 1970 under the laws of the State of
Delaware as Modulated  Building  Systems,  Inc. On April 17,  1972,  the Company
amended its name to Federal  Mortgage  Corporation of Puerto Rico,  Inc. On July
15, 2003, the Company's charter was renewed  retroactively  back to February 24,
1976, the date of expiration of the charter. Its wholly-owned subsidiary,  Pride
Lending,  Inc.  was  organized on August 22, 2001 under the laws of the state of
Colorado.  The Company was formerly a  wholly-owned  subsidiary  of Pride,  Inc.
(PRIDE).  Effective  March 31, 2005, the directors of PRIDE agreed to contribute
the Company to Federal Mortgage  Corporation of Puerto Rico, Inc.  (FEDERAL),  a
related  entity,  in  exchange  for  90,000,000  shares of the  common  stock of
FEDERAL.  The  transaction  was treated as a reverse  acquisition for accounting
purposes,  which is a capital  transaction and not a business  combination.  The
financial  statements of the acquired subsidiary are presented for periods prior
to the acquisition.

The  consolidated  financial  statements  include the accounts of the  companies
listed above.  All  intercompany  account  balances have been  eliminated in the
consolidation.

Description of business

The Company is principally in the investment  business.  The Company principally
invests in real estate mortgage loans.

Per Share Information

Per share  information  is computed  by  dividing  the net income or loss by the
weighted average number of shares outstanding during the period.


Use of Estimates in the Preparation of Financial Statements

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


                                       F-7
<PAGE>

Note 1 - Organization and Summary of Significant Accounting Policies, continued

Cash and Cash Equivalents

The Company  considers cash and cash  equivalents to consist of cash on hand and
demand deposits in banks with an initial maturity of 90 days or less.

Investment in Mortgage Notes Receivable and Investment in Note Receivable

The Company's  investment in mortgage notes receivable  consists  principally of
notes  receivable  collateralized  by mortgages and are carried at the amortized
principal   balance.   The  Company's   investment  in  a  note   receivable  is
collateralized by various assets.  Management believes there is no impairment in
value of the mortgage notes receivable and its investment in note receivable and
therefore has provided no allowance for uncollectible notes. Management's policy
with  respect  to  impairment  determination  is to review the  carrying  values
periodically,  and at least  quarterly to determine if there is any  impairment.
Management  believes  that  the  underlying  collateral  on its  mortgage  notes
receivable and on its note receivable are sufficient to facilitate collection of
the mortgage notes receivables.

Revenue Recognition Policy

The Company  recognizes  interest  income from  mortgage  notes  receivable  and
investment in note receivable on a daily pro-rata basis.

Fair Value of Financial Instruments

Financial  Accounting  Standards  Board ("FASB")  issued  Statement of Financial
Accounting  Standards  No. 107 ("SFAS  107"),  "Disclosures  About Fair Value of
Financial  Instruments." SFAS 107 requires  disclosure of fair value information
about financial  instruments  when it is practicable to estimate that value. The
carrying amount of the Company's cash, cash  equivalents,  and accounts  payable
approximate their estimated fair values due to their short-term maturities.

Concentration of Credit Risk

The Company's  material  concentration  of credit risk consists  principally  of
investments in mortgage notes receivable and investment in note receivable.  The
Company's   investments   in  mortgage  notes   receivable  are   collateralized
principally by first or second deeds of trust on real estate  located  primarily
in Colorado and Arizona.  At March 31, 2005, the Company had five mortgage notes
receivable from one individual  totaling  approximately  $145,562.  The weighted
average  interest rate on mortgagee  notes  receivable is  approximately  8% per
annum with monthly  repayment  terms being  amortized  over periods up to twenty
years. The interest rate on the note receivable is 2% above prime rate.

Additional  financial  instruments  that  potentially  subject  the  Company  to
concentrations  of credit risk consist  primarily of temporary cash investments.
The Company places its temporary cash investments  with financial  institutions.
As of March 31,  2005,  the Company had no  concentration  of credit risk in its
cash investments  since it had no temporary cash investments in bank accounts in
excess of the FDIC insured amounts.

Recent Accounting Pronouncements

There were various accounting  standards and interpretations  issued during 2005
and 2004,  none of which are expected to have a material impact on the Company's
consolidated financial position, operations, or cash flows.

                                       F-8

<PAGE>

Income Taxes

The Company files tax returns on a  consolidated  basis with its parent  company
and affiliates.  As such, surtax exemptions are allocated to various entities on
a pro rata basis.

Other

The Company has selected March 31 as its fiscal year end.

No advertising expense has been incurred.

The Company has not entered into any leases.

All of the Company's assets are located in the United States.

Note 2 - Income Taxes

The  provision  for federal and state  income taxes  consisted of the  following
components:

The  reconciliation  of income tax (benefit)  computed at the federal  statutory
rate to income tax expense (benefit) is as follows:

                                            Year Ended March 31,
                                              2005        2004
                                            --------    --------
         Expected income tax                $  8,231    $ 14,169
         Graduated tax brackets               (4,938)     (8,501)
         State tax net of federal benefit        768       1,322
                                            --------    --------
                                            $  4,061    $  6,990
                                            ========    ========

The  reconciliation  of income tax (benefit)  computed at the federal  statutory
rate to income tax expense (benefit) for all periods presented is as follows:

         Tax at Federal statutory rate                   15.00%
         State tax net of Federal benefit                 3.50%
                                                 --------------
         Tax provision                                   18.50%

Note 3 - Common Stock

The Company was formerly a wholly owned  subsidiary  of  Commonwealth  Equities,
Inc.  (CEI).  On  January  27,  2003,  prior to the  change in  control  of CEI,
2,000,000  shares,  representing  100% of the Company's  issued and  outstanding
common  stock,  were  assigned  to a "Trustee  of a nominee to be named".  Pride
Equities,  Inc.  owned  1,000,000  of these  shares  and was a 50%  owner of the
Company.  Effective  January 2004, the Company  increased its authorized  common
stock from 2,000,000 shares to 100,000,000 shares and changed its par value from
$.10 to $.001 per share. All references to common stock have been  retroactively
adjusted to give effect these changes.  Also in January 2004, the Company issued
8,000,000  shares of its common  stock to Pride  Equities,  Inc. in exchange for
$30,000,  which  resulted in Pride  Equities,  Inc.  becoming a 90% owner of the
Company.  Effective March 31, 2005, the Company issued  90,000,000 shares of its
common  stock in exchange for Pride  Lending,  Inc.,  previously a  wholly-owned
subsidiary of Pride Holdings,  Inc. In addition,  Pride Equities,  Inc. returned
1,000,000 shares to the Company,  and the Company reissued the shares to various
individuals for services valued at $3,355. During the years ended March 31, 2005
and 2004,  costs totaling $23,982 and $27,127 were paid on behalf of the Company
by its parent company and is shown as contributed capital.


                                       F-9
<PAGE>

Note 4 - Related Party Transactions

Pride Equities,  Inc. advanced a total of $30,000 to the Company during the year
ended March 31, 2004. Such advances were converted to 8,000,000 shares of common
stock as described in Note 3 above.

The Company issued 90,000,000 shares of its common stock to Pride Holdings, Inc.
in exchange for Pride Lending,  Inc., resulting in Pride, Inc. owning 98% of the
Company through its subsidiaries.

The  Company  and certain  related  parties  share  common  staff and  operating
expenses.  Costs  for  these  shared  expenses  were  allocated  to the  various
entities.  Had the Company  not shared  staff and  certain  expenses  with other
related parties, the operating results may have been materially different.

















                                      F-10
<PAGE>

                                   SIGNATURES

Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities  and
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

FEDERAL MORTGAGE CORPORATION OF PUERTO RICO, INC.

Date:  July 14, 2005

By: /s/ Michael Schumacher
---------------------------------------------
Michael Schumacher
President, Chief Executive Officer, Treasurer
 and Chief Financial Officer



By: /s/ Peter Porath
---------------------------------------------
Peter Porath
Vice-President











                                       11