U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-KSB

[X]    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
       ACT OF 1934

       For the fiscal year ended December 31, 2002

[ ]    TRANSITION REPORT UNDER SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE
       ACT OF 1934

       For the transition period from _________________ to _________________

       Commisison file number

                               ALPHA HOLDING, INC.
                     (Name of small business in its charter)

          Delaware                                                 59-3518707
 ---------------------------                                   ----------------
(State or other jurisdiction                                     (IRS Employer
      of Incorporation)                                        Identification #)

                         515 Madison Avenue, 21st Floor
                         ------------------------------
            Address of Principal Executive Office (street and number)

                            New York, New York 10022
                            ------------------------
                            City, State and Zip Code

Issuer's telephone number:  (212) 755-3636
Securities registered under Section 12(b) of the Act:
Title of each class   N/A
Securities to be registered under Section 12(g) of the Act:

                          Common Stock $.001 par value
                                (Title of Class)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities 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.
Yes [ X ]   No  [  ]

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B 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. [  ]

State issuer's revenue for its most recent fiscal year: $-0-

State the aggregate market value of the voting stock held by non-affiliates
computed by reference to the price at which the stock was sold, or the average
bid and asked priced of such stock, as of a specified date within the past 60
days (See definition of affiliate in Rule 12b-2):$-0-

Note: If determining whether a person is an affiliate will involve an
unreasonable effort and expense, the issuer may calculate the aggregate market
value of the common equity held by non-affiliates on the basis of reasonable
assumptions, if the assumptions are stated.

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 3,800,000 as of December 31, 2002.

(Documents incorporated by reference. If the following documents are
incorporated by reference, briefly describe them and identify the part of the
Form 10-KSB (e.g. Part I, Part II, etc.) into which the document is
incorporated: (1) any annual report to security holders; (2) any proxy or
information statement; and (3) any prospectus filed pursuant to Rule 424(b) or
(c) of the Securities Act of 1933 ("Securities Act"). The listed documents
should be clearly described for identification purposes.


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                                     PART I

ITEM 1.   DESCRIPTION OF BUSINESS.

General

     Alpha Holding, Inc. (the "Company/Alpha") was incorporated under the laws
of the State of Delaware on August 19, 1997. To date the Company's only
activities have been organizational ones, directed at the raising of capital,
and preliminary efforts to seek one or more properties or businesses for
acquisition. The Company has not commenced any commercial operations. The
Company has no full-time employees and owns no real estate.

     As of the end of its fiscal year ending December 31, 2001, the Company was
in negotiations with Todtri Productions, Ltd., a New York corporation ("Todtri")
engaged in the book publishing business. On January 11, 2002, the Company
entered into a Stock Purchase Agreement with Todtri and Todtri's shareholders
for the purchase by the Company of all the issued and outstanding shares of
Todtri in exchange for issuance of a controlling interest in Alpha to the Todtri
shareholders. In November, 2002, by mutual agreement of the Company and Todtri,
the Stock Purchase Agrement was terminated.

     Subsequent to termination of the Stock Purchase Agreement with Todtri, the
Company has continued to seek and investigate acquisition of businesses. Such an
acquisition may be made by purchase, merger, exchange of stock, or otherwise,
and may encompass assets or a business entity, such as a corporation, joint
venture, or partnership. The Company has very limited capital, and it is
unlikely that the Company will be able to take advantage of more than one such
business opportunity. The Company intends to seek opportunities demonstrating
the potential of long-term growth as opposed to short-term earnings.

     It is anticipated that the Company's officers and directors will initiate
contacts with securities broker-dealers and other persons engaged in other
aspects of corporate finance to advise them of the Company's existence and to
determine if the companies or businesses they represent have an interest in
considering a merger or acquisition with the Company. No assurance can be given
that the Company will be successful in finding or acquiring a desirable business
opportunity, given the limited funds that are expected to be available for
acquisitions, or that any acquisition that occurs will be on terms that are
favorable to the Company or its stockholders.

     The Company's search will be directed toward small and medium-sized
enterprises which have a desire to become public corporations and which are able
to satisfy, or anticipate in the reasonably near future being able to satisfy,
the minimum asset requirements in order to qualify shares for trading on NASDAQ
or on an exchange such as the American or Pacific Stock Exchange. (See
"Investigation and Selection of Business Opportunities"). The Company
anticipates that the business opportunities presented to it will (i) be recently
organized with no operating history, or a history of losses attributable to
under-capitalization or other factors; (ii) be experiencing financial or
operating difficulties; (iii) be in need of funds to develop a new product or

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service or to expand into a new market; (iv) be relying upon an untested product
or marketing concept; or (v) have a combination of the characteristics mentioned
in (i) through (iv). The Company intends to concentrate its acquisition efforts
on properties or businesses that it believes to be undervalued. Given the above
factors, investors should expect that any acquisition candidate may have a
history of losses or possibilities.

     The Company does not propose to restrict its search for investment
opportunities to any particular geographical area or industry, and may,
therefore, engage in essentially any business, to the extent of its limited
resources. This includes industries such as service, finance, natural resources,
manufacturing, high technology, product development, medical, communications and
others. The Company's discretion in the selection of business opportunities is
unrestricted, subject to the availability of such opportunities, economic
conditions, and other factors.

     As a consequence of the Company's registration of its securities under the
Securities Exchange Act of 1934, any entity which has an interest in being
acquired by the Company is expected to be an entity that desires to become a
public company as a result of the transaction. In connection with such an
acquisition, it is highly likely that an amount of stock constituting control of
the Company would be issued by the Company or purchased from the Company's
current principal shareholders by the target entity or its controlling
shareholders.

     It is anticipated that business opportunities will come to the Company's
attention from various sources, including its officers and directors, its other
stockholders, professional advisors such as attorneys and accountants,
securities broker-dealers, venture capitalists, members of the financial
community, and others who may present unsolicited proposals. The Company has no
plans, understandings, agreements, or commitments with any individual for such
person to act as a finder of opportunities for the Company.

Investigation and Selection of Business Opportunities

     To a large extent, a decision to participate in a specific business
opportunity may be made upon management's analysis of the quality of the other
company's management and personnel, the anticipated acceptability of new
products or marketing concepts, the merit of technological changes, and numerous
other factors which are difficult, if not impossible, to analyze through the
application of any objective criteria. In many instances, it is anticipated that
the historical operations of a specific firm may not necessarily be indicative
of the potential for the future because of the possible need to shift marketing
approaches substantially, expand significantly, change product emphasis, change
or substantially augment management, or make other changes. Because of the lack
of training or experience of the Company's management, the Company will be
dependent upon the owners of a business opportunity to identify such problems
and to implement, or be primarily responsible for the implementation of,
required changes. Because the Company may participate in a business opportunity
with a newly organized firm or with a firm which is entering a new phase of
growth, it should be emphasized that the Company will incur further risks,
because management in many instances will not have proved its abilities or
effectiveness, the eventual market for such company's products or services will
likely not be established, and such company may not be profitable when acquired.

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     It is anticipated that the Company will not be able to diversify, but will
essentially be limited to one such venture because of the Company's limited
financing. This lack of diversification will not permit the Company to offset
potential losses from one business opportunity against profits from another, and
should be considered an adverse factor affecting any decision to purchase the
Company's securities.

     It is emphasized that management of the Company may effect transactions
having a potentially adverse impact upon the Company's shareholders pursuant to
the authority and discretion of the Company's management to complete
acquisitions without submitting any proposal to the stockholders for their
consideration. Company management does not generally anticipate that it will
provide holders of the Company's securities with financial statements, or any
other documentation, concerning a target company or its business prior to any
merger or acquisition. In some instances, however, the proposed participation in
a business opportunity may be submitted to the stockholders for their
consideration, either voluntarily by Company management which elects to seek the
stockholders' advice and consent, or because state law so requires.

     The analysis of business opportunities will be undertaken by or under the
supervision of the Company's executive officers and directors.

     Although there are no current plans to do so, Company management might hire
an outside consultant to assist in the investigation and selection of business
opportunities, and in that event, might pay a finder's fee. Since Company
management has no current plans to use any outside consultants or advisors to
assist in the investigation and selection of business opportunities, no policies
have been adopted regarding use of such consultants or advisors, the criteria to
be used in selecting such consultants or advisors, the services to be provided,
the term of service, or regarding the total amount of fees that may be paid.
However, because of the limited resources of the Company, it is likely that any
such fee the Company agrees to pay would be paid in stock and not in cash.
Otherwise, the Company anticipates that it will consider, among other things,
the following factors:

     (a) Potential for growth and profitability, indicated by new technology,
anticipated market expansion, or new products;

     (b) Competitive position as compared to other companies of similar size and
experience within the industry segment as well as within the industry as a
whole;

     (c) Strength and diversity of existing management, or management prospects
that are scheduled for recruitment;

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     (d) Capital requirements and anticipated availability of required funds, to
be provided from operations, through the sale of additional securities, through
joint ventures or similar arrangements, or from other sources; (e) The cost of
participation by the Company as compared to the perceived tangible and
intangible values and potential;

     (f) The extent to which the business opportunity can be advanced;

     (g) The Company's perception of how any particular business opportunity
will be received by the investment community and by the Company's stockholders;

     (h) The accessibility of required management expertise, personnel, raw
materials, services, professional assistance, and other required items; and

     (i) Whether the financial condition of the business opportunity would be,
or would have a significant prospect in the foreseeable future to become, such
as to permit the securities of the Company, following the business combination,
to qualify to be listed on an exchange or on a national automated securities
quotation system, such as NASDAQ, so as to permit the trading of such securities
to be exempt from the requirements of Rule 15c2-6 recently adopted by the
Securities and Exchange Commission. See "Risk Factors - The Company - Regulation
of Penny Stocks."

     In regard to the possibility that the shares of the issuer would qualify
for listing on NASDAQ, the current standards for initial listing include, among
other requirements that the issuer have (1) net tangible assets of at least $4
million, or a market capitalization of at least $50 million, or net income in
its latest fiscal year of not less than $750,000 in its latest fiscal year, or
in two of the last three fiscal years; (2) a public float (i.e., shares that are
not held by any officer, director of 10% stockholder) of at least 1 million
shares; (3) a minimum bid price of at least $4 per share; (4) at least 300 round
lot stockholders (i.e., stockholders who own not less than 100 shares); and (5)
have an operating history of at least one year or have a market capitalization
of at least $50 million. Many, and perhaps most of the business opportunities
that might be potential candidates for a combination with the Company would not
satisfy the NASDAQ listing criteria.

     No one of the factors described above will be controlling in the selection
of a business opportunity, and management will attempt to analyze all factors
appropriate to each opportunity and make a determination based upon reasonable
investigative measures and available data. Potentially available business
opportunities may occur in many different industries and at various stages of
development, all of which will make the task of comparative investigation and
analysis of such business opportunities extremely difficult and complex.
Potential investors must recognize that, because of the Company's limited
capital available for investigation and management's limited experience in
business analysis, the Company may not discover or adequately evaluate adverse
facts about the opportunity to be acquired.

     The Company is unable to predict when it may participate in a business
opportunity and it has not established any deadline for completion of a
transaction. It expects, however, that the process of seeking candidates,
analysis of specific proposals and the selection of a business opportunity may
require several additional months or more.

     Prior to making a decision to participate in a business opportunity, the
Company will generally request that it be provided with written materials
regarding the business opportunity containing such items as a description of

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product, service and company history; management resumes; financial information;
available projections, with related assumptions upon which they are based; an
explanation of proprietary products and services; evidence of existing patents,
trademarks, or services marks, or rights thereto; present and proposed forms of
compensation to management; a description of transactions between such company
and its affiliates during relevant periods; a description of present and
required facilities; an analysis of risks and competitive conditions; a
financial plan of operation and estimated capital requirements; audited
financial statements or an indication that audited statements will be available
within sixty (60) days following completion of a merger transaction; and other
information deemed relevant.

     As part of the Company's investigation, the Company's executive officers
and directors may meet personally with management and key personnel, may visit
and inspect material facilities, obtain independent analysis or verification of
certain information provided, check references of management and key personnel,
and take other reasonable investigative measures, to the extent of the Company's
limited financial resources and management expertise.

     Company management believes that various types of potential merger or
acquisition candidates might find a business combination with the Company to be
attractive. These include acquisition candidates desiring to create a public
market for their shares in order to enhance liquidity for current shareholders,
acquisition candidates which have long-term plans for raising equity capital
through the public sale of securities and believe that the possible prior
existence of a public market for their securities would be beneficial, and
acquisition candidates which plan to acquire additional assets through issuance
of securities rather than for cash, and believe that the possibility of
development of a public market for their securities will be assistance in that
process. Acquisition candidates which have a need for an immediate cash infusion
are not likely to find a potential business combination with the Company to be
an attractive alternative.

Form of Acquisition

     It is impossible to predict the manner in which the Company may participate
in a business opportunity. Specific business opportunities will be reviewed as
well as the respective needs and desires of the Company and the promoters of the
opportunity and, upon the basis of that review and the relative negotiating
strength of the Company and such promoters, the legal structure or method deemed
by management to be suitable will be selected. Such structure may include, but
is not limited to, share exchanges, mergers, agreements for purchase of and sale
of stock or assets, leases, licenses, joint ventures and other contractual
arrangements. The Company may act directly or indirectly through an interest in
a partnership, corporation or other form of organization. Implementing such
structure may require the merger, consolidation or reorganization of the Company
with other corporations or forms of business organization. In addition, the
present management and stockholders of the Company most likely will not have
control of a majority of the voting shares of the Company following a
reorganization transaction. As part of such a transaction, the Company's
directors may resign and new directors may be appointed without any vote by
stockholders.

     It is likely that the Company will acquire its participation in a business
opportunity through the issuance of Common Stock or other securities of the
Company. Although the terms of any such transaction cannot be predicted, it
should be noted that in certain circumstances the criteria for determining
whether or not an acquisition is a so-called "tax free" reorganization under the
Internal Revenue Code of 1986, depends upon the issuance to the stockholders of

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the acquired company of more than 80% of the common stock of the combined
entities immediately following the reorganization. If a transaction were
structured to take advantage of these provisions rather than other "tax free"
provisions provided under the Internal Revenue Code, the Company's stockholders
in such circumstances would retain in the aggregate 20% or less of the total
issued and outstanding shares. This could result in substantial additional
dilution in the equity of those who were stockholders of the Company prior to
such reorganization. Any such issuance of additional shares might also be done
simultaneously with a sale or transfer of shares representing a controlling
interest in the Company by the current officers, directors and principal
shareholders. (See "Description of Business - General").

     It is anticipated that any securities issued in any reorganization would be
issued in reliance upon exemptions, if any are available, from registration
under applicable federal and state securities laws. In some circumstances,
however, as a negotiated element of the transaction, the Company may agree to
register such securities either at the time the transaction is consummated, or
under certain conditions or at specified times thereafter. The issuance of
substantial additional securities and their potential sale into any trading
market that might develop in the Company's securities may have a depressive
effect upon such market.

     The Company will participate in a business opportunity only after the
negotiation and execution of a written agreement. Although the terms of such
agreement cannot be predicted, generally such an agreement would require
specific representations and warranties by all of the parties thereto, specify
certain events of default, detail the terms of closing and the conditions which
must be satisfied by each of the parties thereto prior to such closing, outline
the manner of bearing costs if the transaction is not closed, set forth remedies
upon default, and include miscellaneous other terms.

     As a general matter, the Company anticipates that it will enter into a
letter of intent with the management, principals or owners of a prospective
business opportunity prior to signing a binding agreement.

     Such a letter of intent will set forth the terms of the proposed
acquisition but will not bind either the Company or the business opportunity to
consummate the transaction. Execution of a letter of intent will by no means
indicate that consummation of an acquisition is probable. Neither the Company
nor the business opportunity will be bound to consummate the acquisition unless
and until a definitive agreement concerning the acquisition as described in the
preceding paragraph is executed. Even after a definitive agreement is executed,
it is possible that the acquisition would not be consummated should either party
elect to exercise any right provided in the agreement to terminate it on
specified grounds.

     It is anticipated that the investigation of specific business opportunities
and the negotiation, drafting and execution of relevant agreements, disclosure
documents and other instruments will require substantial management time and
attention and substantial costs for accountants, attorneys and others. If a
decision is made not to participate in a specific business opportunity, the
costs theretofore incurred in the related investigation would not be
recoverable. Moreover, because many providers of goods and services require
compensation at the time or soon after the goods and services are provided, the
inability of the Company to pay until an indeterminate future time may make it
impossible to procure goods and services.

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Competition

     The Company expects to encounter substantial competition in its efforts to
locate attractive opportunities, primarily from business development companies,
venture capital partnerships and corporations, venture capital affiliates of
large industrial and financial companies, small investment companies, and
wealthy individuals. Many of these entities will have significantly greater
experience, resources and managerial capabilities than the Company and will
therefore be in a better position than the Company to obtain access to
attractive business opportunities. The Company also will experience competition
from other public "blind pool" companies, many of which may have more funds
available than does the Company.

Administrative Offices

     The Company currently maintains a mailing address at 515 Madison Avenue,
21st floor, New York, New York 10022. The Company's telephone number there is
(212) 755-3636.

     Other than this mailing address, the Company does not currently maintain
any other office facilities, and does not anticipate the need for maintaining
office facilities at any time in the foreseeable future. The Company pays no
rent or other fees for the use of this mailing address.

Employees

     The Company is a blank check company and currently has no employees.
Management of the Company expects to use consultants, attorneys and accountants
as necessary, and does not anticipate a need to engage any full-time employees
so long as it is seeking and evaluating business opportunities. The need for
employees and their availability will be addressed in connection with the
decision whether or not to acquire or participate in specific business
opportunities. No remuneration will be paid to the Company's officers except as
set forth under "Executive Compensation" and under "Certain Relationships and
Related Transactions."

CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995.

     Except for historical matters, the matters discussed in this Form 10-KSB
are forward-looking statements based on current expectations, and involve risks
and uncertainties. Forward-looking statements include, but are not limited to,
statements under the following headings:

     (i) "Description of Business - General" - the general description of the
Company's plan to seek a merger or acquisition candidate, and the types of
business opportunities that may be pursued.

     (ii) "Description of Business - Investigation and Selection of Business
Opportunities" - the steps which may be taken to investigate prospective
business opportunities, and the factors which may be used in selecting a
business opportunity.

     (iii) "Description of Business - Form of Acquisition" - the manner in which
the Company may participate in a business acquisition.

     The Company wishes to caution the reader that there are many uncertainties
and unknown factors which could affect its ability to carry out its business
plan in the manner described herein.

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ITEM 2. DESCRIPTION OF PROPERTY.

     The Company currently maintains a mailing address at 515 Madison Avenue,
21st floor, New York, New York 10022, which is the business address of its
President. The Company pays no rent for the use of this mailing address. The
Company's telephone number is (212) 755-3636. The Company does not believe that
it will need to maintain an office at any time in the foreseeable future in
order to carry out its plan of operations described herein.

     The Company currently has no investments in real estate, real estate
mortgages, or real estate securities, and does not anticipate making any such
investments in the future. However, the policy of the Company with respect to
investment in real estate assets could be changed in the future without a vote
of security holders.

ITEM 3. LEGAL PROCEEDINGS.

     The Company is not a party to any pending legal proceedings, and no such
proceedings are known to be contemplated.

     No director, officer or affiliate of the Company, and no owner of record or
beneficial owner of more than 5.0% of the securities of the Company, or any
associate of any such director, officer or security holder is a party adverse to
the Company or has a material interest adverse to the Company in reference to
pending litigation.

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

     No matters were submitted to a vote of the security holders of the Company
during the fiscal year which ended December 31, 2002. On January 10, 2002, by
written consent of a majority of shareholders, the Company agreed to enter into
a stock purchase agreement with Todtri, which agreement was terminated by mutual
consent of the parties in November, 2002.


                                     Part II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

     There has been no established public trading market for the Company's
securities since its inception on August 19, 1997. As of December 31, 2002 there
were 3,800,000 shares outstanding, and the Company has 34 shareholders of
record. No dividends have been paid to date and the Company's Board of directors
does not anticipate paying dividends in the foreseeable future.

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

     The Company is a blank check company and, since inception, has experienced
no significant change in liquidity or capital resources or stockholders equity
other than the receipt of proceeds in the amount of $8,960 for its initial
capitalization funds. Substantially all of such funds have been used to pay
expenses incurred by the Company.

     The Company intends to seek to carry out its plan of business as discussed
herein. In order to do so, it will require additional capital to pay ongoing
expenses, including particularly legal and accounting fees incurred in
conjunction with future compliance with its on-going reporting obligations.

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Results of Operations

     As of December 31, 2002, the Company has an accumulated deficit of $25,243.
During this period, the Company has engaged in no significant operations other
than organizational activities, acquisition of capital, preparation and filing
of the registration of its securities under the Securities Exchange Act of 1934,
as amended, compliance with its periodical reporting requirements, and efforts
to locate a suitable merger or acquisition candidate. No revenues were received
by the Company during this period.

     The Company anticipates incurring a loss during fiscal year ending December
31, 2003 as a result of expenses associated with compliance with the reporting
requirements of the Securities Exchange Act of 1934, and expenses associated
with locating and evaluating acquisition candidates. The Company anticipates
that until a business combination is completed with an acquisition candidate, it
will not generate revenues. It may also continue to operate at a loss after
completing a business combination, depending upon the performance of the
acquired business.

Need for Additional Financing

     It is anticipated that the Company will require additional capital in order
to meet its cash needs for the next year, including the costs of compliance with
the continuing reporting requirements of the Securities Exchange Act of 1934, as
amended.

     No specific commitments to provide additional funds have been made by
management or other stockholders, and the Company has no current plans,
proposals, arrangements or understandings with respect to the sale or issuance
of additional securities prior to the location of a merger or acquisition
candidate. Accordingly, there can be no assurance that any additional funds will
be available to the Company to allow it to cover its expenses. Notwithstanding
he foregoing, to the extent that additional funds are required, the Company
anticipates receiving such funds in the form of advancements from current
shareholders without issuance of additional shares or other securities, or
through the private placement of restricted securities rather than through a
public offering.

     The Company may also seek to compensate providers of services by issuances
of stock in lieu of cash. For information as to the Company's policy in regard
to payment for consulting services, see "Certain Relationships and
Transactions."

ITEM 7. FINANCIAL STATEMENTS.

4. INCOME TAXES

     The Company has a Federal net operating loss carryforward of approximately
$25,000 expiring in the year 2017 through 2022. The tax benefit of this net
operating losses is approximately $10,000 and has been offset by a full
allowance for business contributions under IRC Section 381. For the period ended
December 31, 2002 the valuation allowance increased by $4,200.

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

     There have been no changes in or disagreements with accountants on
accounting matters or financial disclosure.

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                                    Part III

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

     The directors and executive officers currently serving the Company are as
follows:

Name                      Age                        Position(s) held
----                      ---                -----------------------------------
John R. Rice, III         59                 President, Chief Executive Officer,
                                             Director
Joseph Ingrassia          44                 Secretary, Chief Financial Officer,
                                             Director

     The directors named above will serve until the next annual meeting of the
Company's stockholders. Thereafter, directors will be elected for one year terms
at the annual stockholders' meeting. Officers will hold their positions at the
pleasure of the board of directors, absent any employment agreement, of which
none currently exists or is contemplated. There is no arrangement or
understanding between any of the directors or officers of the Company and any
other person pursuant to which any director or officer was or is to be selected
as a director or officer.

     The directors and officers will devote their time to the Company's affairs
on an "as needed" basis, which, depending on the circumstances, could amount to
as little as two hours per month, or more than forty hours per month, but more
than likely will fall within the range of five to ten hours per month.

Biographical Information

     John R. Rice, III, received a Bachelor of Arts Degree in Liberal Arts from
the University of Miami, Miami, FL. in 1964. From 1975 to 1989 he was a
principal of John R. Rice Associates, Inc. a New York based business consulting
and finance company initially focusing on asset based debt placements , and
expanded to include medical equipment lease financing with clients including,
among others, Johnson and Johnson Technocare, Division, Seimens Corporation,
Picker Corporation, GE Capital, Marine Midland Bank, and various medical
equipment-based Limited Partnerships. Mr. Rice became active in organizing,
promoting and managing several Limited Partnerships. Mr. Rice is a Founder,
Managing Member and principal of Capstone & Company, LLC, a financial service
company, and its affiliates. He oversees international marketing of Capstone's
programs and services to investors and joint venture partners, and is also
responsible for capital formation for the Capstone group of companies.

     Joseph F. Ingrassia, received a Bachelor of Science Degree in Psychology in
1980 from Siena College, Loudonville, NY and an MBA, from Golden Gate
University, San Francisco, CA in 1984. From 1984 to 19836 Mr. Ingrassia was a
Management Consultant for Coopers & Lybrand, New York, NY, where he participated
in advising senior and middle managers of various Fortune Five Hundred companies
in strategic and business planning. From 1986 to 1991 he was President of
Atlantic Credit Company, Huntsville, Alabama, which specialized in providing
residential and commercial mortgage financing for acquisitions and refinancing
in Alabama and Tennessee and accounts receivable factoring and financing for
government contractors and service business in Northern Alabama. From 1991 to
the present Mr. Ingrassia has been a Managing Member of Capstone & Company, LLC
and its affiliated entities, and is responsible for banking relationships,
client and portfolio management, supervision of due diligence and legal
documentation, and accounting and administration for Capstone.

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Compliance with Section 16(a) of the Exchange Act.

     John R. Rice, III and Joseph F. Ingrassia, officers and directors of the
Company, and beneficial owners of more than 10% of the Company's common stock,
were each required to file an Initial Statement of Beneficial ownership of
Securities on Form 3 at the time they acquired their ownership in the Company's
stock. They have each represented to the Company that they will complete all
required filings under Section 16(a) on or before May 15, 2003.

ITEM 10. EXECUTIVE COMPENSATION.

     No officer or director received any remuneration from the Company during
the fiscal year. Until the Company acquires additional capital, it is not
intended that any officer or director will receive compensation from the Company
other than reimbursement for out-of-pocket expenses incurred on behalf of the
Company. See "Certain Relationships and Related Transactions." The Company has
no stock option, retirement, pension, or profit-sharing programs for the benefit
of directors, officers or other employees, but the Board of Directors may
recommend adoption of one or more such programs in the future.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

     The following table sets forth, as of the end of the Company's most recent
fiscal year, the number of shares of Common Stock owned of record and
beneficially by executive officers, directors and persons who hold 5.0% or more
of the outstanding Common Stock of the Company. Also included are the shares
held by all executive officers and directors as a group.

Name and                              Number of Shares            Percent of
Address                               Owned Beneficially          Class Owned
--------------------------------------------------------------------------------

Halcyon Equities, Inc.                1,710,000                        45%
515 Madison Avenue, 21st Fl
New York, NY 10022

Madison Holdings, Inc                 1,710,000                        45%
515 Madison Avenue, 21st Fl.
New York, NY 10022

All Directors and                     3,420,000                        90%
Executive officers (2)persons *


*    John R. Rice, III and Joseph F. Ingrassia, the Company's officers and
     directors, are the beneficial owners of the shares by virtue of their being
     the sole shareholders of Halcyon Equities, inc. and Madison Holdings, Inc.,
     respectively

Changes in Control

     A change in control of the Company will probably occur upon consummation of
a business combination, which is anticipated to involve significant change in
ownership of stock of the company, membership of the board of directors. The
extent of any such change or control in ownership or board composition cannot be
predicted at this time.

                                       11

<PAGE>


ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Indemnification of Officers and Directors

     As permitted by Delaware law, the Company's Articles of Incorporation
provide that the Company will indemnify its directors and officers against
expenses and liabilities they incur to defend, settle, or satisfy any civil or
criminal action brought against them on account of their being or having been
Company directors or officers unless, in any such action, they are adjudged to
have acted with gross negligence or willful misconduct. Insofar as
indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers or persons controlling the Company pursuant to
the foregoing provisions, the Company has been informed that, in the opinion of
the Securities and Exchange Commission, such indemnification is against public
policy as expressed in that Act and is, therefore, unenforceable.

Conflicts of Interest

     None of the officers of the Company will devote more than a portion of his
time to the affairs of the Company. There will be occasions when the time
requirements of the Company's business conflict with the demands of the
officers' other business and investment activities. Such conflicts may require
that the Company attempt to employ additional personnel. There is no assurance
that the services of such persons will be available or that they can be obtained
upon terms favorable to the Company.

     Each of the Company's officers and directors also are officers, directors,
or both of several other corporations. These companies may be in direct
competition with the Company for available opportunities.

     Company management, and the other principal shareholders of the Company,
intend to actively negotiate or otherwise consent to the purchase of a portion
of their common stock as a condition to, or in connection with, a proposed
merger or acquisition transaction. Members of management acquired their shares
at a price of approximately $0.009 per share. It is anticipated that a
substantial premium may be paid by the purchaser in conjunction with any sale of
shares by officers, directors or affiliates of the Company which is made as a
condition to, or in connection with, a proposed merger or acquisition
transaction. The fact that a substantial premium may be paid to Company
officers, directors and affiliates to acquire their shares creates a conflict of
interest for them and may compromise their state law fiduciary duties to the
Company's other shareholders. In making any such sale, Company officers,
directors and affiliates may consider their own personal pecuniary benefit
rather than the best interests of the Company and the Company's other
shareholders, and the other shareholders are not expected to be afforded the
opportunity to approve or consent to any particular buy-out transaction
involving shares held by members of Company management.

                                       12

<PAGE>


ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K.

     (a) The Exhibits listed below are filed as part of this Annual Report.

Exhibit No.                                 Document
-----------                                 --------

 3.1     Articles of Incorporation (incorporated by reference from Registration
         Statement on Form 10-SB filed with the Securities and Exchange
         Commission on February 7, 2001).

3.2      Bylaws (incorporated by reference from Registration Statement on
         Form 10-SB filed with the Securities and Exchange Commission on
         February 7, 2001).

b)       The Company filed the following reports on Form 8-K during the fiscal
         year ended December 31, 2002:

         On November 20, 2002, The Company filed a report on Form 8-K
         setting forth the termination by mutual consent of the Stock
         Purchase Agreement for the Company to acquire all of the
         issued and outstanding shares of Todtri Productions, Inc.

         On March 23, 2003, the Company filed a Form 8-K relating to the
         following reportable events which occurred during the fiscal year ended
         December 31, 2002 (i) April 18, 2002 change in control of the Company,
         (ii) March 2, 2002 change in the Company's certified public
         accountants, and (iii) December 12, 2002 appointments of John R.
         Rice, III as Chief Executive Officer, President and a Director of the
         Company and Joseph F. Ingrassia as Chief Financial Officer, Secretary
         and a Director of the Company.

                                       13

<PAGE>


                               ALPHA HOLDING, INC.

                                DECEMBER 31, 2002





                                    I N D E X


                                                                   Page No.
                                                                   --------


INDEPENDENT AUDITORS' REPORT                                         F-2



BALANCE SHEETS                                                       F-3



STATEMENTS OF OPERATIONS                                             F-4



STATEMENTS OF STOCKHOLDERS' DEFICIENCY                               F-5



STATEMENTS OF CASH FLOWS                                             F-6



NOTES TO FINANCIAL STATEMENTS                                        F-7


<PAGE>


BRANCH OFFICE                                                 TEL 212-840-2595
20 LEBANON ROAD                                               FAX 212-840-7239
SCARSDALE, NY 10583-7122                                      www.lwccpa.com
914-723-3376

                         Livingston, Wachtell & Co., LLP
                          certified public accountants
                           1140 avenue of the americas
                             new york, ny 10036-5803

LEONARD L. EIGER, C.P.A.                   JAY J. LIVINGSTON, C.P.A. (1919-1972)
SAM BECKER, C.P.A.                         THEODORE WACHTELL, C.P.A. (1919-1966)
IRA E. COHEN, C.P.A.                       HERBERT H. REYBURN, C.P.A.(1934-1985)
JAMES R. GRIMALDI, C.P.A.                  IRVING ZUCKERMAN, C.P.A. (1965-1985)
LAWRENCE GOLDMAN, C.P.A.



Board of Directors and Stockholders
Alpha Holding, Inc.
New York, N.Y.


                          INDEPENDENT AUDITORS' REPORT
                          ----------------------------


We have audited the accompanying balance sheet of Alpha Holding, Inc. as of
December 31, 2002 and 2001 and the related statements of operations,
stockholders' deficiency and cash flows for the years then ended. 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 of America. These 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 audits provide 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 Alpha Holding, Inc. as of
December 31, 2002 and 2001, and the results of its operations and its cash flows
for the years then ended, in conformity with accounting principles generally
accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 1 to the
financial statements, the Company has suffered recurring losses from operations
and has a net capital deficiency that raises substantial doubt about its ability
to continue as a going concern. Management's plans in regard to these matters
are also described in Note 1. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.


/s/Livingston, Wachtell & Co., LLP

New York, New York
April 11, 2003

                                      F-2

<PAGE>


                               ALPHA HOLDING, INC.

                                 BALANCE SHEETS



                                                               December 31,
                                                               ------------
                                                            2 0 0 2    2 0 0 1
                                                            -------    -------

                                     Assets
                                     ------

Current assets
     Loans receivable - related party                      $    430         430
                                                           --------    --------

         Total assets                                      $    430    $    430
                                                           ========    ========






                    Liabilities and stockholders' deficiency
                    ----------------------------------------

Current liabilities
     Accrued expenses                                      $  6,100    $  6,211
     Due to related party                                    10,613        --
                                                           --------    --------

         Total liabilities                                   16,713       6,211
                                                           --------    --------


Stockholders' deficiency
     Common stock  - $.001 par value,
         authorized 10,000,000 shares,
         issued and outstanding 3,800,000 shares              3,800       3,800
     Additional paid-in capital                               5,160       5,160
     Deficit                                                (25,243)    (14,741)
                                                           --------    --------

         Total stockholders' deficiency                     (16,283)     (5,781)
                                                           --------    --------

         Total liabilities and stockholders' deficiency    $    430    $    430
                                                           ========    ========


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

                                       F-3

<PAGE>


                              ALPHA HOLDING, INC.

                            STATEMENTS OF OPERATIONS




                                                        Years Ended December 31,
                                                        ------------------------
                                                         2002           2001
                                                         ----           ----

Cost and expenses
     General and administrative expenses:
        Consulting services                          $      --      $       339
        Edgar filing service fees                          1,191           --
        Legal fees                                         7,861          3,302
        Accounting fees                                    1,300          2,700
        Office supplies                                     --               57
        Printing and reproductions                           150           --
                                                     -----------    -----------

               Total cost and expenses                    10,502          6,398
                                                     -----------    -----------


               Net loss                              $   (10,502)   $    (6,398)
                                                     ===========    ===========



        Loss per common share                        $      (.00)   $      (.00)
                                                     ===========    ===========


        WEIGHTED AVERAGE COMMON SHARES OUTSTANDING     3,800,000      3,631,640
                                                     ===========    ===========


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


                                      F-4

<PAGE>
<TABLE>
<CAPTION>


                                      ALPHA HOLDING, INC.


                            STATEMENTS OF STOCKHOLDERS' DEFICIENCY






                                                COMMON STOCK
                                               $.001 PAR VALUE                  ADDITIONAL
                                          --------------------------             PAID-IN
                                          SHARES              AMOUNT             CAPITAL            DEFICIT
                                          ------              ------             -------            -------

<S>                                     <C>                 <C>                 <C>                 <C>
BALANCE - January 1, 2001               3,460,490           $   3,461           $   5,160           $  (8,343)

Common stock issued for services
    rendered August 2001                  339,510                 339                --

     Net loss 2001                           --                  --                  --                (6,398)
                                        ---------           ---------           ---------           ---------
BALANCE - December 31, 2001             3,800,000               3,800               5,160             (14,741)

     Net loss 2002                           --                  --                  --               (10,502)
                                        ---------           ---------           ---------           ---------

BALANCE - December 31, 2002             3,800,000           $   3,800           $   5,160           $ (25,243)
                                        =========           =========           =========           =========



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

                                                        F-5

<PAGE>



                                      ALPHA HOLDING, INC.

                                     STATEMENTS OF CASH FLOWS




                                                                 Years Ended December 31,
                                                                 ------------------------
                                                                2002                   2001
                                                                ----                   ----


Cash flows from operating activities
     Net loss                                                 $(10,502)               $ (6,398)
        Adjustment to reconcile net loss to net cash
         used in operating activities:
        Common stock issued for consulting services               --                       339
         Accounts payable and accrued expenses
                                                                  (111)                  6,023
                                                              --------                --------

Net cash used in operating activities                          (10,613)                    (36)
                                                              --------                --------

Cash flows from investing activities
     Due to related party                                       10,613                    --
                                                              --------                --------

Net cash provided by investing activities                       10,613                    --
                                                              --------                --------

Net decrease in cash                                              --                       (36)
                                                                (1,122)                 (1,122)


Cash - beginning of year                                          --                        36
                                                              --------                --------

Cash - end of year                                            $   --                  $   --
                                                              ========                ========


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

                                      F-6

</TABLE>


<PAGE>



                               ALPHA HOLDING, INC.

                          NOTES TO FINANCIAL STATEMENTS



1. BUSINESS DESCRIPTION - ORGANIZATION

     On August 19, 1997, Alpha Holding, Inc. (the "Company") was incorporated
     under the laws of the State of Delaware. The Company may engage in any
     business that is permitted by the general corporation law of Delaware. The
     Company is a "blank check" company. A "blank check" company is a company
     that has no specific business plan or purpose or has indicated that its
     business plan is to engage in a merger or acquisition with an unidentified
     company or companies. The Company has been exploring sources to obtain
     additional equity or debt financing. The Company has also indicated its
     intention to participate in one or more as yet unidentified business
     ventures, which management will select after reviewing the business
     opportunities for their profit or growth potential.

     Due to the Company having no specific business plan or operations, the
     Company is not a "Development Stage Company" as defined by Generally
     Accepted Accounting Principles (GAAP), as was reported in the Company's
     prior financial statements. Therefore, cumulative amounts are not reported
     on the statements of operations and cash flows.

     LIQUIDITY AND CAPITAL RESOURCES

     The accompanying financial statements have been prepared assuming that the
     Company will continue as a going concern. The Company has suffered
     recurring losses from operations and has a net capital deficiency that
     raises substantial doubt about its ability to continue as a going concern.

     The Company is a "blank check" Company and has experienced no significant
     change in liquidity, capital resources of stockholders' equity other than
     the receipt of proceeds for its operating expenses. Substantially all of
     such funds have been used to pay expenses incurred by the Company.

     RESULTS OF OPERATIONS

     For the years ended December 31, 2002 and 2001, the Company had engaged in
     no significant operations other than the acquisition of capital for general
     and administrative expenses and registration of its securities under the
     Securities Exchange Act of 1934. During this period, the Company received
     no operating revenues. General and administrative expenses consist
     primarily of professional fees.

     The Company is seeking to carry out its plan of business to complete a
     merger or business acquisition transaction. The Company's existing capital
     will not be sufficient to meet the Company's cash needs, including
     complying with its continuing reporting obligation under the Securities
     Exchange Act of 1934. Accordingly, additional capital will be required.

                                       F-7

<PAGE>



                               ALPHA HOLDING, INC.

                          NOTES TO FINANCIAL STATEMENTS




2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     STATEMENT OF CASH FLOWS

     The Company considers all highly liquid debt instruments purchased with a
     maturity of three months or less to be cash equivalents. No cash was paid
     for interest and income taxes for the years ended December 31, 2002 and
     2001.

     START-UP COSTS

     The Company adopted the provisions of the American Institute of Certified
     Public Accountants' Statement of Position 98-5, "Reporting on the Costs of
     Start-Up Activities". SOP provides guidance on the financial reporting of
     start-up and organization costs and requires such costs to be expensed as
     incurred.

     The start-up costs consist principally of professional and consulting fees.

     LOSS PER COMMON SHARE

     Loss per common share is computed by dividing the net loss for the year by
     the weighted average number of shares outstanding for the years ended
     December 31, 2002 and 2001.

     USE OF ESTIMATES

     The preparation of the accompanying condensed financial statements, in
     conformity with generally accepted accounting principles, 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 expenses during the reporting periods. Actual results could
     differ from those estimates.

     SIGNIFICANT ESTIMATES

     Several areas require significant management estimates relating to
     uncertainties for which it is reasonably possible that there will be a
     material change in the near term. The significant area requiring the use of
     management estimates related to accrued expenses.

     INCOME TAXES

     Deferred tax assets and liabilities are recognized for the future tax
     consequences attributable to differences between the financial statement
     carrying amounts of existing assets and liabilities and their respective
     tax basis. Deferred tax assets and liabilities are measured using enacted
     tax rates expected to apply to taxable income in the years in which those
     temporary differences are expected to reverse. The effect on deferred tax
     assets and liabilities from a change in tax rates is recognized in the
     statement of operations in the period that includes the enactment date.

                                      F-8

<PAGE>



                               ALPHA HOLDING, INC.

                          NOTES TO FINANCIAL STATEMENTS



2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     INCOME TAXES (Continued)

     The Company has not yet commenced an active trade or business, therefore,
     the Company did not provide any current or deferred federal or state income
     tax provision or benefit for any of the periods presented because to date,
     it has experienced operating losses. The Company has a federal net
     operating loss carryforward of approximately $25,000 expiring in the years
     2017 through 2022. The tax benefit of this net operating loss, based on an
     effective tax rate of 40%, is approximately $10,000 and has been offset by
     a full valuation allowance. For the years ended December 31, 2002 and 2001,
     based on an effective tax rate of 40%, the valuation allowance increased by
     $4,200 and $2,559, respectively.

     The use of net operating loss carryforward is subject to limitations
     imposed by the Internal Revenue Service in the event of the change in
     control.


3. COMMON STOCK

     The Company is authorized to issue 10,000,000 shares of par value $.001
     common stock.

     The Company has issued and outstanding 3,800,000 shares of common stock
     that has been valued at prices ranging from $.001 to $.10. These values
     were based upon management's estimate of the current market prices at the
     time the shares were issued.


4. COMMON STOCK TRANSACTIONS - RELATED PARTIES

     Pursuant to a resolution adopted by the Board of Directors on August 9,
     2001 for related party services performed in 2001, the Company issued
     339,510 shares of restricted common stock to certain shareholders at a
     price of $.001 per share, for an aggregate consideration of $339, which
     includes $324 of consulting fees and $15 of director's fees.


5. RELATED PARTY TRANSACTIONS

     The caption "Due to related Company" are loans that are unsecured,
     non-interest bearing and have no fixed terms of repayment, therefore,
     deemed payable on demand. The Company's operating expenses in 2002 were
     paid by the related company.

     The balance due to the related company, at December 31, 2002 and 2001was
     $10,613 and $-0-, respectively.




                                       F-9





<PAGE>



SIGNATURES

In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

Dated:     April 14, 2003

                                            ALPHA HOLDING, INC.



                               By: /s/  John R. Rice, III
                                   ---------------------------------------------
                                   John R. Rice, III, Chief Executive Officer
                                   President, Director



                                By: /s/  Joseph F. Ingrassia
                                   ---------------------------------------------
                                   Joseph F. Ingrassia, Chief Financial Officer,
                                   Director



                                       14

<PAGE>




                                  CERTIFICATION

We, John R. Rice, III and Joseph F. Ingrassia certify that:

1.   We have read this annual report on Form 10-KSB of Alpha Holding, Inc.

2.   To our knowledge the information in this report is true in all important
     respects as of December 31, 2002; and

3.   This report contains all information about the company of which we am aware
     that we believe important to a reasonable investor, in light of the
     subjects required to be addressed in this report as of December 31, 2002.

For purposes of this certification, information is "important to a reasonable
investor" if:

     (a)  There is a substantial likelihood that a reasonable investor would
          view the information as significantly altering the total mix of
          information in the report; and

     (b)  The report would be misleading to a reasonable investor if the
          information was omitted from the report.


Date: April 14, 2003
                                          /s/  John R. Rice, III
                                          --------------------------------------
                                          John R. Rice, III, CEO, President


                                          /s/  Joseph F. Ingrassia
                                          --------------------------------------
                                          Joseph F. Ingrassia, CFO



                                       15