U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                   FORM 10-KSB



[X]     ANNUAL  REPORT  UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
        OF  1934  for  the  period  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  _______

COMMISSION FILE NUMBER: 333-52472
---------------------------------

                                 XENICENT, INC.
                                 --------------
        (Exact name of small business issuer as specified in its charter)


          North Carolina                         36-4344865
          --------------                         ----------
(State or other jurisdiction of                 (IRS Employer identification
No.)
incorporation or organization)


                P.O. Box 243, Chimney Rock, North Carolina 28720
                ------------------------------------------------
                    (Address of principal executive offices)

                                 (828) 625-2666
                                 --------------
                           (Issuer's telephone number)

      Securities registered pursuant to Section 12(b) of the Exchange Act:

                                      None

      Securities registered pursuant to Section 12(g) of the Exchange Act:

                      $0.001 Par Value Common Voting Stock
                                (Title of Class)


Check whether the issuer (1) filed all reports required to be filed by Section13
or  15(d)  of  the  Exchange  Act during the past 12 months (or for such shorter
period  that the registrant was required to file such reports), and (2) has been
subject  to  such  filing  requirements  for  the  past  90  days.
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 an
amendment  to  this  Form  10-KSB.  [X]

State issuer's net revenues for its most recent fiscal year: $639,890

As  of  May  12,  2003  there  were 10,232,000 common shares outstanding and the
aggregate  market  value of the common shares (based upon the average of the bid
price  ($.12)  reported  by  brokers),  held by non-affiliates was approximately
$1,227,840.  Transitional Small Business Disclosure Format (check one): Yes [  ]
No[X]

Number of shares of common stock outstanding as of May 12, 2003: 10,232,000

Number of shares of preferred stock outstanding as of May 12, 2003: -0-












                The rest of this page is left intentionally blank
                -------------------------------------------------


















                                     PART I
                                     ------

Item 1. Business

GENERAL DESCRIPTION OF BUSINESS
-------------------------------

     We  were  incorporated  in  North  Carolina  on July 26, 1996 as Great Land
Development Co. We changed our name to Xenicent, Inc. on November 8, 2000. Since
our incorporation as Great Land Development Co., we have engaged in the business
of  real  estate  consulting and purchasing and reselling vacant tracts of land,
primarily  in  the  North Carolina area. On June 30, 2002 we acquired a majority
interest  in  Giantek  Technology Corporation "Giantek", a Taiwanese corporation
that  manufactures  and  distributes Light Emitting Diode (LED) display systems.
Information  on  this  acquisition  is  contained in this report and in Form 8-K
filed  on  July  15,  2002.  We have never been the subject of any bankruptcy or
receivership.

GIANTEK TECHNOLOGY CORPORATION
------------------------------

     On  June 30, 2002, the Company signed a definitive share exchange agreement
to  acquire  a  sixty  percent  (60%) interest in Giantek Technology Corporation
("Giantek")  in  exchange  for  600,000 shares of the Company's common stock. In
addition,  the  Company  issued 60,000 shares to a consultant in connection with
the  acquisition.

     Giantek  Technology  Corporation,  Inc.  (the  "Company")  is a supplier of
electronic  display  boards,  computer-programmable  display  systems, and large
video  displays  for sport, business, and transportation applications. Its focus
is  on  supporting  customers  with  superior products and services that provide
dynamic,  reliable,  and  often  unique,  visual  communication  solutions.  Its
products  include  a  complete line of large display products, from small indoor
and  outdoor  scoreboards  and  displays,  to large, multi-million dollar, video
display  systems.  It  is  recognized  worldwide  as a technical leader with the
capabilities  to  design,  manufacture,  install and service complete integrated
systems  that  display  real-time  data,  graphics, animation and video. Giantek
maintains  a  website  profiling  its  background  and  products  at
www.giantek-led.com.

     Services  provided  by  Giantek  include  project  management,  on-site
installation  support,  on-site event support, display content creation, product
maintenance,  marketing  assistance  and  large  screen  video  display rentals.

     Giantek  invests  a  significant  portion  of  its research and development
resources  into  full-color LED (light emitting diode) based display systems and
has done so over the past several years. During that time, it has introduced its
own  line  of  systems  and  has  converted  much  of its display offerings from
incandescent  &  reflective  technologies to LED based technology although these
technologies  remain  important.  Giantek  continues  to invest in technology to
develop  new products and enhancements for a wide variety of existing scoreboard
and  display  products.

     Every  day,  viewers  all  over  the world count on Giantek scoreboards and
displays  for  information  and  entertainment. Giantek has sold display systems
ranging  from  small  scoreboards  under $1,000 to large complex display systems
priced  in  excess  of $2 million. Generally, Giantek's product sales are either
custom  products  built  on existing technology with contract sizes ranging from
approximately  $25,000  to  $750,000.  Customers  of  Giantek  include  several
international  stock  exchanges,  the Taiwan Mass Transit Authority, Fortune 500
manufacturers  and  the  Saudi  Arabian  royal  family.

     Giantek's  net  sales and profitability historically have fluctuated due to
the  impact  of  large  product  orders such as display systems for governmental
facilities  and  large  commercial  projects.  The  seasonality  of the high-end
advertising  markets  has  also  played  a  part  in  Giantek's sales and profit
fluctuations.  This  seasonality has had the effect of causing net sales and net
income  in the third and fourth quarters of a fiscal year to be generally higher
than the first quarter of a fiscal year, followed by higher levels in the second
quarter.  The  effects  of  seasonality  are  generally  not  found in Giantek's
business  and  transportation  markets,  although the impact of a large order in
those markets can cause a significant fluctuation in net sales and the resulting
profits.  Approximately two-thirds of Giantek's revenues are in the business and
transportation  markets with the remaining split between advertising and sports,
although  Giantek considers itself to be operating in a single industry segment.

     Giantek's  gross  margins on large orders tend to fluctuate more than those
for  smaller,  standard  orders.  Large  product orders that involve competitive
bidding and substantial subcontract work for product installation generally have
lower gross margins with greater variability in margins among the larger orders.
Although  Giantek  follows  the  percentage  of completion method of recognizing
revenues  for  these  larger  orders,  Giantek  nevertheless  has  experienced
fluctuations  in  operating  results  and  expects  that  its  future results of
operations  may  be  subject  to  similar  fluctuations.

INDUSTRY

     Giantek  is  an  established  manufacturer  and  distributor  in
computer-programmable  displays  and large screen video displays. Growth of this
product  category  was  originally  stimulated  by  the  invention  of  the
microprocessor  and  the  continued development and acceptance in society of the
personal  computer.  Initially,  computers  allowed  companies the capability to
bring  to  market  incandescent  and  reflective  technologies  controlled  by
computers.  In the past, these incandescent and reflective technologies were key
product  categories  for  Giantek.

     During  the  mid-1990s,  a technological breakthrough in display technology
occurred  which  contributed  significantly  to  the  growth  of  Giantek  - the
development  of  a blue light emitting diode that was visible outdoors, and that
could  be  manufactured  in  larger  quantities.  This  provided  the  basis for
significant  future  growth  in  the  industry  and  for  Giantek.  With  this
development,  Giantek  entered the large screen video display business. Prior to
this  development,  large  screen  video  displays  were primarily made of small
cathode ray tubes ("CRT"), were limited in size and the suppliers were generally
the  same  companies  that  were  in  the  television  set  business.

     Giantek,  led  by  President  Frank  Chen,  leveraged  its knowledge of the
display  business  with  the  availability  of high quality blue and green light
emitting  diodes to broaden its scope and provide not only computer-programmable
signage but also large video displays for both outdoor and indoor usage. It also
converted many of its previous incandescent and reflective technologies to lower
cost,  LED  based  technology.

     In  general,  the  industry  is  characterized  by market participants that
provide  limited  product  offerings  as  compared to Giantek. For example, most
manufacturers  of  computer programmable computer displays that are used to show
alphanumeric  data  and graphics do not manufacture large screen video displays.
Conversely  the  large  video  display manufacturers do not manufacture computer
programmable displays. Giantek, however, manufactures both computer programmable
displays and large video displays and supplies the software to integrate various
components,  as well as marketing services, content development and information.
This  places Giantek in a uniquely beneficial position to serve venues that have
numerous  requirements  such  as  the typical large governmental contract venue.
Giantek,  through  the  use of its display control software and its video server
software,  also has the unique capability of time sharing a large screen such as
an  arena  between  the video display functions previously provided by the large
video  display  and  the  information and animation display functions previously
provided  by  computer  programmable  display and providing seamless integration
with  standard  video  equipment. Having all these functions integrated into one
large  display  system gives the venue owner significant flexibility in managing
the information and entertainment spectators receive that has not been available
previously.

PRODUCTS

     Giantek  offers  its  customers  a  wide  range  of  computer-programmable
information  display  systems  consisting  of  related  products, or families of
products,  that  have  similar  functions  and  varying degrees of capabilities.
Products  within  each  family  use displays and controllers that are built with
many  of  the same components to reduce the cost of production, improve delivery
time  and  provide flexibility for standard and custom installations. The use of
standard  components  also  enhances  the  reliability and serviceability of the
display systems. For example, the financial data stream family includes products
that  use many of the same components and range from a small, single-faced light
board to a large, four-sided display that can be used for other information. The
sizes  of  displays  can  vary  significantly,  depending  on  the  needs of the
customer,  taking  into  account  such  things  as  viewing  angles  and  viewer
distances.

     The  two  principal components of most of Giantek's systems are the display
and  the  display  controller. The display controller uses computer hardware and
software  to  process  the  information  provided  from  the  operator and other
integrated  sources  and to formulate the information, graphics, or animation to
be  presented on the display. The display controller controls each of the pixels
(dots  or picture elements that make up the image) on the display to present the
message  or  image.

     Data  can  be  transferred  between the display controller and local and/or
remote  displays. Local connections use twisted pair cables, fiber optic cables,
infrared links or radio links. Both standard and cellular telephone connections,
and  satellite transmissions, are used to connect to remote displays. The remote
connections  are  generally  purchased  from  third  parties.

     Within  each  product  family,  Giantek  produces  both standard and custom
displays  that  vary  in  complexity,  size  and resolution. Generally, a large,
full-color  video display is significantly more complex than a standard time and
temperature  display. The physical dimensions of a display depend on the size of
the  viewing area, the distance from the viewer to the display and the amount of
information  to  be  displayed  at  one time. Generally, for displays other than
fixed  digit  displays,  the light source or pixels are spaced farther apart for
longer  distance  viewing. The resolution of a display is determined by the size
and  spacing  of  each  pixel, with smaller, more densely packed pixels creating
higher  resolution  images.  The  type  of  the  display  may also depend on the
location  of  the viewing audience. For example, displays on building structures
may  have  a viewing angle nearly as wide as 180 degrees, compared with roadside
displays  which typically are viewed from a passing vehicle only within a narrow
angle  from  the  display.

MARKETING AND SALES

     Giantek's  display  systems have been sold throughout the United States and
in  more than 15 countries. Its products are marketed and sold worldwide through
a combination of direct sales personnel and independent resellers. In the United
States  and  eastern Canada, Giantek utilizes primarily a direct sales force for
convention centers, transportation and other commercial entities. In the smaller
venues,  primarily  retail  and  similar  facilities,  as  well  as  commercial
facilities,  Giantek utilizes a combination of direct sales staff and resellers.

     The  majority  of  the products sold by resellers are standard or "catalog"
retail  and  business  products  where  display  systems  must  be  installed in
accordance  with  local zoning ordinances. These are typically moderately priced
and  relatively  easy to install. The most popular models are built to inventory
and  available  for  quick delivery. The remaining models are built to order and
quoted  for  shipment  in 30 to 90 days after order acceptance. Giantek supports
its  resellers  through  national  and  regional  direct mail advertising, trade
journal  advertising  and  trade  show  exhibitions. Members of Giantek's direct
sales  force  support  resellers  in  the  field,  and the Company's sales staff
provide  daily  telephone  support.  Giantek  believes that it can expand market
share by increasing the productivity of existing resellers and adding additional
resellers  in  new  geographic  areas.

     Giantek's direct sales force is comprised of a international network led by
its  sales  office  located  in Taipei, Taiwan, supporting all customer types in
both  sales  of  products  and  services. In addition to supporting resellers as
mentioned  above, the direct sales staff also sells the entire range of products
and  with the exception of the non-domestic market, directly sells substantially
all  the  large  video  display systems for the Company. Over the last few years
Giantek  has  been transitioning from a customer type sales focus to a regional,
geographic approach, while retaining the market specialization required to serve
that market. This has caused a significant investment in sales infrastructure to
encourage  more  team selling across markets and more efficient use of Giantek's
sales  staff.  Under  the  regional  approach,  although  staff  will  remain
specialists,  they  are  now  responsible  as  a regional team member to uncover
opportunities  for  the other markets and to transition their knowledge into the
other  markets  to  help  close  orders.


     When  Giantek  targets  a  potential  costumer  for  a  display system, the
prospect  is  contacted  either  directly  or  through  a  reseller. Frequently,
engineers,  technicians,  and direct sales personnel jointly participate in site
visits  to assess site conditions, evaluate the customer's requirements and work
on  proposals. Proposals to prospective customers include business and technical
presentations  as  well  as  product  demonstrations  and  visits  to  existing
installations.  Giantek  also  regularly  hosts  prospective  customers  at  its
manufacturing  facility  to demonstrate product quality and delivery capability.

     The  Company's  direct  sales  staff,  grouped  by end user market, is also
responsible  for  international sales in their respective markets. International
sales may fluctuate from year to year based on the timing of large projects like
Olympic  events.  A  typical  term of sale for international projects includes a
letter  of  credit or payment in advance in New Taiwan dollars. Giantek believes
that  in  addition to substantial growth that it expects will still occur in the
domestic  markets,  it  will  also  achieve growth in the international markets.

     Giantek  believes  that much of its marketing and sales success in the past
has  been  based  on its ability to create new products and product enhancements
for  its  customers  through  developing  and  understanding  of their needs and
opportunities.  It  develops  this understanding through active participation in
the  sales cycle by engineers and various others and through attendance at trade
shows,  conventions  and  seminars  as  well  as  through  a culture of teamwork
throughout  the  organization.

     Giantek has a large and diverse customer base. Due to that diverse customer
base, the loss of a major customer would not have a material adverse impact on
the Company.

CUSTOMER  SERVICE  AND  SUPPORT

     Giantek  believes  that  its  prompt  and  reliable  customer  service
distinguishes  it  from  many  of  its  competitors.  Giantek provides a limited
warranty  for  most  of  its  products against failure due to defective parts or
workmanship  for  periods  generally ranging from 90 days to 2 years after first
sale  or  installation,  depending on the product or type of customer. Under the
limited  warranty,  the customer returns the failed component to the Company for
replacement  or  repair. The Company also provides customer service and support,
including  "Help  Desk"  access,  parts  repair and replacement, and programming
support  for  video, animation and other display information. Giantek staffs its
Help  Desk with experienced technicians who are available at the desk or on call
for  the extended hours required to support evening and weekend sports events. A
comprehensive  database  of  customers provides Giantek with immediate access to
each  customer's  equipment and service history. A repair center is staffed with
trained  technicians  who  promptly  repair  and  return components that require
service,  and  offers  a  component  exchange  program  for same day shipment of
replacement  parts.  Giantek's  modular approach to the design and production of
products  enhances  its ability to provide effective customer service. Customers
can obtain periodic training and maintenance seminars at the Company's principal
offices and also contract for on-site training and maintenance for certain types
of  installations  such  as  high  profile  sports  events.


     Giantek  also  plans  to  provide  a variety of services for its customers,
including  video  and  animation production, event support, control room design,
on-site  training,  and  continuing  technical  support for operators of Giantek
displays.

     Giantek  believes  that its extensive customer support program is essential
to  continued  market  penetration. To enhance the level of service available to
its  customers,  Giantek  has  established a central calling center and plans to
open  other  service  centers  in  the  future.  Giantek  also uses a network of
authorized  service  companies  in  other  domestic locations and in a number of
other  countries  to  service  and  maintain  its  products.

ENGINEERING  AND  PRODUCT  DEVELOPMENT

     The  computer-programmable information display industry is characterized by
ongoing  product  innovations  and  developments  in  display  and  controller
technology.  To  remain  competitive,  Giantek  must  continue to anticipate and
respond  to changes and developments in the industry and more importantly remain
a  leader  in  creating  the  innovations  and  developments. Giantek intends to
continue its tradition of applying engineering resources throughout its business
to  help  achieve  more  effective product development, manufacturing, sales and
customer support. It also remains committed to investing approximately 5% of its
net  sales  into  research  and  development.

     Giantek  employs  engineers  and  engineering  technicians  in the areas of
mechanical  design,  electronics  design, applications engineering, and customer
and  product  support.  Unlike  some  of  its competitors who depend on contract
engineering  from  outside  vendors,  Giantek uses in-house engineering staff to
anticipate and respond rapidly to the product development needs of customers and
the  marketplace. Giantek assigns product managers from its engineering staff to
each  product  or product family to assist its sales staff in customer training,
to  implement  product  improvements  requested by customers, and to ensure that
each  product  is  designed  for  maximum  reliability  and  serviceability.

     Each  of  these  design  groups  is  autonomous to allow it to focus on the
respective  product  family  while at the same time closely tied with each other
for  sharing  of  ideas  and  technology.  This organizational structure, plus a
concentrated  focus  on standardization, which reduces the amount of engineering
time  allocated  to  one-time  custom  design,  positions  Giantek for even more
effective  product  development  in  the  future.

     Giantek believes its engineering capability and experience are unparalleled
among its competitors and its product development capability will continue to be
a  very  important  factor  in  its  market  position.

MANUFACTURING  AND  TECHNICAL  CONTRACTING

     As  a  vertically-integrated  manufacturer  of  display  systems,  Giantek
performs most sub-assembly and substantially all final assembly of its products.
Giantek  also  serves  as a technical contractor for customers who desire custom
hardware  design,  custom  software  development  or  specific  site  support.

MANUFACTURING  OPERATIONS

     Giantek's manufacturing operations include component manufacturing (printed
circuit  boards and pixel assembly) and system manufacturing (metal fabrication,
electronic  assembly,  sub-assembly  and  final  assembly).  Manufacturing  and
assembly  is  performed  at  our factory located just outside of Taipei, Taiwan.
Giantek  augments  its  production  capacity  which  provides  it with increased
capacity with the use of outside subcontractors, primarily for metal fabrication
and  loading  printed  circuit  boards.

     Giantek  uses  a  modular approach for manufacturing its displays. Standard
product  modules  are  designed  and  built to be used in a variety of different
products.  This  modular  approach  reduces  parts  inventory  and  improves
manufacturing  efficiency.  Giantek  inventories  finished  goods  of  smaller,
standard  products  and builds to order larger, seasonal and custom products. It
designs  product  modules  so  that  a  custom product may include a significant
percentage  of  standard  products  to maximize reliability and ease of service.
Certain  components  used in our products are currently available from a limited
number  of  sources.  To  reduce  our  inventories  and enhance product quality,
Giantek elects to purchase certain components from a limited number of suppliers
who  are  willing  to  provide  components on an "as needed" basis. From time to
time, Giantek enters into pricing agreements or purchasing contracts under which
it  agrees  to  purchase  a minimum amount of product in exchange for guaranteed
price  terms  over the course of the contract, which generally do not exceed one
year. Through Giantek's "total quality management" and "just-in-time" methods of
scheduling  and  manufacturing,  production  employees  work  as teams to ensure
quality and timely delivery while minimizing excess inventories. Giantek's order
entry,  production  and  customer  service  functions  are  also computerized to
facilitate  communication  throughout  the  entire sales, design, production and
delivery  process.

TECHNICAL  CONTRACTING

     Giantek  serves  as  a  technical  contractor  for  larger  display  system
installations  that require custom designs and innovative product solutions. The
purchase  of state of the art display systems for Olympic venues and other large
installations  typically  involves  competitive  proposals  by  Giantek  and its
competitors.  As  a  part  of  our  response  to a proposal request, Giantek may
suggest  additional  products  or features to assist the prospective customer in
analyzing  the optimal type of computer-programmable information display system.
If  requested  by  a customer or if necessary to help secure a bid, Giantek will
include  as  a  part  of its contract proposal the work necessary to prepare the
site  and  install  the  display system. In such cases, Giantek may serve as the
general  contractor  and  retain subcontractors. With each custom order, Giantek
forms  a  project team to assure that the project is completed to the customer's
satisfaction.  Key  members  of  a project team include a project manager, sales
person,  mechanical  design  team,  electronics and software team, manufacturing
team,  animation  programmer,  installation supervisor and an executive officer.


BACKLOG

     The Company does not currently have a significant backlog of customer sales
agreements  or purchase orders that we expect to fill within the next 12 months.
Part of our future success will be growing a backlog of customer orders in order
to  ensure  maximum  efficiencies  and  consistent  sales  volume. Because sales
agreements and purchase orders are typically subject to cancellation or delay by
customers  with  limited  or no penalty, the fact that we would grow our backlog
would  not  be  necessarily  indicative of future net sales or net income. While
orders for certain products may be shipped within 90 days, other orders may take
longer  depending  on  the  size  and  complexity  of  the  display.

COMPETITION

     The computer-programmable information display industry is highly fragmented
and  characterized by intense competition in certain markets. There are a number
of  established  manufacturers of competing products who may have greater market
penetration  in  certain market niches or greater financial, marketing and other
resources  than  Giantek.  Because  a  customer's  budget  for the purchase of a
computer-programmable  information  display  is  often  part  of that customer's
advertising  budget,  Giantek  may also compete with other forms of advertising,
such  as  television, print media or fixed display signs. Competitors might also
attempt  to  copy  Giantek's  products  or  product  features.

     Many  of  the  Giantek's  competitors  compete  in only one or a few of the
market niches served by us. There are generally more competitors in markets that
require  less  complicated  information display systems, such as the high school
scoreboard  market and the commercial market for time and temperature or message
displays  used  by  banks  and  small  retail stores. As the needs of a customer
increase  and  the  display  systems  become  more  complex,  there  are  fewer
competitors.  Nevertheless,  competition may be intense even within markets that
require  more  complex  display  systems.

     Giantek  competes  based  on  its  broad  range  of  products and features,
advanced  technology,  prompt  delivery,  and  reliable  and  readily  available
customer  service.  Giantek  also strives to provide cost effective products and
solutions  for its customers. Contrary to the Giantek's focus on technologically
advanced  products  and  customer  support,  certain  companies  compete in some
markets  by  providing lower cost display systems which, in our belief, are of a
lesser quality with lower product performance or customer support. If a customer
focuses  principally  on  price,  Giantek  is less likely to obtain the sale. To
remain  competitive,  Giantek  must  continue  to enhance its existing products,
introduce  new  products  and  product  features,  and  provide  customers  cost
effective  solutions  to  their  scoring  or  display  needs.

GOVERNMENT  AND  OTHER  REGULATION

     In  the  United  States  and  other countries, various laws and regulations
restrict the installation of outdoor signs and computer-programmable information
displays.  These  regulations  may  impose  greater  restrictions  on
computer-programmable  information  displays  due  to  alleged  concerns  over
aesthetics  or  driver  safety  if  a "moving" display is located near a road or
highway.  These  factors  may  prevent  Giantek  from  selling  products to some
prospective  customers.

     Giantek's  printed  circuit  board  manufacturing  operations  use  certain
chemical  processes  that  are  subject  to  various  environmental  rules  and
regulations.  Giantek's  manufacturing  operations must also meet various safety
related  rules  and  regulations.  Giantek believes it is in material compliance
with  all  applicable  governmental  laws  and  regulations.  Since  our primary
manufacturing  operation are located outside the United States, we believe these
factors  to  have  little  or  no  impact  on  our  business.

EMPLOYEES

     Giantek  currently employs approximately 35 full time employees and 10 part
time  and  temporary  employees.  Of  these  employees, approximately 22 were in
manufacturing, 6 in sales, marketing and customer service, 3 in engineering, and
4  in administration. None of Giantek's employees is represented by a collective
bargaining  agreement.  We believe our employee relations are good. The Board of
Directors  has agreed to provide Giantek employees with 100,000 shares of common
stock  over  the  next  two  years  for  their  services.

OUR  LAND  DEVELOPMENT  BUSINESS:
---------------------------------

     We  have  a  real estate real estate development business. Real estate land
development  consists  of  purchasing  the land, and actually completing all the
evaluations  at  our  own  expense,  as  follows:
     Providing  site  inspections;
     Reviewing environmental engineering reports;
     Arranging for surveyors to determine property lines;
     Encroachments, where lakes and environmental impacts are located in
     conjunction to the developable land;
     Obtaining bank financing;
     Completing zoning approvals

     We  have  targeted  North  Carolina  as our principal market. In Charlotte,
North  Carolina,  approximately 10,000 single housing units are being built each
year.  An  additional  5,000  units  are  being  built each year in the counties
surrounding  Charlotte.

     We  have  targeted South Carolina to a lesser extent. We have not conducted
any  real  estate  development in South Carolina or have any contracts providing
for  any  real  estate  development.  In  addition,  we  have  not developed any
contacts  with  developers,  subcontractors  or any other real estate affiliated
entities to assist us in conducting our business in South Carolina. We currently
do  not  have  a timetable for targeting properties in South Carolina and do not
expect to do so until our real estate development is underway in North Carolina.

     Our  success will be dependent upon implementing our plan of operations and
the  risks associated with our business plans. We operate a land development and
resale  business  in the Charlotte, North Carolina area. We also plan to provide
land  development  consulting  services  to  various  unrelated  developers  and
builders. We plan to strengthen our position in these markets. We plan to expand
our  operations  through  our  acquisition  and/or  development of land parcels.

     We  presently have no land parcels available for resale, nor do we have any
contracts  to  purchase  land  parcels.  In  addition,  we  are not currently in
negotiations  for  the  purchase of any land parcels. We anticipate that we will
begin  to locate and negotiate for the purchase of land tracts in North Carolina
during  the  third  quarter  of  2002. We hope to acquire additional real estate
parcels this year, and to utilize the proceeds from the resale of those parcels,
along with its revenues from consulting services, to pay our operating costs for
the  next twelve months; however, there are no assurances that this revenue will
be sufficient to cover our operating costs. Accordingly, if our revenues are not
sufficient,  we  will  rely  upon capital infusions from our president; however,
there are no assurances that our president will have sufficient funds to provide
such  capital  infusions.

OUR REAL ESTATE CONSULTING BUSINESS:
------------------------------------

     Our  real  estate  consulting  business,  on  the  other  hand,  performs
essentially  the  same tasks as our real estate development business, but is not
responsible  for  actually  completing and paying for the labor to be completed.
Additionally,  with  consulting  one  of  our  primary objectives is to link the
seller  and buyer together and help the buyer achieve these evaluations at their
expense.

LAB ON A CHIP DEVELOPMENT DISCONTINUED
--------------------------------------

     During the first quarter of 2002, the Company announced that it was seeking
development  of 'Lab on a Chip' technology. Lab on a Chip is a prototype testing
device that can perform laboratory functions such as air, water or blood testing
from  a  small desktop device which produces real-time data results. The company
was  not  producing  the technology 'in-house' as part of its normal operations,
but  rather  was seeking licensing and production rights from an unrelated third
party.  As  of the date of this report, the Company has suspended development in
this  area  to  remain focused in its core businesses. The Company did not incur
any  material  expenses  relating  to  the  Lab  on  a  Chip  developments.

REPORTS  TO  SECURITY  HOLDERS.

     We  file  quarterly,  annual  and  other  reports  with  the Securities and
Exchange  Commission.  Our annual report contains the required audited financial
statements.  We are not required to deliver an annual report to security holders
and  will  not  voluntarily  deliver a copy of the annual report to the security
holders.  The  reports  and  other information filed by us will be available for
inspection and copying at the public reference facilities of the Commission, 450
Fifth  Street,  N.W.,  Washington,  D.C.  20549.

     Copies  of  such material may be obtained by mail from the Public Reference
Section  of the Commission at 450 Fifth Street, N.W., Washington, D.C. 20549, at
prescribed rates.  Information on the operation of the Public Reference Room may
be  obtained  by  calling the SEC at 1-800-SEC-0330. In addition, the Commission
maintains  a  World  Wide  Website  on  the  Internet at http://www.sec.gov that
contains  reports,  proxy  and  information  statements  and  other  information
regarding  registrants  that  file  electronically  with  the  Commission.

Item 2. Properties

     Xenicent  maintains  offices  in the United States and Taiwan. The domestic
address is P.O. Box 243, Chimney Rock, North Carolina 28720. Our primary offices
in  Taipei,  Taiwan are located at No. 52 Po-Ai Road, 7th Floor, Taipei, Taiwan,
R.O.C.  We  occupy  over  10,000 square feet of administrative and manufacturing
space.  The  building  and  land  are owned by Giantek and there are no separate
rental  agreements.  We  believe  that  we  currently  have sufficient space and
computer  systems  to  carry  on  our  operations  for  the  foreseeable future.

Item  3.  Legal  Proceedings

     The  Company  is  not a party to any legal proceedings, nor, to the best of
its  knowledge,  is  any  such  proceedings  threatened  or  contemplated.

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

No  matter  was  submitted  to  a  vote  during  the  fourth  quarter.









                                     PART II
                                     -------

Item  5.  Market  for  the Registrant's Common Stock and Related Security Holder
Matters

 (a) Our common stock is currently quoted on the Over-the-Counter Bulletin Board
(OTC  BB) under the ticker symbol "XCNT."  The OTC BB is an electronic quotation
system  whereby  market  participants (licensed broker/dealers) make markets and
execute  trades  in their sponsored securities. Our Company began trading on the
OTC  BB  in  July  of  2001.

     The  following quotations were provided by the OTC BB, and do not represent
actual  transactions;  these quotations do not reflect dealer markups, markdowns
or  commissions.
<TABLE>
<CAPTION>


     STOCK QUOTATIONS*

      CLOSING BID


<S>                  <C>    <C>
Period: . . . . . .  High   Low
-------------------------------------
7/1/01 to 9/30/01*.  $2.50  $0.16
10/1/01 to 12/31/01  $2.05  $1.30
1/1/02 to 3/31/02 .  $1.20  $ .92
4/1/02 to 6/30/02 .  $ .90  $ .30
7/1/02 to 9/30/02 .  $ .39  $ .14
10/1/02 to 12/31/02  $ .50  $ .10
</TABLE>



*     Xenicent's  common  stock had not traded before the third calendar quarter
of  2001.

(b)  Holders.

     The approximate number of record holders of Xenicent's securities as of the
date  of  this  report  is  approximately  175.

(c)  Dividends.

     Xenicent  has  not  declared  any cash dividends with respect to its common
stock,  and does not intend to declare dividends in the foreseeable future.  The
future  dividend  policy  of  Xenicent cannot be ascertained with any certainty.
There  are  no  material restrictions limiting, or that are likely to limit, our
ability  to  pay  dividends  on  our  securities.








Item  6.  Management's  Discussion  and  Analysis
<TABLE>
<CAPTION>


Selected Financial Data
-----------------------

For  the  year  ended  December  31,  2002  and  2001.


<S>                          <C>          <C>
                                   2002       2001
                             -----------  ---------

  Revenues. . . . . . . . .  $  639,890   $ 19,699

  Net Loss. . . . . . . . .    (538,700)   (59,664)
  Net Loss per Common Share        (.06)      (.01)
  Weighted Average Common
   Shares Outstanding . . .   9,501,000  8,833,083
</TABLE>



<TABLE>
<CAPTION>


At December 31, 2002 and 2001


<S>                        <C>       <C>
                               2002     2001
                           --------  -------

  Total Assets. . . . . .  $943,480  $16,439
  Working Capital Deficit   140,310    8,919
  Shareholders' Equity. .   115,514    8,919
</TABLE>



No  dividends  have  been  declared  or  paid  during  the  period  presented.

Results of Operations
---------------------

     For the years ended December 31, 2002 and 2001.

Sales.

          LED Display System sales. Sales relating to Giantek for the year ended
December  31,  2002  were  $639,890  which  represents  sales  from July 1, 2003
(acquisition  date) through December 31, 2003. All sales were from manufacturing
and  installations  of  our  LED  display  systems.

          Land Consulting Services. Revenues of $19,699 for the 2001 period were
derived  from  construction  related consulting activities. We typically perform
the  following  services  during  our  consulting  engagements:
     Locate property for investment and development.
     Gain appropriate zoning approval.
     Assist in scheduling contractors to complete property improvements.
     Assist in planning the development; and
     Assist in surveying and mapping of the property.

          All  revenues  were  from  unrelated  third  parties.

Cost of Sales.

     The  cost  of  sales  in  for the year ended December 31, 2002 was $515,923
which consisted of material, labor and other direct expenses associated with the
manufacturing  and  installations of our LED Display Systems. There were no cost
of  sales  amounts  for  2001  as  revenues  were  from our consulting services.

          We  expect  cost  of  sales as a percentage of sales to decrease as we
pursue  larger  development  projects  that yield lower margins, on a percentage
basis.  However,  we expect this to be somewhat offset by the strong real estate
market  in  the  North  Carolina  area.

Expenses.

          Total  expenses  for the year ended December 31, 2002 were $507,960 as
compared  to  $77,782 over the same period in 2001. This represented an increase
of  $430,178.  The  increase  in  total  expenses  was primarily due to selling,
general  and  administrative  expenses  from Giantek and common stock issued for
services  during  the  year,  which  were  $233,555  and $144,500, respectively.

          We  expect  increases in expenses through the year 2003 as the Company
moves  toward  new  developments  in  its  business  plan.

Income  Taxes

          The  Company did not have any material income tax expense during 2002.
At  December  31,  2002,  we  had deferred tax assets of $204,096 resulting from
temporary  tax differences and net operating losses. The deferred tax credit was
reduced  by  a  valuation  allowance  of  the  same  amount

Income/ Losses.

          Net loss for the year ended December 31, 2002 was $538,700 as compared
to a net loss of $59,664 over the same period in 2001. The losses were primarily
attributable top the loss from Giantek and for non-cash expenses associated with
issuing  stock for services. Due to an increase in our level of sales and orders
as of May 12, 2003, we expect to achieve profitability in 2003 and have positive
cash  flows  from  operations.  However,  there  can  be  no  assurance that our
forecasts  will  be  met.

Impact  of  Inflation.

We  believe  that  inflation  has had a negligible effect on operations over the
past  three  years.  We believe that it can offset inflationary increases in the
cost  of  labor  by  increasing  sales  and  improving  operating  efficiencies.

Liquidity  and  Capital  Resources.

          Cash  flows  generated  by operations were a negative $268,927 for the
year  ended  December  31,  2002 as compared with a negative $33,834 in the same
period  in  2001.  Negative  cash  flows  from  operation in 2002 were primarily
attributable  to our loss from operations, partially offset by the $189,650 from
common  stock  issued  for  services  and $144,500 from an inventory write-down.

          Cash  flows  from  investing  activities  for  2002  were  a  positive
$112,351,  which included the purchase of subsidiaries assets of $42,759, a loss
on  impairment  of  an  asset  of  $179,000, partially offset by acquisitions of
property  plant  and  equipment  of  $109,408.

          Cash  flows  generated from financing activities were $309,682 for the
year  ended  December  31,  2002  as  compared  with $324 cash used in financing
activities  over  the  same  period  in  2001.  This  cash  provided in 2002 was
primarily  attributable  to  $321,370  in  proceeds  short-term  notes which are
secured  by  land  and  the building owned by Giantek and bear variable interest
between  6.8%  and  7.45% per annum. Proceeds and repayment on stockholder loans
were  related  to transactions for the period with Duane Bennett, our President.
Mr. Bennett's stockholder loan is unsecured, due on demand and bears interest at
6%  per  annum.  The  stockholder loan balance was $41,459 at December 31, 2002.

          Overall, we have funded our cash needs from inception through December
31,  2002  with a series of debt and equity transactions, primarily with related
parties.  If  we are unable to receive additional cash from our related parties,
we  may  need  to  rely on financing from outside sources through debt or equity
transactions.  Our  related  parties are under no legal obligation to provide us
with  capital  infusions. Failure to obtain such financing could have a material
adverse  effect  on  operations  and  financial  condition.

          We  had  cash  on  hand  of  $120,970 and a working capital deficit of
$140,310  as  of December 31, 2002. As of December 31, 2001, we had cash on hand
of  $11,219  and  working  capital  of $8,919. We will substantially rely on the
existence  of  revenue  from  our  led  display  system  manufacturing and sales
businesses;  however,  we  have  no  current  or  projected  revenues or capital
reserves  that  will  sustain  our  business  for  the  next  12 months.  If the
projected  revenues  fall short of needed capital we will not be able to sustain
our  capital  needs  for  more  than  six  months.  We  will then need to obtain
additional capital through equity or debt financing to sustain operations for an
additional  year.  A lack of significant revenues beginning in the first half of
2003  will significantly affect our cash position and move us towards a position
where  the  raising of additional funds through equity or debt financing will be
necessary.  Our  current  level  of  operations  would  require  capital  of
approximately  $150,000 to sustain operation through year 2003 and approximately
$200,000  per year thereafter. Modifications to our business plans or additional
property  acquisitions  may  require additional capital for us to operate. There
can  be no assurance that additional capital will be available to us when needed
or  available  on  terms  favorable  to  the  Company.



          On  a  long-term  basis,  liquidity  is  dependent on continuation and
expansion  of  operations,  receipt  of  revenues,  and  additional infusions of
capital  and  debt  financing.  We  are  considering  increasing  our  domestic
marketing efforts in 2003.  Our current capital and revenues are insufficient to
fund  such development.  If we choose to launch such a campaign, we will require
substantially more capital.  If necessary, we will raise this capital through an
additional  stock offering.  The funds raised from this offering will be used to
acquire  and develop marketing slots as well as train personnel an contribute to
working  capital.  However,  there  can  be no assurance that we will be able to
obtain  additional equity or debt financing in the future, if at all.  If we are
unable  to  raise  additional  capital,  our  growth potential will be adversely
affected  and we will have to significantly modify our plans. For example, if we
unable to raise sufficient capital to develop our business plan, we may need to:
     Decrease  our  planned  marketing  efforts
     Seek additional manufacturing projects, which are less capital intensive,
     in lieu of larger contract projects, or
     Seek projects that are outside our immediate area, which may offer less
     profit potential.

          Demand  for  the our products and services will be dependent on, among
other  things,  market  acceptance  of  our  products, the advertising market in
general,  and  general  economic  conditions,  which  are  cyclical  in  nature.
Inasmuch  as  a  major portion of our activities is the receipt of revenues from
led  display  systems,  our business operations may be adversely affected by our
competitors  and  prolonged  recession  periods.

     Our  success will be dependent upon implementing our plan of operations and
the  risks  associated  with  our  business  plans.  We  primarily  operate  an
international manufacturing and sales company that produces led display systems.
We  also  provide  land  development  consulting  services  to various unrelated
developers  and  builders.  We plan to strengthen our position in these markets.

Going  Concern.

     As  indicated  in  our  accompanying  financial  statement, our independent
auditors  have expressed doubt as to whether we can continue as a going concern.
The  ability  of  the  Company  to  continue  as a going concern is dependent on
developing operations, increasing revenues and obtaining new capital. Management
has  enacted  the  following  plan:  (1)  hire  and  train a U.S. sales force to
increase  domestic  sales,  and  (2) resolve its liquidity problems, principally
through  increasing  Giantek's  U.S.  sales  and secondly through debt or equity
capital  raising.


Item  7.  Financial  Statements


               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
               --------------------------------------------------


To the Board of Directors and Shareholders of
Xenicent, Inc. and subsidiary


We  have audited the accompanying consolidated balance sheet of Xenicent, Inc. &
subsidiary  as  of  December 31, 2002 and the related consolidated statements of
operations,  stockholders'  equity,  and cash flows for the years ended December
31,  2002  and  2001.  These  consolidated  financial  statements  are  the
responsibility  of the Company's management. Our responsibility is to express an
opinion  on  these  consolidated  financial  statements  based  on  our  audits.

We conducted our audits in accordance with auditing standards generally accepted
in  the  United  States  of  America.  Those  standards require that we plan and
perform  the audit to obtain reasonable assurance about whether the consolidated
financial  statements  are  free  from  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 consolidated financial statements referred to above present
fairly,  in  all  material  respects, the financial position of Xenicent, Inc. &
subsidiary  as  of  December 31, 2002, and the results of its operations and its
cash  flows  for  the  years ended December 31, 2002 and 2001 in conformity with
accounting  principles  generally  accepted  in  the  United  States of America.

The  accompanying  consolidated financial statements have been prepared assuming
the  Company  will continue as a going concern. As discussed in Note B, notes to
the  consolidated  financial  statements,  the  Company  has  suffered recurring
losses, has yet to generate an internal cash flow, has not provided capital or a
sales  forces to its subsidiary which raises substantial doubt about its ability
to  continue  as  a going concern. Management's plans in regard to these matters
are  described  in  Note B. The consolidated financial statements do not include
any  adjustments  that  might  result  from  the  outcome  of  these  risks  and
uncertainties.


Perrella & Associates, P.A.
Pompano Beach, Florida
April 14, 2003 except for Notes B and C
 which is as of May 7, 2003




<TABLE>
<CAPTION>


                           XENICENT, INC. & SUBSIDIARY
                           CONSOLIDATED BALANCE SHEET
                                DECEMBER 31, 2002

<S>                                                          <C>
                                     ASSETS
                                     ------
CURRENT ASSETS:
  Cash. . . . . . . . . . . . . . . . . . . . . . . . . . .  $  120,970
  Accounts receivable, net. . . . . . . . . . . . . . . . .     290,526
  Inventory . . . . . . . . . . . . . . . . . . . . . . . .     490,586
  Note receivable . . . . . . . . . . . . . . . . . . . . .       2,880
  Other current assets. . . . . . . . . . . . . . . . . . .      38,518
                                                           ------------
  TOTAL CURRENT ASSETS. . . . . . . . . . . . . . . . . . .     943,480
                                                           ------------
PROPERTY, PLANT AND EQUIPMENT:
  Property, plant and equipment, net of accumulated
    depreciation of $11,757 . . . . . . . . . . . . . . . .     579,234
                                                           ------------
OTHER ASSETS:
  Investment in non-marketable securities, net of allowance
    net of allowance of $179,000. . . . . . . . . . . . . .      76,000
  Other assets. . . . . . . . . . . . . . . . . . . . . . .      49,726
                                                             ----------
  TOTAL OTHER ASSETS. . . . . . . . . . . . . . . . . . . .     125,726
                                                             ----------
    TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . .  $1,648,440
                                                             ==========





</TABLE>





    The accompanying notes are an integral part of these financial statements





<TABLE>
<CAPTION>



                           XENICENT, INC. & SUBSIDIARY
                           CONSOLIDATED BALANCE SHEET
                                DECEMBER 31, 2002

<S>                                                                <C>
                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------
CURRENT LIABILITIES:
  Short-term borrowings . . . . . . . . . . . . . . . . . . . . .  $   613,440
  Notes payable . . . . . . . . . . . . . . . . . . . . . . . . .       83,144
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . .       65,298
  Loan payable to stockholder . . . . . . . . . . . . . . . . . .       41,459
  Due to related parties. . . . . . . . . . . . . . . . . . . . .      211,881
  Other current liabilities . . . . . . . . . . . . . . . . . . .       68,568
                                                                 --------------
    TOTAL CURRENT LIABILITIES . . . . . . . . . . . . . . . . . .    1,083,790
                                                                 --------------

MINORITY INTEREST IN SUBSIDIARY . . . . . . . . . . . . . . . . .      449,136
                                                                 --------------

STOCKHOLDERS' EQUITY:
  Preferred stock ($.001 par value, 5,000,000 shares authorized:
  none issued and outstanding). . . . . . . . . . . . . . . . . .          -0-
  Common stock ($.001 par value, 50,000,000 shares authorized:
  10,182,000 issued and outstanding). . . . . . . . . . . . . . .       10,182
  Additional paid-in-capital. . . . . . . . . . . . . . . . . . .    1,170,710
  Retained deficit. . . . . . . . . . . . . . . . . . . . . . . .   (1,022,023)
  Accumulated other comprehensive loss, foreign currency
  translation adjustment. . . . . . . . . . . . . . . . . . . . .      (43,355)
                                                                 --------------
    TOTAL STOCKHOLDERS' EQUITY. . . . . . . . . . . . . . . . . .      115,514
                                                                 --------------
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY. . . . . . . . . .  $ 1,648,440
                                                                 ==============
</TABLE>

















    The accompanying notes are an integral part of these financial statements

<TABLE>
<CAPTION>


                           XENICENT, INC. & SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                 FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001

<S>                                     <C>          <C>
                                              2002         2001
REVENUE AND COST OF SALES:
  Sales. . . . . . . . . . . . . . . .  $  639,890   $   19,699
  Cost of sales. . . . . . . . . . . .    (515,923)         -0-
                                      -------------  -----------
    Gross Profit . . . . . . . . . . .     123,967       19,699
                                      -------------  -----------
OPERATING EXPENSES:
  Selling, general and administrative.     507,960       77,782
                                      -------------  -----------
    TOTAL EXPENSES . . . . . . . . . .     507,960       77,782
                                      -------------  -----------
      OPERATING LOSS . . . . . . . . .    (383,993)     (58,083)
                                      -------------  -----------
OTHER  INCOME (EXPENSE):
  Interest income. . . . . . . . . . .         652          -0-
  Interest expense . . . . . . . . . .     (20,313)      (1,581)
  Foreign exchange adjustment. . . . .         101          -0-
  Loss from asset impairment of
    non-marketable securities. . . . .    (179,000)
  Other income (expense) . . . . . . .     (31,571)         -0-
                                      -------------  -----------
    TOTAL OTHER (EXPENSE). . . . . . .    (230,131)      (1,581)
                                      -------------  -----------
      NET LOSS BEFORE
        MINORITY INTEREST. . . . . . .    (614,124)     (59,664)
                                      -------------  -----------
      MINORITY INTEREST IN
        LOSS  OF SUBSIDIARY. . . . . .      75,424          -0-
                                      -------------  -----------
      NET LOSS . . . . . . . . . . . .  $ (538,700)  $  (59,664)
                                      =============  ===========
  Net loss per common share
  Basic & fully diluted. . . . . . . .  $    (0.06)  $    (0.01)
                                      =============  ===========
  Weighted average common
  shares outstanding . . . . . . . . .   9,501,000    8,833,083
                                      =============  ===========

</TABLE>






    The accompanying notes are an integral part of these financial statements




<TABLE>
<CAPTION>


                                   XENICENT, INC. & SUBSIDIARY
                   CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                         FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001

<S>                                     <C>         <C>      <C>         <C>           <C>
                                                     Common     Additional             Accumulated
                                        Common        Stock     Paid-in      Retained  other comprehen-
                                        Shares      $.001 Par   Capital     (Deficit)  sive loss
                                      ----------------------------------------------------------
Balances, January 1, 2001. . . . . . .   8,832,000  $ 8,832  $  468,460  $  (423,659)  $    -0-

Issuances of common stock for services      13,000       13      14,937          -0-        -0-

Net loss . . . . . . . . . . . . . . .         -0-      -0-         -0-      (59,664)       -0-
                                      ----------------------------------------------------------
Balances, December 31, 2001. . . . . .   8,845,000  $ 8,845  $  483,397  $  (483,323)  $    -0-

Stock issued for services received . .     427,000      427     189,223          -0-        -0-

Stock issued in connection with
acquisitions . . . . . . . . . . . . .     910,000      910     498,090          -0-        -0-

Foreign currency adjustment. . . . . .         -0-      -0-         -0-          -0-    (43,355)

Net loss . . . . . . . . . . . . . . .         -0-      -0-         -0-     (538,700)       -0-
                                      ----------------------------------------------------------
Balances, December 31, 2002. . . . . .  10,182,000  $10,182  $1,170,710  $(1,022,023)  $(43,355)
                                      ==========================================================
</TABLE>






    The accompanying notes are an integral part of these financial statements








<TABLE>
<CAPTION>



                           XENICENT, INC. & SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                 FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001

<S>                                                      <C>         <C>
                                                              2002       2001
CASH FLOWS FROM OPERATING ACTIVITIES:                   -----------  ---------
  Net loss. . . . . . . . . . . . . . . . . . . . . . .  $(538,700)  $(59,664)
  Adjustments to reconcile net loss to net
  cash used in operating activities:
    Minority interests. . . . . . . . . . . . . . . . .    (75,424)         -
    Depreciation. . . . . . . . . . . . . . . . . . . .      7,677        680
    Common stock issued for services. . . . . . . . . .    189,650     14,950
    Loss on inventory valuation . . . . . . . . . . . .    144,500          -
    (Increase )decrease in operating assets:
      Accounts receivable . . . . . . . . . . . . . . .    (22,511)         -
      Inventory . . . . . . . . . . . . . . . . . . . .        447          -
      Other current assets. . . . . . . . . . . . . . .    (10,735)    (2,500)
      Recoverable income taxes. . . . . . . . . . . . .          -     12,700
      Other assets. . . . . . . . . . . . . . . . . . .     64,274          -
    Increase (decrease) in operating liabilities:
      Accounts payable and accrued expenses . . . . . .    (74,630)         -
      Other current liabilities . . . . . . . . . . . .     46,525          -
                                                         ----------  ---------
      NET CASH USED IN OPERATING ACTIVITIES . . . . . .   (268,927)   (33,834)
                                                         ----------  ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of subsidiary assets . . . . . . . . . . . .     42,759          -
  Loss from asset impairment of non-marketable security    179,000
  Acquisitions of property, plant and equipment . . . .   (109,408)         -
                                                         ----------  ---------
      NET CASH USED IN INVESTING ACTIVITIES . . . . . .    112,351          -
                                                         ----------  ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from short-term notes. . . . . . . . . . . .    321,370          -
  Proceeds from notes payable . . . . . . . . . . . . .        824          -
  Repayments on related party loans . . . . . . . . . .    (46,451)         -
  Proceeds from stockholder loans . . . . . . . . . . .     33,939        324
                                                         ----------  ---------
      NET CASH PROVIDED BY FINANCING ACTIVITIES . . . .    309,682        324
                                                         ----------

  Effect of exchange rate changes on cash . . . . . . .    (43,355)         -


      NET INCREASE (DECREASE) IN CASH AND . . . . . . .    109,751    (33,510)
      CASH EQUIVALENTS
                                                         ----------  ---------
CASH AND CASH EQUIVALENTS:
      Beginning of year . . . . . . . . . . . . . . . .     11,219     44,729

      End of period . . . . . . . . . . . . . . . . . .  $ 120,970   $ 11,219
                                                         ----------  ---------

SUPPLEMENTAL CASH FLOW DISCLOSURES AND NON-CASH
  INVESTING  INFORMATION:
  Common stock issued in connection with acquisitions .  $ 499,000   $    -0-
                                                         ----------  ---------

</TABLE>




    The accompanying notes are an integral part of these financial statements









                           XENICENT, INC. & SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                 FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
---------------------------------------------------

Organization  - Xenicent, Inc. (the "Company"), a holding company, was organized
------------
under  the  laws  of  the  State  of  North  Carolina  on  July  20,  1996.

In  2002, the Company purchased sixty percent of Giantek Technology Corporation,
("Giantek"),  a  corporation  formed  according  to  the laws of the Republic of
China.  All  intercompany  transactions  and  accounts  have  been eliminated in
consolidation.

The  Company,  through  its  subsidiary  Giantek,  is  engaged  in  designing,
manufacturing  and selling computer software, hardware and peripheral equipment.
More  specifically,  Giantek provides light emitting diode (LED) display systems
to  commercial  and  governmental  entities  worldwide.

Cash  and  Cash  Equivalents  - For purposes of the Statement of Cash Flows, the
----------------------------
Company  considers  liquid investments with an original maturity of three months
or  less  to  be  cash  equivalents.

Inventories  -  Inventories  are stated at the lower of cost or market.  Cost is
-----------
determined  by  the moving weighted-average method; while market is based on net
realizable  value  for  finished  goods and merchandise and replacement cost for
other  inventory  items.

Property,  Plant and Equipment - Property, plant and equipment is stated at cost
------------------------------
less  accumulated  depreciation.  Expenditures  that would increase the value or
extend  the  useful  life  of  property,  plant  and  equipment are capitalized.
Depreciation is provided on a straight-line basis over the estimated useful life
of  the  assets.

Impairment of Long-Lived Assets -The Company evaluates the recoverability of its
-------------------------------
property  and  equipment  and  other  assets  in  accordance  with  Statement of
Financial  Accounting  Standards  No.144,  "Accounting  for  the  Impairment  or
Disposal  of  Long-Lived  Assets"("SFAS 144").  SFAS 144 requires recognition of
impairment  of  long-lived assets in the event the net book value of such assets
exceeds the estimated future undiscounted cash flows attributable to such assets
or  the  business  to  which such assets relate.  SFAS 144 excludes goodwill and
intangible  assets.  When  an  asset  exceeds  its  expected  cash  flows, it is
considered to be impaired and is written down to fair value, which is determined
based  on either discounted future cash flows or appraised values.   The Company
adopted the statement on January 1, 2002.  No impairments were recognized during
the  year  ended  December  31,  2002



NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
---------------------------------------------------------------

Foreign  Currency  Translation  -  The  Company's  non-U.S.  operation  uses its
------------------------------
respective  local  currency.  The  effects of translating the financial position
and  results  of operations of the foreign currency into U.S. dollars is $43,516
as  of  December  31,  2002,  and is included as accumulated other comprehensive
income,  a  separate  component  of  Stockholders'  Equity.

Advertising  Costs  -  Advertising  costs  are  expensed  as  incurred.
------------------

Income  Taxes  -  Income  taxes  are  provided  in  accordance with Statement of
-------------
Financial  Accounting  Standards  No. 109 (SFAS No. 109), "Accounting for Income
Taxes."  A  deferred  tax  asset  or  liability  is  recorded  for all temporary
differences  between  financial  and  tax  reporting  and  net  operating
loss-carryforwards.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of
management, it is more likely than not that, some portion or all of the deferred
tax asset will not be realized. Deferred tax assets and liabilities are adjusted
for  the  effect  of  changes  in  tax  laws and rates on the date of enactment.

Earnings  per  Share  - Statement of Financial Accounting Standard (SFAS) No.128
--------------------
requires dual presentation of basic and diluted EPS with a reconciliation of the
numerator  and  denominator  of  the  EPS computations. Basic earnings per share
amounts are based on the weighted average shares of common stock outstanding. If
applicable, diluted earnings per share would assume the conversion, exercise, or
issuance of all potential common stock instruments such as options, warrants and
convertible  securities,  unless  the  effect  is  to  reduce a loss or increase
earnings  per  share.  Accordingly,  this  presentation has been adopted for the
years  presented.  There  were no adjustments required to net loss for the years
presented  in  the  computation  of  diluted  earnings  per  share.

Management's  Use  of  Estimates  -  The  preparation of financial statements in
--------------------------------
conformity  with  accounting  principles generally accepted in the United States
requires  management  to make estimates and assumptions that affect the reported
amounts  of  assets  and  liabilities,  disclosures  of  contingent  assets  and
liabilities  at  the  date  of  financial statements and the reported amounts of
revenues  and  expenses during the reporting period. Actual results could differ
from  those  estimates.

Recent  Accounting  Pronouncements   -  In  June  2001, the Financial Accounting
----------------------------------
Standards  Board  issued  Statement  of  Financial  Accounting  Standards (SFAS)
No.143,  "Accounting  for  Asset  Retirement  Obligations"  which  addresses the
accounting  and  reporting  for  obligations  associated  with the retirement of
tangible  long-lived  assets  and  the associated retirement costs. SFAS No. 143
requires  that  the fair value of a liability for an asset retirement obligation
be  recognized in the period in which it is incurred if a reasonable estimate of
fair  value  cannot  be made. SFAS No. 143 is effective for financial statements



NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
---------------------------------------------------------------

issued  for  fiscal  years  beginning  after June 15, 2002. The Company does not
expect SFAS No. 143 to have a material effect on its financial condition or cash
flows.

In  April  of  2002,  Statement of Financial Accounting Standards (SFAS) No. 145
was issued, which rescinded SFAS Statements No. 4, 44 and 64, amended No. 13 and
contained technical corrections.  As a result of SFAS 145, gains and losses from
extinguishments  of  debt will be classified as extraordinary items only if they
meet  the  criteria  in APB Opinion No. 30, that they are unusual and infrequent
and  not  part of an entity's recurring operations.  The Company does not expect
SFAS No. 145 to have a material effect on its financial condition or cash flows.

In  July  2002,  the  FASB  issued  SFAS 146, which addresses significant issues
regarding  the  recognition,  measurement,  and  reporting  of  costs  that  are
associated with exit and disposal activities, including restructuring activities
that  are  currently  accounted  for  pursuant to the guidance that the Emerging
Issues  Task  Force  ("EITF")  has  set forth in EITF Issue No. 94-3, "Liability
Recognition for Certain Employee Termination Benefits and Other Costs to Exit an
Activity  (Including  Certain  Costs  Incurred  in  a Restructuring)".  SFAS 146
revises  the  accounting  for  certain  lease  termination  costs  and  employee
termination  benefits,  which  are  generally  recognized  in  connection  with
restructuring  charges.  The  provisions  of  SFAS 146 are effective for exit or
disposal  activities  that  are  initiated after December 31, 2002.  The Company
does not expect SFAS 146 to have an impact its financial statements once adopted
on  January  1,  2003.

In November 2002, the FASB issued Interpretation No. 45 ("FIN 45"), "Guarantor's
Accounting  and  Disclosure  Requirements  for  Guarantee,  Including  Indirect
Guarantees  of
Indebtedness  of  Others",  which  addresses  the  disclosures  to  be made by a
guarantor  in  its interim and annual financial statements about its obligations
under  guarantees.  FIN  45
also  requires the recognition of a liability by a guarantor at the inception of
certain  guarantees  that  are entered into or modified after December 31, 2002.

NOTE  B  -  ACQUISITIONS
------------------------

On June 27, 2002, the Company acquired sixty percent (60%) of Giantek Technology
Corporation,  a  corporation formed under the laws of the Republic of China that
manufactures  light  emitting  diode  (LED)  display systems. The Company issued
610,000  shares of it common stock in exchange for the 60% interest in Giantek's
assets.  A  summary  of  the  costs  of  the  acquisition  is  as  follows:

     Common  stock  issued                         $   244,000
     Assumption  of  Giantek  liabilities              794,692
                                                  ------------
                                                  $  1,038,692
                                                  ============




NOTE  B  -  ACQUISITIONS  (CONTINUED)
-------------------------------------

The  transaction  was accounted for as a purchase.  Accordingly, the assets were
allocated  as  follows:

     Cash                                   $     42,759
     Inventories                                 635,533
     Accounts  Receivable                        268,015
     Property,  Plant  &  equipment              474,783
     Other  Assets                               142,162
     Less  Minority  Interest               (    524,560)
                                            -------------
                                            $  1,038,692
                                            =============


The  following  pro forma results of operations (unaudited) which follow, assume
that  the  Giantek  acquisition  of  assets  and  business  had  occurred at the
beginning of each year presented.  The per share data reflects the shares issued
in  connection  with  the  acquisition.

                                              2002           2001
                                              ----           ----

     Revenue                              $  1,063,797     $  1,873,947

     Net  Income  (loss)  after
     minority  interest                   $   (412,112)    $    101,529

     Net  Income  (loss)  per  share      $      (0.04)    $       0.01


These  pro  forma  operations may not be indicative of the results that actually
would  have  occurred if the purchase had been in effect at the beginning of the
periods,  or  of  results  which  may  be  obtained  in  the  future.

Pursuant  to  the  share  exchange  agreement,  dated  June  27,  2002  and  the
modification  to  the share exchange agreement, dated May 5, 2003, with Giantek,
the  Company  has  agreed  to  provide  $750,000 to Giantek for expansion of its
manufacturing  operations. The performance date for this capital contribution is
by  November  30,  2003.  To  date,  the Company has not provided the capital to
Giantek Technology Corporation.  The Company is also required to provide a sales
forces of up to $250,000 in value to assist Giantek in marketing its products in
the  United  States  market.

In addition, the Company guarantees that the combined value of Giantek's 600,000
shares  issued and outstanding will reach a minimum value of $4,500,000 within a
24  month  period from the time Giantek receives its first capital contribution.
Such guaranty is effective as long as Giantek reaches minimum sales goals during
2004  of  $7,000,000  and  net  income  of  $1,000,000.


NOTE  B  -  ACQUISITIONS  (CONTINUED)
-------------------------------------

In  the  event that the guaranteed minimum value for Giantek's shares is not met
within  the said 24 month period, the Company agrees to either 1) pay in cash or
stock  to  the  minority shareholders, and any difference between the actual and
guaranteed value measured as of the end of such 24 month period or 2) return the
Giantek  shares  to the minority shareholders and the minority shareholders keep
the  Company's stock issued and any capital contributions received in connection
with  the  agreement.

On  June  3,  2002,  the  Company  entered  into a Share Exchange Agreement with
Traderight Corporation ("Traderight"), a Florida corporation, to acquire 500,000
shares  of  Traderight stock in exchange for 300,000 shares of Xenicent's common
stock.  Xenicent's  stock  was  trading  at  $0.85  per  share  on  the  date of
acquisition  therefore,  the  cost  basis for this investment is $255,000.   The
investment was made in anticipation that Traderight would offer its stock to the
public  in  an  initial  public  offering  during  2003.  The  certainty of this
offering  of  Traderight stock is not determinable by the Company.  As a result,
an  impairment of the asset value has been recorded in the amount of $179,000 at
December  31,  2002.

NOTE  C  -  GOING  CONCERN  AND  UNCERTAINTY
--------------------------------------------

The  Company  experienced  losses  of $538,700 and $59,664 during 2002 and 2001,
respectively,  and  had  a  net  working  capital  deficiency  of $140,310 as of
December  31,  2002.  The Company has no operations other than the operations of
Giantek,  its  sixty  percent  (60%)  owned  subsidiary.  As of the date of this
report,  the  Company has not provided the $750,000 in operating capital and the
$250,000  for  a  sales  force as described in Note B.  Additionally, should the
Company's  stock  not  increase  to  a  stated value 24 months after the capital
contributions  are  made,  the  agreement  with Giantek may be abrogated and the
Company  will  have  no  operations.

These  factors  raise  substantial  doubt  as  to  the ability of the Company to
continue  as  a  going concern.  Management's plans with regard to these matters
encompass  the  following  actions:

The  Company  intends  to  hire  a  United  States sales force to market Giantek
products  and  services  in  an  attempt to increase revenues.  The Company also
intends  to  pursue  equity  capital  or  debt  funding.

The  Company's  continued existence is dependent upon its ability to resolve its
liquidity  problems,  principally  by  commencing United States sales of Giantek
products.  However, the outcome of management's plans cannot be ascertained with
any  degree of certainty.  The accompanying consolidated financial statements do
not  included  any adjustments that might result from the outcome of these risks
and  uncertainties.





NOTE D - INVENTORIES
--------------------
<TABLE>
<CAPTION>


Inventories at December 31, 2002 consist of the following:


<S>                                        <C>


Materials and supplies. . . . . . . . . .  $ 400,919
Work in process . . . . . . . . . . . . .    199,281
Finished goods. . . . . . . . . . . . . .    194,983
Merchandise . . . . . . . . . . . . . . .      1,547

Subtotal. . . . . . . . . . . . . . . . .    778,586
                                          -----------
Less allowance for inventory obsolescence   (288,000)
                                          -----------
Net . . . . . . . . . . . . . . . . . . .  $ 490,586
                                          -----------

</TABLE>




NOTE E - PROPERTY, PLANT AND EQUIPMENT
--------------------------------------
<TABLE>
<CAPTION>


Property, plant and equipment at December 31, 2002 are comprised of the
following:


<S>                             <C>           <C>            <C>

                                ACCUMULATED   CARRYING
                                COST          DEPRECIATION   VALUE
                                -------------------------------------
Land . . . . . . . . . . . . .  $    315,338  $           -  $315,338
Building and improvements. . .       110,854          1,102   109,752
Machinery and equipments . . .         3,121            645     2,476
Furniture, fixtures and office
equipment. . . . . . . . . . .       161,678         10,010   151,668
                                -------------------------------------
Total. . . . . . . . . . . . .  $    590,990  $      11,757  $579,234
                                -------------------------------------

</TABLE>



The  detail of property, plant and equipment pledged as collateral is summarized
in  Note  E  to  the  financial  statements.

NOTE F - SHORT-TERM BORROWINGS AND PLEDGED ASSETS
-------------------------------------------------

Short-term borrowings at December 31, 2002 consist of the following:


                 INTEREST RATE          AMOUNT
                 -------------          ------

Secured loans     6.80%~7.45%          $613,440


At December 31, 2002 ,  land and building are pledged to secure loans from the
bank.

NOTE  G  -  EQUITY
------------------

During  the  years  ended December 31, 2002 and 2001, the Company issued 427,000
and  13,000,  respectively,  shares  of  its  common  stock  professionals  and
consultants  for  services received. The stock was valued at the market price at
the  time  of  issuance,  yielding  an  aggregate value of $189,650 and $14,950,
respectively.  Of  the  stock  issued  during  the year ended December 31, 2002,
$50,000  was  issued  to  shareholders  of  Giantek for management services. All
amounts  are  included under selling, general and administrative expenses in the
accompanying  financial  statements.

During  the  year  ended December 31, 2002, the Company issued 610,000 shares of
its common stock in connection with its acquisition of 60% of Giantek. The stock
was  valued  at  the market price at the time of issuance, yielding an aggregate
value  of  $244,000.

During  the  year  ended December 31, 2002, the Company issued 300,000 shares of
its  common  stock  in  connection  with  its  acguisition  of 500,000 shares of
Traderight  Corporation,  a  licensed  securities  broker-dealer.  The stock was
valued  at the market price at the time of issuance, yielding an aggregate value
of  $255,000.

Subsequent to the year ended December 31, 2002, the Company issued 50,000 shares
of  its  common  stock  pursuant to the 2003 compensatory plan for Giantek's. In
addition,  the  Company's  Board of Directors has authorized options to purchase
100,000  shares  of  the  Company's  common  stock  at $.85. However, to date no
options  have  been  issued.

NOTE H - INCOME TAXES
---------------------

Deferred  income  tax  assets  for 2002 and 2001 reflect the impact of temporary
differences  between  assets  and liabilities for financial statement and income
tax  purposes.  The  difference  primarily  relates  to  net  operating  losses,
allowance  for  inventory  devaluation, and investment tax credits.  A valuation
allowance has been recorded due to the uncertainty of realizing the net deferred
tax  asset.

The following are temporary differences that gave rise to deferred tax assets at
December  31,  2002:
<TABLE>
<CAPTION>



<S>                                    <C>
U.S. operating loss carryforward. . .  $  48,000
Foreign operations:
  Allowance for inventory devaluation     72,000
  Operating loss carryforward . . . .     76,896
  Investment tax credits and other. .      7,200
                                         204,096
                                       ----------
Less valuation allowance. . . . . . .   (204,096)
                                       ----------
                                       $       -
                                       ----------

</TABLE>





NOTE H - INCOME TAXES (CONTINUED)
---------------------------------

The  Company  had  available  at  December  31,  2002,  a  net  operating  loss
carryforward  from  U.S.  operations  of  $120,000 that could be applied against
taxable  income  in  subsequent  years  through  December 31, 2016.  The foreign
subsidiary  net loss carryforward of $307,000 is available to be applied against
taxable  income  over five years.  The tax effect of the net operating losses is
approximately  $125,000.

In accordance with the income tax law of the Republic of China, corporations are
taxed at a rate of 25% on corporate earnings and 10% on undistributed earnings.
The federal and state statutory rates are 34% and 6%, respectively, for U.S.
operations.


NOTE  I  -  RELATED  PARTY  TRANSACTIONS
----------------------------------------

The  loan  payable  to stockholder at December 31, 2002 consists of an unsecured
note payable to the Company's president. The note bears interest at a rate of 6%
per  annum  and  is  due  on  demand.

The  amount  due  to related party at December 31, 2002 consists of an unsecured
loan  from  an  officer  of  Giantek  for  short-term working capital to fulfill
purchase orders for the Company's products. The amounts due to related party are
due  on  demand  and  are  not  interest  bearing.

NOTE  J  -  SEGMENT  REPORTING
------------------------------

Sfas  No.  131,  "Disclosures  about  Segments  of  an  Enterprise  and  Related
Information,"  established  standards  for reporting information about operating
segments and information concerning principal geographic areas.  The Company has
one business segment.  The following is information concerning geographic areas:
<TABLE>
<CAPTION>
<S>           <C>               <C>
                  Net Sales     Long-Lived
                and Revenues      Assets
               ---------------  -----------

North America:
United States        $-           $6,800

Asia:
Taiwan             639,890        572,434
               ---------------  -----------
               $   639,890     $  579,234
               ===============   ==========
</TABLE>



Item 8. Changes with and Disagreements With Accountants on Accounting and
Financial Disclosure

None.

Item  9.  Directors  and  Executive  Officers  of  the  Registrant

Directors and Executive Officers.
     Our Bylaws provide that we must have at least 1 director.  Each director
will serve until our next annual shareholder meeting, to be held sixty days
after the close of the fiscal year, or until a successor is elected who accepts
the position.  Directors are elected for one-year terms.  Our officers may be
elected by our Board of Directors at any regular or special meeting of the Board
of Directors.

     Vacancies may be filled by a majority vote of the remaining directors then
in office.  Our directors and executive officers are as follows:
<TABLE>
<CAPTION>



<S>            <C>  <C>
Name. . . . .  Age  Position
-------------  ---  ------------------------------------
Duane Bennett   42  President and Director
-------------  ---  ------------------------------------
Frank Chen. .   46  President and Director, Giantek
-------------  ---  ------------------------------------
Sofia Chen. .   43  Vice-President and Director, Giantek
-------------  ---  ------------------------------------
</TABLE>



     Duane  Bennett has been our President and a Director since our inception in
July  1996.  Mr.  Bennett  will  serve  as  a  director  until  our  next annual
shareholder  meeting,  or until a successor is elected who accepts the position.

     Mr. Bennett's experience in the real estate industry and otherwise over the
last  ten  years  has  consisted  of  the  following:

     From  1997  to  2001,  Mr. Bennett was the sole owner, president, and chief
executive  officer of ABC Realty, Inc., a licensed real estate brokerage company
in  the  business  of  buying  and  selling  residential  properties  within the
Charlotte, North Carolina area. ABC Realty was incorporated in North Carolina on
February  12,  1997.  ABC  Realty  had  no activity during 1997 and 1998 and had
profits  of  $19,451  and $65,105 in 1999 and 2000, respectively. ABC Realty has
had  no  employees,  other  than  Mr.  Bennett,  since  its  inception.

From 1999 to 2000, Mr. Bennett was the sole owner, president, and chief
executive officer of Internet Funding Corp., which was incorporated in North
Carolina on September 14, 1999.  Internet Funding sought to develop the
operations of and arrange capital financing for development stage Internet
companies within the Charlotte, North Carolina area.  Internet Funding failed to
locate any companies that needed its services and had no revenues or operations.
Internet Funding had no employees other than Mr. Bennett.

     From  1991 until 1995, Mr. Bennett was also the chief executive officer and
president  of  Bennett  International Businesses, a sole proprietorship owned by
Mr.  Bennett  and  based  in  Charlotte,  North Carolina.  Bennett International
Businesses  explored investment opportunities in China, Mexico, South Africa and
Chile.  Bennett  International  Businesses  failed  to  locate  any  investment
opportunities and had no revenues or material operations.  Bennett International
Businesses  had  no  other  employees  other  than  Mr.  Bennett.

     From 1995 to 1996, Mr. Bennett also operated Premier Builders and
Developers in Charlotte, North Carolina.  Premier Builders was incorporated in
North Carolina on January 1, 1995.  This company developed land within the
Charlotte, North Carolina area.  Premier Builders and Developers had no revenues
for 1995 and 1996 and had expenses and related losses of $21,605 and $14,935,
respectively.

Since inception in 1986, Frank Chen has been President and Director of Giantek.
Mr. Chen is responsible for all early-stage design and subsequent technology
advancements of the LED display technology. Mr. Chen currently oversees all of
our manufacturing and sales operations relating to the LED display system
technology.

Also since inception in 1986, Sofia Chen has been Vice-President and Director of
Giantek. Mrs. Chen assists Mr. Chen in his management duties as well as oversees
the Giantek staff of more than 35 employees. Mrs. Chen also facilitates
international sales and monetary conversions for sales of Giantek products.

Significant  Employees.
     Other  than  our  three  officers  ,  we  have  no  significant  employees.

Family  Relationships.
     Mr.  &  Mrs.  Chen  are  husband  and  wife.

Legal  Proceedings.
     No  officer,  director,  or  persons  nominated  for  such positions and no
promoter  or  significant  employee  of  our  Company has been involved in legal
proceedings  that  would  be  material  to  an  evaluation  of  our  management.

There  are  no arrangements or understandings pursuant to which any were elected
as  officers.

Item  10.  Executive  Compensation

     Mr.  &  Mrs.  Chen  received  60,000  shares  of  common  stock  valued  at
approximately  $18,000  for  services  rendered  during  2002.  Other  than  the
aforementioned, none of our directors or officers have received any compensation
from  Xenicent,  including  salary,  stock,  stock options, or otherwise, and no
compensation  is  accruing.  There  are  no  arrangements  or  agreements  for
employment,  compensation, or change in control that exist with the Xenicent for
either our officers or directors. All other individuals who provide services for
Xenicent are considered independent contractors, and it is anticipated that this
arrangement  will  continue  for  the  foreseeable  future.

Item  11.  Security  Ownership  of  Certain  Beneficial  Owners  and  Management

     The  following  tables  set forth the ownership, as of May 13, 2003, of our
common  stock  (a) by each person known by us to be the beneficial owner of more
than  5%  of  our outstanding common stock, and (b) by each of our directors, by
all  executive  officers  and  our  directors  as  a  group.  To the best of our
knowledge,  all persons named have sole voting and investment power with respect
to  such  shares,  except  as  otherwise  noted.

<TABLE>
<CAPTION>


Security  Ownership  of  Certain  Beneficial  Owners  (1)  (2)


<S>                             <C>                      <C>           <C>        <C>
                                Nature of                Current %
Title of Class . . . . . . . .  Name and Address          # of Shares  Ownership  Owned
------------------------------  -----------------------  ------------  ---------  ------
                                Duane Bennett
                                P.O. Box 243
Common . . . . . . . . . . . .  Chimney Rock, NC  28720     2,000,000  Direct      19.6%
------------------------------  -----------------------  ------------  ---------  ------
                                Duane Bennett
                                P.O. Box 243
Common . . . . . . . . . . . .  Chimney Rock, NC 28720      4,000,000  Indirect    39.3%
------------------------------  -----------------------  ------------  ---------  ------
                                Sharon Bennett
                                P.O. Box 243
Common . . . . . . . . . . . .  Chimney Rock, NC  28720     2,000,000  Direct      19.6%
------------------------------  -----------------------  ------------  ---------  ------
                                Frank & Sofia Chen
                                No. 52 Po-Ai Road, 7th Floor
Common . . . . . . . . . . . .  Taipei, Taiwan R.O.C.         600,000  Direct       5.9%
------------------------------  -----------------------  ------------  ---------  ------
</TABLE>



<TABLE>
<CAPTION>


Security Ownership of Officers and Directors (2) .


<S>                                <C>                  <C>           <C>        <C>
                                   Nature of            Current %
Title of Class. . . . . . . . . .  Name and Address      # of Shares  Ownership  Owned
---------------------------------  -------------------  ------------  ---------  ------
Common. . . . . . . . . . . . . .  Duane Bennett           2,000,000  Direct     19.6 %
---------------------------------  -------------------  ------------  ---------  ------
Common. . . . . . . . . . . . . .  Duane Bennett           4,000,000  Indirect    39.3%
---------------------------------  -------------------  ------------  ---------  ------
Common. . . . . . . . . . . . . .  Frank & Sofia Chen        600,000  Direct       5.9%
---------------------------------  -------------------  ------------  ---------  ------
                                   All Officers and Directors as a
Common. . . . . . . . . . . . . .  Group (2)               6,600,000  Direct      64.8%
---------------------------------  -------------------  ------------  ---------  ------

</TABLE>









Changes  in  Control.

     There are currently no arrangements, which would result in a change in our
control.

(1)  Pursuant  to  Rule  13-d-3  under  the  Securities Exchange Act of 1934, as
amended,  beneficial  ownership  of a security consists of sole or shared voting
power  (including  the power to vote or direct the voting) and/or sole or shared
investment power (including the power to dispose or direct the disposition) with
respect  to  a  security whether through a contract, arrangement, understanding,
relationship  or  otherwise.  In  addition  to  the 2,000,000 shares which Duane
Bennett  owns  in  his  own name, Mr. Bennett also has the voting power over the
shares  of  stock issued in the names of his children as follows:  Adam Bennett,
1,000,000  shares;  Emily  Bennett,  1,000,000 shares; Nellie Bennett, 1,000,000
shares;  and  Mary  Bennett, 1,000,000 shares.  Unless otherwise indicated, each
person  indicated  above  has  sole  power  to  vote,  or  dispose or direct the
disposition  of  all  shares  beneficially  owned.  We  are  unaware  of  any
shareholders  whose  voting  rights  would  be  affected by unity property laws.

(2)  The  common  shares  held  by  Frank  and  Sofia  Chen  are  owned jointly.

Item 12. Certain Relationships and Related Transactions

      On June 30, 2000, we declared a forward stock split in the form of a stock
dividend  in  the  ratio of 80,000 for 1.  As a result, Mr. Bennett's 100 shares
were  exchanged  for  8,000,000 of our common shares.  Although this transaction
was  not negotiated at arms length, we believe that this translation was as fair
as  if  it  had  been  negotiated  with  a  third  party.

     On  about  February  15,  1998,  we  borrowed  a total of $191,449 from Mr.
Bennett in order to purchase a parcel of property in North Carolina from a third
party.  The promissory note was unsecured, due on demand and carried an interest
rate  of  6%  per annum.  On February 10, 2000, we repaid Mr. Bennett a total of
$127,976,  which reflected the unpaid principal balance of the loan plus accrued
interest.  The  loan  was  repaid using the proceeds of a sale of the underlying
property.  Although  this  transaction  was  not  negotiated  at arms length, we
believe  the  translator  was  as fair as if it had been negotiated with a third
party.

     On  about  February 10, 2000 and subsequently, we borrowed $45,000 from Mr.
Bennett  for  working  capital.  The promissory note is unsecured, due on demand
and  carries  an  interest  rate  of 6% per annum.  This loan has been partially
repaid  and  a  balance  of $41,459 remains as of the date of this report, which
includes accrued interest.  Although this transaction was not negotiated at arms
length,  we  believe  that  this  translation  was  as  fair  as  if it had been
negotiated  with  a  third  party.

     On  June  7,  2000,  we  entered  into a Consulting Services Agreement with
Greentree Financial Services, Corp.  Under the terms of the agreement, Greentree
Financial  Services,  Corp.  assisted  us  in  having  our common stock publicly
traded.  In  exchange  for  its  services,  we paid Greentree Financial Services
Corp.,  $36,475  and  512,500  shares  of restricted stock.  Greentree Financial
Services  Corp.  is  owned  by  Michael  Bongiovanni  and Robert C. Cottone. Mr.
Bongiovanni  and  Mr.  Cottone  have  no  other  relationship to our officers or
directors.

     In  February  of  2000, we entered into a written agreement with ABC Realty
Company,  a  licensed real estate broker that provides management and consulting
services  to  us.  During  2000 we paid a total of approximately $102,266 to ABC
Realty  for  managerial  and consulting services. ABC Realty did not provide any
management  and consulting services prior to 2000 and is not currently providing
us  with any services.  Our President, Mr. Bennett owns 100% of the common stock
of ABC Realty.  We do not currently have an agreement with ABC Realty to provide
any future services to us.  Although this transaction was not negotiated at arms
length,  we  believe  that  this  translation  was  as  fair  as  if it had been
negotiated  with  a  third  party.

Item  13.  Exhibits  and  Reports  on  Form  8-K

     (a)  Financial  Statements
1.  The following financial statements of Xenicent are included in Part II, Item
7:

Independent Auditors' Report                         F-1
Balance Sheet - December 31, 2002                    F-2,3
Statements of Operations - Years Ended
     December 31, 2002 and 2001                      F-4
Statements of Stockholders' Equity - Years Ended
     December 31, 2002 and 2001                      F-5
Statements of Cash Flows - Years Ended
     December 31, 2002 and 2001                      F-6
Notes to Financial Statements                        F-7-14

          2. Exhibits
3. Articles of Incorporation as amended and bylaws are incorporated by reference
to  Exhibit  No.  1  of  Form  SB-2  as  amended  filed  July  2001.

23. Consent of Auditors

99. Certifications of Chief Executive Officer

(b) Reports on Form 8-K

None.

Item  14.  Controls  and  Procedures

(a) On December 31, 2002, our Chief Executive Officer and acting Chief Financial
Officer  made  an  evaluation  of our disclosure controls and procedures. In our
opinion, the disclosure controls and procedures are adequate because the systems
of  controls  and  procedures are designed to assure, among other items, that 1)
recorded  transactions  are  valid;  2)  valid transactions are recorded; and 3)
transactions  are  recorded  in  the proper period in a timely manner to produce
financial  statements  which  present fairly the financial condition, results of
operations  and cash flows for the respective periods being presented. Moreover,
the  evaluation  did  not  reveal  any  significant  deficiencies  or  material
weaknesses  in  our  disclosure  controls  and  procedures.

(b)  There have been no significant changes in our internal controls or in other
factors  that  could  significantly  affect  these  controls  since  the  last
evaluation.


                                   SIGNATURES
                                   ----------

Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
Registrant has caused this report to be signed on its behalf by the undersigned,
hereunto  duly  authorized.

         XENICENT, INC.
         --------------

Date: May 13, 2003                    By: /s/ Duane Bennett
                                      ---------------------
                                       Duane Bennett
                                       President and Director








EXHIBIT 99

Certifications

I, Duane Bennett, Chief Executive Officer and acting Chief Financial Officer
certify that:

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

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

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

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

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

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

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

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

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls (all of which do not
apply); and

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

6.  The  registrant's  other  certifying  officers  and I have indicated in this
quarterly  report whether there were significant changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the  date  of  our most recent evaluation, including any corrective actions with
regard  to  significant  deficiencies  and  material  weaknesses.

Date: May 13, 2003



/s/ Duane Bennett
_____________________
Duane Bennett
Chief Executive Officer and acting Chief Financial Officer