<PAGE>

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

                                   FORM 10-KSB

                                   (MARK ONE)
  [X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
                                      1934

                   FOR THE FISCAL YEAR ENDED DECEMBER 31, 2002

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

            FOR THE TRANSITION PERIOD FROM ___________ TO ___________

                         COMMISSION FILE NUMBER: 0-26701

                             COLUMBIA BAKERIES, INC
                      (FORMERLY KNOWN AS eCOM CORPORATION)
                  --------------------------------------------
                 (NAME OF SMALL BUSINESS ISSUER IN ITS CHARTER)

             NEVADA                                              88-0406874
--------------------------------                             -------------------
(STATE OR OTHER JURISDICTION OF                                (IRS EMPLOYER
INCORPORATION OR ORGANIZATION)                               IDENTIFICATION NO.)

                  294 VALLEY ROAD, MIDDLETOWN, RI        02842
             ----------------------------------------  ----------
             (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)  (ZIP CODE)

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (401) 841-5294

         SECURITIES REGISTERED UNDER SECTION 12(b) OF THE EXCHANGE ACT:

       TITLE OF EACH CLASS REGISTERED: NONE   NAME OF EACH EXCHANGE ON WHICH
                                REGISTERED:   NONE

         SECURITIES REGISTERED UNDER SECTION 12(g) OF THE EXCHANGE ACT:

                          COMMON STOCK, PAR VALUE $.001
                          -----------------------------
                                (TITLE OF CLASS)

     CHECK WHETHER THE ISSUER (1) FILED ALL REPORTS REQUIRED TO BE FILED
 BY SECTION 13 OR 15(d) OF THE EXCHANGE ACT DURING THE PAST 12 MONTHS (OR FOR
 SUCH SHORTER PERIOD THAT THE REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS),
  AND (2) HAS BEEN SUBJECT TO SUCH FILING REQUIREMENTS FOR THE PAST 90 DAYS.

                                YES [X] NO [ ]

                                        1

<PAGE>

Check if no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is contained in this form, and no disclosure will be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. [ ]

The issuer is a developmental stage company, and as such, has minimal operating
revenues for the past calendar year.

Based on the average if the closing bid and asked prices of the issuer's common
stock on December 31, 2002, the aggregate market value of the voting stock held
by non-affiliates of the registrant on that date was $378,142.

As of December 31, 2002, the issuer had 190,522,490 shares of common stock
outstanding.

Documents incorporated by reference: See Item 13. Exhibits and Reports on
Transitional Small Business Disclosure Format (check one): Yes [ ] No [X]

                                        2

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
                                                                                 PAGE
<S>                                                                              <C>
PART I

    Item 1.  Description of Business.........................................      4
    Item 2.  Description of Property.........................................      8
    Item 3.  Legal Proceedings...............................................      8
    Item 4.  Submission of Matters to a Vote of Security Holders.............      8

PART II

    Item 5.  Market for Common Equity and Related Stockholder Matters........      9
    Item 6.  Management's Discussion and Analysis or Plan of Operation.......     10
    Item 7.  Directors, Executive Officers, Promoters and Control
                Persons; Compliance with Section 16(A) of the Exchange Act...     11
    Item 8.  Executive Compensation..........................................     11

    Item 9.  Security Ownership of Certain Beneficial Owners and
                Management...................................................     11
    Item 10. Certain Relationships and Related Transactions..................     12
    Item 11. Exhibits and Reports on Form 8-K................................     12

SIGNATURES   ................................................................     13
</TABLE>

                           Forward-Looking Statements

This report contains forward-looking statements. The forward-looking Statements
include all statements that are not statements of historical fact. The
forward-looking statements are often identifiable by their use of words such as
"may," "expect," "believe," "anticipate," "intend," "could," "estimate," or
"continue," "Plans" or the negative or other variations of those or comparable
terms. Our actual results could differ materially from the anticipated results
described in the forward-looking statements. Factors that could affect our
results include, but are not limited to, those discussed in Item 6,
"Management's Discussion and Analysis or Plan of Operation" and included
elsewhere in this report.

                                        3

<PAGE>

                                     PART I

ITEM 1.  DESCRIPTION OF BUSINESS.

(a)  BUSINESS DEVELOPMENT

(i)  Business Development, Organization and Acquisition Activities

eCom Corporation, hereinafter referred to as the ("Company") or ("eCom") or
("ECCM"), was organized by the filing of Articles of incorporation with the
Secretary of State of the State of Nevada on October 6, 1998. The original
articles of the Company authorized the issuance of twenty million (20,000,000)
shares of Common Stock at a par value of $0.001 per share. March 31, 2000, the
Company amended its Articles of Incorporation to increase the number of
authorized the issuance of eighty million (80,000,000) shares of Common Stock
and twenty million (20,000,000) Preferred Shares. On June 30, the Company once
again amended its Articles of Incorporation to increase the number of authorized
the issuance of two hundred million (200,000,000) shares of Common Stock. The
number of Preferred Shares remained at twenty million (20,000,000). (See notes
to Financial statements for "Subsequent Events")

eCom Corporation is a developmental stage company whose original principal
business objective was to provide reliable and cost efficient business Internet
connectivity in the form of "website packages." Based on adverse market
conditions and the failure of many Internet "dot.com" companies, ECCM abandoned
its original business plan, and is in the process of developing other business
strategies. The Company has subsequently acquired interest in other Companies,
in an effort to become a going concern.

However, as of May 28, 2002, the Company had divested itself of all ongoing
operations and entered into an agreement with Colbake Holdings, Inc. to acquire
Columbia Bakeries, Inc., a Delaware corporation.

B.   Business of Issuer

(1)  Principal Products and Services and Principal Markets

Overview

eCom is a developmental stage company whose original principal business
objective was to provide reliable and cost efficient business Internet
connectivity in the form of "website packages" for the business-to-business
sector. The Company's originally focused on providing reliable and cost
efficient Internet connectivity and other enhanced, easy-to-use Internet
services for small-to medium-sized businesses. Based on adverse market
conditions and the failure of many Internet "dot com" companies, ECCM abandoned
its original business plan, and is the process of developing other business
strategies.

Following its original strategy, the Company acquired ACS Sports, CacheStream
and TTR HP Motorsport Marinesport Racing, LLC, all of which were subsequently
divested by the Company.

On May 28, 2002 the Company had a change in control under which its previous
business activities were either terminated or reorganized and distributed to
shareholders. It subsequently acquired Columbia Bakeries, Inc. and is now
developing that business.

Columbia Bakeries, Inc., now a wholly owned subsidiary of the Company, is in the
business of producing and distributing bakery products. It operates a bakery and
retail facility at 28-09 24th Avenue, Astoria, Queens, New York 11102. At
present, the principal products produced are croissants, Danish pastries and
related specialty products. The Company purchases frozen, unbaked products from
various US and Canadian producers, bakes off these products and sells them
principally to major jobbers and commissaries in the greater New York area. The
Company also produces and sells its products on a private label basis to other
specialty bakeries.

A principal activity of the Company since the change in control has been to
attract additional capital so that it may expand its operations. Because of
adverse market conditions, this activity has met with limited success.
Accordingly, the Company has focused on building additional sales of its bakery
products through its established relations with the food service industry.

                                        4

<PAGE>

Risk Factors

ECCM has devoted much of its time and resources in identifying market/client
needs. ECCM is evaluating its future plans, business opportunities and
developing a business strategy to be a going concern. That being the case and
the limited number of staff available at this time severely hampers the
company's ability for earnings. The company's competitors have larger marketing
and sales organizations, greater financial resources, and superior sized
software development staffs. This places the competition at a significant
advantage. ECCM does not have many resources at this time, and it is
questionable if the Company can remain a going concern without additional
financing.

(a)  Limited Operating History

The Company was first incorporated in the State of Nevada on October 6, 1998 and
has recently undergone a change in control in which all of its previous
operations were terminated or divested. Accordingly, the Company has a limited
operating history upon which an evaluation of the Company, its current business
and its prospects can be based, each of which must be considered in light of the
risks, expenses and problems frequently encountered by all companies in the
early stages of development, and particularly by such companies entering new and
rapidly developing markets like the Internet. The Company's prospects must be
considered in light of the risks, uncertainties, expenses and difficulties
frequently encountered by companies in their early stages of development.

The ability of the Company to manage its operations, including the amount and
timing of capital expenditures and other costs relating to the expansion of the
company's operations, the introduction and development of different or more
extensive communities by direct and indirect competitors of the Company,
including those with greater financial, technical and marketing resources, the
inability of the Company to attract, retain and motivate qualified personnel and
general economic conditions.

(b)  Anticipated Losses for the Foreseeable Future

The Company has not achieved profitability to date, and the Company anticipates
that it will continue to incur net losses for the foreseeable future. The extent
of these losses will depend, in part, on the amount of Company's growth. As of
December 31, 2002, the Company had an accumulated deficit off $56,588. The
Company expects that its operating expenses will increase significantly during
the next several years, especially in the areas of identify and finding
acquisition targets. Thus, the Company will need to generate increased revenues
to achieve profitability. To the extent that increases in its operating expenses
precede or are not subsequently followed by commensurate increases in revenues,
or that the Company is unable to adjust operating expense levels accordingly,
the Company's business, results of operations and financial condition would be
materially and adversely affected. There can be no assurances that the Company
can achieve or sustain profitability or that the Company's operating losses will
not increase in the future.

(c)  Developing New Business Strategies

The Company is currently assessing various options and strategies to become a
profitable corporation. This includes, but is not limited to an analysis of new
businesses opportunities and evaluating new business strategies. In analyzing
prospective businesses opportunities, the Company's management will consider, to
the extent applicable, the available technical, financial and managerial
resources of any given business venture. Management will also consider the
nature of present and expected competition; potential advances in research and
development or exploration; the potential for growth and expansion; the
likelihood of sustaining a profit within given time frames; the perceived public
recognition or acceptance of products, services, trade or service marks; name
identification; and other relevant factors. The Company anticipates that the
results of operations of a specific business venture may not necessarily be
indicative of the potential for future earnings, which may be impacted by a
change in marketing strategies, business expansion, modifying product emphasis,
changing or substantially augmenting management, and other factors.

The Company will analyze all relevant factors and make a determination based On
a composite of available information, without reliance on any single factor. The
period within which the Company will decide to participate in a given business
venture cannot be predicted and will depend on certain factors, including the
time involved in identifying businesses, the time required for the Company to
complete its analysis of such businesses, the time required to prepare
appropriate documentation and other circumstances.

(d)  Evaluating Business Combinations

The Company is currently seeking and evaluating business combinations with
private entities whose businesses present opportunities for the Company. Before
these decisions can be made the Company's management needs to review and
evaluate these business ventures as possible mergers or acquisitions. The
Company has not entered into any agreement, nor does it have any commitment or
understanding to enter into or become engaged in a transaction, as of the date
of this filing. Further, the business objectives discussed herein are extremely
general and are not intended to restrict the discretion of the Company's
management.

A decision to participate in a specific business opportunity will be made based
upon a Company analysis of the quality of the prospective business opportunity's
management and personnel, asset base, the anticipated acceptability of business'
products or marketing concepts, the merit of a business plan, and numerous other
factors which are difficult, if not impossible, to analyze using any objective
criteria.

                                        5

<PAGE>

(e)  Selection of a Business Opportunity

Should the company pursue other potential business opportunities, it anticipates
they will be referred from various sources, including its officers and
directors, professional advisors, and its shareholders, who may present
unsolicited proposals. The Company does not plan to engage in any general
solicitation or advertising for a business opportunity, and would rely upon
personal contacts of its officers, as well as indirect associations with other
business and professional people. Management's reliance on "word of mouth" may
limit the number of potential business opportunities identified. While it is not
presently anticipated that the Company will engage unaffiliated professional
firms specializing in business acquisitions or reorganizations, such firms may
be retained if management deems it in the best interest of the Company. As of
the filing date there have been no discussions, agreements or understandings
with any professional advisors, financial consultants, broker- dealers or
venture capitalists. The Company's present intentions are to rely upon its
officers and directors to effect those services normally provided by
professional advisors or financial consultants.

The Company will not restrict its search to any particular business, industry,
or geographical location. Management reserves the right to evaluate and enter
into any type of business in any location. In seeking a business venture, the
decision of management will not be controlled by an attempt to take advantage of
any anticipated or perceived appeal of a specific industry, management group,
product, or industry, but will be based on the business objective of seeking
long-term capital appreciation. The Company may participate in a newly organized
business venture or in a more established business. Participation in a new
business venture entails greater risks since, in many instances, management of
such a venture may not have a proven track record; the eventual market for such
venture's product or services will likely not be established; and the
profitability of the venture will be untested and impossible to accurately
forecast. Should the Company participate in a more established venture that is
experiencing financial difficulty, risks may stem from the Company's inability
to generate sufficient funds to manage or reverse the circumstances causing such
financial problems.

(f)  Operation of Business After Acquisition

If management decides to pursue a merger or acquisition, the Company will be
dependent on the nature of the business and the interest acquired. The Company
is unable to determine at this time whether the Company will be in control of
the business or whether present management will be in control of the Company
following the acquisition. It may be expected that the business will present
various risks, which cannot be predicted at the present time.

(g)  Risks Associated with Acquisitions

If appropriate opportunities present themselves, the Company would acquire
businesses, technologies, services or product(s) that the Company believes are
strategic.

The Company currently has no understandings, commitments or agreements with
respect to any other material acquisition and no other material acquisition is
currently being pursued. There can be no assurance that the Company will be able
to identify, negotiate or finance future acquisitions successfully, or to
integrate such acquisitions with its current business. The process of
integrating an acquired business, technology, service or product(s) into the
Company may result in unforeseen operating difficulties and expenditures and may
absorb significant management attention that would otherwise be available for
ongoing development of the Company's business. Moreover, there can be no
assurance that the anticipated benefits of any acquisition will be realized.
Future acquisitions could result in potentially dilutive issuance's of equity
securities, the incurrence of debt, contingent liabilities and/or amortization
expenses related to goodwill and other intangible assets, which could materially
adversely affect the Company's business, results of operations and financial
condition. Any future acquisitions of other businesses, technologies, services
or product(s) might require the Company to obtain additional equity or debt
financing, which might not be available on terms favorable to the Company, or at
all, and such financing, if available, might be dilutive.

(h)  Competition

The Company will be involved in intense competition with other business
entities, many of which will have a competitive edge over the Company by virtue
of their stronger financial resources and prior experience in business. There is
no assurance that the Company will be successful in identifying and executing
suitable business opportunities.

(i)  Risks Associated With New Services, Features and Functions

As the Company develops its new business strategies, there can be no assurance
that the Company would be able to expand its operations in a cost-effective or
timely manner or that any such efforts would maintain or increase overall market
acceptance. Furthermore, any new business launched by the Company that is not
favorably received by consumers could damage the Company's reputation. Expansion
of the Company's operations in this manner would also require significant
additional expenses and development, Company's management, financial and
operational resources. The lack of market acceptance of the Company's products
would result in the Company's inability to generate satisfactory revenues and
its inability to offset their costs could have a material adverse effect on the
Company's business, results of operations and financial condition.

(j)  Potential Fluctuations in Operating Results; Quarterly Fluctuations

The Company's operating results may fluctuate significantly in the future as a
result of a variety of factors, many of which are outside the Company's control.
See "--Limited Operating History." As a strategic response to changes in the
competitive environment, the Company may from time to time have to make certain
pricing, marketing decisions or acquisitions that could have a material
short-term or long-term adverse effect on the Company's business, results of
operations and financial condition.

There can be no assurance that such patterns will not have a material adverse
effect on the Company's business, results of operations and financial condition.
There can be no assurance that the Company will receive any material amount of
revenue as it pursues new business strategies in the future. The foregoing
factors, in some future quarters, may lead the Company's operating results to
fall below the expectations.

                                        6

<PAGE>

2)   Status of Any Announced New Product or Service

With the exception of its operation of Columbia Bakeries, Inc., the Company does
not have any announced new product or service.

3)   Customers

The Company believes that establishing and maintaining brand identity is a
critical aspect of its efforts to attract new customers. The Company intends to
make a commitment to the creation and maintenance of brand loyalty.

There can be no assurance that brand promotion activities will yield increased
revenues or that any such revenues would offset the expenses incurred by the
Company in building its brands. Further, there can be no assurance that any new
users attracted to ECCM will conduct transactions with ECCM on a regular basis.
If the Company fails to promote and maintain its brand or incurs substantial
expenses in an attempt to promote and maintain its brand or if the Company's
existing or future strategic relationships fail to promote the Company's brand
or increase brand awareness, the Company's business, results of operations and
financial condition would be materially adversely affected.

4)   Patents, Trademarks, Licenses, Franchises, Concessions, Royalty Agreements,
     or Labor Contracts

 The Company plans to enter into confidentiality agreements with its future
employees, future suppliers and future consultants and in connection with its
license agreements with third parties and generally seeks to control access to
and distribution of its technology, documentation and other proprietary
information. Despite these precautions, it may be possible for a third party to
copy or otherwise obtain and use the Company's proprietary information without
authorization or to develop similar technology independently.

There can be no assurance that the steps taken by the Company will prevent
misappropriation or infringement of its proprietary information, which could
have a material adverse effect on the Company's business, results of operations
and financial condition. Litigation may be necessary in the future to enforce
the Company's intellectual property rights, to protect the Company's trade
secrets or to determine the validity and scope of the proprietary rights of
others. Such litigation might result in substantial costs and diversion of
resources and management attention. Furthermore, there can be no assurance that
the Company's business activities will not infringe upon the proprietary rights
of others, or that other parties will not assert infringement claims against the
Company. Moreover, from time to time, the Company may be subject to claims of
alleged infringement by the Company or service marks and other intellectual
property rights of third parties. Such claims and any resultant litigation,
should it occur, might subject the Company to significant liability for damages,
might result in invalidation of the Company's proprietary rights and, even if
not meritorious, could result in substantial costs and diversion of resources
and management attention and could have a material adverse effect on the
Company's business, results of operations and financial condition.

5)   Government Regulation

It is impossible to anticipate government regulations, if any, to which the
Company may be subject until it defines its business strategies. The use of
assets to conduct a business that the Company may acquire could subject it to
environmental, public health and safety, land use, trade, or other governmental
regulations and state or local taxation. In selecting a business in which to
acquire an interest, management will endeavor to ascertain, to the extent of the
limited resources of the Company, the effects of such government regulation on
the prospective business of the Company. In certain circumstances, however, such
as the acquisition of an interest in a new or start-up business activity, it may
not be possible to predict with any degree of accuracy the impact of government
regulation. The inability to ascertain the effect of government regulation on a
prospective business activity presents a risk to the Company.

6)   Research and Development Activities

The Company needs to develop and identify products that achieve market
acceptance by its users. There can be no assurance that ECCM, will be able to
identify such products or achieve market acceptance. Accordingly, no assurance
can be given that the Company's future business model will be successful or that
it can sustain revenue growth or be profitable. Therefore, if the Company
develops a product line which does not achieve or sustain market acceptance, the
Company's business, results of operation may be materially and adversely
affected.

There can be no assurances the Company will be successful in accomplishing all
of these things, and the failure to do so could have a material adverse effect
on the company's business, results of operations and financial condition.

7)   Employees

The Company currently has five (5) employees in addition to its Chairman and
CEO, President, and Corporate Secretary, who serve as Officers of the Company.
The Company has no intention at this time to add employees except as may be
necessary to expand its production operations.

(i)  The Company's performance and success is dependent on management's ability
to develop, create and execute strategies for the company.

(ii) The Company does not carry key person life insurance on any of its
personnel. The loss of the services of any of its executive officers or other
key employees could have a material adverse effect on the business, results of
operations and financial condition of the Company. The Company's future success
also depends on its ability to retain and attract highly qualified technical and
managerial personnel.

                                        7

<PAGE>

(iii) There can be no assurance that the Company will be able to retain its key
managerial and technical personnel or that it will be able to attract and retain
additional highly qualified technical and managerial personnel in the future.
The inability to attract and retain the technical and managerial personnel
necessary to support the growth of the Company's business, due to, among other
things, a large increase in the wages demanded by such personnel, could have a
material adverse effect upon the Company's business, results of operations and
financial condition.

ITEM 2.  DESCRIPTION OF PROPERTY.

The Company's corporate headquarters are located at: 294 Valley Road, Middletown
RI 02842. Registrant's telephone number, including area code: (401) 841-5294.
The office space is rented from a non-affiliated third party at a cost of $1,828
per month to the Company. The Company also leases a 1500 square feet retail and
bakery facility at 28-09 24th Avenue, Astoria, NY for a monthly fee of $1500.

ITEM 3.  LEGAL PROCEEDINGS.

As of the date hereof, eCom Corporation is not a party to any material legal
proceedings, and none are known to be contemplated against eCom, Inc., except
Frank Speight v.eCom Corporation

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

No matters were submitted to a vote of security holders during the fiscal year
ended December 31, 2002.

                                        8

<PAGE>

                                     PART II

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

(i)  Market Information

Until October 27, 1999, there was no public trading market for the Company's
stock. On that day the Company's common stock was cleared for trading on the OTC
Bulletin Board system under the symbol ECCM. A very limited market exists for
the trading of the Company's common stock.

The table below sets forth the high and low bid prices of our common stock for
each quarter shown, as provided by the Nasdaq Trading and Market Services
Research Unit. Quotations reflect inter-dealer prices, without retail mark-up,
mark-down or commission and may not represent actual transactions.

<TABLE>
<CAPTION>
           FISCAL 1999                        HIGH              LOW
--------------------------------             ------            ------
<S>                                          <C>               <C>
Quarter Ended March 31, 1999                 N/A               N/A
Quarter Ended June 30, 1999                  N/A               N/A
Quarter Ended September 30, 1999             N/A               N/A
Quarter ended December 31, 1999              $ 2.00            $ 0.37
</TABLE>

<TABLE>
<CAPTION>
           FISCAL 2000                        HIGH              LOW
--------------------------------             ------            ------
<S>                                          <C>               <C>
Quarter Ended March 31, 2000                 $ 4.03            $ 0.37
Quarter Ended June 30, 2000                  $ 7.31            $ 2.00
Quarter Ended September 30, 2000             $ 4.92            $ 2.00
Quarter ended December 31, 2000              $ 3.98            $ 0.81
</TABLE>

<TABLE>
<CAPTION>
           FISCAL 2001                        HIGH              LOW
--------------------------------             ------            ------
<S>                                          <C>               <C>
Quarter Ended March 31, 2001                 $ 3.88            $ 1.06
Quarter Ended June 30, 2001                  $ 1.80            $ 0.52
Quarter Ended September 30, 2001             $ 1.00            $ 0.20
Quarter ended December 31, 2001              $ 0.29            $ 0.03
</TABLE>

<TABLE>
<CAPTION>
           FISCAL 2002                        HIGH              LOW
--------------------------------             ------            ------
<S>                                          <C>               <C>
Quarter Ended March 31, 2002                 $0.055            $0.055
Quarter Ended June 30, 2002                  $ 0.09            $0.052
Quarter Ended September 30, 2002             $ 0.04            $ 0.04
Quarter ended December 31, 2002              $ 0.02            $0.017
</TABLE>

                                       9

<PAGE>

Holders

The approximate number of holders of record of common stock as of December 31,
2002 was One hundred ninety-eight.

Dividends

Holders of common stock are entitled to receive such dividends as the board of
directors may from time to time declare out of funds legally available for the
payment of dividends. No dividends have been paid on our common stock, and we do
not anticipate paying any dividends on our common stock in the foreseeable
future.

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

(i)  General

(1)  During the seven month operating period ended December 31, 2002, the
Company incurred a net loss of $433,140, or a loss of $0.022 per share. The
majority of this loss was a result of consulting fees, compensation expense and
start-up expenses. (See "Consolidated Statement of Operations").

The Company has a limited operating history upon which an evaluation of the
Company, its current business and its prospects can be based. The Company's
prospects must be considered in light of the risks, uncertainties, expenses and
difficulties frequently encountered by companies in their early stages of
development. Such risks include, the company's inability to anticipate and adapt
to a developing market, the failure of the company's infrastructure, changes in
laws that adversely affect the company's business, the ability of the Company to
manage its operations, including the amount and timing of capital expenditures
and other costs relating to the expansion of the company's operations, the
introduction and development of different or more extensive communities by
direct and indirect competitors of the Company, including those with greater
financial, technical and marketing resources, the inability of the Company to
attract, retain and motivate qualified personnel and general economic
conditions.

The Company has achieved minimal revenues and no profits to date, and the
Company anticipates that it will continue to incur net losses for the
foreseeable future. As of December 31, 2002, the Company had an accumulated
deficit of $56,588.

     The Company expects that its operating expenses will increase
significantly, especially as it develops its Columbia Bakeries operations. Thus,
the Company will need to generate increased revenues to achieve any
profitability. To the extent that increases in its operating expenses precede or
are not subsequently followed by commensurate increases in revenues, or that the
Company is unable to adjust operating expense levels accordingly, the Company's
business, results of operations and financial condition would be materially and
adversely affected. There can be no assurances that the Company can achieve or
sustain profitability or that the Company's operating losses will not increase
in the future.

     The Company's independent auditor has issued the following Going Concern
Comment, "The Company's financial statements are prepared using the generally
accepted accounting principles applicable to a going concern, which contemplates
the realization of assets and liquidation of liabilities in the normal course of
business. However, the Company is now commencing its planned principal
operations. Without realization of additional capital, it would be unlikely for
the Company to continue as a going concern. The Company plans to raise operating
capital via debt and equity offerings. However, there is no assurance that such
offerings will be successful or sufficient to fund the operations of the
Company.

(ii) Results of Operations

     As a developmental stage Company, the Company generated minimal revenues
since its inception. In addition, the Company does not expect to generate any
significant revenues over the next twelve months.  The Company does not have
any material commitments for capital expenditures.

(iii) Liquidity and Capital Resources

     The Company is authorized to issue 300,000,000 shares of its $0.001 par
value common stock and 5,000,000 shares of its $0.001 par value preferred stock.
Transactions during fiscal year 2002 were as follows (Refer to the 10K for 2001
for previous transactions):

     On May 28, 2002 the Company issued 151,628,300 shares of its $0.001 par
value common stock pursuant to the acquisition agreement with Columbia Bakeries,
Inc. ( See Note 11 to the Financial Statements).

     On October 2, 2002 the Company issued 3,000,000 shares of S-8 registered
free trading $0.001 par value common stock to an individual pursuant to a
consulting agreement for services rendered valued at $150,000, the market value
of the underlying shares.

     On November 20, 2002 the Company issued 1,000,000 shares of S-8 registered
free trading $0.001 par value common stock to an individual pursuant to a
consulting agreement for services valued at $40,000, the fair market value of
the underlying shares.

     There have been no other issuance's of common stock or preferred stock.
(See Notes 9 and 10 to the Financial Statements for Commitments and Subsequent
events).



<PAGE>

There have been no other issuance's of common or preferred stock.

As December 31, 2002, the Company has approximately 190,522,490 shares of its
$0.001 par value common voting stock issued and outstanding which are held by
approximately one hundred ninety-eight) shareholders of record.

ITEM 7   DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
         COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT

The following table sets forth the officers and Directors of eCom as of 31,
December 2002

<TABLE>
<CAPTION>
          NAME                         AGE                 POSITIONS
-----------------------------------------------------------------------
<S>                                    <C>               <C>
Rounsevelle W. Schaum (1)               71               Chairman & CEO
Salvatore Liga                          34               President
Shirlee A. Gordon     (1)               65               Secretary
</TABLE>

Directors are elected in accordance with our bylaws to serve until the next
annual stockholders meeting. eCom Corporation does not currently pay
compensation to directors for services in that capacity.

Officers are elected by the board of directors and hold office until their
successors are chosen and qualified, until their death or until they resign or
have been removed from office. All corporate officers serve at the discretion of
the board of directors. There are no family relationships between any director
or executive officer and any other director or executive officer of eCom
Corporation

(1)  Rounsevelle W. Schaum and Shirlee A. Gordon, the President & the Secretary
     of the Corporation are husband and wife.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Securities Exchange Act of 1934 requires our directors and
executive officers, and persons who beneficially own more than ten percent of a
registered class of our equity securities (referred to as "reporting persons"),
to file with the Securities and Exchange Commission initial reports of ownership
and reports of changes in ownership of common stock and other eCom Corporation
equity securities. Reporting persons are required by Commission regulations to
furnish us with copies of all Section 16(a) forms they file.

ITEM 8.  EXECUTIVE COMPENSATION.

As a result of our the Company's current limited available cash, its officers
received the following limited compensation during the fiscal year ended
December 31, 2002. eCom Corporation intends to pay salaries when cash flow
permits and to compensate its officers for services rendered at rates to be
determined by a compensation committee to be formed.

<TABLE>
<CAPTION>
         NAME             POSITION    ANNUAL SALARY    BONUS
------------------------------------------------------------
<S>                      <C>          <C>              <C>
Rounsevelle W. Schaum    Chairman/
                         CEO                None        None
Salvatore Liga           President          None        None

Shirlee A. Gordon        Secretary       $ 4,038        None
</TABLE>

ITEM 9.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth certain information concerning the beneficial
ownership of our outstanding common stock as of December 31, 2001, by each
person known by eCom Corporation to own beneficially more than 5% of the
outstanding common stock, by each of our directors and officer and by all of our
directors and officers as a group. Unless otherwise indicated below, to our
knowledge all persons listed below have sole voting and investment power with
respect to their shares of common stock except to the extent that authority is
shared by spouses under applicable law.

<TABLE>
<CAPTION>
     NAME AND ADDRESS           NUMBER OF SHARES      PERCENT OF
   OF BENEFICIAL OWNER         BENEFICIALLY OWNED       CLASS
----------------------------------------------------------------
<S>                            <C>                    <C>
Colbake Holdings, Inc. (1)        101,628,300           53.3%

Richard Berman                     50,000,000           26.2%
                               ---------------------------------
                                  151,628,300           79.5%
</TABLE>

------------------

The percentages listed in the Percent of Class column are based upon 190,522,490
outstanding shares of common stock, which will be the number of outstanding
shares of common stock as of December 31, 2002.

(1)  Colbake Holdings, Inc. is owned by Rounsevelle W. Schaum and the Rivershore
Irrevocable Trust the beneficial owner of the Rivershore Irrevocable Trust is
Angela Liga, the mother of Salvatore Liga



<PAGE>

B.   Persons Sharing Ownership of Control of Shares

As of December 31, 2002 no person other than Colbake Holdings, Inc and Richard
Berman owns or shares the power to vote ten percent (10%) or more of the
Company's securities. (See Notes to Financial Statement "Subsequent Events")

C.   Non-voting Securities and Principal Holders Thereof

The Company has not issued any non-voting securities.

D.   Options, Warrants and Rights

There are no options, warrants or rights to purchase securities of the Company.
(See notes to Financial Statements "Subsequent Events")

E.   Parents of Issuer

Under the definition of parent, as including any person or business entity who
controls substantially all (more than 80%) of the issuers of common stock, the
Company has no parents.

ITEM 10.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Family Relationships

Through a Board Resolution, the Company hired the professional services of G.
Brad Beckstead, CPA, Certified Public Accountant, to perform audited financials
for the Company. Mr. Beckstead owns no stock in the Company. The company has no
formal contracts with its accountant, he is paid on a fee for service basis.

The officers and directors are involved in other business activities and may, in
the future become involved in other business opportunities. If a specific
business opportunity becomes available, such persons may face a conflict in
selecting between the Company and their other business interests. The Company
has not formulated a policy for the resolution of such conflicts.

ITEM 11.  EXHIBITS AND REPORTS ON FORM 8-K.

(a)  EXHIBITS.

The following documents are included or incorporated by reference as exhibits to
this report:

<TABLE>
<CAPTION>
EXHIBIT
  NO.                    DOCUMENT DESCRIPTION
-------      --------------------------------------------
<S>          <C>
(3)          ARTICLES OF INCORPORATION AND BY-LAWS

    3.1      Articles of Incorporation of the Company (1)

    3.2      By-Laws of the Company(1)

(23)         CONSENT OF EXPERTS AND COUNSEL

   23.1      Letter of Consent from James Slayton, CPA(1)
   23.2      Letter of Consent from G. Brad Beckstead (2)
   23.3      Letter of Consent from G. Brad Beckstead (3)

(27)         FINANCIAL DATA SCHEDULE

   27.1      Financial Data Schedule (1)
   27.2      Financial Data Schedule (2)

   99.1      Certification of CEO

   99.2      Certification of CFO
</TABLE>

--------------

(1)  Previously filed as an exhibit to our registration statement on Form 10-SB
     (the "Registration Statement"), which was originally filed on July 14,
     1999, and incorporated herein by reference.

(2)  Previously filed as an exhibit to our annual report on Form 10-KSB (the
     "Annual Report"), which was originally filed on April 12, 2001, and
     incorporated herein by reference.

(3)  Previously filed in connection our annual report on Form 10-KSB originally
     filed on April 18, 2002

(b)  REPORTS ON FORM 8-K

     eCom Corporation filed a Current Report on Form 8-K during the fiscal year
ended December 31, 2000, dated March 20, 2000, containing information pursuant
to Item 4 ("Changes in Accountants") entitled "Changes in Registrant's
Certifying Account." (See Item 8 above, entitled, "Changes in and Disagreements
with Accountants on Accounting and Financial Disclosure." This Current Report on
Form 8-K was subsequently amended Per the request of the U.S. Securities and
Exchange Commission on August 17, 2001, August 21, 2001; and August 31, 2001.

     eCom Corporation filed a Current Report on Form 8-K dated September 28,
2001, containing information pursuant to Item 5 ("Other Events and Regulation FD
Disclosure") entitled "Press Release by eCom Corporation."



<PAGE>

SIGNATURES

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

Date: April 8, 2002

                                                eCom Corporation
                                                ----------------
                                                   Registrant

By: /s/
----------------------------
Rounsevelle Schaum
Chairman and CEO

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

Date: April 8, 2002

                                                eCom Corporation
                                                ----------------
                                                   Registrant

By: /s/ Shirlee A. Gordon
----------------------------
Shirlee A. Gordon, Secretary



<PAGE>

BECKSTEAD AND WATTS, LLP
CERTIFIED PUBLIC ACCOUNTANTS

                                                         3340 Wynn Road, Suite B
                                                             Las Vegas, NV 89102
                                                                    702.257.1984
                                                              702.362.0540 (fax)

                          INDEPENDENT AUDITORS' REPORT

Board of Directors
Columbia Bakeries, Inc. (formerly eCom Corporation)

We have audited the Balance Sheet of Columbia Bakeries, Inc. (formerly eCom
Corporation) (the "Company"), as of December 31, 2002, and the related
Statements of Operations, Stockholders' Equity, and Cash Flows for the period
May 28, 2002 (Date of Inception) to December 31, 2002. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

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

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Columbia Bakeries, Inc.
(formerly eCom Corporation) as of December 31, 2002, and the results of its
operations and cash flows for the period May 28, 2002 (Date of Inception) to
December 31, 2002, in conformity with generally accepted accounting principles
in the United States of America.

The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. As discussed in Note 2 to the financial
statements, the Company has had limited operations and have not commenced
planned principal operations. This raises substantial doubt about its ability to
continue as a going concern. Management's plan in regard to these matters are
also described in Note 2. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.

May 14, 2003

<PAGE>

                             COLUMBIA BAKERIES, INC.
                           (FORMERLY eCOM CORPORATION)

                                  BALANCE SHEET
                                      AS OF
                                DECEMBER 31, 2002

                                       AND

                            STATEMENTS OF OPERATIONS,
                      CHANGES IN STOCKHOLDERS' EQUITY, AND
                                   CASH FLOWS
                                 FOR THE PERIOD
                                  MAY 28, 2002
                               (DATE OF INCEPTION)
                                     THROUGH
                                DECEMBER 31, 2002

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                              PAGE
                                                                              ----
<S>                                                                           <C>
Independent Auditors' Report                                                   1

Balance Sheets                                                                 2

Statements of Operations                                                       3

Statements of Changes in Stockholders' Equity                                  4

Statements of Cash Flows                                                       5

Footnotes                                                                      6
</TABLE>

<PAGE>

                             COLUMBIA BAKERIES, INC.
                           (FORMERLY eCOM CORPORATION)
                           CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
                                                                         DECEMBER 31,
                                                                            2002
                                                                         -----------
<S>                                                                      <C>
ASSETS

Current assets:
  Cash and equivalents                                                   $    25,826
  Trade accounts receivable                                                   69,386
                                                                         -----------
    Total current assets                                                      95,212
                                                                         -----------

Fixed assets, net                                                             49,210
Other assets                                                                   2,300
                                                                         -----------

                                                                         $   146,722
                                                                         ===========

LIABILITIES AND STOCKHOLDER'S EQUITY

Current liabilities
  Accounts payable                                                       $    50,543
  Accrued liabilities                                                         39,107
  Loans from officers                                                         63,660
                                                                         -----------
    Total current liabilities                                                153,310
                                                                         -----------

Convertible notes                                                             50,000
                                                                         -----------
      Total liabilities                                                      203,310
                                                                         -----------
Stockholders' Equity:
  Preferred stock, $0.001 par value, 20,000,000
    shares authorized, zero shares issued and outstanding                          -
  Common stock, $0.001 par value, 200,000,000
    shares authorized, 190,552,490 shares issued                             190,552
    and outstanding as of 12/31/02                                           186,000
  Additional paid-in capital                                                (433,140)
                                                                         -----------
  Retained (Deficit)                                                         (56,588)
                                                                         -----------

                                                                         $   146,722
                                                                         ===========
</TABLE>

  The accompanying Notes are an integral part of these financial statements.   2

<PAGE>

                             COLUMBIA BAKERIES, INC.
                           (FORMERLY eCOM CORPORATION)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
              FOR THE PERIOD MAY 28, 2002 THROUGH DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                             FOR THE PERIOD
                                                              MAY 28, 2002
                                                                 THROUGH
                                                            DECEMBER 31, 2002
                                                            -----------------
<S>                                                         <C>
Revenue, net                                                $         228,965
Cost of goods sold                                                    115,957
                                                            -----------------

Gross profit                                                          113,008

Operating expenses:
    Wages and payroll taxes                                            40,022
    Selling and marketing                                               6,250
    Compensation expense                                              151,628
    Consulting fees                                                   190,000
    General and administrative                                         94,748
                                                            -----------------
     Total expenses                                                   482,648
                                                            -----------------

Net operating income                                                 (369,640)
                                                            -----------------

Other (expenses):
    Startup and organizational costs                                  (63,500)
                                                            -----------------
                                                                      (63,500)
                                                            -----------------

Net (loss)                                                  $        (433,140)
                                                            =================

Weighted average number of
    common shares outstanding - basic and fully diluted            95,276,245
                                                            =================

Net (loss) per share - basic and fully diluted              $           (0.00)
                                                            =================
</TABLE>

  The accompanying Notes are an integral part of these financial statements.   3

<PAGE>

                             COLUMBIA BAKERIES, INC.
                           (FORMERLY eCOM CORPORATION)
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                              Common Stock           Additional                      Total
                                                      ---------------------------      Paid-in      Retained     Stockholders'
                                                         Shares          Amount        Capital      (Deficit)        Equity
                                                      ------------    -----------    ----------     ---------    -------------
<S>                                                   <C>             <C>            <C>            <C>          <C>
Balance, May 27, 2002                                   34,924,190    $    34,924    $  (34,924)    $       -    $           0

May 28, 2002
   Shares issued to acquire Columbia Bakeries, Inc.    151,628,300        151,628             -                        151,628

May 28, 2002
    Restructuring adjustment                                                             34,924                         34,924

October 2, 2002
    Shares issued for consulting fees                    3,000,000          3,000       147,000                        150,000

November 20, 2002
    Shares issued for consulting fees                    1,000,000          1,000        39,000                         40,000

Net (loss) for the year ended December 31, 2002                                                      (433,140)        (433,140)
                                                       -----------    -----------    ----------     ---------    -------------

Balance, December 31, 2002                             190,552,490    $   190,552    $  186,000     $(433,140)   $     (56,588)
                                                       ===========    ===========    ==========     =========    =============
</TABLE>

  The accompanying Notes are an integral part of these financial statements.   4

<PAGE>

                             COLUMBIA BAKERIES, INC.
                           (FORMERLY eCOM CORPORATION)
                             STATEMENTS OF CASH FLOW
              FOR THE PERIOD MAY 28, 2002 THROUGH DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                             FOR THE PERIOD
                                                              MAY 28, 2002
                                                                 THROUGH
                                                            DECEMBER 31, 2002
                                                            -----------------
<S>                                                         <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)                                                  $        (433,140)
Shares issued for consulting fees                                     190,000
Shares issued for compensation expense                                151,628
Adjustments to reconcile net (loss)
  to cash (used) by operating activities:
  (Increase) in accounts receivable                                   (69,386)
  (Increase) in other assets                                           (2,300)
  Increase in accounts payable                                         50,543
  Increase in accrued liabilities                                      39,107
                                                            -----------------
Net cash provided by operating activities                             (73,548)
                                                            -----------------

CASH FLOWS FROM INVESTING ACTIVITIES
  Purchase of fixed assets                                            (49,210)
                                                            -----------------
Net cash (used) by investing activities                               (49,210)
                                                            -----------------

CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from convertible notes                                      50,000
  Additional paid-in capital                                           34,924
  Loans from officers                                                  63,660
                                                            -----------------
Net cash provided by financing activities                             148,584
                                                            -----------------

Net (decrease) In cash                                                 25,826
Cash - beginning                                                            -
                                                            -----------------
Cash - ending                                               $          25,826
                                                            =================

Supplemental disclosures:
  Interest paid                                             $               -
                                                            =================
  Income taxes paid                                         $               -
                                                            =================
  Non-cash transactions:
    Shares issued for consulting fees                               4,000,000
                                                            =================
    Shares issued for compensation                                151,628,300
                                                            =================
</TABLE>

  The accompanying Notes are an integral part of these financial statements.   5

<PAGE>

                            COLUMBIA BAKERIES, INC.
                          (FORMERLY eCOM CORPORATION)
                                     NOTES

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES AND PROCEDURES

Organization

The Company was organized on October 6, 1998 as eCom Corporation under the laws
of the State of Nevada. Effective May 13, 2003, the Company filed amended
Articles of Incorporation with the State of Nevada to change its name to
Columbia Bakeries, Inc. The Company is authorized to issue 300,000,000 shares of
$0.001 par value common stock and 5,000,000 shares of $0.001 par value preferred
stock.

Estimates

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expenses during the reporting period. Actual
results could differ from those estimates.

Cash and cash equivalents

The Company maintains a cash balance in a non-interest-bearing account that
currently does not exceed federally insured limits. For the purpose of the
statements of cash flows, all highly liquid investments with an original
maturity of three months or less are considered to be cash equivalents.

Revenue recognition

The Company recognizes revenue on an accrual basis as it invoices for product
based on the shipping date.

Reporting on the costs of start-up activities

Statement of Position 98-5 (SOP 98-5), "Reporting on the Costs of Start-Up
Activities," which provides guidance on the financial reporting of start-up
costs and organizational costs, requires most costs of start-up activities and
organizational costs to be expensed as incurred. SOP 98-5 is effective for
fiscal years beginning after December 15, 1998. With the adoption of SOP 98-5,
there has been little or no effect on the Company's financial statements.

Loss per share

Net loss per share is provided in accordance with Statement of Financial
Accounting Standards No. 128 (SFAS #128) "Earnings Per Share". Basic loss per
share is computed by dividing losses available to common stockholders by the
weighted average number of common shares outstanding during the period. The
Company had no dilutive common stock equivalents, such as stock options or
warrants as of December 31, 2002.

Advertising Costs

The Company expenses all costs of advertising as incurred. There were $6,250 in
advertising costs included in selling, general and administrative expenses for
the period ended December 31, 2002.

Fair value of financial instruments

Fair value estimates discussed herein are based upon certain market assumptions
and pertinent information available to management as of December 31, 2002. The
respective carrying value of certain on-balance-sheet financial instruments
approximated their fair values. These financial instruments include cash and
accounts payable. Fair values were assumed to approximate carrying values for
cash and payables because they are short term in nature and their carrying
amounts approximate fair values or they are payable on demand.

Impairment of long-lived assets

Long lived assets held and used by the Company are reviewed for possible
impairment whenever events or circumstances indicate the carrying amount of an
asset may not be recoverable or is impaired.

Segment reporting

The Company follows Statement of Financial Accounting Standards No. 130,
"Disclosures About Segments of an Enterprise and Related Information". The
Company operates as a single segment and will evaluate additional segment
disclosure requirements as it expands its operations.

                                                                               6

<PAGE>

                             COLUMBIA BAKERIES, INC.
                           (FORMERLY eCOM CORPORATION)
                                      NOTES

Dividends

The Company has not yet adopted any policy regarding payment of dividends. No
dividends have been paid or declared since inception.

Income taxes

The Company follows Statement of Financial Accounting Standard No. 109,
"Accounting for Income Taxes" ("SFAS No. 109") for recording the provision for
income taxes. Deferred tax assets and liabilities are computed based upon the
difference between the financial statement and income tax basis of assets and
liabilities using the enacted marginal tax rate applicable when the related
asset or liability is expected to be realized or settled. Deferred income tax
expenses or benefits are based on the changes in the asset or liability each
period. If available evidence suggests that it is more likely than not that some
portion or all of the deferred tax assets will not be realized, a valuation
allowance is required to reduce the deferred tax assets to the amount that is
more likely than not to be realized. Future changes in such valuation allowance
are included in the provision for deferred income taxes in the period of change.

Deferred income taxes may arise from temporary differences resulting from income
and expense items reported for financial accounting and tax purposes in
different periods. Deferred taxes are classified as current or non-current,
depending on the classification of assets and liabilities to which they relate.
Deferred taxes arising from temporary differences that are not related to an
asset or liability are classified as current or non-current depending on the
periods in which the temporary differences are expected to reverse.

Recent pronouncements

In July 2002, the FASB issued SFAS No. 146, "Accounting for Costs Associated
with Exit or Disposal Activities", which addresses financial accounting and
reporting for costs associated with exit or disposal activities and supersedes
EITF 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 No. 146 requires that a liability for a cost associated
with an exit or disposal activity be recognized when the liability is incurred.
Under EITF No. 94-3, a liability for an exit cost was recognized at the date of
an entity's commitment to an exit plan. SFAS No. 146 also establishes that the
liability should initially be measured and recorded at fair value. The
provisions of SFAS No. 146 will be adopted for exit or disposal activities that
are initiated after December 31, 2002.

In December 2002, the FASB issued SFAS No. 148, "Accounting for Stock-Based
Compensation--Transition and Disclosure--an amendment of SFAS No. 123." This
Statement amends SFAS No. 123, "Accounting for Stock-Based Compensation", to
provide alternative methods of transition for a voluntary change to the fair
value based method of accounting for stock-based employee compensation. In
addition, this statement amends the disclosure requirements of SFAS No. 123 to
require prominent disclosures in both annual and interim financial statements
about the method of accounting for stock-based employee compensation and the
effect of the method used on reported results. The adoption of SFAS No. 148 is
not expected to have a material impact on the company's financial position or
results of operations.

In November 2002, the FASB issued FASB Interpretation ("FIN") No. 45,
"Guarantors Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees and Indebtedness of Others", an interpretation of FIN No. 5,
57 and 107, and rescission of FIN No. 34, "Disclosure of Indirect Guarantees of
Indebtedness of Others". FIN 45 elaborates on the disclosures to be made by the
guarantor in its interim and annual financial statements about its obligations
under certain guarantees that it has issued. It also requires that a guarantor
recognize, at the inception of a guarantee, a liability for the fair value of
the obligation undertaken in issuing the guarantee. The initial recognition and
measurement provisions of this interpretation are applicable on a prospective
basis to guarantees issued or modified after December 31, 2002; while, the
provisions of the disclosure requirements are effective for financial statements
of interim or annual periods ending after December 15, 2002. The company
believes that the adoption of such interpretation will not have a material
impact on its financial position or results of operations and will adopt such
interpretation during fiscal year 2003, as required.

In January 2003, the FASB issued FIN No. 46, "Consolidation of Variable Interest
Entities", an interpretation of Accounting Research Bulletin No. 51. FIN No. 46
requires that variable interest entities be consolidated by a company if that
company is subject to a majority of the risk of loss from the variable interest
entity's activities or is entitled to receive a majority of the entity's
residual returns or both. FIN No. 46 also requires disclosures about

                                                                               7

<PAGE>

                             COLUMBIA BAKERIES, INC.
                           (FORMERLY eCOM CORPORATION)
                                      NOTES

variable interest entities that companies are not required to consolidate but in
which a company has a significant variable interest. The consolidation
requirements of FIN No. 46 will apply immediately to variable interest entities
created after January 31, 2003. The consolidation requirements will apply to
entities established prior to January 31, 2003 in the first fiscal year or
interim period beginning after June 15, 2003. The disclosure requirements will
apply in all financial statements issued after January 31, 2003. The company
will begin to adopt the provisions of FIN No. 46 during the first quarter of
fiscal 2003.

NOTE 2 - GOING CONCERN

The Company's financial statements are prepared using the generally accepted
accounting principles applicable to a going concern, which contemplates the
realization of assets and liquidation of liabilities in the normal course of
business. However, the Company has not generated significant revenues. In order
to obtain the necessary capital, the Company intends to raise funds via an
offering of its securites registered with the US Securities and Exchange
Commission. The Company is dependent upon its ability to secure equity and/or
debt financing and there are no assurances that the Company will be successful,
without sufficient financing it would be unlikely for the Company to continue as
a going concern.

NOTE 3 - INCOME TAXES

The Company accounts for income taxes under Statement of Financial Accounting
Standards No. 109, "Accounting for Income Taxes" ("SFAS No. 109"), which
requires use of the liability method. SFAS No. 109 provides that deferred tax
assets and liabilities are recorded based on the differences between the tax
bases of assets and liabilities and their carrying amounts for financial
reporting purposes, referred to as temporary differences. Deferred tax assets
and liabilities at the end of each period are determined using the currently
enacted tax rates applied to taxable income in the periods in which the deferred
tax assets and liabilities are expected to be settled or realized.

The provision for income taxes differs from the amount computed by applying the
statutory federal income tax rate to income before provision for income taxes.
The sources and tax effects of the differences are as follows:

<TABLE>
<S>                             <C>
U.S federal statutory rate      (34.0%)

Valuation reserve                34.0%
                                -----

Total                               -%
                                =====
</TABLE>

As of December 31, 2002, the Company has a net operating loss carryforward of
approximately $433,000 for tax purposes, which will be available to offset
future taxable income. If not used, this carryforward will expire in 2021. The
deferred tax asset relating to the operating loss carryforward has been fully
reserved at December 31, 2002.

NOTE 4 - FIXED ASSETS

The Company acquired Columbia Bakeries, Inc. through a related party, including
$49,210 in bakery equipment as of December 31, 2002. No depreciation expense was
recorded during the period ended December 31, 2002.

NOTE 5 - CONVERTIBLE NOTES

On November 14, 2002, Colbake Holdings, Inc. loaned the Company $50,000 and
received a one year 8% convertible note. The Note provides that the principal
may be converted at the noteholder's option into 50,000,000 shares of the
Company's $0.001 par value Rule 144 restricted common stock.

NOTE 6 - RELATED PARTY TRANSACTIONS

Officers of the Company loaned the Company $63,660 as of December 31, 2002. The
notes are non-interest bearing and due on demand.

                                                                               8

<PAGE>

                             COLUMBIA BAKERIES, INC.
                           (FORMERLY eCOM CORPORATION)
                                      NOTES

NOTE 7 - STOCKHOLDERS' EQUITY

The Company is authorized to issue 300,000,000 shares of its $0.001 par value
common stock and 5,000,000 shares of its $0.001 par value preferred stock.

On May 28, 2002, the Company issued 151,628,300 shares of $0.001 par value
common stock pursuant to the stock acquisition agreement with Columbia Bakeries,
Inc. (see Note 11 below).

On October 2, 2002, the Company issued 3,000,000 shares of S-8 registered
free-trading $0.001 par value common stock to an individual pursuant to a
consulting agreement for services valued at $150,000, the fair market value of
the underlying shares.

On November 20, 2002, the Company issued 1,000,000 shares of S-8 registered
free-trading $0.001 par value common stock to an individual pursuant to a
consulting agreement for services valued at $40,000, the fair market value of
the underlying shares.

There have been no other issuances of common or preferred stock.

NOTE 8 - WARRANTS AND OPTIONS

There are no warrants or options outstanding to acquire any additional shares of
common stock.

NOTE 9 - COMMITMENTS

On December 10, 2002, the Company entered into an agreement for management
services with Patrick Probst and Spiro Spirou under which the Company agreed to
issue 2,000,000 restricted shares of $0.001 par value common stock to each
individual plus 1,375,000 shares of S-8 free-trading of common stock to Mr.
Probst and 375,000 shares of S-8 free-trading common stock to Mr. Spirou. As of
December 31, 2002, the Company had not issued any shares to the individuals
pursuant to the agreement.

NOTE 10 - SUBSEQUENT EVENTS

On January 15, 2003, the Company entered into a Marketing License Agreement with
Mark Neuhaus under which Mr. Neuhaus was issued an option to purchase 9,000,000
shares of S-8 free-trading $0.001 par value common stock at 50% of the preceding
30-day low closing bid. Mr. Neuhaus exercised his option and purchased 9,000,000
shares at a price of $0.005 per share for $45,000 cash during February 2003.

On March 20, 2003, the Company entered into agreements with Jack Rubin and
Donald Rigoni in which each individual purchased a $15,000 3-year 8% convertible
note for total proceeds of $30,000. Each note converts at the Holder's option
into 7,500,000 shares of the Company's $0.001 par value common stock at $0.002
per share. Upon funding of the Note, each Holder has a 90-day option to purchase
3,750,000 shares at $0.004 per share for cash of $15,000. Upon exercise of the
option, each Holder is granted an additional option to purchase an additional
4,166,667 shares at $0.006 per share for cash of $25,000.

On April 30, 2003, the Company entered into an agreement with Harlow
Enterprises, Inc. ("Harlow") under which Harlow purchased 1,667 shares of the
Company's $0.001 par value Series A Convertible Preferred Shares for cash
totaling $50,000. Each share of the Series A stock is convertible into 10,000
shares of the Company's $0.001 par value restricted common stock and bears an 8%
annual dividend payable at the Company's option in cash or free-trading common
stock valued at 80% of the Closing Bid Price on the Dividend Due Date. Harlow
was also granted a six-month option to purchase up to 33,333,000 shares of the
Company's $0.001 par value common stock at $0.003 per share for cash of
$100,000.

On April 30, 2003, Paul Chou purchased a 12%, 60-day convertible note for cash
totaling $10,000. The Note is convertible at the Holder's option into 5,000,000
shares of the Company's $0.001 par value restricted common stock at $0.002 per
share.

                                                                               9

<PAGE>

                             COLUMBIA BAKERIES, INC.
                           (FORMERLY eCOM CORPORATION)
                                      NOTES

NOTE 11 - REVERSE ACQUISITION WITH COLUMBIA BAKERIES, INC.

On May 28, 2002, the Company closed an acquisition agreement with Columbia
Bakeries, Inc. ("CBI") whereby the Company agreed to exchange 151,628,300 shares
of the Company's $0.001 par value common stock for 100% of the outstanding
shares of CBI.

The acquisition of CBI was accounted for using the purchase method of accounting
as applicable to reverse acquisitions because the former stockholders of CBI
controlled the Company's common stock immediately upon conclusion of the
transaction. Under reverse acquisition accounting, the post-acquisition entity
was accounted for as a recapitalization of the Company. The common stock issued
was recorded at $151,628, the fair value of the Company's assets on the
acquisition date.

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