<PERIOD>     09/30/03
              U.S. SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                           FORM 10-QSB
(Mark One)

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

        For the quarterly period ended September 30, 2003

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

	For the transition period from __________ to __________


                      Commission file number: 0-2664

                       INVESTORS FINANCE, INC.
   (Exact name of small business issuer as specified in its charter)
                        ___________________

		Hawaii				   99-0112763
	(State or other jurisdiction of		(I.R.S. Employer
	incorporation or organization)		Identification No.)

	820 Mililani, Suite 300, Honolulu, Hawaii	96813
	(Address of principal executive offices)	(Zip Code)

                 Issuer's telephone number: (808)533-7437

___________________

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 [   ] No[ x ]

Number of shares outstanding of the issuer's common stock as of
September 30, 2003: 5,000,000.  However, the number of authorized shares
of common stock was increased during September, 2003 to 9,000,000, although
these additional shares were not issued.

Transitional Small Business Disclosure Format (check one): Yes [ ] No [x]

Part 1 - Financial Information

Item 1. Financial Statements

                        (UNAUDITED)
<TABLE>
<S>                                              <C>
<PERIOD-TYPE>                                  3-MOS
<FISCAL-YEAR-END>                          DEC-31-2003
<PERIOD-END>                               SEP 30-2003
<CASH>                                         358,317
<SECURITIES>                                        0
<RECEIVABLES>                                  61,228
<ALLOWANCES>                                  (12,000)
<INVENTORY>                                         0
<CURRENT-ASSETS>                              407,545
<PP&E>                                        152,015
<DEPRECIATION>                                (45,387)
<TOTAL-ASSETS>                              1,727,208
<CURRENT-LIABILITIES>                         231,280
<BONDS>                                             0
<PREFERRED-MANDATORY>                               0
<PREFERRED>                                         0
<COMMON>                                    2,822,300
<OTHER-SE>                                          0
<RETAINED EARNINGS>                       (1,366,308)
<TOTAL-LIABILITY-AND-EQUITY>                1,727,208
<SALES>                                       926,745
<TOTAL-REVENUES>                              926,745
<CGS>                                               0
<TOTAL-COSTS>                                 885,288
<OTHER-EXPENSES>                                    0
<LOSS-PROVISION>                                    0
<INTEREST-EXPENSE>                                  0
<INCOME-PRETAX>                                41,533
<INCOME-TAX>                                     1600
<INCOME-CONTINUING>                                 0
<DISCONTINUED>                                      0
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                                   39,933
<EPS-PRIMARY>                                 (0.0080)
<EPS-DILUTED>                                 (0.0080)
</TABLE>

Item 2. Plan of Operations

The Company is a Hawaiian corporation licensed under the Hawaiian Code
of Financial Institutions to operate as a non-depository financial services
loan company for the purposes of originating, brokering and servicing of loans
and extensions of credit.  In July, 2003 the Company was granted a license to
operate a branch office at 9750 Miramar Road, Suite 133, San Diego, CA 92126.
During the time period of this report, the Company continued to deliver its
principal services of the origination, brokerage and servicing of residential
and commercial mortgages from its offices in Hawaii at 345 Queen St, Ste. 900,
Honolulu, HI 96813 as well as the newly licensed branch office in California.
In addition, IFI continued to explore other profitable opportunities to utilize
its license as a non-depository financial services loan company under Hawaiian
law.


Item 3. Controls and Procedures

The financial statements, and other financial information included in
this quarterly report, are believed to fairly present in all material
respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the period presented in this quarterly
report.  However, the Company's Chief Financial Officer during the period
of this report apparently failed to file it timely and was terminated.
Subsequent to his departure, management retained the services of an
independent certified public accountant to prepare a compilation of the
Company's books and records and although this report is not timely, to
the best of our knowledge and belief, it correctly reflects the financial
condition of the Company as to September 30,2003. While the financial
statements have not been audited, the Company anticipates having audited
financial statements prepared when it is financially able to do so.

PART II

Item 1. Legal Proceedings

The Company engaged in no litigation during the time period of this report.
However, from time to time, the Company is involved in litigation in the
ordinary course of its business. As a result of legal defenses and insurance
arrangements, the Company does not believe that any such litigation, if decided
unfavorably to the Company, would have a material adverse effect on its
business or assets.

Further, to the knowledge of management, no director, officer, affiliate or
holder of record or beneficial owner of more than 5% of the common voting stock
of the Company is, or was, a party adverse to the Company or has or had a
material adverse interest in any proceeding.

Item 2. Changes In Securities.  As addressed in greater detail in Item 4 below,
an additional four million shares of stock were authorized by the Board of
Directors but were never issued.

Item 3. Defaults Upon Senior Securities (NONE)

Item 4. Submission of Matters to a Vote of Security Holders.
In September, 2003, the following matters were submitted to a vote of security
holders which resulted in the following corporate resolutions:


a. Article V, Sec. 2 of the Articles of Association of the Company was amended
to lower the number of members of the Board of Directors from five to two.
b. The number of authorized common shares of stock was increased from 5,000,000
to 9,000,000.
c. The Board of Directors was authorized to develop and implement a performance
based compensation plan for senior executives.
d. The Board of Directors was authorized to develop and implement a stock
option compensation plan for senior executives.
e. The Board of Directors was authorized to develop and implement a stock
option compensation plan for employees.
f. As a result of certain senior executives working for either no or little
compensation, those executives were authorized to receive shares of common
stock in lieu of monetary compensation as follows:
 		Michael Monaco			1,000,000 shares
		Richard Weaver 			  300,000 shares
		Wade Richardson			   50,000 shares
		Frank Asaro				   50,000 shares
As indicated above, however, the increased number of shares that was authorized
in accordance with Item 4b were not issued.
g. The Board of Directors was authorized to select, appoint and pay independent
auditors to perform an audit of the Company's books and records.
h. It was requested that the Board of Directors review the potential for a
future declaration of payment of a dividends to shareholders of common stock.

Item 5. Other Information (None)

Item 6. Exhibits and Reports on Form 8-K (NONE)


SIGNATURES

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

                                        (Registrant)
                                        Investors Finance, Inc.

                                        By:   /s/ James M. Hester
                                              ------------------------
                                              James M. Hester,
    					      Chief Financial Officer




                                  CERTIFICATION

         I, Michael S. Monaco, the Chief Executive Officer and Board Member of
Investors Finance, Inc. certify as follows:

         1. I have reviewed this quarterly report on Form 10-QSB of
Investors Finance, Inc.;

	 2. Based on my knowledge, this quarterly report, while untimely, does
not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made not misleading with respect to the
period covered by this quarterly report;

         3. Based on my knowledge, the financial statements, and other
financial information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the period presented in this quarterly report.
After the termination by management of the Company's CFO during the time of
this report, management retained the services of an independent certified
public accountant to prepare a compilation of the Company's books and records.
To the best of our knowledge and belief, this report correctly reflects the
financial condition of the Company as of September 30, 2003. While the
financial statements have not been audited, the Company anticipates having
audited financial statements prepared when it is financially able to do so.


         4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and 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 quarterly
            report (the "Evaluation Date"); and

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

         5. The registrant's other certifying officer and I have indicated in
this quarterly report whether or not there were significant changes in internal
controls or in other factors that could have significantly affected internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.


 			           /s/ Michael S. Monaco
                              ----------------------------------------
                              Michael S. Monaco
                              Chief Executive Officer






                                  CERTIFICATION

         I, James M. Hester, the current Chief Financial Officer and
corporate secretary of Investors Finance, Inc. certify as follows:

         1.	I have reviewed this quarterly report on Form 10-QSB of
Investors Finance, Inc.;


   	 2. Based on my knowledge, this quarterly report, while untimely, does
not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made not misleading with respect to the
period covered by this quarterly report;

         3. Based on my knowledge, the financial statements, and other
financial information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the period presented in this quarterly
report.  After the termination by management of the Company's CFO during the
time of this report, management retained the services of an independent
certified public accountant to prepare a compilation of the Company's books
and records.  To the best of our knowledge and belief, this report correctly
reflects the financial condition of the Company as of September 30, 2003.
While the financial statements have not been audited, the Company anticipates
having audited financial statements prepared when it is financially able to
do so.


         4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and 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 quarterly
            report (the "Evaluation Date"); and

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

         5. The registrant's other certifying officer and I have indicated in
this quarterly report whether or not there were significant changes in internal
controls or in other factors that could have significantly affected internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.



  				                /s/ James M. Hester
                              			----------------------------------------
						James M. Hester
						Chief Financial Officer