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: June 30, 2003

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

          For the transition period from ______________to ____________

                        Commission file number 000-27959

                            Laredo Investment Corp.

        (Exact name of small business issuer as specified in its charter)

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

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

                                 (604) 460-8440
                            Issuer's telephone number


     (Former name, address and 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: August 14,  2003  32,398,460
                                                   -----------------------------

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



                                       1
<PAGE>



                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements


                             LAREDO INVESTMENT CORP.
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
                                       $US

                                                   June 30,         December 31,
                                                     2003               2002
                                                  -----------       -----------
ASSETS
Current Assets:
Cash and Cash Equivalents ..................      $      --         $      --
Receivables ................................          798,940           682,987
Inventory ..................................          673,709           564,376
Prepaid Expense ............................           30,715            25,170
                                                  -----------       -----------
               Total Current Assets ........        1,503,364         1,272,533
                                                  -----------       -----------

Fixed Assets:
Manufacturing Equipment ....................          776,043           745,400
Office Equipment ...........................          167,166            24,429
Furniture & Fixtures .......................            3,525             3,525
Leasehold Improvements .....................           41,814            41,814
                                                  -----------       -----------
                                                      988,548           815,168
Less Accumulated Depreciation ..............         (185,650)         (149,147)
                                                  -----------       -----------
                                                      802,898           666,021
                                                  -----------       -----------

TOTAL ASSETS ...............................      $ 2,306,262       $ 1,938,554
                                                  ===========       ===========







                                       2
<PAGE>

                             LAREDO INVESTMENT CORP.
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
                                       $US
                                   (Continued)

                                                    June 30,        December 31,
                                                     2003               2002
                                                  -----------       -----------
LIABILITIES
Current Liabilities:
Accounts Payable and Accrued Liabilities ...      $   521,921       $   646,430
Bank Overdraft .............................          148,454            81,276
Bank Line ..................................           79,200
Short-Term Loans & Notes Payable ...........            2,848            19,692
Related Party Loans ........................           97,793            83,482
Shareholder Payables .......................                0            26,658
Current Portion of Long-Term Debt ..........           67,221            60,757
                                                  -----------       -----------

               Total Current Liabilities ...          917,437           918,295
                                                  -----------       -----------

Long Term Debt .............................           38,007            46,220
Lease Obligations ..........................          197,815           128,770
                                                  -----------       -----------

               Total Liabilities ...........        1,153,259         1,093,285
                                                  -----------       -----------

STOCKHOLDERS EQUITY
Common Stock - $0.001 par value,
  100,000,000 shares authorized,
  32,398,460 shares issued and
  outstanding at June 30, 2003  ............           32,398            32,300
Additional Paid in Capital .................          667,644           648,050
Currency Translation Adjustment ............           32,408            (4,683)
Retained Earnings (Deficit) ................          420,553           169,602
                                                  -----------       -----------

               Total Stockholders' Equity ..        1,153,003           845,269
                                                  -----------       -----------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY .      $ 2,306,262       $ 1,938,554
                                                  ===========       ===========

                            See accompanying notes.



                                       3
<PAGE>

                             LAREDO INVESTMENT CORP.
                       CONSOLIDATED STATEMENT OF OPERATION
                                   (Unaudited)
                                       $US
<TABLE>
<CAPTION>

                                    For the three months ended      For the six months ended
                                              June 30,                     June 30,
                                      --------------------------    --------------------------
                                          2003          2002           2003           2002
                                      -----------    -----------    -----------    -----------
REVENUES
<S>                                     <C>              <C>          <C>            <C>
Sales .............................   $ 1,266,278    $   875,917    $ 2,392,354    $ 2,034,891
Cost of Sales .....................       842,157        538,890      1,561,952      1,328,168
                                      -----------    -----------    -----------    -----------
Gross margin ......................       424,121        337,027        830,402        706,723

EXPENSES

  Selling & Marketing .............        30,434          6,662         39,728         15,680
  General & Administrative ........        40,864        205,318        329,885        349,011
                                      -----------    -----------    -----------    -----------
                                           71,298        211,980        369,613        364,691
                                      -----------    -----------    -----------    -----------

Net Income from Operations ........       352,823        125,047        460,789        342,032
                                      -----------    -----------    -----------    -----------

Other Income (Expense)

  Interest, Net ...................       (13,130)       (18,127)       (13,488)       (35,472)
  Currency Exchange, Net ..........       (37,482)        35,529        (10,962)        29,991
                                      -----------    -----------    -----------    -----------

Net Income (Loss)

  Before Income Taxes .............       302,211        142,449        436,339        336,551
Income Tax Expense ................       131,423              -        185,388              -
                                      -----------    -----------    -----------    -----------

NET INCOME (LOSS) .................   $   170,788    $   142,449    $   250,951    $   336,551
                                      ===========    ===========    ===========    ===========

Weighted Avergae Shares Outstanding    32,398,460     32,234,066     32,371,811     32,217,127
                                      ===========    ===========    ===========    ===========

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


                            See accompanying notes.


                                       4
<PAGE>

                             LAREDO INVESTMENT CORP.
                       CONSOLIDATED STATEMENT OF CASH FLOW
                                   (Unaudited)
                                       $US
<TABLE>
<CAPTION>

                                                                       For the six months ended
                                                                                June 30,
                                                                         --------------------
                                                                           2003       2002
                                                                         --------    --------

Cash Flows From Operating Activities
<S>                                                                       <C>         <C>
  Net Income (loss) for the period ...................................   $250,951    $336,551
Adjustments to reconcile net loss to net cash
  Provided by operationg activities
    Currency Translation Adjustment ..................................     37,091     (11,246)
    Depreciiation and Amortization ...................................     36,503      29,516
    Decrease (Increase) in Receivables ...............................   (115,953)   (156,687)
    Decrease (Increase) in Inventory .................................   (109,333)    224,516
    Decrease (Increase) in Prepaid Expense ...........................     (5,545)     (1,295)
    Increase (Decrease) in Accounts Payable & Accrued Liabilities ....   (124,509)   (353,830)
    Increase (Decrease) in Bank Overdraft ............................     67,178         575
                                                                         --------    --------
Net Cash Provided by (Used in) Operating Activities ..................     36,383      68,100
                                                                         --------    --------

Cash Flows From Investing Activities

  Purchase of Property and Equipment .................................   (173,380)     (1,779)
                                                                         --------    --------
Net Cash Used by Investing Activities ................................   (173,380)     (1,779)
                                                                         --------    --------

Cash Flows From Financing Activities

 Proceeds/(Payments) on Bank Line ....................................     79,200     (43,953)
 Proceeds/(Payments) on Shareholder Payables .........................    (26,658)     (1,524)
 Proceeds/(Payments) on Long-Term Debt/Leases Obligations    .........     84,455     (20,844)
                                                                         --------    --------
Net Cash Provided by (Used in) Financing Activities ..................    136,997     (66,321)
                                                                         --------    --------

Increase (Decrease) in Cash ..........................................          -           -
Cash at beginning of period ..........................................          -           -
                                                                         --------    --------
Cash at End of Period ................................................   $      -    $      -
                                                                         ========    ========
Supplemntal Disclosure of Interest and Income Taxes Paid

  Interest paid during the period ....................................   $  10,401   $  11,591
                                                                         ========    ========
  Income taxes paid during the period ................................   $      -    $      -
                                                                         ========    ========
Supplemental Disclosure of Non-cash Investing and Financing Activities

  Manufacturing Equipment on Capital Lease ...........................   $  73,140   $      -
                                                                         ========    ========
  Shares issued in satisfaction of notes payable .....................   $      -    $620,000
                                                                         ========    ========
</TABLE>

                            See accompanying notes.


                                       5
<PAGE>

                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                     FOR THE SIX MONTHS ENDED JUNE 30, 2003

NOTE 1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Interim Financial Statements

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

Organization and Basis of Presentation

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

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

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

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



                                       6
<PAGE>

                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                     FOR THE SIX MONTHS ENDED JUNE 30, 2003
                                   (Continued)

NOTE 1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(Continued)

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

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

Principles of Consolidation

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

         *        GFR Nutritionals, Ltd., a British Columbia corporation

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

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

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

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

Nature of Business

         The Company  specializes in formulating,  blending,  encapsulating  and
packaging  nutritional  products.  The Company's  operations  are located in the
province of British Columbia, Canada.

Cash and Cash Equivalents

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

Inventories

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



                                       7
<PAGE>

                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                     FOR THE SIX MONTHS ENDED JUNE 30, 2003
                                   (Continued)

NOTE 1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(Continued

Depreciation

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

                     Asset                                           Rate
        ------------------------------------------------------------------------
        Manufacturing equipment                              10-20 years
        Furniture and fixtures                               5-7 years
        Office equipment                                     3-5 years
        Computer Software                                    4 years
        Leasehold improvements                               Term of lease

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

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

Revenue recognition

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



                                       8
<PAGE>

                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                     FOR THE SIX MONTHS ENDED JUNE 30, 2003
                                   (Continued)

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

Foreign currency remeasurement/translation

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

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

Pervasiveness of Estimates

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

Concentrations of Credit Risk

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

Income Taxes

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



                                       9
<PAGE>

                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                     FOR THE SIX MONTHS ENDED JUNE 30, 2003
                                   (Continued)

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

Earnings (Loss) per Share

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

Stock Compensation for Non-Employees

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

NOTE 2- INVENTORY

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

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

Raw materials                   $            514,091        $            481,798

Work in process                              159,618                      82,578
                                 --------------------       --------------------

Total Inventory                 $            673,709        $            564,376
                                 ====================       ====================


NOTE 3- INCOME TAXES

         There was  sufficient  net operating  income for the quarter ended June
30, 2003 that $185,388 was accrued for taxes payable.



                                       10
<PAGE>

                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                     FOR THE SIX MONTHS ENDED JUNE 30, 2003
                                   (Continued)

NOTE 4- SHORT-TERM OBLIGATIONS
<TABLE>
<CAPTION>
                                                                                June 30,                  December 31,
                                                                                 2003                       2002
                                                                             --------------              --------------
<S>                                                                          <C>                         <C>
Promissory note, repayable to related parties upon
demand, including interest at 12%                                            $       97,793              $       83,482

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

Total                                                                        $       97,793              $      103,174
                                                                             ==============              ==============
</TABLE>


The  Company  has a line of  credit  with a bank  with a total  amount  owing of
$79,200 and $0 as of June 30, 2003 and December 31, 2002 respectively. This line
had a total  available  credit of $108,000  ($150,000  Canadian) at December 31,
2002 and was increased to $180,000 ($250,000 Canadian) in January 2003. The line
is secured by certain manufacturing equipment of the Company.

NOTE 5- LONG-TERM DEBT
<TABLE>
<CAPTION>
                                                                                   June 30,                  December 31,
                                                                                     2003                        2002
                                                                                 --------------              -------------
<S>                                                                              <C>                         <C>
TDBank Samll Business loan, repayable
in monthly installments $2,861 ($3,973
Canadian), including interest at 10.15%,
maturing September 15, 2005, secured by
certain manufacturing equipment of the Company                                   $       66,626              $      70,345

Less current portion of long-term debt                                                   28,619                     24,125
                                                                                 --------------              -------------

                                                                                 $       38,007              $      46,220
                                                                                 ==============              =============
</TABLE>

                                       11
<PAGE>


                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                     FOR THE SIX MONTHS ENDED JUNE 30, 2003
                                   (Continued)

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

Year Ending:                Amount

------------------       -- ------------

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






NOTE 6- ECONOMIC DEPENDENCE

         The Company sells a substantial portion of its product to one customer.
During  the  first  two  quarters  of 2003  and  2002,  sales  to that  customer
aggregated  52% and 57%,  respectively.  During the second  quarters of 2003 and
2002, sales to that customer  aggregated 55% and 44%,  respectively.  As of June
30, 2003 and  December  31,  2002,  amounts due from that  customer  included in
accounts  receivable were 77% and 66%,  respectively.  Future  operations of the
Company  depend  on  continuation  of the  manufacturing  arrangement  with that
customer.



                                       12
<PAGE>

                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                     FOR THE SIX MONTHS ENDED JUNE 30, 2003
                                   (Continued)

NOTE 7- COMMITMENTS

         The Company has entered into lease agreements for its manufacturing and
office facilities and certain  manufacturing  equipment with the Company's major
shareholder  and other  parties.  The rental charges are  approximately  $82,800
($115,000  Canadian) per year for real property and $75,144 ($108,900  Canadian)
per year for equipment.  The real property  leases expire December 31, 2003, the
equipment leases expire in June 2005, February 2008, and December 2008.

The minimum  future  lease  payments  under these leases for the next five years
are:
<TABLE>
<CAPTION>

               Twelve Months                                      Real Property                    Equipment
               Ending Decembe 31
-------------- ----------------------                          -- -----------------             -- ----------------

<S>                    <C>                                     <C>                              <C>
                       2003                                    $            82,800              $           75,144
                       2004                                    $                                            75,144
                       2005                                    $                                            60,125
                       2006                                    $                                            45,108
                       2007                                    $                                            45,108
                                                               -- -----------------             -- ----------------
               Total Minimum future lease payments             $            82,800              $          300,629
                                                               == =================             == ================
</TABLE>


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




                                       13
<PAGE>

                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                     FOR THE SIX MONTHS ENDED JUNE 30, 2003
                                   (Continued)

NOTE 8- STOCK INCENTIVE PLAN

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

NOTE 9- RELATED PARTY TRANSACTIONS

Richard Pierce, CEO of Laredo and Lucretia Schanfarber,  V.P Sales and Marketing
of GFR Nutritionals Ltd., hold contracts with R&L Health Inc that licenses their
names and images to R&L for use on certain  products.  Each are paid a quarterly
bonus of 10% of R&L Health Inc.'s profits before income taxes, depreciation, and
amortization are deducted as expenses.  Total bonuses of $25,030 were accrued at
June 30, 2003.



                                       14
<PAGE>

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

Plan of Operations

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

Liquidity and Capital Resources

Laredo's working capital ratio was 1.64 at June 30, 2003 compared to 1.39 at Dec
31, 2002.

Current liabilities include a $97,793 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 $66,626 as at
June 30, 2003.  This loan bears  interest at 10.15% and matures on September 15,
2005.

Laredo acquired an additional  $30,643 of  manufacturing  equipment in the first
two  quarters of 2003 in order to meet demands for new private  label sales.  An
additional  $50,000 of  manufacturing  equipment  is expected to be purchased in
2003. New Operating and Accounting  computer  software  costing $142,737 to June
30, 2003 was  acquired,  an  additional  $14,500 is  estimated  to complete  the
installation.  Plant  renovations  costing  $20,000  are  also  expected  to  be
completed in 2003.

Results of Operations
<TABLE>
<CAPTION>
                               For the three months ended               For the six months ended
                                        June 30,                                June 30,
                           ------------------------------------    ------------------------------------
                                2003                 2002               2003                2002
                           ----------------     ---------------    ----------------    ----------------

<S>                              <C>                   <C>               <C>                 <C>
Sales                            1,266,278             875,917           2,392,354           2,034,891
Cost of Sales                      842,157             538,890           1,561,952           1,328,168
Gross margin                       424,121             337,027             830,402             706,723
Gross Profit Margin                 33.49%              38.48%              34.71%              34.73%
Administrative Expenses             71,298             211,980             369,613             364,691
Administrative Expenses              5.63%              24.20%              15.45%              17.92%
as a % of sales
</TABLE>




                                       15
<PAGE>

For the three months ended June 30, 2003,  sales were $390,361  higher than 2002
and are expected to continue to grow during 2003.  For the six months ended June
30, 2003 sales were  $357,463  higher than 2002 and are  expected to continue to
grow during 2003.

During the second  quarter of 2003 and 2002 sales to Prairie  Naturals Inc. were
51% and 56% of sales,  during the six months  ended June 30, 2003 and 2002 sales
to Prairie  Naturals Inc. were 55% and 57% of sales a wholesale  distributor for
which  Laredo  manufactures   private  label  products.   Laredo  has  a  verbal
arrangement to manufacture,  on an as-ordered basis, private label products that
Prairie Naturals Inc.  distributes  under the Prairie Naturals Inc. name. Laredo
also has an exclusive  written  contract to manufacture one product that Prairie
Naturals Inc. distributes for a third party private label.

Operating  margins for the three months ended June 30,  2003and 2002 were 33.49%
and 38.48%of sales revenue.  Operating margins for the six months ended June 30,
2003and 2002 were 34.71% and 34.73%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.

General and administrative  expenses for the three months ended June 30, 2003and
2002 were 5.63% and 24.20% of sales. General and administrative expenses for the
six months ended June 30,  2003and 2002 were 15.45% and 17.92% of sales.  Laredo
anticipates realizing economies of scale as production volumes increase.

Effect of Inflation

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

Critical Accounting Policies

Our critical  accounting policies are those which we believe require significant
judgements,  often as a result of the need to make estimates about the effect of
matters that are inherently  uncertain.  A discussion of our critical accounting
policies is set forth in the Notes to our Financial  Statements included as part
of this Report.

Recently Enacted and Proposed Regulatory Changes

From time to time, the Financial  Accounting  Standards  Board  ("FASB")  issues
pronouncements  regarding  financial  accounting  standards  including standards
regarding accounting and reporting standards for business combinations and other
matters. For more information regarding the significant  accounting policies and
standards  applicable  to  our  operations,  see  the  Notes  to  the  Financial
Statements.

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



                                       16
<PAGE>

                  (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.

PART II- OTHER INFORMATION

Item 1. Legal Proceedings

         None.

Item 2. Changes in Securities

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

Item 3. Defaults Upon Senior Securities

         None.

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

         None.

Item 5. Other Information

         None.

Item 6. Exhibits and Reports on Form 8-K

     31.1 Section 302 Certifications of Richard Pierce
     31.2 Section 302 Certifications of Marc Casavant
     32.1 Sarbanes-Oxley Section 906 Certification of Richard Pierce
     32.2 Sarbanes-Oxley Section 906 Certification of Marc Casavant

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



                                       17
<PAGE>

                                   SIGNATURES

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

                             Laredo Investment Corp

                                  (Registrant)

DATE: August 14, 2003                                By: /s/ Richard Pierce
      ---------------------                          --------------------------
                                                     Richard Pierce
                                                     President, C.E.O., Director

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



                                       18