UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)
              [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

               For the quarterly period ended: September 30, 2003

             [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                                  EXCHANGE ACT

        For the transition period from ______________to ____________

                        Commission file number 000-27959

                             Laredo Investment Corp.
        (Exact name of small business issuer as specified in its charter)


           Nevada                                               77-0517964
--------------------------------------------------------------------------------
 (State or other jurisdiction                                  (IRS Employer
of incorporation or organization)                            Identification No.)

        Suite 11405 - 201A Street, Maple Ridge, British Columbia V2X 0Y3
                    (Address of principal executive offices)

                                 (604) 460-8440
                            Issuer's telephone number


         (Former name,  former  address and former fiscal year, if changed since
last report.)

                      APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares  outstanding of each of the issuer's classes
of common equity, as of the latest practical date:  November 14, 2003 32,398,460

         Transitional Small Business Disclosure Format (check one).
Yes      ;  No   X
    ----       ----


<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

                             LAREDO INVESTMENT CORP.
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                                       $US
<TABLE>
<CAPTION>
                                                                 September 30,            December 31,
                                                                     2003                     2002
                                                                ----------------         ---------------
ASSETS
Current Assets:
<S>                                                             <C>                      <C>
Cash and Cash Equivalents                                       $        36,259          $            -
Receivables                                                             615,010                 682,987
Inventory                                                               722,336                 564,376
Prepaid Expense                                                          29,193                  25,170
                                                                ----------------         ---------------
               Total Current Assets                                   1,402,798               1,272,533
                                                                ----------------         ---------------

Fixed Assets:
Manufacturing Equipment                                                 788,214                 745,400
Office Equipment                                                        188,142                  24,429
Furniture & Fixtures                                                      3,525                   3,525
Leasehold Improvements                                                   51,074                  41,814
                                                                ----------------         ---------------
                                                                      1,030,955                 815,168
Less Accumulated Depreciation                                         (215,284)               (149,147)
                                                                ----------------         ---------------
                                                                        815,671                 666,021
                                                                ----------------         ---------------

TOTAL ASSETS                                                    $     2,218,469          $    1,938,554
                                                                ================         ===============
</TABLE>
















                                       2
<PAGE>

                             LAREDO INVESTMENT CORP.
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                                       $US
                                   (Continued)
<TABLE>
<CAPTION>
                                                                September 30,                 December 31,
                                                                     2003                         2002
                                                                ---------------              ---------------
LIABILITIES
Current Liabilities:
<S>                                                             <C>                          <C>
Accounts Payable and Accrued Liabilities                        $      601,091               $      646,430
Bank Overdraft                                                               -                       81,276
Bank Line                                                               18,513                            -
Short-Term Loans & Notes Payable                                             -                       19,692
Related Party Loans                                                    103,653                       83,482
Shareholder Payables                                                         -                       26,658
Current Portion of Long-Term Debt                                       88,300                       60,757
                                                                ---------------              ---------------

               Total Current Liabilities                               811,557                      918,295

Long Term Debt                                                          31,328                       46,220
Lease Obligations                                                      169,331                      128,770
                                                                ---------------              ---------------

               Total Liabilities                                     1,012,216                    1,093,285
                                                                ---------------              ---------------

STOCKHOLDERS EQUITY
Common Stock - $0.001  par  value,
  100,000,000  shares  authorized,
  32,398,460 shares issued and
  outstanding at September 30, 2003.                                    32,398                       32,300
Additional Paid in Capital                                             667,644                      648,050
Currency Translation Adjustment                                         34,101                      (4,683)
Retained Earnings                                                      472,110                      169,602
                                                                ---------------              ---------------

               Total Stockholders' Equity                            1,206,253                      845,269
                                                                ---------------              ---------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                      $    2,218,469               $    1,938,554
                                                                ===============              ===============
</TABLE>

See accompanying notes.






                                       3

<PAGE>




                             LAREDO INVESTMENT CORP.
                       CONSOLIDATED STATEMENT OF OPERATION
                                   (Unaudited)
                                       $US
<TABLE>
<CAPTION>
                                                         For the three months ended                 For the nine months ended
                                                                September 30,                              September 30,
                                                    -----------------------------------        -----------------------------------
                                                         2003                2002                   2003                2002
                                                    ---------------     ---------------        ---------------     ---------------
REVENUES
<S>                                                 <C>                 <C>                    <C>                 <C>
Sales                                               $    1,176,804      $      970,337         $    3,569,158      $    3,005,228
Cost of Sales                                              892,366             684,190              2,454,318           2,100,559
                                                    ---------------     ---------------        ---------------     ---------------
Gross margin                                               284,438             286,147              1,114,840             904,669
                                                    ---------------     ---------------        ---------------     ---------------
EXPENSES
  Selling & Marketing                                       48,229               3,645                 87,957              19,325
  General & Administrative                                 183,460             147,836                513,345             408,646
                                                    ---------------     ---------------        ---------------     ---------------
                                                           231,689             151,481                601,302             427,971
                                                    ---------------     ---------------        ---------------     ---------------

Net Income from Operations                                  52,749             134,666                513,538             476,698


Other Income (Expense)
  Interest, Net                                            (9,083)            (10,365)               (22,571)            (45,837)
  Currency Exchange, Net                                    12,258             (7,765)                  1,296              22,226
                                                    ---------------     ---------------        ---------------     ---------------

Net Income (Loss)
  Before Income Taxes                                       55,924             116,536                492,263             453,087
Income Tax Expense                                           4,367                   -                189,755                   -
                                                    ---------------     ---------------        ---------------     ---------------

NET INCOME (LOSS)                                          $51,557            $116,536               $302,508            $453,087
                                                    ===============     ===============        ===============     ===============

Weighted Avergae Shares Outstanding                     32,398,460          30,985,870             32,377,181          31,207,791
                                                    ===============     ===============        ===============     ===============

Earnings (Loss) Per Share                           $         0.00      $         0.00         $         0.01      $         0.01
                                                    ===============     ===============        ===============     ===============
</TABLE>


See accompanying notes.







                                       4
<PAGE>

                             LAREDO INVESTMENT CORP.
                       CONSOLIDATED STATEMENT OF CASH FLOW
                                   (Unaudited)
                                       $US
<TABLE>
<CAPTION>
                                                                                     For the nine months ended
                                                                              September 30,              September 30,
                                                                             ----------------           ----------------
                                                                                  2003                       2002
                                                                             ----------------           ----------------

Cash Flows From Operating Activities
<S>                                                                          <C>                        <C>
  Net Income (loss) for the period                                           $       302,508            $       453,087
Adjustments to reconcile net loss to net cash
  Provided by operationg activities
     Currency Translation Adjustment                                                  38,784                   (28,001)
     Depreciiation and Amortization                                                   66,137                     41,019
     Decrease (Increase) in Receivables                                               67,977                  (180,135)
     Decrease (Increase) in Inventory                                              (157,960)                    117,966
     Decrease (Increase) in Prepaid Expense                                          (4,023)                   (39,156)
     Increase (Decrease) in Accounts Payable & Accrued Liabilities                  (45,339)                  (272,301)
     Increase (Decrease) in Bank Overdraft                                          (81,276)                    (3,657)
                                                                             ----------------           ----------------
Net Cash Provided by (Used in) Operating Activities                                  186,808                     88,822
                                                                             ----------------           ----------------

Cash Flows From Investing Activities
     Purchase of Property and Equipment                                            (215,787)                    (3,967)
                                                                             ----------------           ----------------
Net Cash Used by Investing Activities                                              (215,787)                    (3,967)
                                                                             ----------------           ----------------

Cash Flows From Financing Activities
     Proceeds/(Payments) on Bank Line                                                 18,513                   (43,953)
     Proceeds/(Payments) on Shareholder Payables                                    (26,658)                    (6,980)
     Proceeds/(Payments) Long Terrm Debt/Lease Obligation                             73,383                   (33,922)
                                                                             ----------------           ----------------
Net Cash Provided by (Used in) Financing Activities                                   65,238                   (84,855)
                                                                             ----------------           ----------------

Increase (Decrease) in Cash                                                           36,259                          -
Cash at beginning of period                                                                -                          -
                                                                             ----------------           ----------------
Cash at End of Period                                                        $        36,259            $             -
                                                                             ================           ================
Supplemntal Disclosure of Interest and Income Taxes Paid
  Interest paid during the period                                            $        29,058            $        14,191
                                                                             ================           ================
  Income taxes paid during the period                                        $             -            $             -
                                                                             ================           ================
Supplemental Disclosure of Non-cash Investing and Financing Activities
  Manufacturing Equipment on Capital Lease                                   $        73,140            $        61,081
                                                                             ================           ================
  Shares issued in satisfaction of notes payable                             $        19,692            $       620,000
                                                                             ================           ================
</TABLE>

See accompanying notes.


                                       5
<PAGE>

                             LAREDO INVESTMENT CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003

NOTE 1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         This summary of accounting  policies for Laredo  Investment  Corp.  and
Subsidiaries  (the  "Company")  is  presented  to  assist in  understanding  the
Company's  financial  statements.  The accounting  policies conform to generally
accepted  accounting  principles  and  have  been  consistently  applied  in the
preparation of the financial statements.

Interim Financial Statements

         The unaudited financial  statements for the nine months ended September
30, 2003 reflect,  in the opinion of management,  all adjustments (which include
only normal  recurring  adjustments)  necessary  to fairly  state the  financial
position and results of operations for the nine months ended  September 30, 2003
and 2002.  Operating results for interim periods are not necessarily  indicative
of the results which can be expected for full years.

Organization and Basis of Presentation

         The Company was  incorporated  under the laws of the State of Nevada on
December 18, 1996. The Company ceased all operating activities during the period
from December 18, 1996 to July 9, 1999 and was  considered  dormant.  On July 9,
1999,  the Company  obtained a Certificate  of renewal from the State of Nevada.
From July 9, 1999 to January 21, 2000, the Company was in the development stage.

         On January 21, 2000, the Laredo  entered into an Acquisition  Agreement
with GFR  Nutritionals,  Ltd., a British Columbia  corporation,  (GFR),  Richard
Pierce and Lucretia Schanfarber (the GFR Majority Shareholders) to acquire their
shares  representing 100% of the outstanding common stock of GFR in exchange for
19,000,000  newly  issued  shares  of  Laredo's  restricted  common  stock.  The
transaction was recorded as a reverse acquisition. GFR was incorporated in March
1997 as Helm  Developments  Ltd. In June 1998, the Company  formally changed its
name to GFR  Nutritionals  Ltd.  GFR was 100%  owned by the  President  and CEO,
Richard  Pierce from inception  until January 17, 2000,  when a 10% interest was
acquired by Lucretia  Schanfarber.  Business  operations  began in October  1998
after acquiring manufacturing equipment and arranging to manufacture nutritional
supplements under a private label contract.

         On June 21, 2000,  the Company  entered into an  Acquisition  Agreement
with Nutritionals (USA) Direct.Com, a Washington corporation,  (NDC), to acquire
100%  of the  outstanding  common  stock  of NDC in  exchange  for  $1,000.  The
transaction  has been recorded as a purchase.  NDC operations were wound down in
October 2002 and the company became dormant.

         On July 12, 2000,  the Company  entered into an  Acquisition  Agreement
with WST Web Search Technologies,  Inc., a Saskatchewan  corporation,  (WST), to
acquire 100% of the  outstanding  common stock of WST in exchange for 10,000,000
newly issued shares of the Company's restricted common stock (3,000,000 from the
treasury and 7,000,000 from the Company's  President).  The transaction has been
recorded as a purchase. On May 7, 2002, the company rescinded the acquisition of
WST.  WST had no  operations  during  the  time the  Company  owned  it.  In the
disposition,  the Company  exchanged  100% of its shares of WST in exchange  for
10,000,000 shares of the Company,

                                       6
<PAGE>

                             LAREDO INVESTMENT CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003

                                   (Continued)

NOTE 1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

3,000,000  shares to be returned to the treasury and  cancelled and 7,000,000 to
be returned to the Company's President Richard Pierce.

         On November 1, 2000, the Company entered into an Acquisition  Agreement
with R & L  Health,  Inc.  (formerly  ProHealth  Nutritionals  Ltd.),  a British
Columbia corporation,  (R&L), to acquire 100% of the outstanding common stock of
R&L in exchange for $0.01. The transaction has been recorded as a purchase.

Principles of Consolidation

         The  consolidated  financial  statements for September 30, 2003 include
the  accounts  of  Laredo  Investment  Corp.  and  the  following  wholly  owned
subsidiaries:

         *        GFR Nutritionals, Ltd., a British Columbia corporation

         *        Nutritionals (USA) Direct.com, a Washington corporation

         *        R&L Health Inc., a British Columbia corporation

         The results of subsidiaries  acquired during the year are  consolidated
from their effective dates of acquisition.  The results of subsidiaries disposed
of during the year are consolidated through their effective dates of disposition

         All  significant  inter-company  accounts  and  transactions  have been
eliminated.

Nature of Business

         The Company  specializes in formulating,  blending,  encapsulating  and
packaging  nutritional  products.  The Company also distributes products through
its R&L Health Inc.  subsidiary.  The  Company's  operations  are located in the
province of British Columbia, Canada.

Cash and Cash Equivalents

         For purposes of the statement of cash flows, the Company  considers all
highly liquid debt instruments purchased with a maturity of three months or less
to be cash equivalents to the extent the funds are not being held for investment
purposes.

Inventories

         Raw materials  inventory is stated at a lower of weighted  average cost
and replacement  value.  Inventories of work in progress are stated at the lower
of weighted average cost and net realizable value.







                                       7
<PAGE>

                             LAREDO INVESTMENT CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003

                                   (Continued)

NOTE 1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued

Depreciation

         Fixed  assets  are stated at cost.  Depreciation  and  amortization  is
calculated  on a  straight-line  basis over the  estimated  useful  lives of the
assets as follows:

                        Asset                                             Rate
                  --------------------------------------------------------------

                  Manufacturing equipment                            10-20 years

                  Furniture and fixtures                               5-7 years

                  Office equipment                                     3-5 years

                  Computer Software                                      4 years

                  Leasehold improvements                           Term of lease

         Maintenance  and  repairs are charged to  operations;  betterments  are
capitalized.  The  cost  of  property  sold  or  otherwise  disposed  of and the
accumulated  depreciation  thereon is  eliminated  from the property and related
accumulated depreciation accounts, and any resulting gain or loss is credited or
charged to income.

         The Company has adopted the Financial  Accounting  Standards Board SFAS
No., 121,  "Accounting  for the  Impairment of Long-lived  Assets." SFAS No. 121
addresses  the  accounting  for (i)  impairment of  long-lived  assets,  certain
identified  intangibles and goodwill  related to assets to be held and used, and
(ii) long-live lived assets and certain identifiable  intangibles to be disposed
of.  SFAS No. 121  requires  that  long-lived  assets and  certain  identifiable
intangibles  be held and used by an entity be reviewed for  impairment  whenever
events or changes in circumstances indicate that the carrying amount of an asset
may not be  recoverable.  If the sum of the expected  future cash flows from the
used of the  asset  and its  eventual  disposition  (un-discounted  and  without
interest  charges) is less than the carrying  amount of the asset, an impairment
loss is recognized.

Revenue recognition

         Revenue is recognized  from sales of product at the time of shipment to
customers.











                                       8
<PAGE>

                             LAREDO INVESTMENT CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003

                                   (Continued)

NOTE 1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Foreign currency remeasurement/translation

         The  Company's  primary  functional  currency is the  Canadian  dollar.
Monetary  assets  and  liabilities  resulting  from  transactions  with  foreign
suppliers and customers are  remeasured at year-end  exchange  rates.  All other
assets,  liabilities,  and  stockholders'  equity are  remeasured  at historical
exchange rates for past  transactions and at year-end exchange rates for current
and future  transactions.  Revenue and expense  accounts are  remeasured  at the
average exchange rates in effect during the year, except those related to assets
and   liabilities,   which  are   remeasured  at  historical   exchange   rates.
Remeasurement gains and losses are included in income.

         The  Company's  reporting  currency is the U.S.  dollar.  Balance sheet
accounts  are  translated  at  year-end  exchange  rates and revenue and expense
accounts are translated at the average exchange rates in effect during the year.
Translation   gains  and  losses  are  included  as  a  separate   component  of
stockholders' equity.

Pervasiveness of Estimates

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

Concentrations of Credit Risk

         The  Company has no  significant  off-balance-sheet  concentrations  of
credit  risk such as foreign  exchange  contracts,  options  contracts  or other
foreign hedging arrangements.

Income Taxes

         The Company  accounts for income taxes under the provisions of SFAS No.
109, "Accounting for Income Taxes." SFAS No.109 requires recognition of deferred
income  tax  assets  and   liabilities   for  the  expected  future  income  tax
consequences,  based on enacted tax laws, of temporary  differences  between the
financial reporting and tax bases of assets and liabilities.











                                       9
<PAGE>

                             LAREDO INVESTMENT CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003

                                   (Continued)

NOTE 1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Earnings (Loss) per Share

The basic  earnings per share have been  computed by dividing the income for the
period  applicable  to the common stock  holders by the weighted  average of the
common shares  outstanding  during the period.  There were no common  equivalent
shares outstanding at September 30, 2003 and 2002.

Stock Compensation for Non-Employees

The Company  accounts  for the fair value of its stock  compensation  grants for
non-employees  in  accordance  with FASB  Statement  123. The fair value of each
grant is equal to the market price of the  Company's  stock on the date of grant
if an  active  market  exists  or  at a  value  determined  in  an  arms  length
negotiation between the Company and the non-employee.

NOTE 2- INVENTORY

         As of September 30, 2003 and December 31, 2002,  Inventory  consists of
the following:

                                      2003                        2002
                               ---------------------       ---------------------

Raw materials                  $            610,428        $            481,798

Work in process                             111,908                      82,578
                               ---------------------       ---------------------

Total Inventory                $            722,336        $            564,376
                               =====================       =====================


NOTE 3- INCOME TAXES

         There  was  sufficient  net  operating  income  for the  quarter  ended
September 30, 2003 that $189,775 was accrued for taxes payable.









                                       10
<PAGE>

                             LAREDO INVESTMENT CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003

                                   (Continued)


NOTE 4- SHORT-TERM OBLIGATIONS
<TABLE>
<CAPTION>
                                                                                    September 30,           December 31,
                                                                                        2003                       2002
                                                                             --- --------------------    -- -------------------
<S>                                                                          <C>                         <C>
Promissory note, repayable to related parties upon
demand, including interest at 12%                                            $               103,653     $              83,482

Working Capital Loans, repayable in stock or options upon
demand including interest at 1% over prime                                                         -                    19,692
                                                                             --- --------------------    -- -------------------

Total                                                                        $               103,653     $             103,174
                                                                             === ====================    == ===================
</TABLE>


The  Company  has a line of  credit  with a bank  with a total  amount  owing of
$18,513 and $0 as of September 30, 2003 and December 31, 2002 respectively. This
line had a total available  credit of $111,000  ($150,000  Canadian) at December
31, 2002 and was increased to $185,000 ($250,000  Canadian) in January 2003. The
line is secured by certain manufacturing equipment of the Company.

NOTE 5- LONG-TERM DEBT
<TABLE>
<CAPTION>
                                                                                   September 30,               December 31,
                                                                                        2003                       2002
                                                                            --- ---------------------    -- -------------------
<S>                                                                         <C>                          <C>
TD Bank Small Business loan, repayable
in monthly installments $2,861 ($3,973 Canadian),
including interest at 10.15%, maturing
September 15, 2005, secured by certain
manufacturing equipment of the Company                                      $                 61,557     $              70,345


Less current portion of long-term debt                                                        30,229                    24,125
                                                                            --- ---------------------    -- -------------------

                                                                            $                 31,328     $              46,220
                                                                            === =====================    == ===================
</TABLE>


                                       11
<PAGE>

                             LAREDO INVESTMENT CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003

                                   (Continued)





Principal  payments due on long-term debt for each of the five years  subsequent
to December 31, 2002 and thereafter are as follows:


               Year Ending:                                        Amount
--------------------------------------------            ----- -----------------

                   2003                                 $               24,125
                   2004                                                 31,627
                   2005                                                 14,593
                                                        ----- -----------------
                   Total                                $               70,345
                                                        ===== =================



NOTE 6- ECONOMIC DEPENDENCE

         The Company sells a substantial portion of its product to one customer.
During  the  first  three  quarters  of 2003 and  2002,  sales to that  customer
aggregated  47% and 56%,  respectively.  During the third  quarters  of 2003 and
2002,  sales  to that  customer  aggregated  47% and  55%,  respectively.  As of
September  30,  2003 and  December  31,  2002,  amounts  due from that  customer
included  in  accounts  receivable  were  22%  and  60%,  respectively.   Future
operations  of  the  Company  depend  on  continuation   of  the   manufacturing
arrangement with that customer.























                                       12
<PAGE>

                             LAREDO INVESTMENT CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003

                                   (Continued)


NOTE 7- COMMITMENTS

         The Company has entered into lease agreements for its manufacturing and
office facilities and certain  manufacturing  equipment with the Company's major
shareholder  and other  parties.  The rental charges are  approximately  $85,100
($115,000  Canadian) per year for real property and $80,586 ($108,900  Canadian)
per year for equipment.  The real property  leases expire December 31, 2003, the
equipment leases expire in June 2005, February 2008, and December 2008.

The minimum  future  lease  payments  under these leases for the next five years
are:
<TABLE>
<CAPTION>
               Twelve Months                                      Real Property                    Equipment
               Ending December 31
-------------- ----------------------                          -- -----------------             -- ----------------
<S>                                                            <C>                              <C>
                       2003                                    $            85,100              $           80,596
                       2004                                                      -                          80,596
                       2005                                                      -                          64,514
                       2006                                                      -                          48,401
                       2007                                                      -                          48,401
                                                               -- -----------------             -- ----------------
               Total Minimum future lease payments             $            82,800              $          322,508
                                                               == =================             == ================
</TABLE>

         The  leases  generally  provide  that  insurance,  maintenance  and tax
expenses  are  obligations  of the  Company.  It is expected  that in the normal
course of business,  leases that expire will be renewed or replaced by leases on
other properties.





















                                       13
<PAGE>

                             LAREDO INVESTMENT CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003

                                   (Continued)


NOTE 8- STOCK INCENTIVE PLAN

         The Board of Directors has authorized  and the Company has  established
the 2002 Non  qualified  Stock  Option  Plan.  Under  the  plan the  Company  is
authorized to issue up to 10,000,000  shares of the Company's  common stock with
such exercise price and vesting periods as the Board of Directors deems to be in
the best interest of the Company.  As of December 31, 2002,  options to purchase
3,100,000  shares  at $.20 per share  have been  granted  and  exercised.  As of
December  31, 2002 there are no  outstanding  options to purchase  shares of the
Company's common stock.


NOTE 9- RELATED PARTY TRANSACTIONS

Richard Pierce, CEO of Laredo and Lucretia Schanfarber,  V.P Sales and Marketing
of GFR Nutritionals Ltd., hold contracts with R&L Health Inc that licenses their
names and images to R&L for use on certain  products.  Each are paid a quarterly
bonus of 10% of R&L Health Inc.'s profits before income taxes, depreciation, and
amortization are deducted as expenses.  Total bonuses of $61,119 were accrued or
paid at September 30, 2003.

































                                       14
<PAGE>

Item 2. Management's Discussion and Analysis or Plan of Operation.

Plan of Operations

The  Company  is  currently  working  on  securing   additional   private  label
manufacturing  contracts.  The key target for private  label sales are wholesale
distributors  of  health  food  nutrition  products.  Laredo  is  also  pursuing
opportunities for direct sales to consumers through the Internet.

Liquidity and Capital Resources

Laredo's  working  capital ratio was 1.73 at September 30, 2003 compared to 1.39
at Dec 31, 2002.

Current  liabilities  include a  $103,653  promissory  note  payable  to a party
related to the major  shareholder,  which bears interest at 12% annually.  These
funds are repayable on demand,  however the request for  repayment  occurring at
this time is not expected.

Laredo has a small  business  loan  outstanding  with a balance of $61,557 as at
September 30, 2003.  This loan bears interest at 10.15% and matures on September
15, 2005.

Laredo acquired an additional  $55,359 of  manufacturing  equipment in the first
three quarters of 2003 in order to meet demands for new private label sales.  An
additional  $45,000 of  manufacturing  equipment  is expected to be purchased in
2003.  New  Operating  and  Accounting  computer  software  costing  $153,478 to
September 30, 2003 was acquired,  an additional $10,000 is estimated to complete
the installation.  Plant  renovations  costing $9,254 were incurred in the first
three quarters and $10,000 are also expected to be completed in 2003.

Results of Operations
<TABLE>
<CAPTION>
                               For the three months ended              For the nine months ended
                                       September 30,                          September 30,
                           ------------------------------------    ------------------------------------
                                2003                 2002               2003                2002
                           ----------------     ---------------    ----------------    ----------------
<S>                        <C>                   <C>               <C>                 <C>
Sales                            1,176,804             970,337           3,569,158           3,005,228
Cost of Sales                      892,366             684,190           2,454,318           2,100,559
Gross margin                       284,438             286,147           1,114,840             904,669
Gross Profit Margin                 24.17%              29.49%              31.24%              30.10%
Administrative Expenses            231,689             151,481             601,302             427,971
Administrative Expenses             19.68%              15.61%              16.85%              14.24%
as a % of sales
</TABLE>

For the three months ended  September 30, 2003,  sales were $206,467 higher than
2002 and are expected to continue to grow during 2003. For the nine months ended
September  30, 2003 sales were  $563,930  higher  than 2002 and are  expected to
continue to grow during 2003.

During the third  quarter of 2003 and 2002 sales to Prairie  Naturals  Inc. were
47% and 56% of sales,  during the nine months ended  September 30, 2003 and 2002

                                       15
<PAGE>

sales to Prairie Naturals Inc. were 47% and 55% of sales a wholesale distributor
for which  Laredo  manufactures  private  label  products.  Laredo  has a verbal
arrangement to manufacture,  on an as-ordered basis, private label products that
Prairie Naturals Inc.  distributes  under the Prairie Naturals Inc. name. Laredo
also has an exclusive  written  contract to manufacture one product that Prairie
Naturals Inc.  distributes  for a third party private label.  As in prior years,
due the cyclical nature of Prairie Naturals Inc. business, sales levels were low
in the third quarter but are expected to increase to prior period levels for the
next quarter.

Operating  margins for the three months ended  September  30, 2003 and 2002 were
24.17% and 29.49%of sales revenue.  Operating  margins for the nine months ended
September  30,  2003and  2002 were 31.24% and 30.10% of sales  revenue.  Cost of
Sales includes the cost of raw materials used in manufacturing, production labor
costs and an applicable share of overhead  expenses.  Operating  margins for the
quarter are less than previous  quarters  because  production  overhead per unit
manufactured  increased  do to smaller  production  runs.  These small runs were
necessary  to  meet  short  term  demand  for a  new  customer's  product  line.
Production  runs  have  now been  increased  to  minimum  levels  so that  fixed
production overheads are spread out over longer production runs.

General and  administrative  expenses for the three months ended  September  30,
2003 and 2002  were  19.68%  and  15.61% of sales.  General  and  administrative
expenses for the nine months ended  September  30,  2003and 2002 were 16.98% and
14.24% of sales.  Laredo anticipates  realizing economies of scale as production
volumes increase.

Effect of Inflation

Laredo  does  not  anticipate  any  financial  impact,   whether  beneficial  or
detrimental, as a result of inflation.


Item 3. Controls and Procedures

         The Company's Chief Executive  Officer and Chief Financial Officer have
concluded,  based on an evaluation  conducted within 90 days prior to the filing
date of this  Quarterly  Report  on Form  10-Q,  that the  Company's  disclosure
controls and  procedures  have  functioned  effectively  so as to provide  those
officers the information necessary whether:

                  (i) this  Quarterly  Report on Form 10-Q  contains  any untrue
                  statement of a material fact or omits to state a material fact
                  necessary  to  make  the  statements  made,  in  light  of the
                  circumstances  under  which such  statements  were  made,  not
                  misleading   with  respect  to  the  period  covered  by  this
                  Quarterly Report on Form 10-Q, and

                  (ii) the financial statements, and other financial information
                  included in this Quarterly Report on Form 10-Q, fairly present
                  in all material respects the financial  condition,  results of
                  operations  and cash flows of the Company as of, and for,  the
                  periods presented in this Quarterly Report on Form lO-Q.

         There  have  been no  significant  changes  in the  Company's  internal
controls or in other factors since the date of the Chief Executive Officer's and
Chief  Financial  Officer's  evaluation  that could  significantly  affect these
internal controls,  including any corrective actions with regards to significant
deficiencies and material weaknesses.













                                       16
<PAGE>

PART II- OTHER INFORMATION

Item 1. Legal Proceedings

         None.

Item 2. Changes in Securities

         Share Issue of 98,460 on February 28, 2003 to retire $19,691.97 note.

Item 3. Defaults Upon Senior Securities

         None.

Item 4. Submission of Matters to a Vote of Security Holders.

         None.

Item 5. Other Information

         The Board of Directors  of Laredo  through a corporate  resolution  has
         removed Ms.  Lucretia  Schanfarber as a Director and Officer of Laredo.
         This action was made pursuant to the Bylaws of Laredo and was deemed in
         the best  interest  of Laredo at this time.  Ms.  Schanfarber  has also
         received  notice  as  per  her  contract  of  employment  and  will  be
         terminated December 31, 2003.


Item 6. Exhibits and Reports on Form 8-K

         The Company did not file a report on Form 8-K during the past quarter.









































                                       17
<PAGE>

                                   SIGNATURES

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

                             Laredo Investment Corp

                                  (Registrant)

DATE: November 14, 2003                              By: /s/ Richard Pierce
      ---------------------                          ---------------------------

                                                     Richard Pierce
                                                     President, C.E.O., Director


DATE: November 14, 2003                              By: /s/  Marc Casavant
      ---------------------                          ---------------------------
                                                     Marc Casavant
                                                     C.F.O., Director






























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