UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-QSB

For the quarterly period ended: March 31, 2003

Commission file number: 0-29481

RIMPAC RESOURCES LTD.

(Name of small business issuer in its charter)

| NEVADA
91-1921379

(State or other jurisdiction of incorporation or      organization)
(I.R.S. Employer Identification No.)**3665 RUFFIN ROAD, SUITE 225, SAN DIEGO, CALIFORNIA 92123**
(Address of principal executive offices) (Zip Code)

Issuer's telephone number:

**(866) 568-6266**

Securities registered under Section 12(b) of the Exchange Act:NONE

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

COMMON STOCK, $0.001 PAR VALUE (Title of class)

Check whether the issuer (1) filed all reports required to befiled by Section 13 or 15(d) of the Exchange Act during the past 12 months (orfor 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}

FORWARD LOOKING STATEMENTS

Under the "safe harbor" provisions of the Private SecuritiesLitigation Reform Act of 1995 (the "PSLRA"), we caution readers regardingforward looking statements found in this report and in any other statement madeby, or on our behalf, whether or not in future filings with the Securities andExchange Commission. Forward-looking statements are statements not based onhistorical information and which relate to future operations, strategies,financial results or other developments. Forward looking statements arenecessarily based upon estimates and assumptions that are inherently subject tosignificant business, economic and competitive uncertainties and contingencies,many of which are beyond our control and many of which, with respect to futurebusiness decisions, are subject to change. These uncertainties and contingenciescan affect actual results and could cause actual results to differ materiallyfrom those expressed in any forward-looking statements made by or on our behalf.We disclaim any obligation to update forward-looking statements. Readers shouldalso understand that under Section 27A(b)(2)(D) of the Securities Act, andSection 21E(b)(2)(D) of the Securities Exchange Act, the "safe harbor"provisions of the PSLRA do not apply to statements made in connection with aninitial public offering.
**PART I - FINANCIAL INFORMATION****ITEM 1. FINANCIAL STATEMENTS**
RIMPAC RESOURCES LTD
**(A DEVELOPMENT STAGE COMPANY)**
Balance Sheet**March 31, and****December 31,**
**2003**2002**Assets
Current assets
Cash**$       650 **$      2,553 
Total current assets**650 **2,553 
Computers, net**6,308 **10,751 
Gaming Engine**125,000 **125,000 
Web site**35,000 **35,000 
Total Property and Equipment**166,308 **170,751 
Total Assets**$   166,958 **$    173,304 **Liabilities and Stockholders' Deficit
Current Liabilities
Advances from related parties**$   372,087 **$    346,287 
Accounts payable-related parties**1,682,203 **1,415,399 
Accounts payable**34,109 **33,959 
Accrued liabilities**19,000 **20,000 
Income tax payable**2,400 **2,400 
Total Current Liabilities**2,109,799 **1,818,045 
Long Term Liabilities**-   
            -   
Total Liabilities**2,109,799 **1,818,045 
Stockholders' Deficit
Common Stock, $0.001 par value, 50,000,000  
 shares authorized, 20,000,000 shares issued  
and outstanding.**20,000 **20,000 
Additional paid in capital**684,598 **684,598 
Accumulated deficit during development stage**(2,647,439)**(2,349,339)**Total stockholders' deficit**(1,942,841)**(1,644,741)
Total Liabilities and Stockholders' Deficit**$   166,958 **$    173,304 
 

 

 

RIMPAC RESOURCES LTD
**(A DEVELOPMENT STAGE COMPANY)**
Statement of Operations**Period From**From Inception**January 1, 2003**January 1, 2002
**September 19, 2001****To**To **To **March 31, 2003**March 31, 2002**March 31, 2003
Sales
 $        -   
 $           -   
 $           -   
Cost of sales
          -   
               - 
             -   
Gross profit
          -   
               - 
             -   
Operating expenses
Consulting
      255,496 
         396,685 
       2,087,647 
General and administrative
       14,415 
          93,176 
          63,259 
Office occupancy
        4,569 
           10,089 
          23,566 
Marketing
       20,500 
               - 
         251,250 
Travel and entertainment
        1,520 
          18,313 
          83,119 
Research and development
          -   
          30,850 
          55,000 
Total operating expenses
      296,500 
         549,113 
       2,563,841 
Loss from operations
     (296,500)
        (549,113)
      (2,563,841)
Other income (expense)
Income taxes
          -   
            (800)
          (2,400)
Total other income (expense)
          -   
            (800)
          (2,400)
Net loss
 $   (296,500)
 $      (549,913)
 $    (2,561,441)**Weighted Average Shares
   20,000,000 
        16,450,000 
       20,000,000 **Loss Per Common Share
 $          (0.01)
 $               (0.03)
 $              (0.13)
 

 

RIMPAC RESOURCES LTD
**(A DEVELOPMENT STAGE COMPANY)**
Statement of Cash Flows**Period From**From Inception**January 1, 2003**January 1, 2002
**September 19, 2001****To**To **To **March 31, 2003**March 31, 2002**March 31, 2003**Cash flows from operating activities:
Net loss
 $  (296,500)
        $        (549,913)
     $     (2,566,241)
Adjustments to reconcile net loss to
  net cash used by operating activities:
Depreciation
       4,444 
          4,444 
Stock issued for services
             225,000 
            225,000 
Estimated value of vested options
            400,000 **Increase (decrease) in liabilities
Accounts payable and accrued liabilties
      (2,450)
          18,747 
         53,910 
Accounts payable-related parties
     266,803 
             -   
      1,682,201 Net cash used by operating activities
(27,703)
(306,166)
       (200,686)**Cash flows from investing activities:
Accquisition of equipment
         -   
          (1,467)
        (10,751)
Gaming engine
       (125,000)
Web site
        (35,000)
Net cash used by investing activities
         -   
          (1,467)
       (170,751)**Cash flows from financing activities:Proceeds from advances from related parties25,800306,682
        372,087 
Net cash provided by financing activities
      25,800 
         306,682 
        372,087 
Net increase (decrease) in cash
      (1,903)
            (951)
            650 
Cash at beginning of period
       2,553 
           1,000 
            -   
Cash at end of period
 $       650 
 $            49 
 $          650 
SUPPLEMENTAL NON CASH INVESTING AND FINANCING ACTIVITIES:
The Company issued 8,587,500 share of stock for consulting services to Amoeba Corporation. 
The stock was valued based upon 3,000 hours of consulting services at $75.00 an hour, 
 equaling a total value $225,000.  
 The Company also issued stock options for services,
the value of the options were calculated using a Black-Scholes pricing model. 
The total value of the options is $400,000.
SUPPLEMENTAL INFORMATION:
Interest paid
 $ -
-

-

Taxes paid
 $       -   
-

-

 

RIMPAC RESOURCES LTD.

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2003

(UNAUDITED)
**1.     ORGANIZATION AND BUSINESS COMBINATION**
On January 17, 2002, Rimpac Resources Ltd ("Rimpac") enteredinto a share exchange agreement to acquire InternetLOTO, Inc. The Company closedits acquisition on InternetLOTO, Inc. pursuant to the terms of the share exchange agreement on February 1, 2002. 

Rimpac issued 11,450,000 shares of its common stock to theshareholders of InternetLOTO, Inc. and, following the acquisition, there were 20,000,000 shares of common stock of the Company issued and outstanding. 

The transaction has been accounted for as a reverse acquisition. As a result of the reverse acquisition, the operating entity, Rimpac Resources Ltd has continued as the operating entity and its historical financial statements have replaced those of InternetLOTO,Inc.

InternetLOTO, Inc. is developing and marketing InternetLOTO.com, the first global internet lottery web portal, where worldwide players may purchase e-tickets for various state and governmental sanctioned lotteries.
**2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**
Basis of Presentation

Rimpac has experienced recurring losses, has an accumulateddeficit of $2,647,439 and has not yet commenced operations. These factors, amongothers, raise substantial doubt as to its ability to obtain long-term debt orequity

financing to continue its online and offline marketing programs,complete the web portal and, thereby, commence operations and the generation ofrevenues.

During the three months ended March 31, 2003, management hascontinued to seek additional capital investment to support its business venturesand provide the capital considered necessary to support operations.

Accordingly, the financial statements do not include anyadjustments relating to the recoverability and classification of recorded assetamounts or the amount and classification of liabilities or other adjustmentsthat might be necessary should the Company be unable to continue as a goingconcern.

Unaudited Interim Financial Information

The accompanying interim balance sheet as of March 31, 2003 andthe statements of operations and cash flows for the three-month period endedMarch 31, 2003, together with the related notes are unaudited and, in theopinion of management, include all normal recurring adjustments that the Companyconsiders necessary. Certain information and note disclosures normally includedin the financial statements prepared in accordance with accounting principlesgenerally accepted in the United States of America have been omitted. A morecomplete description of accounting policies and disclosures is included in theCompany's annual report on Form 10-KSB. The results of operations for thethree-month period ended March 31, 2003 are not necessarily indicative ofoperating results to be expected for the full year.

Fair Value of Financial Instruments

Statement of Financial Accounting Standards ("SFAS") No. 107,"Disclosures About Fair Value of Financial Instruments," requires disclosure offair value information about financial instruments when it is practicable toestimate that value. The carrying amounts of the Company's financial instrumentsas of March 31, 2003 and December 31, 2002 approximate their respective fairvalues because of the short-term nature of these instruments. Such instrumentsconsist of cash, accounts payable and accrued expenses. The fair value ofrelated party payables is not determinable. 

Property and Equipment

Property and equipment is stated at cost. Depreciation iscomputed using the straight-line method over the estimated useful lives of thedepreciable assets, which range from three to seven years. Management evaluatesuseful lives regularly in order to determine recoverability taking intoconsideration current technological conditions. Repairs and maintenance arecharged to expense as incurred while improvements are capitalized. Upon the saleor retirement of property and equipment, the accounts are relieved of the costand the related accumulated depreciation, with any resulting gain or lossincluded in the statement of operations. 

Accounting for Long-Lived Assets

Long lived assets are reviewed for impairment wheneverevents or changes in circumstances indicate that the carrying value of an assetmay not be recoverable. In that case, if the sum of the expected future cashflows is less than the carrying amount of the asset, an impairment loss isrecognized for the difference between the carrying amount of the asset and itsfair value.

Income Taxes

The Company utilizes SFAS No. 109, "Accounting for IncomeTaxes," which requires the recognition of deferred tax assets and liabilitiesfor the expected future tax consequences of events that have been included inthe financial statements or tax returns. Under this method, deferred tax assetsand liabilities are determined based on the difference between the tax basis ofassets and liabilities and their financial reporting amounts based on enactedtax laws and statutory tax rates applicable to the periods in which thedifferences are expected to affect taxable income. Valuation allowances areestablished, when necessary, to reduce deferred tax assets to the amountexpected to be realized. 

Stock-Based Compensation

SFAS No. 123, "Accounting for Stock-Based Compensation,"establishes and encourages the use of the fair value based method of accountingfor stock-based compensation arrangements under which compensation cost isdetermined using the fair value of stock-based compensation determined as of thedate of grant and is recognized over the periods in which the related servicesare rendered. The statement also permits companies to elect to continue usingthe current implicit value accounting method specified in Accounting PrinciplesBoard Opinion No. 25, "Accounting for Stock Issued to Employees," toaccount for stock-based compensation.

The Company determined that it will not change to the fair valuemethod and will continue to use the implicit value based method for stockoptions issued to employees.

Use of Estimates

The preparation of financial statements in conformity withaccounting principles generally accepted in the United States of Americarequires management to make certain estimates and assumptions that affect thereported amounts of assets and liabilities, and reported amounts of revenue andexpenses during the reporting period. Actual results could differ from thoseestimates. Significant estimates made by management are, among others,realizability of long-lived assets and deferred taxes.

Income (Loss) Per Common Share

Basic net income (loss) per common share is computed by dividingnet income (loss) by the weighted average number of outstanding common sharesduring the periods presented. At March 31, 2003 and 2002, basic income (loss)per share and diluted income (loss) per share are the same amount because theimpact of additional common shares that might have been issued under theCompany's stock option agreements would be anti-dilutive.
**3. FIXED ASSETS**
The Company has paid $125,000 for the development of a gamingengine and $35,000 for a web site through a related party. Since the gamingengine and web site are not fully operational at this point in time the Companyhas not begun depreciation. Once fully operational the Company anticipatesdepreciating these assets. Company management continually reviews its valuationof the gaming engine and website for impairment and believes the carrying valueof such assets is recoverable.
**4. CAPITAL STRUCTURE**
Preferred Stock

The Board of Directors has the authority to issue preferredstock and to fix and determine its series, relative rights and preferences. Asof March 31, 2003 and December 31, 2002, no classes of preferred stock wereauthorized, issued or outstanding.

Common Stock

The Company has authorized 50,000,000 of $0.001 par commonstock. As of March 31, 2003 and December 31, 2002, 20,000,000 shares were issuedand outstanding.
**5. RELATED PARTY TRANSACTIONS**
Advances From Related Parties

As of March 31, 2003, the Company has unpaid stockholderadvances of approximately $372,087. Outstanding advances are non-interestbearing and are repayable upon demand.

Rimpac signed a renewed Marketing & Services Contract Agreementwith Hi-Tek, a related party through common principals, on February 1, 2003. The essential terms of the agreement are asfollows. The term of the agreement is January 1, 2003 to December 31, 2003. Hi-Tekagreed to provide a wide range of services to Rimpac including marketingservices, production services, and consulting services. Under the agreement, Hi-Tekis to receive $50,000 per month for one year. However, this agreement was latermodified; specifically, Rimpac lacked funds to pay for the services under therenewed Marketing & Services Contract Agreement. Thus, effective April 1, 2003,the parties agreed that Hi-Tek would scale back its services and offer solelywebsite hosting and email services.

On April 15, 2003, Hi-Tek advanced a loan in the amount of$7,000 to Rimpac. The loan is non-interest bearing and repayable upon demand.

Reverse Acquisition

Owen Bethel, a director of the Company, controls AmoebaCorporation which received 8,587,500 shares of the Company's stock as part ofthe reverse acquisition with InternetLOTO, Inc. Additionally, during March 2002, the Company entered into astock option agreement with Mr. Bethel to purchase 200,000 shares of theCompany's common stock at $1.00 per share.

The options vest over a three-year period, beginning March 27,2002 and expire three years after the options becomes exercisable. As of March 31,2003, no options had yet been exercised.

Additionally, the Company may offer to Mr. Bethel an additional200,000 shares at $5.00 per share, vested over three years, effective March 27,2005 to March 26, 2008.

Consulting and Stock Option Agreements

Chief Executive Officer

During April 2002, the Company entered into a consulting andstock option agreement with the Company's Chief Executive Officer ("CEO"). Asconsideration for services to be rendered, the CEO receives a monthly fee of$15,000 and a stock option agreement to purchase 1,500,000 shares of theCompany's common stock at $0.50 per share.

The options expire after three years, and vest one-third peryear. According to the agreement, the first third vested on the effective dateof the agreement as an enticement to enter into the agreement. The fair marketvalue for these options was estimated at the date of grant using a Black-Scholesoption pricing model with the following assumptions: risk-free interest rate of6.48%; expected life of the option of 3 years; zero dividend yield, and avolatility factor of the expected market price of Rimpac common stock of 0.25%.The fair market value of the options earned during the year ended December 31,2002 was estimated at $400,000 and recorded to professional and consulting feeswith an offset to additional paid in capital. 

The options vest over a three-year period beginning February 6,2002 and expire three years after option becomes exercisable. As of March 31,2003, no options had yet been exercised. 

Additionally, the Company may offer to the CEO an additional2,000,000, shares at $5.00 per share, vested over three years, effective February6, 2005 to February 6, 2008.

Shareholder and Consultant

During May 2002, the Company entered into one-year agreementwith a shareholder to provide consulting services to the Company. Asconsideration for services to be rendered, the consultant receives a monthly feeof $7,000 and a stock option agreement to purchase 100,000 shares of theCompany's common stock at $0.85 per share. Subsequent to March 31, 2003, TheCompany extended the consulting agreement for an additional year on similarterms.

Additionally, should cash flow not allow for payment ofservices, the consultant has the option to accept the Company's common stock as paymentvaluing the shares at the then current market value of the date of issuance.As of March 31, 2003, approximately $69,500 in fees are unpaid and areincluded in advances from related parties in the balance sheet.

The options expire after three years, and vest upon the Companygenerating revenues of at least $100,000. As of March 31, 2003, no options hadyet been exercised.

 
**6. LITIGATION**
There are no significant legal proceedings against the Companywith respect to matters arising in the ordinary course of business.
******7. SUBSEQUENT EVENTS**
On September 20, 2003 the Company entered into a mutualcompromise agreement and mutual release with our contract accountant whereby heagreed to accept $10,000 in cash payable immediately and $15,000  of Rimpac's common stock to be paid in January of 2004 based upon the closing priceof Rimpac's common stock on the last trading day of 2003, as full payment for aliability of $27,500 owed to him.

On October 1, 2003, the Company received a loan for $50,000 andin consideration we issued a $50,000 convertible secured promissory note, whichaccrues interest at a rate of 10% per year. The note and interest are due ondemand. The interest rate on balances outstanding after demand for payment ismade changes to 12% per year. The number of shares of common stock into which thenote is convertible shall be determined by dividing the aggregate principalamount together with all accrued interest to the date of conversion by theconversion price in effect at such time. The conversion price shall be equal tothe lessor of (a) 10% of the average daily closing prices of Rimpac common stockfor the three trading days immediately prior to the conversion and (b) 10% ofthe average daily closing prices of Rimpac common stock for the twenty tradingdays immediately after the date the note was executed. As of December 31, 2003,no amount of principal or interest has been converted to Rimpac common stock.
**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OFOPERATION.****GENERAL**
The Company's operating results have fluctuated in the past andmay in the future fluctuate significantly, depending upon a variety of factors,including the timely deployment and expansion of new network, the incurrence ofrelated capital costs, variability and length of the sales cycle associated withthe Company's product and service offerings, the receipt of new value-addednetwork services and consumer services subscriptions and the introduction of newservices by the Company and its competitors. Additional factors that maycontribute to variability of operating results include but are not limited to: thepricing and mix of services offered by the Company; customer retention rate;market acceptance of new and enhanced versions of the Company's services;changes in pricing policies by the Company's competitors; the Company's abilityto obtain sufficient supplies of sole or limited-source components; user demandfor services; the ability to manage potential growth and expansion; the abilityto identify, acquire and integrate successfully suitable acquisition candidates;and charges related to acquisitions. In response to competitive pressures, theCompany may take certain pricing or marketing actions that could have a materialadverse affect on the Company's business. Currently, the Company operates inonly one segment. Due to the foregoing factors, the Company believes theperiod-to-period comparisons of its operating results are not necessarilymeaningful and that such comparisons cannot be relied upon as indicators offuture performance. In the event that the Company's operating results in anyfuture period fall below the expectations of securities analysts and investors,the trading price of the Company's common stock would likely decline.
**OVERVIEW**
Effective February 1, 2002, an arrangement was completed betweenRimpac Resources and InternetLOTO, whereby the shareholders of InternetLOTOexchanged all of their common shares for 11,450,000 shares of Rimpac Resourcescommon stock.

Following the acquisition the former shareholders ofInternetLOTO held a majority of Rimpac's total issued and outstanding commonshares; InternetLOTO was thereby deemed to be the acquiror. Accordingly, thetransaction has been accounted for as a reverse takeover using the purchasemethod whereby the assets and liabilities of Rimpac Resources have been recordedat their fair market values and operating results have been included in thefinancial statements from the effective date of purchase. The fair value of thenet assets acquired is equal to their book values.
**REVENUE**
Prior to the reverse acquisition of InternetLOTO, RimpacResources was inactive, other than maintaining its status as a reportingcompany. From inception, September 19, 2001 to March 31, 2003, the companiesdid not generate any revenues. 
**OPERATING EXPENSE**
Operating expense consists primarily ofconsulting expense, rent and professional fees. Operating expense was $296,500 for thethree month period ended March 31, 2003 compared to $549,113 for the periodJanuary 1, 2002 to March 31, 2002. 
**NET LOSS**
The Company incurred a net loss of $296,500 for the three monthperiod ended March 31, 2003  compared to net loss of $549,913 for the periodJanuary 1, 2002 to March 31, 2002. For the periods ended March31, 2003 and March 31, 2002, we incurred aloss of $0.01 and $0.03 per share, respectively. The Company's near term focusis to become profitable by opening of revenue operations in Vietnam and Mexico.However, the Company believes that it will still incur losses in the near termand cannot assure that the Company will be profitable in the future.
**LIQUIDITY AND CAPITAL RESOURCES****GENERAL**
To date, the Company has satisfied its cash requirementsprimarily through related party debt and equity financings. The Company'sprincipal uses of cash are to fund working capital requirements. The Companyhopes that it will generate positive cash flow from operations within the nexttwelve-month period. There can be no assurances that the Company will besuccessful in securing additional financing, and if secured, it will besufficient to satisfy working capital needs.
**LONG-TERM FINANCING**
The Company believes that its anticipated funds from operationswill be insufficient to fund its working capital and other requirements throughDecember 31, 2003. Therefore, the Company will be required to seek additionalfunds either through debt or equity financing to finance its long-termoperations ("Additional Funds"). Should the Company fail to raise the additionalfunds, the Company will have insufficient funds for the Company's intendedoperations for the next twelve months that may have a material adverse effect onthe Company's long-term results of operations.
**GOING CONCERN**
The Company has incurred operating losses inthe last two years, has a working capital deficit, and a significantstockholders' deficit. These conditions raise substantial doubt about theCompany's ability to continue as a going concern. 
**CAPITAL EXPENDITURES**
The Company has no capital expenditures of significance plannedfor the next twelve months, other than the further development of the Gamingengine and the expansion of operations in the existing countries currently underdevelopment.
**INFLATION**
Management believes that inflation has not had a material effecton the Company's results of operations. 
**PLAN OF OPERATION**
We have a development strategy for the implementation of Phase Iof the plan, but it will require $2,000,000 to complete. To accomplish thisgoal, we are currently offering convertible debentures in reliance upon theprivate placement exemption contained in Rule 506 under the Securities Act of1933.

The debentures will accrue interest at the rate of 10% perannum. We will pay the principal and any accrued interest due to the registeredholders of the debentures upon maturity, which is one year from the date ofissuance. Holders of the debentures are entitled, at any time after the date ofissuance, by written notice to us, to elect to convert their debentures into ourcommon stock at a conversion price equal to one share of common stock for each$1.50 of the principal amount of their debenture converted. Any unpaid interest,which has been accrued or is accruing from the date of issuance to the date ofconversion will be waived and forgiven by the holder.

We have historically financed our operations through workingcapital provided by related party loans. Our ability to continue our operationsis currently dependent on financing from external sources. There can be noassurances that additional capital will be available on terms favorable to us orat all, or that we will be able to generate sufficient cash flow in order tosustain operations. To the extent that additional capital is raised through thesale of additional equity or debt securities, the issuance of such securitiescould result in additional dilution to our stockholders. In the event that weexperience the need for additional capital, and are not able to generate capitalfrom financing sources or from future operations, management may be required tomodify, suspend or discontinue our operations and business plan.
**OFF-BALANCE SHEET ARRANGEMENTS**
We have no off-balance sheet arrangements to report.
**ITEM 3. EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES**
(a) Evaluation of Disclosure Controls and Procedures.Regulations under the Securities Exchange Act of 1934 require public companiesto maintain 'disclosure controls and procedures,' which are defined to mean acompany's controls and other procedures that are designed to ensure thatinformation required to be disclosed in the reports that it files or submitsunder the Securities Exchange Act of 1934 is recorded, processed, summarized andreported, within the time periods specified in the Commission's rules and forms.Within 90 days prior to the filing date of this Report (the 'Evaluation Date'),the Company's principal executive officer ('CEO') and principal financialofficer ('CFO') carried out an evaluation of the effectiveness of the Company'sdisclosure controls and procedures. Based on those evaluations, as of theEvaluation Date, the Company's CEO and CFO believe:

(i) that the Company's disclosure controls and procedures    are designed to ensure that information required to be disclosed by the    Company in the reports it files under the Securities Exchange Act of 1934 is    recorded, processed, summarized and reported within the time periods    specified in the SEC's rules and forms and that such information is    accumulated and communicated to the Company's management, including the CEO    and CFO, as appropriate to allow timely decisions regarding required    disclosure; and 

(ii) that the Company's disclosure controls and procedures    are generally effective. However, the Company encountered various issues    related to the valuation of certain stock option agreements and predecessor    company debt obligations. As a result, the Company was not able to file its    2002 annual report and 2003 quarterly reports within the time periods    specified in the SEC's rules and forms. The Company has taken appropriate    steps to resolve the problems and implement procedures in order to file its    future reports on a timely basis. 

(b) Changes in Internal Controls. There were no significantchanges in our internal controls or, to our knowledge, in other factors thatcould significantly affect our internal controls subsequent to the evaluationdate referred to above.
**PART II - OTHER INFORMATION****ITEM 4. LEGAL PROCEEDINGSWe are not subject to any material legal proceedings.
**ITEM 5. CHANGES IN SECURITIES**
We have not materially modified the instruments defining therights of our security holders during the reporting period.**ITEM 6. DEFAULTS UPON SENIOR SECURITIES**

There has been no material default upon securities during thereporting period.
**ITEM 7. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**
We did not submit any matters to a vote of security holdersduring the reporting period.**ITEM 8. EXHIBITS AND REPORTS ON FORM 8-K.**
a. Reports on Form 8-K:

We filed no reports on Form 8-K during the reporting period.

b. Exhibits:
**Exhibit Number**Description
99.1. 
Certification of Chief Executive Officer and Chief Financial    Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
**SIGNATURES**
Pursuant to the requirements of Section 13 or 15(d) of theSecurities Exchange Act of 1934, the registrant has duly caused this report tobe signed on its behalf by the undersigned, thereunto duly authorized.
*/s/ Thomas Johnson    _______________________________    Thomas Johnson**RIMPAC RESOURCES LTD**
President, Secretary, Treasurer and Director 
    January 20, 2004
 
**CERTIFICATION OF PRINCIPAL FINANCIAL AND EXECUTIVE OFFICERPURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**
I, Thomas M. Johnson, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of RimpacResources, Ltd.; 

2. Based on my knowledge, this quarterly report does not containany untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances under whichsuch statements were made, not misleading with respect to the period covered bythis quarterly report;

3. Based on my knowledge, the financial statements, and otherfinancial information included in this quarterly report, fairly present in allmaterial respects the financial condition, results of operations and cash flowsof the registrant as of, and for, the periods presented in this quarterly report.

4. I am responsible for establishing and maintaining disclosurecontrols and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) forthe registrant and I have: 

a) evaluated such disclosure controls and procedures to ensure  that material information relating to the registrant 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. I have disclosed, based on our most recent evaluation, to theregistrant's auditors and the audit committee of registrant's board of directors(or persons performing the equivalent function): 

a) all significant deficiencies in the design or operation of  internal controls which could adversely affect the registrant's ability to  record, process, summarize and report financial data and have identified for  the registrant's auditors any material weaknesses in internal controls; and  

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

6. I have indicated in this quarterly report whether or not therewere significant changes in internal controls or in other factors that couldsignificantly affect internal controls subsequent to the date of our most recentevaluation, including any corrective actions with regard to significantdeficiencies and material weaknesses. 
*/s/ Thomas Johnson    _______________________________    Thomas Johnson**RIMPAC RESOURCES LTD**
President, Secretary, Treasurer and Director 
    January 20, 2004
* * * 
**Exhbit 99.1. Certification of Chief Executive Officer and ChiefFinancial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.****CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTEDPURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**
In connection with the quarterly report of Rimpac Resources Ltd.(the "Company") on Form 10-QSB for the period ended March 31, 2003 as filedwith the Securities and Exchange Commission on the date hereof (the "Report"),I, Thomas M. Johnson, hereby certify, pursuant to 18 U.S.C. ss. 1350, as adoptedpursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, inall material respects, the financial condition and results of operations of theCompany.
*/s/ Thomas Johnson    _______________________________    Thomas Johnson**RIMPAC RESOURCES LTD**
President, Secretary, Treasurer and Director 
    January 20, 2004
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