SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

[X]  Quarterly  Report Under Section 13 or 15(d) of the Securities  Exchange Act
     of 1934.

     For the quarterly period ended: July 31, 2002

[ ]  Transition Report Under Section 13 or 15(d) of the Exchange Act.


                       Commission file number: 333-38936


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


                  UTAH                                           87-0653434
       (State or other jurisdiction                             (IRS Employer
             of incorporation)                               Identification No.)


      5685 La Jolla Blvd., La Jolla CA                              92037
  (Address of principal executive offices)                        (Zip Code)


5580 La Jolla Blvd., La Jolla CA, Suite 506                       92037-7651
           (Mailing Address)                                      (Zip Code)


       Registrant's telephone number, including area code: (619)-615-8647


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 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 [ ]


State the number of shares outstanding of each of the issuer's classes of common
equity, as of the last practicable date: 19,677,000 as of November 20th, 2002.
<PAGE>
                                TABLE OF CONTENTS


Item                                                                        Page
----                                                                        ----
                          PART I -FINANCIAL STATEMENTS

1. Financial Statements....................................................    3
   Consolidated Balance Sheet .............................................    3
   Consolidated Statement of Operations ...................................    4
   Consolidated Statement of Stockholders' Deficit ........................    5
   Consolidated Statement of Cash Flows ...................................    6
   Notes to Consolidated Financial Statements ............................. 7-12

2. Management's Discussion and Analysis or Plan of Operation...............   13

3. Controls and Procedures.................................................   16

                           PART II - OTHER INFORMATION

1. Legal Proceedings.......................................................   16

2. Changes in Securities and Use of Proceeds...............................   17

3. Defaults Upon Senior Securities.........................................   17

4. Submission of Matters to a Vote of Security Holders.....................   17

5. Other Information.......................................................   17

6. Exhibits and Reports on Form 8-K........................................   17

                                       2
<PAGE>
                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                     NECO ENERGY CORPORATION AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)

                   CONSOLIDATED BALANCE SHEET - JULY 31, 2002
                                   (UNAUDITED)


                                     ASSETS

CURRENT ASSETS:
  Cash                                                  $     608
  Inventory                                                12,000
                                                        ---------

          Total current assets                                        $  12,608

OTHER ASSETS                                                              1,578
                                                                      ---------

                                                                      $  14,186
                                                                      =========

                      LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES:
  Accounts payable and accrued expenses                 $  76,439
  Advances from related party                              31,000
  Loans from officer                                        1,523
                                                        ---------

          Total current liabilities                                   $ 108,962

STOCKHOLDERS' DEFICIT:
  Preferred stock; $0.001 par value, 5,000,000 shares
    authorized, none issued or outstanding                     --
  Common stock; $0.001 par value, 100,000,000 shares
    authorized, 19,677,000 issued and outstanding          10,000
  Additional paid-in capital                                   --
  Deficit accumulated during development stage           (104,776)
                                                        ---------

          Total stockholders' deficit                                   (94,776)
                                                                      ---------

                                                                      $  14,186
                                                                      =========

See accompanying notes to financial statements.

                                       3
<PAGE>
                     NECO ENERGY CORPORATION AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)

                      CONSOLIDATED STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
                                                                          From inception on
                                         For the three months ended     September 24, 2001 to
                                       ------------------------------   ---------------------
                                       July 31, 2002   July 31, 2001*       July 31, 2002
                                       -------------   --------------       -------------
                                        (Unaudited)     (Unaudited)          (Unaudited)
<S>                                     <C>             <C>                  <C>
NET REVENUES                            $        --     $        --          $        --

COST OF REVENUE                                  --              --                   --
                                        -----------     -----------          -----------

GROSS PROFIT                                     --              --                   --

GENERAL AND ADMINISTRATIVE EXPENSES          41,442              --              104,776
                                        -----------     -----------          -----------

NET LOSS FROM OPERATIONS BEFORE
  PROVISION FOR TAXES                       (41,442)             --             (104,776)

PROVISION FOR TAXES                              --              --                   --
                                        -----------     -----------          -----------

NET LOSS                                $   (41,442)    $        --          $  (104,776)
                                        ===========     ===========          ===========

NET LOSS PER SHARE, basis and diluted   $     (0.00)    $        --
                                        ===========     ===========

WEIGHTED AVERAGE NUMBER OF SHARES
  OUTSTANDING, basic and diluted         19,677,000              --
                                        ===========     ===========
</TABLE>

(*)  The company did not exist as of this period  since it was  incorporated  on
     September 24, 2001.

See accompanying notes to financial statements.

                                       4
<PAGE>
                     NECO ENERGY CORPORATION AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)

                 CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT

                        FOR THE PERIOD FROM INCEPTION ON
                       SEPTEMBER 24, 2001 TO JULY 31, 2002

<TABLE>
<CAPTION>
                                                                                                         Deficit
                                                                                                       accumulated
                                           Preferred stock            Common stock         Additional    during
                                       -----------------------   -----------------------    paid-in    development
                                         Shares       Amount       Shares       Amount      capital       stage       Total
                                       ----------   ----------   ----------   ----------   ----------   ----------   ----------
<S>                                    <C>          <C>          <C>          <C>          <C>          <C>          <C>
Shares issued at inception on
  September 24, 2001                           --   $       --   10,002,000   $   10,000   $       --   $       --   $   10,000

Shares issued in connection with
  reverse merger                               --           --    9,675,000           --                        --           --

Net loss for the year ended
  April 30, 2002                                                                                           (63,334)     (63,334)
                                       ----------   ----------   ----------   ----------   ----------   ----------   ----------

Balance at April 30, 2002                      --           --   19,677,000       10,000           --      (63,334)     (53,334)

Net loss for the three months ended
  July 31, 2002 (unaudited)                                                                                (41,442)     (41,442)
                                       ----------   ----------   ----------   ----------   ----------   ----------   ----------

Balance at July 31, 2002 (unaudited)           --   $       --   19,677,000   $   10,000   $       --   $ (104,776)  $  (94,776)
                                       ==========   ==========   ==========   ==========   ==========   ==========   ==========
</TABLE>

See accompanying notes to financial statements.

                                       5
<PAGE>
                     NECO ENGERGY CORPORATION AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)

                      CONSOLIDATED STATEMENT OF CASH FLOWS

                        FOR THE PERIOD FROM INCEPTION ON
                       SEPTEMBER 24, 2001 TO JULY 31, 2002

<TABLE>
<CAPTION>
                                                          For the three months ended      From inception on
                                                          ---------------------------   September 24, 2001 to
                                                          July 31, 2002    7/31/2001*       July 31, 2002
                                                          -------------    ----------       -------------
                                                           (Unaudited)     (Unaudited)       (Unaudited)
<S>                                                         <C>             <C>               <C>
CASH FLOWS PROVIDED BY (USED FOR) OPERATING ACTIVITIES:
  Net loss                                                  $ (41,442)      $      --         $(104,776)

ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH
  PROVIDED BY (USED FOR) OPERATING ACTIVITIES:
    Increase in inventory                                          --              --           (12,000)
    Increase in accounts payable and accrued expenses          31,095              --            76,439
    Increase in other assets                                       --              --            (1,578)
                                                            ---------       ---------         ---------

    TOTAL ADJUSTMENTS                                          31,095              --            62,861
                                                            ---------       ---------         ---------

      Net cash used for operating activities                  (10,347)             --           (41,915)
                                                            ---------       ---------         ---------

CASH FLOWS PROVIDED BY (USED FOR) FINANCING ACTIVITIES:
  Proceeds from sale of common stock                               --              --            10,000
    Loan from officer                                              --              --             1,523
    Advances from related party                                 8,000              --            31,000
                                                            ---------       ---------         ---------

      Net cash provided by financing activities                 8,000              --            42,523
                                                            ---------       ---------         ---------

NET INCREASE (DECREASE) IN CASH                                (2,347)             --               608
CASH, beginning of period                                       2,955                                --
                                                            ---------       ---------         ---------

CASH, end of period                                         $     608       $      --         $     608
                                                            =========       =========         =========
</TABLE>

(*)  The company did not exist as of this period  since it was  incorporated  on
     September 24, 2001.

See accompanying notes to financial statements.

                                       6
<PAGE>
                     NECO ENERGY CORPORATION AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)

              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

                        FOR THE PERIOD FROM INCEPTION ON
                       SEPTEMBER 24, 2001 TO JULY 31, 2002

(1)  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

     BASIS OF PRESENTATION:

          INTERIM FINANCIAL STATEMENTS:

          The  accompanying   financial   statements   include  all  adjustments
          (consisting  of only  normal  recurring  accruals),  which are, in the
          opinion  of  management,  necessary  for a  fair  presentation  of the
          results of operations for the periods  presented.  Interim results are
          not  necessarily  indicative  of the results to be expected for a full
          year. The financial  statements should be read in conjunction with the
          financial  statements  included in the annual  report of NECO  Energy,
          Corporation and subsidiary (the "Company") on Form 10-KSB for the year
          ended April 30, 2002.

          PRINCIPLES OF CONSOLIDATION

          The  accompanying   consolidated   financial  statements  include  the
          accounts of UBETIGOLF,  Inc., incorporated under the laws of the State
          of Utah on April 25, 2000 ("UBET") and its 100% owned subsidiary, NECO
          Energy Corporation ("NECO"), formerly known as New Energy Corporation,
          incorporated  under the laws of the State of  California  on September
          24, 2001. The accompanying consolidated financial statements have been
          prepared in accordance with accounting  principles  generally accepted
          in the United States of America. All material  inter-company  accounts
          and transactions have been eliminated in consolidation.

          REORGANIZATION

          On November  18, 2001,  UBETIGOLF,  Inc.  entered into an  Acquisition
          Agreement ("the  Acquisition")  with New Energy  Corporation,  whereby
          UBET  issued  10,002,000  new shares of its  restricted  common  stock
          (1,667,000  pre six for one  stock  split)  or 50.8% of its  shares in
          exchange   for  100%  of  the   outstanding   common   stock  of  NECO
          (collectively  the "Company").  Concurrent with the  Acquisition,  the
          sole  shareholder  of  NECO  purchased   6,000,000  shares  of  UBET's
          previously issued and outstanding  common stock (1,000,000 pre six for
          one stock split) from a  shareholder  of UBET,  bringing the principal
          shareholder's  controlling  interest  to 81.3% of  UBET's  outstanding
          common stock. As a result of the Acquisition,  the shareholder of NECO
          obtained  control of UBET and according to FASB 141, this  Acquisition
          has been treated as a recapitalization for accounting  purposes,  in a
          manner  similar  to  reverse   acquisition   accounting.   Immediately
          following  the  Acquisition,  UBET  changed  its  name  to New  Energy
          Corporation  and  then to NECO  Energy  Corporation.  The  Company  is
          currently doing business as NECO Energy Corporation

          Prior to the agreement,  UBET  transferred its golf software asset and
          cash to the previous president of UBET and as consideration, cancelled
          30,000,000  (5,000,000  pre six for one  stock  split)  common  shares
          previously issued to the former president.

                                       7
<PAGE>
                     NECO ENERGY CORPORATION AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)

         NOTES TO UNADITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                        FOR THE PERIOD FROM INCEPTION ON
                       SEPTEMBER 24, 2001 TO JULY 31, 2002


(1)  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:

     BASIS OF PRESENTATION, CONTINUED:

          REORGANIZATION, CONTINUED

          In accounting for this transaction:

               i)   NECO is deemed to be the purchaser and surviving company for
                    accounting  purposes.   Accordingly,   its  net  assets  are
                    included  in the  balance  sheet  at their  historical  book
                    values;

               ii)  Control of the net assets and  business of UBET was acquired
                    effective  November  18,  2001.  This  transaction  has been
                    accounted for as a purchase of the assets and liabilities of
                    UBET by NECO. The historical cost of the net assets acquired
                    was $0.

          GOING CONCERN AND MANAGEMENTS PLAN OF OPERATIONS

          The Company has limited  operations  and continues to be a development
          stage company.  The Company has also been part of an SEC inquiry.  The
          accompanying  consolidated  financial  statements  have been  prepared
          assuming that the Company will continue as a going  concern.  As shown
          in the accompanying consolidated financial statements, the Company has
          incurred net losses from operations, sustained negative cash flows and
          has negative working capital, which raises substantial doubt about the
          Company's  ability to continue as a going  concern.  Accordingly,  the
          Company is dependent upon management and/or significant shareholder to
          provide  sufficient  working  capital to preserve the integrity of the
          corporate  entity at this  time.  It is the intent of  management  and
          significant   shareholder  to  provide   sufficient   working  capital
          necessary  to support and  preserve  the  Company as a going  concern.
          Management  is currently  initiating  their  business  plan and in the
          process of raising additional capital.

          The consolidated  financial statements do not include any adjustments,
          relating to the recoverability and  reclassification of recorded asset
          amounts and  classifications  of  liabilities  that might be necessary
          should the Company be unable to continue its existence.

     THE BUSINESS:

          The Company is currently  preparing its operations to produce electric
          and thermal energy from Solar  Generators  that are  manufactured by a
          related party service provider (see Note 2). The Company will sell the
          energy   produced  to  host  customers   that  sign  energy   purchase
          agreements.  The Company will  collect  free  sunlight and earn income
          from host  customers who will receive a 20% to 35% discount off retail
          utility  rates  for  electricity  and  thermal  energy.   The  Company
          additionally  plans to obtain funding sources to fulfill host customer
          orders for solar  generators  and will lease  and/or  sell these solar
          generators.

                                       8
<PAGE>
                     NECO ENERGY CORPORATION AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)

         NOTES TO UNADITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                        FOR THE PERIOD FROM INCEPTION ON
                       SEPTEMBER 24, 2001 TO JULY 31, 2002


(1)  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:

     DEVELOPMENT STAGE ENTERPRISE:

          The Company is a development  stage enterprise as defined by Statement
          of Financial  Accounting  Standards  ("SFAS") No. 7,  "Accounting  and
          Reporting by Development  Stage  Enterprises." The Company is devoting
          substantially  all of its present efforts to research and development,
          and its  principal  operations  have  not yet  commenced.  All  losses
          accumulated  since  inception  have  been  considered  as  part of the
          Company's development stage activities.

     USE OF ESTIMATES:

          The preparation of financial  statements in conformity with accounting
          principles generally accepted in the United States of America requires
          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 revenue and expenses during the reporting  period.
          Actual results could differ from those estimates.

     FAIR VALUE:

          Unless otherwise indicated, the fair values of all reported assets and
          liabilities which represent financial  instruments,  none of which are
          held  for  trading  purposes,  approximate  carrying  values  of  such
          amounts.

     STOCK-BASED COMPENSATION:

          The   Company   accounts   for   stock-based   employee   compensation
          arrangements   in  accordance   with  the   provisions  of  Accounting
          Principles  Board  Opinion  No. 25,  "Accounting  for Stock  Issued to
          Employees"  and complies with the  disclosure  provisions of SFAS 123,
          "Accounting for Stock-Based Compensation".  Under APB 25, compensation
          cost is  recognized  over the vesting  period based on the excess,  if
          any,  on the date of grant of the fair value of the  Company's  shares
          over the  employee's  exercise  price.  When the exercise price of the
          employee  share  options  is less  than  the fair  value  price of the
          underlying  shares on the grant date,  deferred stock  compensation is
          recognized   and  amortized  to  expense  in   accordance   with  FASB
          Interpretation  No.  28 over  the  vesting  period  of the  individual
          options.  Accordingly, if the exercise price of the Company's employee
          options equals or exceeds the market price of the underlying shares on
          the date of grant, no compensation  expense is recognized.  Options or
          shares awards issued to  non-employees  or non-employee  directors are
          valued  using the fair  value  method  and  expensed  over the  period
          services are provided.  As of April 30, 2002, the Company did not have
          any stock option plans and did not have any options outstanding.

                                       9
<PAGE>
                     NECO ENERGY CORPORATION AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)

         NOTES TO UNADITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                        FOR THE PERIOD FROM INCEPTION ON
                       SEPTEMBER 24, 2001 TO JULY 31, 2002


(1)  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:

     OTHER COMPREHENSIVE LOSS:

          The Statement of Financial Accounting Standards Board No. 130 requires
          companies to report all  components of  comprehensive  income in their
          financial statements,  including all non-owner transactions and events
          which impact a company's  equity,  even if those items do not directly
          affect net loss.  Comprehensive  loss is  comprised  of net loss,  and
          accordingly, no statement of Comprehensive Loss is presented.

     NET LOSS PER SHARE:

          Basic net loss per share is determined by dividing the net loss by the
          weighted average shares of Common Stock outstanding during the period.
          Diluted net loss per share is  determined  by dividing the net loss by
          the  weighted  average  shares of Common  Stock  outstanding  plus the
          dilutive  effects of stock options and warrants.  There were no common
          equivalent shares for the period since inception on September 24, 2001
          to July 31, 2002.

(2)  RELATED PARTY TRANSACTIONS:

     The Company has related party  transactions  with  officers,  directors and
     other related parties as follows:

     RELATED PARTY ACTIVITIES

     Pursuant to the Acquisition  (see Note 1), the majority  shareholder of the
     Company  contributed   inventory  parts  at  cost  basis  to  the  majority
     shareholder.  Management  believes  that the fair value of these  inventory
     parts far exceeds the carrying cost basis.

     The Company has entered into related  party sale and purchase  transactions
     with MegaWatt Energy Corporation ("MegaWatt") since inception.  These sales
     consisted of  inventory  items,  including  fresnel  acrylic  concentration
     lenses,  electro-thermal high concentration receivers and computer tracking
     systems  to  MegaWatt.  The  purchase  consisted  of  a  1  Kilowatt  solar
     generator.  The solar generator is comprised of similar parts as those sold
     to MegaWatt,  as described above. The transactions,  noted above, have been
     eliminated  for these  consolidated  financial  statement  purposes  as the
     arms-length  nature of these  transactions  could not be substantiated.  An
     "Advances  from related  party"  liability has been recorded for $31,000 on
     the Company's financial statements  representing the net effect of the cash
     payments and receipts made by each company.

     In addition,  the Company has contracted with Megawatt to manufacture solar
     generators for an approximate  cost of $1.35 million.  The Company has paid
     $176,000 to Megawatt as a down payment.

                                       10
<PAGE>
                     NECO ENERGY CORPORATION AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)

         NOTES TO UNADITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                        FOR THE PERIOD FROM INCEPTION ON
                       SEPTEMBER 24, 2001 TO JULY 31, 2002


(2)  RELATED PARTY TRANSACTIONS, CONTINUED:

     JOINT MARKETING AGREEMENT

     The Company entered into a 20-year Joint Marketing  Agreement with MegaWatt
     on  November  18,  2001  whereby the  Company  will  market  certain  solar
     generators for MegaWatt.

     The agreement called for participation in the revenue as follows:

          a)   MegaWatt is to receive  60% of gross  revenues  derived  from the
               sale of any and all solar generators; and

          b)   The Company is to receive 40% of gross revenues  derived from the
               sale of any and all solar generators.

     The Joint Marketing  Agreement was terminated by mutual  agreement  between
     the   Company  and   MegaWatt   on  March  20,  2002  and   replaced  by  a
     Technology-License  Agreement, noted below. As of July 31, 2002, no revenue
     has been derived from the Marketing agreement.

     ASSIGNMENT AGREEMENT

     On December 20, 2001, the Company entered into an Assignment Agreement with
     MegaWatt, whereby MegaWatt has assigned Sales Purchase Orders dated June 9,
     2001 from Distributive Power Services,  LLC ("DPS") for a group of MegaWatt
     High Concentration Photovoltaic Electro-Thermal Solar Generators comprising
     a total  of four  Megawatts  for  residential,  commercial  and  industrial
     Customers  of DPS. The Company did not give up any  consideration  for this
     assignment.  Further  details  of this  agreement  can be  obtained  on the
     Company's Form 8-K/A, filed with the Securities and Exchange  Commission on
     May 15, 2002.

     TECHNOLOGY LICENSE AGREEMENT

     On March 20,  2002,  the Company and  MegaWatt  entered  into a  Technology
     License  Agreement,  which will remain in effect through December 31, 2025,
     with two  successive and equal  renewable  terms.  The  Technology  License
     Agreement provides for the following:

          a.)  MegaWatt  agrees to provide  the Company  with a 30%  discount on
               MegaWatt's standard retail sales price.  MegaWatt shall provide a
               retail price schedule on all solar generators to the Company.

          b.)  In the event that MegaWatt  utilizes any of the  component  parts
               from the Company's  inventory,  MegaWatt  agrees to reimburse the
               Company based on the appraised fair value of the inventory.

          c.)  The Company  agrees to pay  MegaWatt 60% of  MegaWatt's  standard
               retail  sales price less a 30%  discount,  upon  placement  of an
               order for a solar generator.

                                       11
<PAGE>
                     NECO ENERGY CORPORATION AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)

         NOTES TO UNADITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                        FOR THE PERIOD FROM INCEPTION ON
                       SEPTEMBER 24, 2001 TO JULY 31, 2002


(2)  RELATED PARTY TRANSACTIONS, CONTINUED:

     TECHNOLOGY LICENSE AGREEMENT, CONTINUED

          d.)  MegaWatt agrees to extend  financing terms for the balance of 40%
               of  MegaWatt's  standard  retail sales price less a 30% discount.
               The financing is to be in the form of a long-term note payable by
               the Company to MegaWatt.

     As of July 31, 2002, there has been no sales activity,  which would require
     performance by either party, pursuant to this Technology License Agreement.

     ENERGY PURCHASE AGREEMENT

     On January 3, 2002, the Company  entered into a Energy  Purchase  Agreement
     with Andrew M. Martin Co.,  Inc.  ("AMC")  whereby AMC wishes to avoid high
     energy costs and agrees to purchase  energy produced by the Company's solar
     electro-thermal  generating  equipment,  sub-systems,  recording meters and
     interconnect  (the "Solar  Generator") at 20% below prevailing energy rates
     charged by the local public utility company for a term of 60 months with an
     option for a second 60 month term at a 30%  discount.  As of July 31, 2002,
     the Company has not  recognized  any revenue  from the  agreement.  Further
     details of this  agreement  can be  obtained on the  Company's  Form 8-K/A,
     filed with the Securities and Exchange Commission on May 15, 2002.

(3)  STOCKHOLDERS' DEFICIT:

     SALE OF COMPANY COMMON STOCK

     On August 14, 2002,  the Company  entered into a Stock  Purchase  Agreement
     ("Agreement")  with Pride of Aspen  Associates,  LLC.  ("Buyer"),  an Idaho
     limited liability company,  for the purchase of up to 500,000 shares of the
     Company's  restricted  common  stock at $2 per share  for a total  purchase
     price of  $1,000,000.  The buyer may  purchase the Stock in  increments  of
     50,000 shares.

     Pursuant to the stock purchase agreement,  the Buyer has purchased $200,000
     of common stock or 100,000  shares as of October 15,  2002.  The balance of
     $800,000 is due over an additional eight-month period, with installments of
     $100,000  per  month.  The  Company  plans to use the  proceeds  from  this
     agreement  to cover the  purchase  price and  installment  costs of placing
     revenue generating solar generators into service.

                                       12
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

This form 10QSB contains  forward-looking  statements  within the meaning of the
federal securities laws. These forward-looking  statements are necessarily based
on certain  assumptions and are subject to significant risks and  uncertainties.
These  forward-looking  statements are based on management's  expectations as of
the date hereof, and the Company does not undertake any responsibility to update
any of these  statements in the future.  Actual future  performance  and results
could  differ  from that  contained  in or  suggested  by these  forward-looking
statements as a result of factors set forth in this Form 10QSB  (including those
sections hereof incorporated by reference from other filings with the Securities
and Exchange  Commission) The following discussion should be read in conjunction
with the financial  statements  of the  Registrant  and notes thereto  contained
elsewhere in this report.

BUSINESS STRATEGY

     On November 18, 2001,  UBETIGOLF Inc. executed an agreement to acquire 100%
of the issued stock of New Energy  Corporation.  New Energy Corporation became a
wholly owned  subsidiary  as of the date of closing.  The existing  officers and
directors of the Company  appointed John McDonald,  Matt Rogers and Tor Ewald as
Directors of the Company and resigned  effective the closing of the transaction.
The Company has been transacting business under the name, New Energy Corporation
("NECO"). The Company had since changed its name to NECO Energy Corporation.

     The Company plans to sell the energy  produced to host  customers that sign
multiple five (5) year Energy Purchase Agreements (EPA's).  The Company plans to
collect  free  sunlight  and hopes to earn income from host  customers  who will
receive a 20%-35%  discount of delivered  energy  rates when  compared to retail
utility prices for  electricity  and thermal  energy.  The Company  additionally
develops  funding sources to fulfill host customer orders for Solar  Generators.
The Company may sell Solar Electro-Thermal Generators in lieu of selling energy.

     HIGH CONCENTRATION PHOTOVOLTAIC ("HCPV") SOLAR GENERATOR PRODUCT LINE: HCPV
Solar Generators  utilize miniature  1/2"-square  concentrator  gallium-arsenide
solar chips that yield between 15 and 20 Watts electric  energy per chip.  There
are two types of solar electric/thermal  generators offered by the Company - one

                                       13
<PAGE>
that reflects  sunlight and one that refracts  sunlight.  The reflection  system
houses the solar chips in a mirrored  parabola that reflects the sunlight onto a
string of solar chips mounted on a cooling channel - which is how thermal energy
is also collected.  The refraction system utilizes a Fresnel lens to concentrate
the Sun's rays - up to 500 times - onto a string of solar  chips  mounted on the
cooling channel. A Dual Axis Tracking system enables the HCPV Solar Generator to
receive  perpendicular  solar radiation  producing energy 30% more hours per day
and at a higher rate of energy  production per hour than  stationary  (fixed) or
non-tracking systems.

     The NECO  product  line  consists of 14 systems.  3  Residential  Systems -
ranging from 2.5kW to 5.5kW, 3 Commercial  Systems - ranging from 25kW to 100kW,
4 Industrial  Systems - ranging from 250kW to 5MW and 4 Utility  Scale Systems -
ranging from 50MW to 1,000MW (1 GigaWatt).

     NECO purchases its  proprietary  HCPV Solar  Generators from its Technology
Licensor,  MegaWatt Energy Corporation.  NECO has a Technology License Agreement
with MegaWatt Energy for a proprietary NECO HCPV Solar Generator product line.

     Under terms of the License  Agreement,  NECO fulfills  customer orders on a
partial  up front  payment  from  funding  sources,  which are  guaranteed  100%
recovery of payment via in-place government rebates.

     The balance of the payment is deferred based on equipment  sales,  lease or
energy  purchase  revenues that are derived from  Customers.  NECO  sells/leases
solar generators or both electric and thermal (where  applicable)  energy to the
Customer and disburses a portion of the realized revenues to the funding sources
and to pay its Technology Licensor/Manufacturer, MegaWatt Energy Corporation for
factory financing.

     Currently, the Company's HCPV Solar Generator provider is in the process of
manufacturing   solar  generator   systems  to  fulfill   initial   installation
requirements.  The Company  owns an  inventory  consisting  of  component  parts
inventory to produce enough HCPV Solar  Generators to generate over 2 MegaWatts.
The Company has interest  from a number of  Customers  to purchase  electric and
thermal energy  contingent upon the installation of HCPV Solar  Generators.  The
Company  is in the  process  of  developing  funding  sources  to  complete  the
installation of Solar  Generators at the sites under contract.  These funds will
be raised through various financial arrangements including federal and state tax
incentives, state rebates and revenue participation programs.

EMPLOYEES

     The Company has three  employees,  John McDonald,  President;  Matt Rogers,
Vice-President  and Tor Ewald,  Secretary/Treasurer.  The Company  utilizes  the
services of MegaWatt Energy Corporation  engineers as per the Technology License
Agreement  to  assist  with  business  development,  financial  development  and
business strategy.

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<PAGE>
RESULTS OF OPERATIONS

     Since the date of the  acquisition of New Energy  Corporation,  the Company
began  engaging  in start-up  operations  including  organizational  activities,
capital  acquisition,  promotional  and  sales  efforts  and  initial  equipment
deployment.  HCPV  solar  generator  systems  have  been  ordered  for five host
Customer sites for installation.  Existing  contracts  include:  (A) 4 MegaWatts
ordered from MEC by  Distributive  Power Systems  ("DPS") which were assigned to
NECO; (B) 300 kW for Andrew Martin Corporation. To date, MEC's generators are in
the  final  stages  of  development.  Upon  completion,  NECO  hopes to  install
generators by January 2nd, 2003.

LIQUIDITY AND CAPITAL RESOURCES

     Operating  expenses  average $15,000 per month and have been paid from cash
reserves.  The Company hopes to arrange  additional  financing through a private
placement  offering in the upcoming year.  Management is also communicating with
several  funding  sources,   utilizing  government  tax  incentive  and  subsidy
programs,  for the placement of HCPV Solar Generators at host customer sites. In
the  event  this  offering  is not  sold or  completed,  capital  resources  for
operations  and  production is expected to be provided by  short-term  financing
derived from the State and municipal buy-down (rebate)  programs.  Various solar
rebate  applications  have  been made and are  currently  being  processed.  The
interim  short-term  financing is  available  from  several  sources,  including
leasing companies, subject to financial statements provided by Customers.

     In the event the Company is not able to achieve requisite equity funding it
seeks, in part or whole,  management is of the view that Company-owned inventory
will be utilized to fulfill Customer orders, and will generate adequate retained
earnings to finance NECO for market penetration and expansion. However, there is
no assurance that the Company will be able to sell this  inventory,  or that the
revenues  generated  from  the  sale of such  inventory  will be  sufficient  to
maintain the Company as a going concern.

     On August 14th of this year,  NECO entered into a share purchase  agreement
with Pride of Aspen Associates,  LLC., an Idaho limited liability  company,  for
the purchase of 500,000 shares of restricted  stock at two dollars per share for
a total purchase  price of one million  dollars.  ($1,000,000.00).  (See Exhibit
10.5) The agreement is spread out over a 9 month period,  with  installments  of
$100,000 per month for delivery of 50,000 shares of restricted  stock.  Pursuant
to the  agreement,  $100,000 was paid upon closing to NECO.  The shares have not
yet been issued or  delivered,  but the Company  plans to complete this shortly.
The Company is currently waiting for the next payment under this agreement. Upon
completion of this agreement, the Company plans to use the proceeds of this sale
to cover the purchase price and installment costs of placing the generators.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

     Management's  Discussion and Analysis of Financial Condition and Results of
Operations discusses the Company's consolidated financial statements, which have
been prepared in accordance with accounting principles generally accepted in the
United States of America. The preparation of these financial statements requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial  statements and the reported
amounts of revenues and expenses  during the  reporting  period.  On an on-going
basis, management evaluates its estimates and judgments, including those related
to financing of operations,  contingencies and litigation.  Management bases its
estimates and judgments on  historical  experience  and on various other factors
that are believed to be reasonable under the circumstances, the results of which
form the basis for  making  judgments  about the  carrying  value of assets  and
liabilities that are not readily apparent from other sources. Actual results may
differ from these estimates under different assumptions or conditions.  The most
significant  accounting  estimates  inherent in the preparation of the Company's
financial  statements include estimates as to the appropriate  carrying value of
certain  assets  and  liabilities  which are not  readily  apparent  from  other
sources,  primarily accruals for operating costs and related party transactions.
These accounting  policies are described at relevant sections in this discussion
and analysis and in the notes to the consolidated  financial statements included
in our Annual Report on Form 10-K for the fiscal year ended April 30, 2002.

                                       15
<PAGE>
ITEM 3. CONTROLS AND PROCEDURES

     Based on the evaluation of the Company's disclosure controls and procedures
by Tor Ewad, the Company's CFO and person most knowledgable,  and John McDonald,
the  Company's  CEO as of a date  within  90  days  of the  filing  date of this
quarterly  report,  such officers have concluded  that the Company's  disclosure
controls and procedures are effective in ensuring that  information  required to
be disclosed  by the Company in the reports  that it files or submits  under the
Securities  and  Exchange  Act of 1934,  as  amended,  is  recorded,  processed,
summarized and reported,  within the time period specified by the Securities and
Exchange Commission's rules and forms.

     There were no significant  changes in the Company's internal controls or in
other factors that could  significantly  affect these controls subsequent to the
date of their  evaluation,  including  any  corrective  actions  with  regard to
significant deficiencies and material weaknesses.

ADDITIONAL RISK FACTORS

In the  event  the  Company:  (a)  fails  to make  delivery  of its  HCPV  Solar
Generators in a timely manner;  (b) is unable to access adequate funding sources
to fulfill  partial up front payments for Customer  orders;  or, (c) realizes an
unforeseen  market or  technological  advent;  the  Company may find itself in a
liquidity and capital  resource crises from which it cannot recover and, (d) The
Parts  Inventory  is not  insured.  The  Solar  Parts  Inventory  is stored in a
warehouse in Mexico.  The facility has personnel  working  during the day and is
guarded 24 hours a day.  The  warehouse  is made of cement and metal and the raw
materials  used to create the Parts  Inventory  are  silicon,  steel,  ceramics,
various types of metal wire and metal casings. Although the warehouse is located
on an  escarpment  above the majority of Tijuana,  high rain may cause damage to
some of the Inventory.  Fire may also cause damage to the Inventory. The effects
of one or both of these occurrences,  or any other unforeseen event, would cause
the Company to purchase  additional  parts  inventory and components in order to
have  manufactured  and delivered Solar  Generators for sale or for installation
and subsequent sale of energy to Customers.

                          PART II -- OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

SEC LITIGATION

     On January 18th,  2002, the Securities and Exchange  Commission (the "SEC")
temporarily  suspended  trading of the Company's  stock for a 10 day period.  On
February 1st, 2002, the Commission  filed a complaint  against the Company,  the
Company's  Secretary and Treasurer,  Tor Ewald,  Burke  Maxfield,  the Company's
former  officer and  director,  as well as other  parties that  facilitated  the
acquisition  of New Energy and various other relief  defendants  and  promoters.
(Securities and Exchange Commission v. New Energy Corp., et al. Civil Action No.
CV-02-989-MMM  (C.D.  Cal)  Copies of  complaint  can be seen at SEC's  website:
www.sec.gov.

     The Company,  and Tor Ewald,  have  entered into a final  judgment in which
they consented, without admitting or denying the allegations of the complaint to
the entry of an injunction against it from violating the federal securities laws
in the future.  Neither the Company nor Mr. Ewald, were required to pay any type
of penalty.

     The   Securities   and  Exchange   Commission  has  continued  to  schedule
depositions following the entry of final judgment. Tor Ewald, John McDonald, and
Matt Rogers have all been deposed  following  the entry of final  judgment.  The
Securities and Exchange Commission have not taken any action since the notice of
entry of final order.

                                       16
<PAGE>
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

N/A

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

N/A

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

N/A

ITEM 5. OTHER INFORMATION

N/A

ITEM 6. EXHIBITS AND REPORTS ON FORM 8K

2.1       Acquisition  Agreement with New Energy  Corporation  (Incorporated  by
          Reference on Company's Form 8-K filing of 12/03/2001).

3.1       Articles of  Incorporation.  (Incorporated  by  reference on Company's
          Form SB-2 filing of 6/9/2000).

3.2       Amended  Articles  of  Incorporation  (Incorporated  by  reference  on
          Company's Form 8-K filing of 12/03/2001).

3.3       Bylaws  (Incorporated  by reference  on Company's  Form SB-2 filing of
          6/09/2000).

3.4       Amended  Articles  of  Incorporation  (Incorporated  by  reference  on
          Company's Form 8-K filing of 5/30/2002).

10.1      Lease between New Energy  Corporation and La Jolla  Apartment  Center,
          LLC.  (Incorporated  by  reference  on  Company's  Form 8K/A filing of
          5/15/2002).

10.2      Energy Purchase  Agreement with Andrew M. Martin Co.  (Incorporated by
          reference on Company's Form 8K/A filing of 5/15/2002)

10.3      Assignment  Agreement  between  MegaWatt  Energy  Corporation  and New
          Energy Corporation.  (Incorporated by reference on Company's Form 8K/A
          filing of 5/15/2002).

10.4      Technology   License   Agreement  with  MegaWatt  Energy   Corporation
          (Incorporated by reference on Company's Form 8K/A filing of 5/15/2002)

10.5      Stock  Purchase  Agreement  with the Pride of Aspen dated August 14th,
          2002  (Incorporated  by reference  on  Company's  Form 10KSB filing of
          11/19/02)

10.6      Invoice for  Generators  with MegaWatt  Energy dated August 1st, 2002.
          (Incorporated by reference on Company's Form 10KSB filing of 11/19/02)

99.1      Sarbanes-Oxley Certification of Financials

                                       17
<PAGE>
                                   SIGNATURES

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


                                        NECO ENERGY CORPORATION.


                                        /s/ Tor Ewald
                                        ----------------------------------------
                                        By: Tor Ewald, Secretary
                                        Date: December 2, 2002


                                        /s/ Matt Rogers
                                        ----------------------------------------
                                        By: Matt Rogers, Vice President
                                        Date: December 2, 2002


                                        /s/ John McDonald
                                        ----------------------------------------
                                        By: John McDonald, President
                                        Date: December 2, 2002

                                       18
<PAGE>
                            CERTIFICATION PURSUANT TO
                         THE SARBANES-OXLEY ACT OF 2002

     I, Tor Ewald, Secretary and CFO of NECO ENERGY CORPORATION, certify that:

     1. I have reviewed this Annual report on Form 10-KSB of NECO ENERGY
CORPORATION

     2. Based on my knowledge, this Annual 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 Annual
report;

     3. Based on my knowledge, the financial statements, and other financial
information included in this Annual 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 Annual report;

     4. The Registrant's other certifying officer 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 we 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 Annual 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 Annual report (the "Evaluation Date"); and

     c)   presented in this Annual 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 officer and I have disclosed, based on
our most recent evaluation, to the Registrant's auditors and the audit committee
of Registrant's board of directors (or persons performing the equivalent
function);

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

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

     6. The Registrant's other certifying officer and I have indicated in this
Annual 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.

Dated: December 2, 2002                           Signature: /s/ Tor Ewald
                                                  Secretary/CFO
<PAGE>
                            CERTIFICATION PURSUANT TO
                         THE SARBANES-OXLEY ACT OF 2002

     I, John McDonald, President and CEO of NECO ENERGY CORPORATION, certify
that:

     1. I have reviewed this Annual report on Form 10-KSB of NECO ENERGY
CORPORATION

     2. Based on my knowledge, this Annual 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 Annual
report;

     3. Based on my knowledge, the financial statements, and other financial
information included in this Annual 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 Annual report;

     4. The Registrant's other certifying officer 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 we 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 Annual 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 Annual report (the "Evaluation Date"); and

     c)   presented in this Annual 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 officer and I have disclosed, based on
our most recent evaluation, to the Registrant's auditors and the audit committee
of Registrant's board of directors (or persons performing the equivalent
function);

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

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

     6. The Registrant's other certifying officer and I have indicated in this
Annual 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.


Dated: December 2, 2002                           Signature: /s/ John McDonald
                                                  President/CEO