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: March 31, 2004

             [ ] 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: March 31, 2004 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. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>




                                                                                (Unaudited)
                                                                                 March 31,          December 31,
                                                                                    2004                2003
                                                                             ------------------  ------------------
ASSETS
Current Assets:
<S>                                                                          <C>                 <C>
Cash and cash equivalents                                                    $                -  $                -
Accounts Receivable, Net                                                                779,204             735,323
Inventory                                                                             1,160,587           1,030,190
Prepaid expense                                                                           4,401               4,518
                                                                             ------------------  ------------------

     Total Current Assets                                                             1,944,192           1,770,031
                                                                             ------------------  ------------------

Fixed Assets:
Manufacturing Equipment                                                                 379,353             356,990
Office Equipment                                                                        223,981             222,503
Furniture & Fixtures                                                                      3,525               3,525
Leasehold improvements                                                                   51,443              51,443
Property Held Under Capital Lease                                                       432,928             432,928
                                                                             ------------------  ------------------
                                                                                      1,091,230           1,067,389
Less Accumulated Depreciation                                                          (271,571)           (244,503)
                                                                             ------------------  ------------------
                                                                                        819,659             822,886
                                                                             ------------------  ------------------

     TOTAL ASSETS                                                            $        2,763,851  $        2,592,917
                                                                             ==================  ==================
</TABLE>



                                        1

<PAGE>



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

                                                                                (Unaudited)
                                                                                 March 31,          December 31,
                                                                                    2004                2003
                                                                             ------------------  ------------------
LIABILITIES
Current Liabilities:
<S>                                                                          <C>                 <C>
Accounts Payable and Accrued Liabilities                                     $        1,180,138  $          881,250
Bank Overdraft                                                                           53,032              54,463
Bank Line                                                                                93,750              30,800
Related Party Loans                                                                     114,812             114,416
Current Portion of Obligations Under Capital Leases                                      62,678              62,333
Current Portion Long-Term Debt                                                           32,137              24,275
                                                                             ------------------  ------------------

     Total Current Liabilities                                                        1,536,547           1,167,537
                                                                             ------------------  ------------------

Non-Current Liabilities:
Long-Term Debt                                                                           15,305              32,180
Lease Obligations                                                                       139,162             159,737
Deferred Tax Liability                                                                  153,448             157,540
                                                                             ------------------  ------------------

     Total Non-Current Liabilities                                                      307,915             349,457
                                                                             ------------------  ------------------

     Total Liabilities                                                                1,844,462           1,516,994
                                                                             ------------------  ------------------

STOCKHOLDERS EQUITY
Common Stock - $0.001 par value, 100,000,000
   shares authorized, 32,398,460 issued and outstanding
   at March 31, 2004 and December 31, 2003                                               32,398              32,398
Additional Paid-in Capital                                                              667,643             667,643
Currency Translation Adjustment                                                          29,255              85,427
Retained Earnings (Deficit)                                                             190,093             290,455
                                                                             ------------------  ------------------

     Total Stockholders' Equity                                                         919,389           1,075,923
                                                                             ------------------  ------------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                   $        2,763,851  $        2,592,917
                                                                             ==================  ==================
</TABLE>


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

                                        2

<PAGE>



                    LAREDO INVESTMENT CORP. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                                                   For the Three Months Ended
                                                                                           March 31,
                                                                             --------------------------------------
                                                                                    2004                2003
                                                                             ------------------  ------------------
REVENUES
<S>                                                                          <C>                 <C>
Sales                                                                        $        1,200,654  $        1,126,076
Cost of Sales                                                                           907,280             719,795
                                                                             ------------------  ------------------
Gross Margin                                                                            293,374             406,281

EXPENSES
   Selling & Marketing                                                                   82,051               9,294
   General & Administrative                                                             100,849             167,966
   Consulting                                                                            41,643              37,091
   Depreciation Expense                                                                  27,068              13,261
   Salaries & Wages                                                                     104,605              70,703
                                                                             ------------------  ------------------
                                                                                        356,216             298,315
                                                                             ------------------  ------------------

Net Income (Loss) from Operations                                                       (62,842)            107,966
                                                                             ------------------  ------------------

Other Income (Expense)
   Interest, Net                                                                        (12,358)               (358)
   Currency Exchange, Net                                                                13,514              26,520
                                                                             ------------------  ------------------

Net Income (Loss) Before Income Taxes                                                   (61,686)            134,128
Income Tax (Expense) Benefit                                                            (38,676)            (53,965)
                                                                             ------------------  ------------------

NET INCOME (LOSS)                                                            $         (100,362) $           80,163
                                                                             ==================  ==================

Basic Earnings (Loss) Per Share                                              $                -  $                -
                                                                             ==================  ==================

Weighted Average Shares Outstanding                                                  32,398,460          32,365,640
                                                                             ==================  ==================
</TABLE>





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

                                        3

<PAGE>



                    LAREDO INVESTMENT CORP. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                   For The Three Months Ended
                                                                                            March 31,
                                                                              -------------------------------------
                                                                                    2004                2003
                                                                              -----------------  ------------------
Cash Flows From Operating Activities
<S>                                                                           <C>                <C>
   Net income (loss) for the period                                           $        (100,362) $           80,163
Adjustments to reconcile net loss to net cash
   Provided by operating activities
     Currency Translation Adjustment                                                    (56,172)             18,920
     Depreciation and Amortization                                                       27,068              13,261
     Decrease (Increase) in Receivables                                                 (43,881)             12,386
     Decrease (Increase) in Inventory                                                  (130,397)           (198,366)
     Decrease (Increase) in Prepaid Expense                                                 117             (37,621)
     Increase in Accounts Payable & Accrued Liabilities                                 299,284             176,781
     Increase (Decrease) in Bank Overdraft                                               (1,431)            (52,137)
     Increase in Deferred Tax Liability                                                  (4,092)                  -
                                                                              -----------------  ------------------
Net Cash Provided by (Used in) Operating Activities                                      (9,866)             13,387
                                                                              -----------------  ------------------

Cash Flows From Investing Activities
   Purchase of Property and Equipment                                                   (23,841)            (68,092)
                                                                              -----------------  ------------------
Net Cash Used by Investing Activities                                                   (23,841)            (68,092)
                                                                              -----------------  ------------------

Cash Flows From Financing Activities
   Proceeds/Payments on Bank Line                                                        62,950                   -
   Proceeds (Payments) Shareholder Payables                                                   -             (26,658)
   Proceeds (Payments) Long-term Debt/Capital Lease Obligations                         (29,243)             81,363
                                                                              -----------------  ------------------
Net Cash Provided by (Used in) Financing Activities                                      33,707              54,705
                                                                              -----------------  ------------------

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                                            $          12,358  $            3,235
                                                                              =================  ==================
   Income taxes paid during the period                                        $               -  $                -
                                                                              =================  ==================

Supplemental Disclosure of Non-cash Investing and Financing Activities:
   Equipment acquired through Capital Lease                                   $               -  $           73,140
                                                                              =================  ==================
   Stock issued as payment on short-term notes payable                        $               -  $                -
                                                                              =================  ==================
</TABLE>


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

                                        4

<PAGE>



                    LAREDO INVESTMENT CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

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, 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.

         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).  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.





                                        5

<PAGE>



                    LAREDO INVESTMENT CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)


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

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

Principles of Consolidation

         The  consolidated  financial  statements  for December 31, 2003 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
*        R & L Health, Inc.,  a British Columbia corporation

         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.

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.






                                        6

<PAGE>



                    LAREDO INVESTMENT CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (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
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.

Revenue recognition

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

Advertising Costs

         Advertising is expenses as incurred.

                                        7

<PAGE>



                    LAREDO INVESTMENT CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)


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

Foreign currency remeasurment/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.



                                        8

<PAGE>



                    LAREDO INVESTMENT CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2003 AND 2002
                                   (Continued)


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

Reclassifications

         Certain   reclassifications  have  been  made  in  the  2002  financial
statements to conform with the 2003 presentation.

Earnings (Loss) per Share

         Basic loss per share has been  computed  by  dividing  the loss for the
year  applicable to the common  stockholders  by the weighted  average number of
common  shares  outstanding  during the years.  There were no common  equivalent
shares outstanding at December 31, 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 - ACCOUNTS RECEIVABLE

         As of March  31,  2004  and  December  31,  2003,  accounts  receivable
consisted of the following:
<TABLE>
<CAPTION>
                                                       March 31,       December 31,
                                                          2004               2003
                                                   ------------------  -----------------

<S>                                                <C>                 <C>
Accounts Receivable                                $          859,227  $         817,480
Less: Allowance for Doubtful Accounts                         (80,023)           (82,157)
                                                   ------------------  -----------------

Total Accounts Receivable                          $          779,204  $         735,323
                                                   ==================  =================
</TABLE>

         The allowance for doubtful accounts is based on management  estimate of
75% of receivables over 120 days outstanding.


                                        9

<PAGE>



                    LAREDO INVESTMENT CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)

NOTE 3 - INVENTORY

         Inventory  is valued at lower of cost or market.  As of March 31,  2004
and December 31, 2003, inventory consists of the following:
<TABLE>
<CAPTION>
                                                March 31,          December 31
                                                   2004                2003
                                            ------------------  ------------------
<S>                                         <C>                 <C>
Raw materials                               $          880,162  $          861,276
Work in process                                        128,380             168,914
Finished Goods                                         152,045                   -
                                            ------------------  ------------------

Total Inventory                             $        1,160,587  $        1,030,190
                                            ==================  ==================
</TABLE>

NOTE 4 - INCOME TAXES

         The  provision  for income  taxes  consists  of  Canadian  federal  and
provincial and territorial income tax. The provision consists of the following:
<TABLE>
<CAPTION>
                                                             March 31,
Current:                                             2004                 2003
                                               -----------------   ------------------
<S>                                            <C>                 <C>
   Canadian Income Tax                         $         (38,676)  $          (53,965)
   Deferred tax liability                                      -                    -
                                               -----------------   ------------------

   Income tax benefit (expense)                $         (38,676)  $          (53,965)
                                               =================   ==================
</TABLE>

         Deferred taxes result from temporary  differences in the recognition of
income and expenses for income tax reporting and financial  statement  reporting
purposes.  The Company had deferred tax liability of $153,448 and $157,540 as of
March 31, 2004 and December 31, 2003.  The deferred tax  liability is the result
of excess  depreciation  for income tax purposes  over the amount for  financial
reporting purposes.

         The  difference  between the effective  income tax rate and the federal
statutory  income tax rate on the income (loss) from  continuing  operations are
presented below:
<TABLE>
<CAPTION>
                                                                                           March 31,
                                                                                    2004                2003
                                                                             ------------------  ------------------

<S>                                                                          <C>                 <C>
Expense at the federal statutory rate of 37.62%                              $          (38,676) $          (53,965)
Deferred Tax Liability                                                                        -                   -
Benefits from Net Operating Loss and Other                                                    -                   -
                                                                             ------------------  ------------------

Effective Tax Benefit (Expense)                                              $          (38,676) $          (53,965)
                                                                             ==================  ==================
</TABLE>

                                       10
<PAGE>

                    LAREDO INVESTMENT CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)

NOTE 5 - RELATED PARTY TRANSACTIONS

         As at March  31,  2004 and  December  31,  2003 and  2002,  shareholder
payables include approximately $0 owing to a major shareholder.

         Richard Pierce,  CEO of Laredo and Lucretia  Schanfarber 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.
profits  before income taxes,  depreciation,  and  amortization  are deducted as
expenses. As of March 31, 2004 and 2003, $23,855 and $0 were accrued or paid. As
of April 1, 2003 Ms. Schanfarber is no longer being paid this licence fee as her
name and image has been removed from all products.

NOTE 6 - SHORT-TERM OBLIGATIONS
<TABLE>
<CAPTION>
                                                                                 March 31,          December 31,
                                                                                    2004                2003
                                                                             ------------------  ------------------
<S>                                                                          <C>                 <C>
Promissory note, repayable to related parties upon
   demand, including interest at 12%                                         $          114,812  $          114,416
</TABLE>

         The Company has a line of credit with a bank with a total  amount owing
of $93,750 and $30,800 as of March 31, 2004 and December 31, 2003, respectively.
This line  carries  an  interest  rate of prime  plus 1.5 and a total  available
credit of $192,500  ($250,000  Canadian) as of December  31,  2003.  The line is
secured by certain manufacturing equipment of the Company.

NOTE 7 - LONG-TERM DEBT
<TABLE>
<CAPTION>
                                                                                 March 31,          December 31,
                                                                                    2004                2003
                                                                             ------------------  ------------------
<S>                                                                          <C>                 <C>
TDBank Small  Business  loan,  repayable in monthly  instalments  $2,515 ($3,973
  Canadian),  including interest at 10.15%, maturing September 15, 2005, secured
  by certain
  manufacturing equipment of the Company                                     $           47,442  $           56,455

Less current portion of long-term debt                                                   32,137              24,275
                                                                             ------------------  ------------------

                                                                             $           15,305  $           32,180
                                                                             ==================  ==================
</TABLE>


                                       11

<PAGE>



                    LAREDO INVESTMENT CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)

NOTE 7 - LONG-TERM DEBT (Continued)

         Principal  payments  due on  long-term  debt for each of the five years
subsequent to December 31, 2003 and thereafter are as follows:


       Year ending:                Amount
---------------------------  ------------------

           2004              $           24,275
           2005                          32,180
           2006                               -
           2007                               -
           2008                               -
                             ------------------
        Thereafter
           Total             $           56,455
                             ==================


NOTE 8 - ECONOMIC DEPENDENCE

         The Company sells a substantial portion of its product to one customer.
During the first quarter of 2004 and 2003, sales to that customer aggregated 50%
and 59%,  respectively.  As of March 31,  2004 and 2003,  amounts  due from that
customer included in accounts receivable were 75% and 48%, respectively.  Future
operations  of  the  Company  depend  on  continuation   of  the   manufacturing
arrangement with that customer.

NOTE 9 - COMMITMENTS

         The Company has entered into a 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
$45,000  ($60,000  Canadian)  per year for real  property and $81,675  ($108,900
Canadian) per year for equipment.  The real property lease expires  December 31,
2003, and the equipment lease expires June 2005 through December 2008.

         The assets and  liabilities  under  capital  leases are recorded at the
fair value of the asset.  The  assets  are  depreciated  over the lower of their
estimated  productive  lives.  Depreciation  of assets under  capital  leases is
included in depreciation expense for 2003 and 2002.





                                       12

<PAGE>


                    LAREDO INVESTMENT CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)

NOTE 9 - COMMITMENTS (Continued)

         Following is a summary of property held under capital leases:
<TABLE>
<CAPTION>
                                                                   March 31,          December 31,
                                                                      2004                2003
                                                               ------------------  ------------------
<S>                                                            <C>                 <C>
Manufacturing Equipment                                        $          432,928  $          432,928
Less: Accumulated Depreciation                                            (41,405)            (34,339)
                                                               ------------------  ------------------

Net Assets Held Under Capital Lease                            $          391,523  $          398,589
                                                               ==================  ==================
</TABLE>

         The minimum  future lease payments under these leases for the next five
years are:
<TABLE>
<CAPTION>
    Ending December 31:                                          Real Property         Equipment
----------------------------                                   ------------------  -----------------
<S>                                                            <C>                 <C>
      2004                                                     $                -  $          62,333
      2005                                                                      -             67,097
      2006                                                                      -             50,338
      2007                                                                      -             50,338
      2008                                                                      -             19,508
                                                               ------------------  -----------------
      Net Minimum Lease Payments                                                -            249,614
      Less: Amount Representing Interest                                        -            (97,404)
                                                               ------------------  -----------------
      Present Value of Net Minimum Lease Payment               $                -  $         152,210
                                                               ==================  =================
</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.

         During 2002, the Company  entered into a lease  agreement for warehouse
space.  The  lease is month to month  with a six  month  notice  of  termination
clause.  Under the terms of the lease  agreement,  the  monthly  rent  charge is
approximately $4,125 ($5,500 Canadian).

NOTE 10 - STOCK INCENTIVE PLAN

         The Board of Directors has authorized  and the Company has  established
the 2000  Incentive  and  Non-qualified  Stock Option  Plan.  Under the plan the
Company is authorized to issued up to 6,000,000  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 March 31, 2004 no options
have been granted.

                                       13

<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 1.27 at March 31, 2004 compared to 1.52 at
Dec 31, 2003.

Current  liabilities  include an  $114,812  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 $47,442 as at
March 31, 2004.  This loan bears interest at 10.15% and matures on September 15,
2005.

Laredo acquired an additional  $23,841 of  manufacturing  equipment in the first
quarter  of 2004 in  order to meet  demands  for new  private  label  sales.  An
additional  $45,000 of  manufacturing  equipment  is expected to be purchased in
2004.

Results of Operations
<TABLE>
<CAPTION>
                                                            For the Three Months Ended
                                                                    March 31,
                                                             2004                2003
                                                      ------------------- -------------------

<S>                                                          <C>                 <C>
Sales                                                        $ 1,200,654         $ 1,126,076
Cost of Sales                                                    907,280             719,795
                                                      ------------------- -------------------
Gross Margin                                                     293,374             406,281
                                                      ------------------- -------------------
Gross Profit Margin                                               24.44%              36.08%
Administrative Expenses                                          356,216             298,315
                                                      ------------------- -------------------
Administrative Expenses as a % of Sales                           29.67%              26.50%
</TABLE>


For the three months ended March 31, 2004,  sales were $74,578  higher than 2003
and are expected to continue to grow during 2004.

During the first  quarter of 2004 and 2003 sales to Prairie  Naturals  Inc. were
50% and 47% respectively.  Laredo has a verbal arrangement to manufacture, on an
as-ordered  basis,  private  label  products  that  Prairie  Naturals  Inc.  and
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.

Operating  margins  for the three  months  ending  March 31,  2004 and 2003 were
24.44%  and  36.08% 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 the same
quarter  for 2003 in part  because  of the  increase  in costs  associated  with
initial runs of new products and the  completion  of jobs with lower  margins in
general.

General and  administrative  expenses  for the three months ended March 31, 2004
and 2003 were 29.67% and 26.50% of sales. Laredo anticipates realizing economies
of scale as production volumes increase. This will be reflected favorably in the
future by decreasing the percentage of sales for these expenses.

                                       14
<PAGE>

The net loss of $100,362 for the first quarter was almost entirely due to delays
in invoicing  contracts  that should have been  completed in the last quarter of
2003 and the first  quarter of 2004.  These  contracts  have been  completed and
invoiced in the second  quarter of 2004 and their positive  contribution  to net
income will be recognized in that quarter.



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.











                                       15
<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.












                                       16
<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: May 14, 2004                                   By: /s/ Richard Pierce
      ---------------------                          ---------------------------

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


DATE: May 14, 2004                                   By: /s/  Marc Casavant
      ---------------------                          ---------------------------
                                                     Marc Casavant
                                                     C.F.O., Director















                                       17