<PAGE>

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

                                   FORM 10-KSB

                     Annual Report Under Section 13 or 15(d)
                     of the Securities Exchange Act of 1934
                    for the Fiscal Year ended April 30, 2003

                             Commission File Number
                                     0-33473

                              I & E TROPICALS, INC.

                 (Name of Small Business Issuer in its charter)

            FLORIDA                                    65-1138291
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
Incorporation or organization)

             270 NW 3rd Court                          33432-3720
           Boca Raton, Florida                          (Zip Code)
(Address of principal executive offices)

                       Issuer's Telephone: (561) 368-1427
                   ------------------------------------------

Securities registered under Section 12(g) of the Exchange Act:    Common
                                                              ----------------
                                                              (Title of Class)

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

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

State Issuer's revenues for its most recent fiscal year.        None
                                                         ----------------

Aggregate market value of voting equity held by  non-affiliates  as of April 30,
2003: $2,000.00.

                As of April 30, 2003, there are 1,950,000 shares
                 of common stock outstanding. The issuer has no
                       other classes of stock authorized.

Transitional Small Business Disclosure Format:     No


<PAGE>

                                     PART I

ITEM 1.  DESCRIPTION OF BUSINESS

         (A)    BUSINESS DEVELOPMENT

         The  Company was  originally  formed  under the name of MEDIA  ADVISORY
GROUP,  INC.,  as a Florida  corporation  filed July 1, 1998.  The  Company  was
assigned Document Number P98000058690.

         The Company was formed for the original  purpose of  providing  various
media consulting  services.  However,  the Company never activated  services and
remained  inactive.  On  September  24, 1999,  the Company was  administratively
dissolved for failure to file an annual report.

         On July 6, 2001 an application for Corporation Reinstatement,  together
with payment of applicable fees, was filed with the Florida Department of State.
The Company was reinstated on July 23, 2001.

         On August 6, 2001  Articles  of  Amendment  were filed with the Florida
Department  of State,  changing the name to: I & E TROPICALS,  INC. and changing
the authorized capital stock of the Company to Fifty Million (50,000,000) shares
of voting common stock at a par value of $.001 per share.

         The  Company  filed the 2003 For Profit  Corporation  Uniform  Business
Report (UBR) with the Florida  Department  of State and paid the  required  fee.
It's status is active

         See  Exhibit  2(i)   commencing   on  Page  E-1  for  the  Articles  of
Incorporation,  the Reinstatement of MEDIA ADVISORY GROUP, INC., the Articles of
Amendment to the Articles of Incorporation of MEDIA ADVISORY GROUP, INC. and the
certification of status for I & E TROPICALS, INC.

         The Bylaws of the Company are included as Exhibit  2(ii)  commencing at
Page E-10.

         (B)      BUSINESS OF ISSUER

         The  original  primary  business  of  I & E  Tropicals.  Inc.  was  the
import/.export  of exotic marine life from the Bahamas to the Company in Florida
and the subsequent sale of these exotic fishes to wholesalers and/or directly to
end-use customers.

         As of the end of the  fiscal  quarter  ending  October  31,  2002,  the
Company determined that its planned operations for the collection of exotic fish
in the  Bahamas  were  cancelled  due to a lack of  anticipated  funding.  As an
alternate, the Company planned to collect and sell exotic fish in the waters off
South Florida.

         The Company  intended to finance the South  Florida  operations  by the
sale of convertible promissory notes. However,  funding required for the revised
operational  plan was not  obtained.  Although  the Company has been in informal
talks with other  entities  regarding  a possible  joint  venture,  nothing  has
actually been completed as of this filing. As a consequence,  the Company is now
inactive.  Interim cash needs are minimal and will be provided by loans from one
or more stockholders.


                                       2
<PAGE>

ITEM 2.   DESCRIPTION OF PROPERTY

         The  Company  owns no real  property,  nor does it have  any  leasehold
interests at this time.

         The Company executive offices are provided,  without payment of rent at
this time at 270 NW 3rd Court, Boca Raton, Florida. This address is the location
of the  offices of Ledyard H.  DeWees,  P.A.,  the law firm  representing  I & E
Tropicals,  Inc.  which  has  agreed to  provide  office  space and  secretarial
assistance without charge.

ITEM 3.  LEGAL PROCEEDINGS

         There is no litigation of any type whatsoever  pending or threatened by
or against the Company, its officers and/or its director.

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

         Not applicable.



                                       3
<PAGE>



                                     PART II

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

         (A)      MARKET INFORMATION

         There  is  no  public  trading  market  for  the  Company's  stock  and
management has not undertaken any  discussions,  preliminary or otherwise,  with
any prospective market maker regarding a public market for the stock.

         On July 15,  1998 the  sole  Director  of the  Company  authorized  the
issuance of founders stock to Ledyard DeWees and Carolyn  O'Brien in the amounts
of 2,500 shares each. This stock was issued in exchange for services rendered as
permitted under Florida law by Florida Statute 607.0621. Subsequently, on August
1, 1998 the shares issued to Ledyard H. DeWees were  surrendered in exchange for
the  issuance of 1,250  shares to Ledyard H. DeWees and 1,250 shares (as a gift)
to his  daughter,  Kimberly  DeWees.  Likewise,  the shares issued to Carolyn C,
O'Brien were  surrenderd in exchange for the issuance of 1,250 shares to Carolyn
C. O'Brien and 1,250 shares (as a gift) to her daughter, Erin 0'Brien.

         (B)      HOLDERS

         There are 26 shareholders of record of the Company's common stock.

         (C)      DIVIDENDS

         The Company has not paid any  dividends  to date and has no plans to do
so in the foreseeable future.

         (D)      SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY
                  COMPENSATION PLANS.

         None.

         (E)      RECENT SALES OF UNREGISTERED SECURITIES

         On September 1, 2001,  the Company  elected to offer for sale 2,000,000
shares of its common stock at $.01 per share.  The offering was conducted  under
Rule  504  of  Regulation  D,  as  promulgated  by  the  Securities  &  Exchange
Commission.  All sales were conducted under a Subscription  Agreement, a copy of
which is included here as Exhibit 4 at Page E-30.

         Pursuant to the requirements of this Regulation D offering,  Form D was
filed with the Securities and Exchange Commission on October 23, 2001.

         Regarding  this  offering,  the  following  additional  information  is
submitted:

         (a)      All sales were  conducted  by  officers  of the Company and no
                  commissions were paid.


                                       4
<PAGE>



         (b)      Sales to date have been made to 22 individuals  for a total of
                  1,450,000 shares. All sales were for cash, with total payments
                  of $14,500.  All  proceeds  were paid  directly to the Company
                  without escrow. All proceeds were received by the Company on a
                  net basis - there being no charges against the sales.

         (c)      This  offering has been  terminated by the action of the board
                  of directors.


ITEM 6.  PLAN OF OPERATION

         (a)  PLAN OF OPERATION

         As  previously  stated in PART I, Item 1(b), I & E  Tropicals,  Inc. is
inactive.  Its only plan of  operation  for the next twelve  months is to obtain
funding to implement  its south  Florida  operations  or enter into some form of
joint  venture/merger with another company. The Company has no current employees
and no consequential cash requirements.

         (b)      OFF-BALANCE SHEET ARRANGEMENTS

         Not applicable.

ITEM 7.  FINANCIAL STATEMENTS

         Attached audited financial statements for I & E TROPICALS, INC. for the
period  ended  April  30,  2003 are  submitted  in  compliance  with Item 310 of
Regulation S-B.


ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

         The Company has not changed  accountants  during the  previous two year
period to the date of this registration statement and there are no disagreements
with the findings of said accountants.


                                       5
<PAGE>



                                    PART III

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

         (A)    IDENTIFY DIRECTORS AND EXECUTIVE OFFICERS

NAME                                    AGE                       POSITION

Brett L. DeWees                         38                        Sole Director
                                                                  President

         Brett DeWees was named as the sole  Director and  President the Company
on April 1, 20O1. The Bylaws of the Company  (Article III,  Section 2) provide a
requirement  for one  director  and a maximum  of seven  directors,  subject  to
amendment to the Articles of Incorporation.

         He  purchased  1,000,000  shares of the common  stock of the Company on
October 15, 2001 acquiring voting control of the Company. He would be considered
as a Promotor of the Company.

         For over the past  five  years  Brett  DeWees  has  operated  as a sole
proprietor in the fishing,  diving,  and  fish-collecting  business.  He holds a
United  States  Coast  Guard  Captain's  license  (#709388)  and he also holds a
Saltwater  Products  License   (#SP-60840)  issued  by  the  State  of  Florida,
Department  of  Environmental  Protection.  The  license  has an RS  (Restricted
Species) endorsement and a ML-862 (Marine Life) endorsement.

         (B)    IDENTIFY SIGNIFICANT EMPLOYEES

         Brett  DeWees is the only  employee  of the  Company at this  time.  As
previously  explained,  he will,  become a full-time  employee  when the Company
becomes  operational  and will devote his entire work schedule to the activities
of I & E Tropical.

         The Company  intends to hire two  additional  employees  (divers)  when
diving operations are able to commence.

         (C)    FAMILY RELATIONSHIPS

         Not applicable.

         (D)    INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS

         Not applicable.

ITEM 10. EXECUTIVE COMPENSATION

         (A)   GENERAL

         Brett L. DeWees is President  and sole  Director of the Company.  There
are no other  officers and there are no other  employees.  Mr.  DeWees has never
received  any  compensation  for  services   rendered  to  the  Company  and  no
compensation is being accrued on the books of the Company.


                                       6
<PAGE>

         (B)   SUMMARY COMPENSATION TABLE

         Not applicable. No executive compensation plan is under consideration.

         (C)   OPTION/SAR GRANTS TABLE

         Not applicable.

         (D)    AGGREGATED OPTION/SAR EXERCISES AND FISCAL YEAR-END OPTIONS/SAR
                VALUE TABLE

         Not applicable.

         (E)    LONG-TERM INCENTIVE PLAN ("LTIP") AWARDS TABLE

         Not applicable.

         (F)    COMPENSATION OF DIRECTORS

         There are no arrangements whatsoever pertaining to compensation for the
sole director.

         (G)    EMPLOYMENT CONTRACTS AND TERMINATION OF EMPLOYMENT AND
                CHANGE-IN-CONTROL ARRANGEMENTS

         Not applicable.

         (H)    REPORT ON REPRICING OF OPTIONS/SAR'S

         Not applicable.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
         RELATED STOCKHOLDER MATTERS

         (A)    SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION
                PLANS

         None

         (B)    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         The table below lists the beneficial  ownership of the Company's voting
securities  by each person  known by the Company to be the  beneficial  owner of
more than 5% of such securities.


                                       7
<PAGE>


<TABLE>
<CAPTION>

                         Name and Address                          Amount and Nature             Percent
Title of Class           of Beneficial Owner                       of Beneficial Owner           of Class
---------------------- ------------------------------------------ ----------------------------- --------------------
<S>                    <C>                                        <C>                            <C>
Common                 Brett L. DeWees                            1,000,000                      51.28
                       737 SE 1st Way, Apt. 107
                       Deerfield Beach, FL 33441
---------------------- ------------------------------------------ ----------------------------- --------------------
Common                 Kimberly DeWees                            125,000                          6.41
                       737 SE 1st Way, Apt. 100
                       Deerfield Beach, FL 33441
---------------------- ------------------------------------------ ----------------------------- --------------------
Common                 Bonnie Irby                                 250,000                      12.82
                       737 SE 1st Way, Apt 107
                       Deerfield Beach, FL 33441
---------------------- ------------------------------------------ ----------------------------- --------------------
Common                 Ledyard H. DeWees                           125,000                       6.41
                       270 NW 3rd Court
                       Boca Raton, FL 33432
---------------------- ------------------------------------------ ----------------------------- --------------------
Common                 Carolyn O'Brien                            125,000                       6.41
                       270 NW 3rd Court
                       Boca Raton, FL 33432
---------------------- ------------------------------------------ ----------------------------- --------------------
Common                 Erin O'Brien                               125,000                       6.41
                       6845 NW 29th Avenue
                       Fort Lauderdale, FL 33309
---------------------- ------------------------------------------ ----------------------------- --------------------
</TABLE>

Notes to security ownership:

         o        All  shares  listed  above  are owned  directly.  There are no
                  further stock rights of any type or kind.

         o        Brett DeWees is the adult son and Kimberly DeWees is the adult
                  daughter  of  Ledyard  H.  DeWees.  Erin  O'Brien is the adult
                  daughter  of  Carolyn  O'Brien.   There  are  no  other  legal
                  relationships among the above listed owners.

         (C)   SECURITY OWNERSHIP OF MANAGEMENT

         The following  information  lists, as to each class,  equity securities
beneficially  owned by all directors,  and of the directors of the issuer,  as a
group.
<TABLE>
<CAPTION>

                         Name and Address                    Amount and Nature       Percent
Title of Class           of Beneficial Owner                 of Beneficial Owner     of Class

<S>                      <C>                                    <C>                  <C>
Common                   Brett L. DeWees                        1,000,000            51.28
                         737 SE 1st Way
                         Apt. 107 Deerfield Beach, FL 33441

</TABLE>

                                       8
<PAGE>

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         (A) TRANSACTIONS WITH PROMOTERS

         Brett DeWees is the only promoter of the Company. He has never received
anything of value,  tangible or  intangible,  directly or  indirectly,  from the
Company.

         Brett  DeWees is the owner of  1,000,000  shares of the common stock of
the Company.  As part of an offering of stock by the Company  under Rule 504, as
approved  September  1,2001,  Brett DeWees  purchased  his  1,000,000  shares on
October 15,  2001 for a cash  payment to the  Company at the  offering  price of
$.0l. per share for a total payment of $10,000.00.

ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K

         (A) INDEX TO EXHIBITS

         EXHIBIT NUMBER  PAGE NUMBER                 DESCRIPTION

         3(i)(a)            E-1                 *Articles of Incorporation
                                                 of  Media Advisory Group, Inc.

         3(i)(b)            E-6                 *Certification of Reinstatement

         3(i)(c)            E-7                 *Articles of Amendment changing
                                                 name to I & E Tropicals, Inc.

         3(i)(d)            E-9                 *Certification of status
                                                 of  I & E Tropicals, Inc.

         3(ii)              E-10                *Bylaws of I & E Tropicals, Inc.

         99                 E-30                *Subscription Agreement

*Incorporated by reference to Form 10-SB/A2(4).

         (B) REPORTS ON FORM 8-K

         None.


ITEM 14.   CONTROLS AND PROCEDURE

         Brett DeWees is the President of the Company and is the sole  director.
He is the only executive officer and all reports to be filed with the Securities
and  Exchange  Commission  are  signed  by him  alone.  Consequently,  it is the
conclusion of the sole executive  officer that reports filed or submitted  under
the Act (as specified in Regulation 240.13a-14(c) ) are his responsibility alone
and that no other disclosure controls are applicable.

                                       9
<PAGE>



ITEM 15.  PRINCIPAL ACCOUNTANT FEES AND SERVICES

         (A)   AUDIT FEES

         The aggregate  fees billed and paid for the last two fiscal years total
$6,075.00.  These fees were paid for the audit of financial  statements  for the
period from July 1, 1998  (Inception)  through April 30, 2001;  and for the year
ending  April 30,  2002.  In  addition,  the fees  included  review of financial
statements  included in Form 10QSB for the periods ended January 31, 2002,  July
31, 2002, October 31, 2002 and January 31, 2003.

         (B) AUDIT-RELATED FEES

         None.

         (C) TAX FEES

         The  aggregate  fees  billed and paid in the last two fiscal  years are
$300.00.  This fee was paid for the preparation of Form 1120 for the years ended
April  30,   1999  and  April  30,   2002,   Form   F-1120   Florida   Corporate
Income/Franchise  Emergency Excise Tax Return for the years ended April 30, 1999
through  April 30,  2002 and  Florida  intangible  property  tax return for 1999
through April 2002.

         (D) ALL OTHER FEES

         None. The audit  committee  consists of the President,  who is the only
officer.

                                   SIGNATURES

         In  accordance  with  Section  13 or 15(d)  of the  Exchange  Act,  the
registrant has caused this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                               I & E TROPICALS, INC.,

DATE: July 21, 2003                            By: /s/ Brett L. DeWees
                                                 ------------------------------
                                               Brett L. DeWees
                                               President and Director


<PAGE>

Certification  pursuant to 18 U.S.C.  Section 1350, as adopted to Section 906 of
the Sarbanes-Oxley Act of 2002.

                                  CERTIFICATION

         I, BRETT DeWEES, certify that:

         1.  I  have  reviewed  this  annual  report  on  Form  10-KSB  of I & E
Tropicals, Inc.

         2. Based on my  knowledge,  the  quarterly  report does not contain any
untrue  statement of a material fact or omit to state a material fact  necessary
to make the  statements  made,  in light of the  circumstances  under which such
statements  were made, not misleading with respect to the period covered by this
quarterly report.

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

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

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

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

                  (c) presented in this quarterly  report our conclusions  about
the  effectiveness  of the  disclosure  controls  and  procedures  based  on our
evaluation as of the Evaluation Date;

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

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


<PAGE>



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

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


Date:    July 21, 2003

/s/ Brett DeWees
Brett DeWees
President and Sole Certifying Officer

<PAGE>



                                      I & E TROPICALS, INC.
                               (F/K/A MEDIA ADVISORY GROUP, INC.)

                                  (A Development Stage Company)

                                      FINANCIAL STATEMENTS

                                         APRIL 30, 2003





<PAGE>




                                      I & E TROPICALS, INC.
                               (F/K/A MEDIA ADVISORY GROUP, INC.)
                                 (A Development Stage Company)


                                            CONTENTS


                                                                   PAGE

Independent Auditor's Report                                        F-1

Financial Statements:

Balance Sheet                                                       F-2

Statements of Operations                                            F-3

Statement of Changes in Stockholders'
Equity                                                              F-4

Statements of Cash Flows                                        F-5 to F-6

Notes to Financial Statements                                   F-7 to F-10




<PAGE>





                          INDEPENDENT AUDITOR'S REPORT



To The Board of Directors
I & E Tropicals, Inc.

We have audited the accompanying  balance sheet of I & E Tropicals,  Inc. (F/K/A
Media Advisory Group, Inc.) (a development stage company),  as of April 30, 2003
and the related  statements of operations,  changes in stockholders'  equity and
cash flows for the years  ended  April 30, 2003 and 2002 and for the period from
July 1, 1998 (inception) through April 30, 2003. These financial  statements are
the responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audit  provides a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial  position of I & E Tropicals,  Inc. (F/K/A
Media Advisory Group,  Inc.) (a development stage company) as of April 30, 2003,
and the results of its  operations  and its cash flows for the years ended April
30, 2003 and 2002 and for the period from July 1, 1998 (inception) through April
30, 2003 in conformity  with  accounting  principles  generally  accepted in the
United States.


July 10, 2003
Boca Raton, Florida

                                       F-1


<PAGE>


                              I & E TROPICALS, INC.
                       (F/K/A MEDIA ADVISORY GROUP, INC.)
                          (A Development Stage Company)
                                  BALANCE SHEET
                                 APRIL 30, 2003




                                   ASSETS

CURRENT ASSETS
 Cash                                                                 $  346
 Loans receivable - stockholder                                        8,000
                                                                      ------

TOTAL ASSETS                                                          $8,346
                                                                      ======



                     LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
 Notes payable                                                        $5,000
 Accrued interest                                                         95
 Due to stockholder                                                    2,050
                                                                      ------

         Total Current Liabilities                                     7,145

STOCKHOLDERS' EQUITY                                                   1,201
                                                                      ------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                            $8,346
                                                                      ======


                Read accompanying Notes to Financial Statements.

                                       F-2


<PAGE>



                              I & E TROPICALS, INC.
                       (F/K/A MEDIA ADVISORY GROUP, INC.)
                          (A Development Stage Company)
                            STATEMENTS OF OPERATIONS




                                                                     July 1,
                                                                      1998
                                     Year Ended      Year Ended    (Inception)
                                      April 30,       April 30,    to April 30,
                                         2003            2002         2003
                                         ----            ----         ----

REVENUES                            $         -    $         -    $         -

EXPENSES
 General and administrative               8,956          4,343         18,299
                                    -----------    -----------    -----------

NET (LOSS)                          $    (8,956)   $    (4,343)   $   (18,299)
                                    ===========    ===========    ===========

(LOSS) PER SHARE                    $         -    $         -
                                    ===========    ===========

WEIGHTED AVERAGE NUMBER OF SHARES
 OUTSTANDING                          1,950,000      1,286,877
                                    ===========    ===========



                Read accompanying Notes to Financial Statements.

                                       F-3


<PAGE>



                              I & E TROPICALS, INC.
                       (F/K/A MEDIA ADVISORY GROUP, INC.)
                          (A Development Stage Company)
                  STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
           PERIOD FROM JULY 1, 1998 (INCEPTION) THROUGH APRIL 30, 2003

<TABLE>
<CAPTION>

                                                                          Deficit
                                                                        Accumulated
                                      Common Stock         Additional    During the
                                    Number of    Par        Paid-In     Development
                                      Shares     Value      Capital       Stage         Total
                                      ------     -----      -------       -----         -----
<S>                                    <C>        <C>        <C>           <C>           <C>
July 15, 1998 - Common shares
 issued to founders for services
 rendered (after retroactive
 adjustment to reflect 100 to 1
 stock split)                        500,000   $     500   $   4,500   $       -    $   5,000

Net (loss)                                 -           -           -      (5,000)      (5,000)
                                   ---------   ---------   ---------   ---------    ---------

Balance - April 30, 1999             500,000         500       4,500      (5,000)           -

Net (loss)                                 -           -           -           -            -
                                   ---------   ---------   ---------   ---------    ---------

Balance - April 30, 2000             500,000         500       4,500      (5,000)           -

Net (loss)                                 -           -           -           -            -
                                   ---------   ---------   ---------   ---------    ---------

Balance - April 30, 2001             500,000         500       4,500      (5,000)           -

September 2001 - Common shares
 issued for cash                     140,000         140       1,260           -        1,400
October 2001 - Common shares
 issued for cash                   1,310,000       1,310      11,790           -       13,100

Net (loss)                                 -           -           -      (4,343)      (4,343)
                                   ---------   ---------   ---------   ---------    ---------

Balance - April 30, 2002           1,950,000       1,950      17,550      (9,343)      10,157

Net (loss)                                 -           -           -      (8,956)      (8,956)
                                   ---------   ---------   ---------   ---------    ---------

Balance - April 30, 2003           1,950,000   $   1,950   $  17,550   $ (18,299)   $   1,201
                                   =========   =========   =========   =========    =========

</TABLE>

                Read accompanying Notes to Financial Statements.

                                       F-4


<PAGE>



                              I & E TROPICALS, INC.
                       (F/K/A MEDIA ADVISORY GROUP, INC.)
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>

                                                                                July 1,
                                                                                 1998
                                                       Year Ended  Year Ended (Inception)
                                                         April 30,   April 30, to April 30,
                                                           2003        2002       2003
                                                           ----        ----       ----
<S>                                                     <C>         <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net (loss)                                             $ (8,956)   $ (4,343)   $(18,299)
 Adjustments to reconcile net loss to
  cash used in operating activities:
   Common shares issued for services
    rendered                                                   -           -       5,000
   Increase in accounts payable                               95           -          95
                                                        --------    --------    --------

NET CASH USED IN OPERATING ACTIVITIES                     (8,861)     (4,343)    (13,204)
                                                        --------    --------    --------

CASH FLOWS FROM INVESTING ACTIVITIES:
 Increase in loans receivable - stockholder                    -     (12,000)    (12,000)
 Repayments of loans receivable - stockholder              3,000       1,000       4,000
                                                        --------    --------    --------

NET CASH PROVIDED BY (USED IN) INVESTING
ACTIVITIES                                                 3,000     (11,000)     (8,000)
                                                        --------    --------    --------

CASH FLOWS FROM FINANCING ACTIVITIES:
 Proceeds of notes payable                                 5,000           -       5,000
 Issuance of common stock                                      -      14,500      14,500
 Increase in amount due to stockholder                       877       1,173       2,050
                                                        --------    --------    --------

NET CASH PROVIDED BY FINANCING ACTIVITIES                  5,877      15,673      21,550
                                                        --------    --------    --------

NET INCREASE IN CASH                                          16         330         346

CASH - BEGINNING                                             330           -           -
                                                        --------    --------    --------

CASH - ENDING                                           $    346    $    330    $    346
                                                        ========    ========    ========
</TABLE>

                 Read accompanying Notes to Financial Statements

                                       F-5


<PAGE>



                              I & E TROPICALS, INC.
                       (F/K/A MEDIA ADVISORY GROUP, INC.)
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS


<TABLE>
<CAPTION>

                                                                           July 1,
                                                                            1998
                                                Year Ended   Year Ended  (Inception)
                                                 April 30,   April 30,   to April 30,
                                                    2003       2002         2003
                                                    ----       ----         ----

<S>                                                 <C>         <C>         <C>
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING
 AND FINANCING ACTIVITIES:
 Common shares issued for services
 rendered                                       $      -     $     -     $    5,000
                                                ========     =======     ==========

</TABLE>



                Read accompanying Notes to Financial Statements.

                                       F-6


<PAGE>



                              I & E TROPICALS, INC.
                       (F/K/A MEDIA ADVISORY GROUP, INC.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                 APRIL 30, 2003



NOTE 1.           ORGANIZATION

                  I & E Tropicals, Inc. (formerly known as Media Advisory Group,
                  Inc. ) was  incorporated on July 1, 1998 under the laws of the
                  State  of  Florida  originally  to  provide  media  consulting
                  services.  The company is currently  engaged in the  importing
                  and   exporting   of  exotic   marine  life.   The   company's
                  headquarters is in Boca Raton, Florida.

                  The Company has no revenues to date. Since its inception,  the
                  Company  has  been  dependent  upon  the  receipt  of  capital
                  investment   or  other   financing  to  fund  its   continuing
                  activities.  In addition to the normal risks associated with a
                  new  business  venture,  there  can be no  assurance  that the
                  Company's product  development will be successfully  completed
                  or that it will be a commercial success.  Further, the Company
                  is dependent upon certain related parties to provide continued
                  funding and capital resources.

                  On May 9, 2002, the Company  received its wholesale  saltwater
                  products license and began operations.

NOTE 2.           SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

                  Income Taxes

                  Deferred income taxes are provided for differences between the
                  basis of assets and  liabilities  for financial and income tax
                  reporting.  A valuation allowance is provided against deferred
                  income tax assets in circumstances  where management  believes
                  recoverability  of a portion of the  assets is not  reasonably
                  assured.

                  (Loss) Per Share

                  (Loss) per share is computed  by  dividing  net (loss) for the
                  year by the weighted average number of shares outstanding

                                       F-7


<PAGE>



                              I & E TROPICALS, INC.
                       (F/K/A MEDIA ADVISORY GROUP, INC.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                 APRIL 30, 2003



NOTE 2.           SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

                  Statement of Cash Flows

                  For  purposes  of this  statement  the Company  considers  all
                  highly liquid  investments with an original  maturity of three
                  months or less to be cash equivalents.

                  Use of Estimates

                  Management   uses  estimates  and   assumptions  in  preparing
                  financial  statements in accordance  with  generally  accepted
                  accounting principles.  Those estimates and assumptions affect
                  the reported amounts of assets and liabilities, the disclosure
                  of  contingent  assets  and  liabilities,   and  the  reported
                  revenues and expenses.  Accordingly, actual results could vary
                  from  the  estimates   that  were  assumed  in  preparing  the
                  financial statements.

NOTE 3.           NOTES PAYABLE

                  The notes  payable  bear  interest at 5% and are  repayable on
                  demand. The notes are unsecured. As of April 30, 2003, accrued
                  interest was $95.

NOTE 4.           INCOME TAXES

                  As of April 30, 2003 and 2002,  no deferred  income taxes have
                  been  recorded  due  to  the  Company  having  no  history  of
                  profitable operations. Significant components of the Company's
                  net deferred  income tax asset are as follows:

                                                      2003     2002
                                                      ----     ----

                    Start-up expenditures            $3,400      $1,700
                    Less: Valuation allowance        (3,400)     (1,700)
                                                     ------      ------

                    Net deferred income tax
                     asset                           $    -      $    -
                                                     ======      ======

                                       F-8


<PAGE>



                              I & E TROPICALS, INC.
                       (F/K/A MEDIA ADVISORY GROUP, INC.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                 APRIL 30, 2003



NOTE 4.           INCOME TAXES (CONTINUED)

                  During the year ended April 30, 2003, the valuation  allowance
                  increased by $1,700.

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

                                                            2003         2002
                                                            ----         ----

                    Tax (benefit) at federal
             statutory rate                               (15.00)%    (15.00)%
                    State tax (benefit), net of
                     federal benefit                       (3.63)      (3.63)
                    Valuation allowance                    18.63       18.63
                                                          ------      ------

                    Tax provision (benefit)                00.00%      00.00%
                                                          ======      ======

NOTE 5.           CAPITAL STOCK

                  The Company had  originally  5,000 common  shares  authorized,
                  issued and  outstanding  with a par value of $1 per share.  On
                  August 2, 2001, the Articles of Incorporation  were amended to
                  increase the number of authorized  common shares to 50,000,000
                  and to decrease the par value to $.001 per share. In addition,
                  on September 1, 2001, the Board of Directors approved a 100 to
                  1 stock split.  As a result of the stock  split,  the original
                  5,000 common shares issued and outstanding with a par value of
                  $1  per  share  as  of  the  date  of   inception   have  been
                  retroactively  adjusted  to 500,000  common  shares with a par
                  value of $.001 per share.

                  On September 1, 2001,  the Company  offered  2,000,000  common
                  shares for sale at $.01 per share under Rule 504 of Regulation
                  D of the Securities Act of 1933. Proceeds



                                       F-9


<PAGE>



                              I & E TROPICALS, INC.
                       (F/K/A MEDIA ADVISORY GROUP, INC.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                 APRIL 30, 2003



NOTE 5.           CAPITAL STOCK (CONTINUED)

                  of the offering totaled $14,500 for 1,450,000 common shares.

                  As of April 30, 2003,  1,950,000 common shares were issued and
                  outstanding.

NOTE 6.           RELATED PARTY TRANSACTIONS

                  Loans Receivable - Stockholder

                  Loans receivable - stockholder represents non-interest bearing
                  advances expected to be repaid within the next twelve months.

                  Due to Stockholder

                  Due to stockholder represents advances made to the Company for
                  working  capital  purposes.  The advances do not bear interest
                  and no fixed term for repayment.




                                      F-10







<PAGE>