U.S. SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON D.C. 20549

                                   FORM 10-QSB

             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                  For the fiscal quarter ended: March 31, 2004
                        Commission file number: 0-27842


                                  COLMENA CORP.
             (Exact name of registrant as specified in its charter)

                Delaware                                      54-1778587
     (State or other jurisdiction of                       (I.R.S. Employer
     incorporation or organization)                        Identification No.)

                               101 SW 11th Avenue
                            Boca Raton, Florida 33486
                    (Address of principal executive offices)
                                   (Zip code)

                                 (561) 392-6010
              (Registrant's telephone number, including area code)


         Indicate by check mark whether registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 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 [ ]

APPLICABLE TO CORPORATE ISSUERS

         Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practical date:

         On May 21, 2004, the issuer had outstanding 125,023,663 shares of
common stock, $.01 par value per share.

<PAGE>

                                  COLMENA CORP.
                                   FORM 10-QSB
                      QUARTERLY PERIOD ENDED MARCH 31, 2004

                                      INDEX


                                                                          Page
PART I - FINANCIAL INFORMATION

 Item 1 - Consolidated Financial Statements

 Consolidated Balance Sheet (Unaudited)
   As of March 31, 2004...................................................  3

 Consolidated Statements of Operations (Unaudited)
   For the Three and Six Months Ended March 31, 2004 and 2003.............  4

Consolidated Statements of Cash Flows (Unaudited)
   For the Six Months Ended March 31, 2004 and 2003.......................  5

Condensed Notes to Consolidated Financial Statements...................... 6-7

Item 2 - Management's Discussion and Analysis and Plan of
  Operation............................................................... 8-10

Item 3 - Control and Procedures...........................................  10

PART II - OTHER INFORMATION

Item 1 - Legal Proceedings................................................. 11

Item 2 - Changes in Securities and Use of Proceeds......................... 11

Item 3 - Default Upon Senior Securities.................................... 11

Item 4 - Submission of Matters to a Vote of Security Holders............... 11

Item 5 - Other Information................................................. 11

Item 6 - Exhibits and Reports on Form 8-K.................................. 11

Signatures................................................................. 12

                                      -2-

<PAGE>


                                  COLMENA CORP.
                                  BALANCE SHEET
                                 March 31, 2004
                                   (Unaudited)
<TABLE>
<CAPTION>

                                     ASSETS
<S>                                                                             <C>
CURRENT ASSETS:
     Cash                                                                       $         53
                                                                                ------------

      Total Assets                                                              $         53
                                                                                ============


                     LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES:
    Accounts Payable and Accrued Expenses                                       $     13,789
    Loans Payable - Related Parties                                                    2,769
                                                                                ------------

        Total Current Liabilities                                                     16,558
                                                                                ------------


STOCKHOLDERS' DEFICIT:
    Preferred Stock ($.001 Par Value; 10,000,000 Share Authorized;
        No Shares Issued and Outstanding)                                                 --
    Convertible Preferred Stock ($.001 Par Value; 1,000,000 Share Authorized;
        701,415 Shares Issued and Outstanding)                                           702
    Common Stock ($.01 Par Value; 650,000,000 Shares Authorized;
        124,357,663 Shares Issued and Outstanding)                                 1,243,577
    Common Stock Issuable, $.01 Par Value (514,500 Shares)                             5,145
    Additional Paid-in Capital                                                    17,262,058
    Accumulated Deficit                                                          (18,527,987)
                                                                                ------------

        Total Stockholders' Deficit                                                  (16,505)
                                                                                ------------

        Total Liabilities and Stockholders' Deficit                             $         53
                                                                                ============
</TABLE>


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


                                      -3-
<PAGE>

                                 COLMENA CORP.
                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>

                                                                    For the Three Months             For the Six Months
                                                                       Ended March 31,                 Ended March 31,
                                                               ------------------------------    ------------------------------
                                                                   2004             2003             2004              2003
                                                               -------------    -------------    -------------    -------------
                                                                (Unaudited)      (Unaudited)       (Unaudited)       (Unaudited)
<S>                                                                   <C>              <C>              <C>              <C>
REVENUES                                                       $          --    $          --    $          --    $          --
                                                               -------------    -------------    -------------    -------------

OPERATING EXPENSES:
    Compensation Expense                                              10,290           23,670           23,950           56,728
    Professional and Legal Fees                                        5,394           12,731           17,641           13,725
    Selling, General and Administrative                                6,801           30,141            9,802           34,655
                                                               -------------    -------------    -------------    -------------

        Total Operating Expenses                                      22,485           66,542           51,393          105,108
                                                               -------------    -------------    -------------    -------------

LOSS FROM OPERATIONS                                                 (22,485)         (66,542)         (51,393)        (105,108)
                                                               -------------    -------------    -------------    -------------


OTHER EXPENSE:
    Settlement Income (Expense),  net                                     --            6,431               --            6,431
    Interest Expense, net                                                 --           (1,121)              --           (8,787)
                                                               -------------    -------------    -------------    -------------

TOTAL OTHER EXPENSE                                                       --            5,310               --           (2,356)
                                                               -------------    -------------    -------------    -------------

NET LOSS                                                       $     (22,485)   $     (61,232)   $     (51,393)   $    (107,464)
                                                               =============    =============    =============    =============


BASIC AND DILUTED:
      Net Loss Per Common Share - Basic and Diluted            $       (0.00)   $       (0.00)   $       (0.00)   $       (0.00)
                                                               =============    =============    =============    =============


      Weighted Common Shares Outstanding - Basic and Diluted     124,543,855      111,885,469      124,246,766       90,260,079
                                                               =============    =============    =============    =============
</TABLE>

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


                                      -4-
<PAGE>

                                  COLMENA CORP.
                            STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>

                                                                   For the Six Months Ended March 31,
                                                                   ---------------------------------
                                                                           2004        2003
                                                                        ---------    ---------
                                                                       (Unaudited)  (Unaudited)
<S>                                                                     <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net Loss                                                            $ (51,393)   $(107,464)
    Adjustments to Reconcile Net Loss To Net Cash Used in Operations:

           Stock-Based Compensation                                        23,950       53,346

           Increase in:
              Accounts Payable and Accrued Expenses                         7,584      (13,926)
                                                                        ---------    ---------
Net Cash Flows Used in Operating Activities                               (19,859)     (68,044)
                                                                        ---------    ---------


CASH FLOWS FROM FINANCING ACTIVITIES:
    Proceeds from Loans Payable - Related Party                                --        6,600
    Payments on Loan Payable                                                   --       (3,750)
    Proceeds from Sale of Common Stock                                         --       41,500
    Proceeds from Sale of Preferred Stock                                      --       10,000
    Due to Related Party                                                       --       13,644
                                                                        ---------    ---------
Net Cash Flows Provided by Financing Activities                                --       67,994
                                                                        ---------    ---------
Net Increase (Decrease) in Cash                                           (19,859)         (50)

Cash - Beginning of Year                                                   19,912          117
                                                                        ---------    ---------
Cash - End of Period                                                    $      53    $      67
                                                                        =========    =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid during the year for:
   Interest                                                             $      --    $     272
                                                                        =========    =========

   Income Taxes                                                         $      --    $      --
                                                                        =========    =========
NON-CASH INVESTING AND FINANCING ACTIVITIES:
    Issuance of Common Stock for Debt and Bonds payable                 $      --    $ 430,030
                                                                        =========    =========
</TABLE>

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

                                      -5-
<PAGE>


                                  COLMENA CORP.
              CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B.
Accordingly, the financial statements do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments have been
included and all adjustments considered necessary for a fair presentation have
been included and such adjustments are of a normal recurring nature.

These financial statements should be read in conjunction with the audited
financial statements for the year ended September 30, 2003 and notes thereto
contained in the Report on Form 10-KSB of Colmena Corp. ("our Company" or the
"Company") as filed with the Securities and Exchange Commission (the
"Commission"). The results of operations for the six months ended March 31, 2004
are not necessarily indicative of the results for the full fiscal year ending
September 30, 2004.

NOTE 2 - LOANS PAYABLE - RELATED PARTIES

As of September 30, 2003, the Company had received advances of $2,769 from two
related parties, which balance remains at March 31, 2004. These advances bear
interest at the prime rate plus two percentage points and are due upon demand.

NOTE 3 - STOCKHOLDERS' DEFICIT

Common Stock
------------

In October 2003, the Company cancelled 33,000 shares previously shown as
issuable. In connection with the cancellation of these shares, the Company
reduced compensation expense by $700.

During the three months ended March 2004, the Company issued 212,000 shares of
common stock previously reflected as issuable.

During the three months ended December 31, 2003, the Company issued 616,700
shares of common stock to directors and employees for services rendered. In
connection with these shares, the Company recorded compensation expense of
$14,360 based on the average monthly closing price of the Company's common stock
in the month the services were performed.

During the three months ended March 31, 2004, the Company issued 514,500 shares
of common stock to directors and employees for services rendered. In connection
with these shares, the Company recorded compensation expense of $10,290 based on
the average monthly closing price of the Company's common stock in the month the
services were performed. As of March 31, 2004, 514,500 of these shares were
issuable.

                                      -6-
<PAGE>



                                  COLMENA CORP.
              CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

NOTE 3 - STOCKHOLDERS' DEFICIT (continued)

A summary of the options issued under the employment and consulting agreements
as of March 31, 2004 and changes during the period is presented below:

                                                                 Weighted
                                               Number of         Average
                                              Options and        Exercise
                                                Warrants          Price
------------------------------------------      ---------        ---------
 Stock Options
------------------------------------------      ---------         --------
 Balance at September 30, 2003                  1,181,000         $   0.03
                                                ---------         --------
 Granted                                               --               --
                                                ---------         --------
 Exercised                                             --               --
                                                ---------         --------
 Forfeited                                             --               --
                                                ---------         --------
 Balance at March 31, 2004                      1,181,000         $   0.03
                                                ---------         ========

 Options exercisable at end of period           1,181,000         $   0.03
                                                ---------         ========
 Weighted average fair value of options
   granted during the period                                      $   0.00
                                                                  --------

The following table summarizes information about employee stock options and
consultant warrants outstanding at March 31, 2004:
<TABLE>
<CAPTION>

                              Options and Warrants Outstanding                          Options and Warrants Exercisable
               ---------------------------------------------------------------------    ----------------------------------
                                                       Weighted
                                                        Average          Weighted                              Weighted
                 Range of            Number            Remaining          Average            Number             Average
                 Exercise        Outstanding at       Contractual        Exercise        Exercisable at        Exercise
                   Price         March 31, 2004           Life             Price         March 31, 2004          Price
                ------------    ------------------    -------------     ------------    ------------------    ------------
<S>          <C>                      <C>               <C>              <C>                    <C>            <C>
             $   0.02 -0.05           1,181,000         0.75 Years       $     0.03             1,181,000      $     0.03
                                ==================    =============      ===========    ==================     ===========
</TABLE>

NOTE 4 - GOING CONCERN

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. The Company has no active business
operations, has recurring losses including the net loss for the six months ended
March 31, 2004 of $51,393, had cash used in operations of $19,859 for the six
months ended March 31, 2004, and had an accumulated deficit of $18,527,987 at
March 31, 2004. These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

The Company maintains an agreement as a telephone service reseller with
BellSouth and management looks to expand on such operations, or locate a
merger/acquisition candidate.

NOTE 5 - SUBSEQUENT EVENT

On May 19, 2004, the Board of Directors voted to issue 547,500 shares of common
stock in exchange for the surrender of 1,095,000 options that were granted to
certain Board members for services rendered prior to May 2002. In connection
with this exchange, the Company recorded non-cash compensation of $10,840 which
is calculated as the difference between the fair market value of shares issued
on the date of grant and the fair value of the stock options exchanged based on
the Black-Scholes method.

                                      -7-
<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS.

OVERVIEW

         During November 1997, our Company became engaged in the business of
marketing and distributing long-distance telephone service calling cards and in
the manufacture and distribution of premium hand-rolled cigars, in each case
through wholly owned subsidiaries. In September 1998, following a default in
payment obligations totaling approximately $5.6 million by the company that
handled the billing and collection for our Company's long-distance telephone
services, our Company and its subsidiaries were forced to discontinue day-to-day
business operations. During March 1999, our Company's board of directors
concluded negotiations to divest our Company of all of its wholly owned
subsidiaries, positioning our Company to undertake new business endeavors or to
become a more attractive acquisition candidate.

         Our Company continues to negotiate with other companies concerning
potential acquisitions and will promptly announce any developments that result
in a letter of intent.

PLAN OF OPERATIONS

         Our Company currently has no day-to-day business operations other than
those pertaining to the maintenance of our corporate existence and the filing of
reports required by the Commission and our efforts to become an active reseller
of BellSouth telecommunications services.

         The foregoing plan of operation contains forward-looking statements
that are subject to risks and uncertainties, which could cause actual results to
differ materially from those, discussed in the forward-looking statements and
from historical results of operations. Among the risks and uncertainties, which
could cause such a difference, are those relating to our Company's dependence
upon certain key personnel, our ability to manage our growth, our Company's
success in implementing our business strategy, our success in arranging
financing where required, and the risk of economic and market factors affecting
our Company or our customers. Many of such risk factors are beyond the control
of our Company and its management.

RESULTS OF OPERATIONS

SIX MONTHS ENDED MARCH 31, 2004 COMPARED TO SIX MONTHS ENDED MARCH 31, 2003

         Our Company reported a net loss for the six months ended March 31, 2004
of $51,393 and net loss for the six months ended March 31, 2003 of $107,464.
This translates to per-share loss of $(0.00) for six months ended March 31, 2004
and per share loss of $(0.00) for the six months ended March 31, 2003.

         Our Company had no revenues for the six months ended March 31, 2004 and
2003, respectively.

         Overall, operating expenses decreased to $51,393 for the six months
ended March 31, 2004 as compared to $105,108 for the six months ended March 31,
2003.

         Compensation expense decreased to $23,950 for the six months ended
March 31, 2004 as compared $56,728 for the six months ended March 31, 2003. The
decrease was due to a decrease in director and officer activities related to the
restructuring of the Company and the issuance of common stock for services.

         Professional fees were $17,641 for the six months ended March 31, 2004
as compared to $13,725 for the six months ended March 31, 2003 and were
primarily attributable to fees associated with the Company's SEC filings.

         For the six months ended March 31, 2004, selling, general and
administrative expenses were $9,802 as compared to $34,655 for the six months
ended March 31, 2003.

         For the six months ended March 31, 2004, interest expense was $0
compared to $8,787 for the six months ended March 31, 2003 and was attributable
to the Company's borrowings. The reduction for the six months ended March 31,
2004 is a result of the elimination of our debt.

         No additional meaningful comparisons can be made for the six months
ended March 31, 2004 as compared to the six months ended March 31, 2004.

                                      -8-
<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

         As of March 31, 2004, our Company had $53 in cash to meet our
outstanding obligations. During the reporting period and prior, we financed our
operating activities through loans and advances from certain shareholders and
from sales of securities.

         At March 31, 2004, our Company had a stockholders' deficit of $16,505.
Our Company's future operations and growth are dependent on our ability to raise
capital for expansion and to implement our strategic plan.

         Net cash used in operations was $(19,859) for the six months ended
March 31, 2004 as compared to ($68,044) for the six months ended March 31, 2003.
For the six months ended March 31, 2004, cash used in operations was primarily
attributable to our net loss of $(51,393) offset by an increase in accounts
payable and accrued expenses of $7,584 and by non-cash compensation expense from
the issuance of common stock $23,950. For the six months ended March 31, 2003,
cash used in operations of $(68,044) and was attributable to our net loss of
$107,464 offset by stock based compensation of $53,346 and an increase accounts
payable and accrued expenses of $13,926.

         Net cash provided by financing activities for the six months ended
March 31, 2004 was $0 as compared to net cash provided by financing activities
of $67,994 for the six months ended March 31, 2003. The difference was primarily
attributable to the decrease in funding from a related party as well as a
decrease in proceeds from the sale of common stock.

         We currently have no material commitments for capital expenditures.
Other than advances received in the past from the related parties, we have no
external sources of liquidity. Accordingly, we are seeking alternative funding
sources. No assurances can be provided, however, that such alternative funding
sources will be located. Due to the anticipated lack of funding, we may not be
able to compensate our professionals to allow us to continue our compliance
under the Exchange Act of 1934, which may cause us to lose our quotation on the
Over the Counter Bulletin Board (OTCBB). We may not have sufficient cash flow
from operations to sufficiently meet all of our cash requirements for the next
12 months. Our Company's future operations and growth are dependent on our
ability to raise capital for expansion, and to seek additional revenue sources.
If our Company decides to pursue any acquisition opportunities or other
expansion opportunities, we may need to raise additional capital, although there
can be no assurance such capital-raising activities would be successful.

CRITICAL ACCOUNTING POLICIES

         A summary of significant accounting policies is included in Note 1 to
the audited financial statements included in our Annual Report on Form 10-KSB
for the year ended September 30, 2003 as filed with the Securities and Exchange
Commission. We believe that the application of these policies on a consistent
basis enables us to provide useful and reliable financial information about our
operating results and financial condition.

         The preparation of 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 revenues and expenses during the
reporting period. Actual results may differ from those estimates.

                                       -9-
<PAGE>

GOING CONCERN

         The accompanying financial statements have been prepared assuming that
our Company will continue as a going concern. Currently, the Company has no
active business operations, has recurring losses, had cash used in operations of
$19,860 for the six months ended March 31, 2004, and an accumulated deficit of
$18,527,987 at March 31, 2004. Additionally, our funding source stopped funding
our Company at the end of July 2003. Accordingly, we are seeking alternative
funding sources. No assurances can be provided, however, that such alterative
funding sources will be located. Due to the anticipated lack of funding, we may
not be able to compensate our professionals to allow us to continue our
compliance under the Exchange Act of 1934, which may cause us to lose our
quotation on the Over the Counter Bulletin Board (OTCBB). These conditions raise
substantial doubt about our Company's ability to continue as a going concern.

         Our Company is taking steps to address this situation. Our Company
maintains an agreement as a telephone service reseller with BellSouth, our
application for an ALEC license in Florida received final approval in May 2002,
and management looks to expand on such operations if funding becomes available,
or locate a merger/acquisition candidate. Although our Company had signed a
letter of intent ("LOI") to acquire National ComTel Network Inc. ("National"),
the parties mutually agreed to withdraw from the LOI because of unresolvable
issues relating to the transfer of National's small business loan. (Our
Company's May 24, 2004 letter to National is attached as an exhibit to this
report and incorporated herein by reference pursuant to Rule 12b-23.) Our
Company will continue to seek suitable acquisition candidates. In the meantime,
management will continue to seek sources of funding until other income is
derived from an acquisition, consulting activities, or our telecommunications
resale license and agreements. Through March 31, 2004, the Company received
proceeds of $94,600 from sale of common stock and preferred stock to certain
officers, directors and affiliates of the Company, and others. We are also
seeking new sources of funding. No assurances can be provided, however, that
such alternative funding sources will be located.

ITEM 3. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

         Our management, under the supervision and with the participation of our
chief executive officer and principal financial and accounting officer,
conducted an evaluation of our "disclosure controls and procedures" (as defined
in the Securities Exchange Act of 1934 (the "Exchange Act") Rules 13a-14(c))
within 90 days of the filing date of this Quarterly Report on Form 10-QSB (the
"Evaluation Date"). Based on their evaluation, our chief executive officer and
principal financial and accounting officer have concluded that as of the
Evaluation Date, our disclosure controls and procedures are effective to ensure
that all material information required to be filed in this Quarterly Report on
Form 10-QSB has been made known to them in a timely fashion.

Changes in Internal Controls

         There have been no significant changes (including corrective actions
with regard to significant deficiencies or material weaknesses) in our internal
controls or in other factors that could significantly affect these controls
subsequent to the Evaluation Date set forth above.

                                      -10-
<PAGE>

                           PART II. OTHER INFORMATION


Item 1.  Legal Proceedings

         As permitted by Commission Rule 12b-23, the response to this item is
incorporated by reference from the corresponding item in our Company's report of
Form 10-KSB for the fiscal year ended September 30, 2003.

Item 2.  Changes in Securities

         During the three months ended March 31, 2004, we issued 514,500 shares
of common stock to directors and employees for services rendered. In connection
with these shares, we recorded compensation expense of $10,290 based on the
average monthly closing price of the Company's common stock in the month the
services were performed. As of March 31, 2004, 514,500 of these shares were
issuable.

Item 3.  Defaults Upon Senior Securities

         None

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

           None

Item 5.  Other Information

           None

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

(a)      Exhibits and Index of Exhibits

         31.1 Certification by Chief Executive Officer Pursuant to Section 302
         31.2 Certification by Chief Financial Officer Pursuant to Section 302
         32.1 Certification by Chief Executive Officer Pursuant to Section 906
         32.2 Certification by Chief Financial Officer Pursuant to Section 906
         99.1 May 24, 2004 Letter from our Company to National ComTel Network,
              Inc.


(b) Reports on Form 8-K

         None


                                      -11-
<PAGE>


                                   SIGNATURES

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

                                COLMENA CORP.

Dated:  June 11, 2004           By:  /s/ Anthony Q. Joffe
                                    -------------------------
                                    Anthony Q. Joffe, President,
                                    Chief Executive Officer and Director

Dated:  June 11, 2004           By:  /s/ Adam Wasserman
                                    -------------------------
                                    Adam Wasserman
                                    Chief Financial Officer and Controller


                                       12