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, 2002
                                              ---------------------

             [ ] 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, 2002 35,300,000

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



<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements


                         INDEPENDENT ACCOUNTANT'S REPORT

Laredo Investment Corp.

         We have reviewed the accompanying  balance sheets of Laredo  Investment
Corp. as of September 30, 2002 and December 31, 2001, and the related statements
of operations for the three and nine month periods ended  September 30, 2002 and
2001,  and cash flows for the nine month  periods  ended  September 30, 2002 and
2001.  These  financial  statements  are  the  responsibility  of the  Company's
management.

         We conducted our review in accordance with standards established by the
American  Institute  of  Certified  Public  Accountants.  A  review  of  interim
financial  information consists principally of applying analytical procedures to
financial  data and making  inquiries of persons  responsible  for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statement taken as a whole.
Accordingly, we do not express such an opinion.

         Based on our  review,  we are not aware of any  material  modifications
that should be made to the accompanying  financial  statements for them to be in
conformity with accounting principles generally accepted in the United States.

                                                    Respectfully submitted



                                                    /s/ Robison, Hill & Co.
                                                    Certified Public Accountants

Salt Lake City, Utah
November 13, 2002










<PAGE>

                             LAREDO INVESTMENT CORP.
                                 BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                               September 30,        December 31,
                                                                                    2002                2001
                                                                             ------------------  ------------------
ASSETS
Current Assets:
<S>                                                                          <C>                 <C>
Cash and cash equivalents                                                    $                -  $                -
Receivables                                                                             761,808             581,672
Inventory                                                                               458,084             576,050
Prepaid expense                                                                          43,111               3,956
                                                                             ------------------  ------------------

     Total Current Assets                                                             1,263,003           1,161,678
                                                                             ------------------  ------------------

Fixed Assets:
Manufacturing Equipment                                                                 639,445             577,204
Office Equipment                                                                         23,901              21,095
Furniture & Fixtures                                                                      3,525               3,525
Leasehold improvements                                                                   41,814              41,814
                                                                             ------------------  ------------------
                                                                                        708,685             643,638
Less Accumulated Depreciation                                                          (136,902)           (105,882)
                                                                             ------------------  ------------------
                                                                                        571,783             537,756
                                                                             ------------------  ------------------

Other Assets:
Intangible Assets, Net                                                                    1,668              11,667
                                                                             ------------------  ------------------

     TOTAL ASSETS                                                            $        1,836,454  $        1,711,101
                                                                             ==================  ==================
</TABLE>




















<PAGE>

                             LAREDO INVESTMENT CORP.
                                 BALANCE SHEETS
                                   (Continued)
<TABLE>
<CAPTION>


                                                                               September 30,        December 31,
                                                                                    2002                2001
                                                                             ------------------  ------------------
LIABILITIES
Current Liabilities:
<S>                                                                          <C>                 <C>
Accounts Payable and Accrued Liabilities                                     $          504,694  $          808,641
Bank Overdraft                                                                           67,414              71,071
Bank Line                                                                                     -              43,953
Short-Term Loans & Notes Payable                                                         19,425             615,011
Related Party Loans                                                                      80,734              73,502
Shareholder Payables                                                                      1,342               8,322
Current Portion Long-Term Debt                                                           51,226              41,068
                                                                             ------------------  ------------------

     Total Current Liabilities                                                          724,835           1,661,568
                                                                             ------------------  ------------------

Long-Term Debt                                                                           50,377              67,808
Lease Obligations                                                                        98,291              63,859
                                                                             ------------------  ------------------

     Total Liabilities                                                                  873,503           1,793,235
                                                                             ------------------  ------------------

STOCKHOLDERS EQUITY
Common Stock - $0.001 par value, 100,000,000 shares
   authorized, 35,300,000 shares issued and outstanding
   at September 30, 2002 and December 31, 2001.                                          35,300              32,200
Additional Paid-in Capital                                                              645,050              28,150
Currency Translation Adjustment                                                             260              28,262
Retained Earnings (Deficit)                                                             282,341            (170,746)
                                                                             ------------------  ------------------

     Total Stockholders' Equity                                                         962,951             (82,134)
                                                                             ------------------  ------------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                   $        1,836,454  $        1,711,101
                                                                             ==================  ==================
</TABLE>




                 See accompanying notes and accountants' report.


<PAGE>


                             LAREDO INVESTMENT CORP.
                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>



                                           For the three months ended              For the nine months ended
                                                  September 30,                          September 30,
                                      -------------------------------------  --------------------------------------
                                            2002                2001                2002                2001
                                      -----------------   -----------------  ------------------  ------------------
REVENUES
<S>                                   <C>                 <C>                <C>                 <C>
Sales                                 $         970,337   $         626,387  $        3,005,228  $        1,939,797
Cost of Sales                                   620,404             454,224           1,948,572           1,410,166
                                      -----------------   -----------------  ------------------  ------------------
Gross Margin                                    349,933             172,163           1,056,656             529,631

EXPENSES
   Selling & Marketing                            3,645               9,744              19,325              32,732
   General & Administrative                     211,622             139,668             560,633             465,684
                                      -----------------   -----------------  ------------------  ------------------
                                                215,267             149,412             579,958             498,416
                                      -----------------   -----------------  ------------------  ------------------

Net Income from Operations                      134,666              22,751             476,698              31,215
                                      -----------------   -----------------  ------------------  ------------------

Other Income (Expense)
   Interest, Net                                (10,365)            (22,558)            (45,837)            (65,359)
   Currency Exchange, Net                        (7,765)            (19,274)             22,226             (41,922)
                                      -----------------   -----------------  ------------------  ------------------

Net Income (Loss)
  Before Income Taxes                           116,536             (19,081)            453,087             (76,066)
Income Tax Expense                                    -               1,743                   -               1,743
                                      -----------------   -----------------  ------------------  ------------------

NET INCOME (LOSS)                     $         116,536   $         (17,338) $          453,087  $          (74,323)
                                      =================   =================  ==================  ==================

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















                 See accompanying notes and accountants' report.


<PAGE>

                             LAREDO INVESTMENT CORP.
                            STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
                                                                                   For the nine months ended
                                                                                         September 30,
                                                                             --------------------------------------
                                                                                    2002                2001
                                                                             ------------------  ------------------
Cash Flows From Operating Activities
<S>                                                                          <C>                 <C>
   Net income (loss) for the period                                          $          453,087  $          (74,323)
Adjustments to reconcile net loss to net cash
   Provided by operating activities
     Currency Translation Adjustment                                                    (28,001)             30,241
     Depreciation and Amortization                                                       41,019              34,068
     Decrease (Increase) in Receivables                                                (180,135)            223,925
     Decrease (Increase) in Inventory                                                   117,966              34,355
     Decrease (Increase) in Prepaid Expense                                             (39,156)               (483)
     (Decrease) in Accounts Payable & Accrued Liabilities                              (272,301)            116,073
     Increase (Decrease) in Bank Overdraft                                               (3,657)           (285,172)
                                                                             ------------------  ------------------
Net Cash Provided by (Used in) Operating Activities                                      88,822              78,684
                                                                             ------------------  ------------------

Cash Flows From Investing Activities
   Purchase of Property and Equipment                                                    (3,967)            (18,666)
                                                                             ------------------  ------------------
Net Cash Used by Investing Activities                                                    (3,967)            (18,666)
                                                                             ------------------  ------------------

Cash Flows From Financing Activities
   Proceeds/Payments on Bank Line                                                       (43,953)            (36,995)
   Payments on Shareholder Payables                                                      (6,980)              2,026
   Principle Payment on Long-term Debt                                                  (33,922)            (25,049)
                                                                             ------------------  ------------------
Net Cash Provided by (Used in) Financing Activities                                     (84,855)            (60,018)
                                                                             ------------------  ------------------

Increase (Decrease) in Cash                                                                   -                   -
Cash at beginning of period                                                                   -                   -
                                                                             ------------------  ------------------
Cash at End of Period                                                        $                -  $                -
                                                                             ==================  ==================


Supplemental Disclosure of Interest and Income Taxes Paid
   Interest paid during the period                                           $           14,191  $            3,145
                                                                             ==================  ==================
   Income taxes paid during the period                                       $                -  $                -
                                                                             ==================  ==================

Supplemental Disclosure of Non-cash Investing and Financing Activities:
   Manufacturing Equipment on Capital Lease                                  $           61,081  $          110,274
                                                                             ==================  ==================
   Shares issued in satisfaction of notes payable                            $          620,000  $                -
                                                                             ==================  ==================
</TABLE>






                 See accompanying notes and accountants' report.


<PAGE>


                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002


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 as of September 30, 2002 and for the
three and nine months then ended  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 three and
nine  months.   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.








<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002
                                   (Continued)


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

         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,  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 December 31, 2001 and the
year ended  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
*        WST Web Search Technologies, Inc., a Sasketchewan corporation
*        Prohealth Nutritionals Ltd.,  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
packing  nutritional  products.  The  Company's  operations  are  located in the
province of British Columbia, Canada.






<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002
                                   (Continued)


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

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 is stated at the lower of
weighted average cost and net realizable value.

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
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 are 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.



<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002
                                   (Continued)


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

Revenue recognition

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

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.



<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002
                                   (Continued)


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

Reclassifications

         Certain   reclassifications  have  been  made  in  the  2001  financial
statements to conform with the 2002 presentation.

Earnings (Loss) per Share

         The  reconciliations  of the numerators and  denominators  of the basic
income (loss) per share computations are as follows:
<TABLE>
<CAPTION>
                                                                                                     Per-Share
                                                               Income              Shares              Amount
                                                               ------              ------              ------
                                                             (Numerator)       (Denominator)

                                                                For the three months ended September 30, 2001
Basic & Diluted Loss per Share
<S>                                                       <C>                        <C>         <C>
Loss to common shareholders                               $         (17,338)         32,200,000  $                -
                                                          =================  ==================  ==================

                                                                For the three months ended September 30, 2002
Basic & Diluted Earnings per Share
Income to common shareholders                             $         116,536          35,300,000  $                -
                                                          =================  ==================  ==================

                                                                For the nine months ended September 30, 2001
Basic & Diluted Loss per Share
Loss to common shareholders                               $         (74,323)         32,200,000  $                -
                                                          =================  ==================  ==================

                                                                For the nine months ended September 30, 2002
Basic & Diluted Earnings per Share
Income to common shareholders                             $         453,087          33,256,044  $             0.01
                                                          =================  ==================  ==================
</TABLE>

         The Company has no outstanding  dilutive  common stock  equivalents for
September 30, 2002 and 2001.








<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002
                                   (Continued)


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

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, 2002 and December 31, 2001,  Inventory  consists of
the following:


                                                 2002                2001
                                          ------------------  ------------------
Raw materials                             $          387,161  $          491,764
Work in process                                       70,923              84,286
                                          ------------------  ------------------
Total Inventory                           $          458,084  $          576,050
                                          ==================  ==================

NOTE 3 - INCOME TAXES

         As  of  December  31,  2001,  the  Company  had a  net  operating  loss
carryforward for income tax reporting  purposes of  approximately  $170,000 that
may be offset against future taxable income through 2021. Current tax laws limit
the amount of loss  available to be offset  against future taxable income when a
substantial  change in  ownership  occurs.  Therefore,  the amount  available to
offset future taxable income may be limited. No tax benefit has been reported in
the financial statements, because the Company believes there is a 50% or greater
chance the  carryforwards  will expire  unused.  Accordingly,  the potential tax
benefits of the loss  carryforwards  are offset by a valuation  allowance of the
same amount.

NOTE 4 - RELATED PARTY TRANSACTIONS

         As at September  30, 2002 and December 31, 2001,  shareholder  payables
include  approximately  $1,342 ($2,128  Canadian) and $8,322 ($13,254  Canadian)
owing to a major shareholder.









<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002
                                   (Continued)

NOTE 5 - SHORT-TERM OBLIGATIONS
<TABLE>
<CAPTION>

                                                                               September 30,        December 31,
                                                                                    2002                2001
                                                                             ------------------  ------------------
<S>                                                                          <C>                 <C>
Promissory note, repayable to related parties upon
   demand, including interest at 12%                                         $           80,734  $           73,502
Working Capital Loans, repayable in stock or options upon
    demand including interest at 1% over prime                                           19,425             615,011
                                                                             ------------------  ------------------

Total                                                                        $          100,159  $          688,513
                                                                             ==================  ==================
</TABLE>

         The Company has a line of credit with a bank with a total  amount owing
of $0 and $43,953 as of September  30, 2002 and December 31, 2001  respectively.
This  line has a total  available  credit  of  $94,590  ($150,000  Canadian)  at
September 30, 2002.  The line is secured by certain  manufacturing  equipment of
the Company.

NOTE 6 - LONG-TERM DEBT
<TABLE>
<CAPTION>
                                                                               September 30,        December 31,
                                                                                    2002                2001
                                                                             ------------------  ------------------
<S>                                                                          <C>                 <C>
TDBank Small Business loan, repayable
  in monthly instalments $2,616 ($3,973 Canadian),
  including interest at 10.15%,
  maturing March 15, 2004, secured by certain
  manufacturing equipment of the Company                                     $           73,791  $           89,642

Less current portion of long-term debt                                                   23,414              21,834
                                                                             ------------------  ------------------

                                                                             $           50,377  $           67,808
                                                                             ==================  ==================
</TABLE>

         Principal  payments  due on  long-term  debt for each of the five years
subsequent to December 31, 2001 and thereafter are as follows:


       Year ending:                Amount
---------------------------  ------------------
           2002              $           21,834
           2003                          24,156
           2004                          26,725
           2005                          16,927
           2006                               -
        Thereafter                            -
                             ------------------
           Total             $           89,642
                             ==================

<PAGE>

                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002
                                   (Continued)

NOTE 7 - ECONOMIC DEPENDENCE

         The Company sells a substantial portion of its product to one customer.
During  2002  and  2001,  sales  to  that  customer   aggregated  56%  and  55%,
respectively.  As of September 30, 2002 and December 31, 2001,  amounts due from
that customer  included in accounts  receivable were 60% and 45%,  respectively.
Future  operations of the Company depend on  continuation  of the  manufacturing
arrangement with that customer.

NOTE 8 - 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  $38,212
($60,000 Canadian) per year for real property and $43,582 ($68,433 Canadian) per
year for equipment.  The real property lease expires  December 31, 2003, and the
equipment leases expire in June 2005 and February 2008.

         The minimum  future lease payments under these leases for the next five
years are:
<TABLE>
<CAPTION>
      Twelve Months                                           Real Property         Equipment
     Ended September
           30:
-------------------------                                   -------------------------------------
<S>                                                         <C>                 <C>
         2002                                               $          38,212   $          43,582
         2003                                                          38,212              43,582
         2004                                                               -              43,582
         2005                                                               -              29,720
         2006                                                               -              15,859
                                                            -----------------   -----------------
         Total minimum future lease payments                $          76,424   $         176,325
                                                            =====================================
</TABLE>
         The leases  generally  provides  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.

NOTE 9 - 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 issued 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 September 30, 2002, options to purchase
3,100,000  shares  at $.20 per share  have been  granted  and  exercised.  As of
September 30, 2002 there are no  outstanding  options to purchase  shares of the
Company's common stock.




<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 1.74 at September 30, 2002 compared to 0.70
at December 31, 2001. Key contributing factors for this change were the decrease
in current  liabilities of  approximately  $937,000 which included a decrease in
accounts payable and accrued expenses of approximately $304,000, the issuance of
stock in satisfaction of $620,000 in short term loans and notes payable, and the
decrease in the bank line of approximately $44,000.

Current liabilities include a $80,734 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 $80,734 as at
September 30, 2002.  This loan bears interest at 10.15% and matures on March 15,
2004.

Laredo anticipates  acquiring an additional $300,000 of manufacturing  equipment
in 2002 in order to meet demands for new private label sales.  Plant renovations
costing  $20,000 are also expected to be completed in 2002.  These  expenditures
may be financed  through  private  placement of shares.  Increased sales volumes
will also necessitate  hiring additional  operations,  sales and  administrative
personnel.

Results of Operations
<TABLE>
<CAPTION>
                                           For the three months ended              For the nine months ended
                                                  September 30,                          September 30,
                                      -----------------------------------------------------------------------------
                                            2002                2001                2002                2001
                                      -----------------   -----------------  ------------------  ------------------
<S>                                   <C>                 <C>                <C>                 <C>
Sales                                 $         970,337   $         626,387  $        3,005,228  $        1,939,797
Cost of Sales                                   620,404             454,224           1,948,572           1,410,166
Gross Profit                                    349,933             172,163           1,056,656             529,631
Gross Profit Margin                              36.06%              27.49%              35.16%              27.30%
Administrative Expenses                         215,267             149,412             579,958             498,416
Administrative Expenses as a                     22.18%              23.85%              19.30%              25.69%
% of sales
</TABLE>

For the three months ended  September 30, 2002,  sales were $343,950 higher than
2001 and are expected to continue to grow during 2002. For the nine months ended
September 30, 2002,  sales were $1,065,431  higher than 2001 and are expected to
continue  to grow  during  2002.  During  2002 and  2001,  56% and 55% of sales,
respectively  were to Prairie  Naturals Inc., 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


<PAGE>



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.

Operating  margins for the three months ended  September 30, 2002 were 36.06% of
sales  revenue,  8.57% higher than 2001.  Operating  margins for the nine months
ended  September 30, 2002 were 35.16% of sales revenue,  7.86% higher than 2001.
Cost of  Sales  includes  the  cost  of raw  materials  used  in  manufacturing,
production labor costs and an applicable share of overhead expenses.

General and  administrative  expenses for the three months ended  September  30,
2002  were  22.18%  of  sales  in 2002,  1.67%  lower  than  2001.  General  and
administrative expenses for the nine months ended September 30, 2002 were 19.30%
of sales in 2002, 6.39% lower than 2001. Laredo anticipates  realizing economies
of  scale  as  production  volumes  increase.  Administrative  expenses  include
advertising  expenses which  decreased  during 2002 but are expected to increase
due to Laredo's plan to expand marketing efforts.

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 10-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.









<PAGE>



                           PART II - OTHER INFORMATION


Item 1.  Legal Proceedings

         None.

Item 2.  Changes in Securities

         None.

Item 3.  Defaults Upon Senior Securities

         None.

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

         None.

Item 5.  Other Information

         None.

Item 6.  Exhibits and Reports on Form 8-K

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



<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, 2002                   By:    /s/ Richard Pierce
       -------------------------                  ------------------------------
                                                     Richard Pierce
                                                     President, C.E.O., Director

DATE:     November 14, 2002                   By:    /s/ Marc Casavant
       -------------------------                  ------------------------------
                                                     Marc Casavant
                                                     C.F.O., Director






























<PAGE>



I, Richard Pierce, certify that:

         1. I have  reviewed  this  quarterly  report  on form  10-QSB of Laredo
Investment Corp.

         2. Based on my knowledge,  this  quarterly  report does not contain any
untrue  statement of a material fact or omit 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.

         3. Based on my knowledge, the financial statements, and other financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report.

         4. The registrant's other certifying officers and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
exchange act rules 13a-14 and 15d-14) for the registrant and have:

         A)       designed  such  disclosure  controls and  procedures to ensure
                  that  material   information   relating  to  the   registrant,
                  including its consolidated  subsidiaries,  is made known to us
                  by others  within  those  entities,  particularly  during  the
                  period in which this quarterly report is being prepared;

         B)       evaluated the  effectiveness  of the  registrant's  disclosure
                  controls and  procedures  as of a date within 90 days prior to
                  the filing  date of this  quarterly  report  (the  "evaluation
                  date"); and

         C)       presented in this quarterly  report our conclusions  about the
                  effectiveness of the disclosure  controls and procedures based
                  on our evaluation as of the evaluation date;

         5. The  registrant's  other  certifying  officers and I have disclosed,
based on our most recent evaluation,  to the registrant's auditors and the audit
committee  of  registrant's  board  of  directors  (or  persons  performing  the
equivalent functions):

         A)       all  significant  deficiencies  in the design or  operation of
                  internal   controls   which   could   adversely   affect   the
                  registrant's ability to record, process,  summarize and report
                  financial  data  and  have  identified  for  the  registrant's
                  auditors any material weaknesses in internal controls; and

         B)       any fraud,  whether or not material,  that involves management
                  or  other  employees  who  have  a  significant  role  in  the
                  registrant's internal controls.

         6. The registrant's  other certifying  officers and I have indicated in
this quarterly report whether or not there were significant  changes in internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: November 14, 2002


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




<PAGE>



I, Marc Casavant, certify that:

         1. I have  reviewed  this  quarterly  report  on form  10-QSB of Laredo
Investment Corp.

         2. Based on my knowledge,  this  quarterly  report does not contain any
untrue  statement of a material fact or omit 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.

         3. Based on my knowledge, the financial statements, and other financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report.

         4. The registrant's other certifying officers and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
exchange act rules 13a-14 and 15d-14) for the registrant and have:

         A)       designed  such  disclosure  controls and  procedures to ensure
                  that  material   information   relating  to  the   registrant,
                  including its consolidated  subsidiaries,  is made known to us
                  by others  within  those  entities,  particularly  during  the
                  period in which this quarterly report is being prepared;

         B)       evaluated the  effectiveness  of the  registrant's  disclosure
                  controls and  procedures  as of a date within 90 days prior to
                  the filing  date of this  quarterly  report  (the  "evaluation
                  date"); and

         C)       presented in this quarterly  report our conclusions  about the
                  effectiveness of the disclosure  controls and procedures based
                  on our evaluation as of the evaluation date;

         5. The  registrant's  other  certifying  officers and I have disclosed,
based on our most recent evaluation,  to the registrant's auditors and the audit
committee  of  registrant's  board  of  directors  (or  persons  performing  the
equivalent functions):

         A)       all  significant  deficiencies  in the design or  operation of
                  internal   controls   which   could   adversely   affect   the
                  registrant's ability to record, process,  summarize and report
                  financial  data  and  have  identified  for  the  registrant's
                  auditors any material weaknesses in internal controls; and

         B)       any fraud,  whether or not material,  that involves management
                  or  other  employees  who  have  a  significant  role  in  the
                  registrant's internal controls.

         6. The registrant's  other certifying  officers and I have indicated in
this quarterly report whether or not there were significant  changes in internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: November 14, 2002


/s/ Marc Casavant
C.F.O., Director