UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

_________________

FORM 10-QSB

|x |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OFTHE SECURITIES EXCHANGE ACT OF 1934
|- |  | --------------------------------------------------------------------------------------

# For the period ended March 31, 2005

|o |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OFTHE SECURITIES EXCHANGE ACT OF 1934
|- |  | ---------------------------------------------------------------------------------------

For the transition period from _________ to _________

# Commission File Number: 0-7475

__________________________________

NATURE VISION, INC.
(Exact name of registrant as specified in its charter)

|Minnesota                       |  | 41-0831186          | 
|------------------------------- |  | ------------------- | 
|(State or other jurisdiction of |  | (I.R.S. Employer    | 
|incorporation or organization)  |  | Identification No.) | 

213 NW 4th Street
Brainerd, MN 56401
(Address of principal executive offices, including zip code)

(218) 825-0733
(Registrants telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.

Yesx   Noo

Indicate by check mark whether the
registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act)
Yeso   Nox

The number of shares of registrants common stock, par value $0.16 per
share, outstanding as of May 20, 2005, was 2,178,559.

---

# NATURE VISION, INC.
INDEX

|        |  |            | Page Number
|------- |  | ---------- | -----------
|PART I  |  |            |            
|       
|        |  | Item 1:    |            
|       
|        |  |            |            
|        |  |            |            
|       
|        |  |            |            
|        |  |            |            
|       
|        |  |            |            
|        |  |            |            
|       
|        |  |            |            
|       
|        |  | Item 2:    |            
|       
|        |  | Item 3:    |            
|       
|PART II | 
|       
|        |  | Item 6:    |            
|       
|        |  | Signatures |            

i

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# Part I

# Item 1:    Financial Information

# Nature Vision, Inc. and Subsidiaries
Consolidated Balance Sheets
March 31, 2005 and December 31, 2004

|UnauditedMarch 31, 2005                         |  | December 31, 2004
|----------------------------------------------- |  | -----------------
|CURRENT ASSETS                                  |  |                  
|Cash and Cash Equivalents                       |  |                  
|Accounts Receivable, net                        |  |                  
|Inventories, net                                |  |                  
|Prepaid Expenses                                |  |                  
|Income Taxes Receivable, net                    |  |                  
|Deferred Income Taxes                           |  |                  
|                                                |  |                  
|Total Current Assets                            |  |                  
|                                               
|PROPERTY AND EQUIPMENT, NET                     |  |                  
|                                               
|OTHER ASSETS       Cash Value Life Insurance    |  |                  
|Deferred Income Taxes                           |  |                  
|Intangibles  net                               |  |                  
|                                                |  |                  
|                                               
|TOTAL ASSETS                                    |  |                  
|                                                |  |                  
|                                               
|LIABILITIES AND STOCKHOLDERS EQUITY            |  |                  
|                                               
|CURRENT LIABILITIES                            
|Checks issued in excess of cash in bank         |  |                  
|Current Portion Contract Payable Vaddio         |  |                  
|Current Portion of Long-Term Debt               |  |                  
|Current Portion of Deferred Retirement Benefits |  |                  
|Line of Credit, Bank                            |  |                  
|Account Payable                                 |  |                  
|Accrued Payroll and Payroll Taxes               |  |                  
|Accrued Expenses                                |  |                  
|                                                |  |                  
|Total Current Liabilities                       |  |                  
|                                               
|LONG-TERM LIABILITIES                          
|Long-term Debt, Net of Current Portion          |  |                  
|Deferred Retirement Benefits                    |  |                  
|Contract Payable Vaddio, Net of Current Portion |  |                  
|Deferred Income Taxes                           |  |                  
|                                                |  |                  
|                                               
|Total Liabilities                               |  |                  
|                                                |  |                  
|                                               
|STOCKHOLDERS EQUITY                           
|Common Stock, $.16 Par Value per Share          |  |                  
|25,000,000 Shares Authorized                    |  |                  
|Common Shares Issued and Outstanding at         |  |                  
|March 31, 2005 and December 31, 2004 2,178,559  |  |                  
|Additional Paid-In Capital                      |  |                  
|Retained Earnings                               |  |                  
|                                                |  |                  
|Total Stockholders Equity                      |  |                  
|                                                |  |                  
|                                               
|TOTAL LIABILITIES AND STOCKHOLDERS EQUITY      |  |                  
|                                                |  |                  

See accompanying notes to consolidated financial statements.

1

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# Nature Vision, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
Quarters Ended March 31, 2005 and 2004

|                                             | 2005 |  | 2004
|-------------------------------------------- | ---- |  | ----
|SALES, NET                                   |      |  | $   
|                                            
|COST OF GOOD SOLD                            |      |  |     
|                                             |      |  |     
|                                            
|GROSS PROFIT                                 |      |  |     
|                                            
|SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |      |  |     
|                                             |      |  |     
|                                            
|(LOSS)INCOME FROM OPERATIONS                 |      |  |     
|                                             |      |  |     
|                                            
|OTHER INCOME(EXPENSE)                        |      | 
|Interest Expense                             |      |  |     
|Interest Income                              |      |  |     
|Other Income (Expense)                       |      |  |     
|                                             |      |  |     
|Net Other Expenses                           |      |  |     
|                                             |      |  |     
|                                            
|(LOSS)INCOME BEFORE TAXES                    |      |  |     
|                                            
|PROVISION FOR INCOME TAX (REFUND)EXPENSE     |      |  |     
|                                             |      |  |     
|                                            
|NET (LOSS)INCOME                             |      |  | $   
|                                             |      |  |     
|                                            
|(Loss)Earnings per Common Share              |      | 
|Basic                                        |      |  | $   
|Diluted                                      |      |  | $   
|                                            
|Weighted Average Common Shares               |      | 
|Basic                                        |      |  |     
|Diluted                                      |      |  |     

See accompanying notes to consolidated financial statements.

2

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# Nature Vision, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
Quarters Ended March 31, 2005 and 2004

|                                                                                      | 2005 |  | 2004
|------------------------------------------------------------------------------------- | ---- |  | ----
|CASH FLOWS FROM OPERATING ACTIVITIES                                                  |      |  |     
|Net (Loss)Income                                                                      |      |  | $   
|Adjustments to reconcile net (loss)income to net cash flows from operating activities
|Depreciation and Amortization                                                         |      |  |     
|Change in Deferred Compensation                                                       |      |  |     
|Changes in Operating Assets and Liabilities                                           |      | 
|Accounts Receivable, net                                                              |      |  |     
|Income Taxes Receivable, net                                                          |      |  |     
|Inventories, net                                                                      |      |  |     
|Prepaid Expenses                                                                      |      |  |     
|Accounts Payable                                                                      |      |  |     
|Other Non-current Assets                                                              |      |  |     
|Income Taxes Payable                                                                  |      |  |     
|Accrued Payroll and Payroll Taxes                                                     |      |  |     
|Accrued Expenses                                                                      |      |  |     
|                                                                                      |      |  |     
|Net Cash Flows from Operating Activities                                              |      |  |     
|                                                                                      |      |  |     
|                                                                                     
|CASH FLOWS FROM INVESTING ACTIVITIES                                                 
|Purchases of Property and Equipment                                                   |      |  |     
|                                                                                      |      |  |     
|Net Cash Flows from Investing Activities                                              |      |  |     
|                                                                                      |      |  |     
|                                                                                     
|CASH FLOWS FROM FINANCING ACTIVITIES                                                  |      | 
|Increase in checks issued in excess of Cash in Bank                                   |      |  |     
|Net Advances (Payments) from Line of Credit, Bank                                     |      |  |     
|Principal Payments on Long-term Debt                                                  |      |  |     
|Payments on Contract Payable                                                          |      |  |     
|                                                                                      |      |  |     
|Net Cash Flows from Financing Activities                                              |      |  |     
|                                                                                      |      |  |     
|                                                                                     
|Net Change in Cash and Cash Equivalents                                               |      |  |     
|                                                                                     
|CASH AND CASH EQUIVALENTS  January 1, 2005 and 2004                                  |      |  |     
|                                                                                      |      |  |     
|                                                                                     
|CASH AND CASH EQUIVALENTS  March 31, 2005 and 2004                                   |      |  | $   
|                                                                                      |      |  |     
|                                                                                     
|Supplemental Cash Flow Disclosures:                                                  
|Cash paid for Interest                                                                |      |  | $   
|Cash paid for Income Taxes                                                            |      |  | $   

See accompanying notes to consolidated financial statements.

3

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NATURE VISION, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2005 and 2004

NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

| | NATURE OF OPERATIONS
| | --------------------

Nature Vision, Inc. (the Company) was established in 1998 to design and
market video viewing systems for the sport fishing market and other video based consumer and industrial products. The
Companys wholly-owned subsidiary, Photo Control Corporation (Photo) designs, manufactures and markets professional cameras,
electronic flash equipment, lens shades and related photographic accessories and sells products used in the video conferencing and
presentation industry. Another line of business of Photo consists of the Bookendz docking stations for the Apple PowerBook, IBook
and IPod. Nature Vision, Inc. grants unsecured credit to its customers which are primarily dealers and consumers located
throughout the United States and Canada. Nature Vision, Inc. contracts with outside organizations for the manufacture and sale of
its products. The geographic market in which Photo competes consists of the entire United States and, to a lesser extent, some
foreign countries and also grants unsecured credit to its customers. Nature Vision, Inc. and Photo are here-in after referred to
as the Company.

| | INTERIM FINANCIAL INFORMATION
| | -----------------------------

The accompanying consolidated balance sheet at March 31, 2005 and the
consolidated statements of operations and cash flows for the three months ended March 31, 2005 and 2004 are unaudited. The
unaudited interim consolidated balance sheet and consolidated statements of operations, and cash flows have been prepared in
accordance with accounting principles generally accepted in the United States of America and, in the opinion of management,
reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Companys financial
position, results of operations and its cash flows for the three months ended March 31, 2005 and 2004. The financial data and
other information disclosed in these notes to the consolidated financial statements related to these periods are unaudited.
Operating results for the three months ended March 31, 2005 are not necessarily indicative of the results that may be expected for
the year ending December 31, 2005.

| | ACCOUNTS RECEIVABLE
| | -------------------

The Company reviews customers credit history before extending unsecured
credit and establishes an allowance for uncollectible accounts based upon factors surrounding the credit risk of specific
customers and other information. Accounts receivable are generally due 30 days after invoice date. Accounts receivable over 30
days are considered past due. The Company does not accrue interest on past due accounts receivable. If accounts receivable are in
excess of the provided allowance are determined uncollectible, they are charged to expense in the year that determination is made.
Accounts receivable are written off after all collection efforts have failed. Accounts receivable have been reduced by an
allowance for uncollectible accounts of approximately $49,000 at March 31, 2005 and $43,000 at December 31, 2004.

| | INVENTORIES
| | -----------

Inventories consist of raw materials, work in process and finished goods and
are valued at lower of cost using the first-in, first-out (FIFO) method or market. Market represents estimated realizable value in
the case of finished goods and replacement or reproduction cost in the case of other inventories. Due to changing technology
and market demand, inventory is subject to obsolescence. An annual review is made of all inventories to determine if any obsolete,
discontinued or slow moving items are in inventory. Based on this review, inventory is disposed of or an allowance for
obsolescence is established to cover any future disposals. Such estimates are difficult to make under current volatile economic
conditions and it is possible significant changes in required inventory reserves may occur in the future.

4

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| | IMPAIRMENT OF LONG-LIVED ASSETS
| | -------------------------------

The Company reviews long-lived assets, including property and equipment and
intangible assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of an
asset may not be fully recoverable. An impairment loss would be recognized when the estimated future cash flows from the use of
the asset are less than the carrying amount of that asset. To date, there have been no such losses.

| | DEPRECIATION
| | ------------

Property and equipment are recorded at cost. Depreciation is provided for
using the straight-line method over an estimated useful life of 25 to 30 years for buildings and improvements and over useful
lives ranging from three to seven years for all other property and equipment. Improvements are capitalized while maintenance,
repairs and minor renewals are expensed when incurred.

| | INTANGIBLE ASSETS
| | -----------------

Intangible assets consisted primarily of patents, and indefinable intangible
assets, (distribution network, intellectual property and employment contract for the Vaddio product line), and are being amortized
using the straight-line method over their estimated useful lives ranging from three to six years. Amortization expense was $17,166
and $1,020 for the quarters ended March 31, 2005 and 2004, respectively. Accumulated amortization related to these assets was
$55,152 at March 31, 2005 and $37,986 at December 31, 2004. Estimated amortization expense for the years ending December 31, 2005,
2006, 2007, 2008 and 2009 is $70,350, $68,258, $66,503, $45,664 and $39,180, respectively.

5

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Schedule of Intangible Assets

|                               | GrossAmount |  | AccumulatedAmortization |         | Net Valueat March 31, 2005
|------------------------------ | ----------- |  | ----------------------- | ------- | --------------------------
|Trademarks                     |             |  | $                       | 5,490   |                           
|Patents                        |             |  | $                       | 26,830  |                           
|Vaddio  Employment Contract   |             |  | $                       | 23,328  |                           
|Vaddio  Distribution Network  |             |  | $                       | 32,715  |                           
|Vaddio  Intellectual Property |             |  | $                       | 40,114  |                           
|Bookendz Patent Rights         |             |  | $                       | 225,582 |                           
|                               |             |  |                         |         |                           
|                              
|Totals                         |             |  | $                       | 354,059 |                           
|                               |             |  |                         |         |                           
|                              
|
|Trademarks                     |             |  | $                       | 5,490   |                           
|Patents                        |             |  | $                       | 26,830  |                           
|Vaddio  Employment Contract   |             |  | $                       | 23,328  |                           
|Vaddio  Distribution Network  |             |  | $                       | 32,715  |                           
|Vaddio  Intellectual Property |             |  | $                       | 40,114  |                           
|Bookendz Patent Rights         |             |  | $                       | 225,582 |                           
|                               |             |  |                         |         |                           
|                              
|Totals                         |             |  | $                       | 354,059 |                           
|                               |             |  |                         |         |                           

| | REVENUE RECOGNITION
| | -------------------

Sales for Photo are recorded when the product is shipped and returns are
permitted only for defective equipment. Nature Vision, Inc. recognizes revenue on the date products are shipped to the customer.
Most sales for Nature Vision, Inc. are made with the right of return or exchange based on their policy. Estimated reserves for
returns are established by management based on historical experience and are subject to ongoing review and adjustment by Nature
Vision, Inc. Sales and cost of goods sold are reported net of the provision for actual and estimated future returns in the
accompanying consolidated statements of operations. Revenues are reported net of discounts and allowances. The Companys
revenue is recognized in accordance with generally accepted accounting principles as outlined in the SECs Staff Accounting
Bulletin No. 104 Revenue Recognition, which requires that four basic criteria be met before revenue can be recognized:
(i) persuasive evidence of an arrangement exists; (ii) the price is fixed or determinable; (iii) reasonably assured it is
collectible; and (iv) product delivery has occurred. The Company recognizes revenue as products are shipped based on FOB shipping
point terms when title passes to customers.

| | SHIPPING AND HANDLING COSTS
| | ---------------------------

Shipping and handling costs charged to customers are included in sales and
shipping and handling costs incurred by the Company have been included in cost of goods sold.

| | ALLOWANCE ACCOUNTS
| | ------------------

The Company has established allowance reserves for sales returns and warranty
cost. Reserves are estimated based on historical experience, current product lines being sold, and managements estimates.
Nature Vision, Inc. provides a standard one-year warranty program for its products. Photo warrants its products for one or two
years. The allowance reserve for sales returns and warranty cost was $200,000 and $200,000 at March 31, 2005 and December 31,
2004, respectively. The following table provides the expense recorded and charges against the reserve for quarters ended March 31,
2005 and 2004.

6

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|                            | March 31
|--------------------------- | --------
|
|Accrued balance  beginning |         
|Provision                   |         
|Expense                     |         
|                            |         
|                           
|Accrued balance  ending    |         
|                            |         

| | PREPAID EXPENSES
| | ----------------

Included in prepaid expenses is purchased advertising time on television
programs, advertising space in outdoor publications and catalogs for Nature Vision, Inc. products. These costs are then expensed
over the contract, as the television shows are aired, and when the publications and catalogs are issued. Advertising costs for
Photo are expensed as incurred. Prepaid advertising expenses were $144,378 and $155,701 for March 31, 2005 and December 31, 2004,
respectively. Advertising expensed was $332,698 and $160,890 for the quarters ending March 31, 2005 and 2004, respectively.

| | RESEARCH AND DEVELOPMENT
| | ------------------------

The Company expenses all costs related to product research and development as
incurred. Research and development expense for quarters ended March 31, 2005 and 2004 was $36,940 and $9,977, respectively.

| | STOCK-BASED COMPENSATION
| | ------------------------

The Company uses the intrinsic value-based method prescribed by Accounting
Principles Board Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations in accounting
for employee stock options. Under the intrinsic value method, compensation expense is recorded only to the extent that the market
price of common stock exceeds the exercise price of the stock option on the date of grant.

In December 2002, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) No. 148 as an amendment to SFAS No. 123 providing alternative methods of
transition for a voluntary change to the fair value based method of accounting for stock-based employee compensation and also
provides required additional disclosures about the method of accounting for stock-based employee compensation. The amendments are
effective for financial statements for fiscal years ending after December 15, 2002. The Company adopted the annual disclosure
provision of SFAS No. 148 during the year ended December 31, 2002. The Company has currently chosen to not adopt the voluntary
change to the fair value based method of accounting for stock-based employee compensation, pursuant to SFAS No. 148.

The Company has adopted the disclosure-only provisions of SFAS No. 123,
Accounting for Stock-Based Compensation. Pursuant to APB No. 25 and related interpretations, no compensation cost was
recognized in the statements of operations for the years ended December 31, 2004 and 2003 as the fair value of the Companys
stock approximated the option price. Stock options issued to non-employees, (which no options were issued to non-employees), are
accounted for in accordance with SFAS No. 123 and Emerging Issues Task Force, (EITF), 96-18. Had compensation cost been recognized
based on the fair values of options at the grant dates consistent with the provisions of SFAS No. 123, the Companys net loss
would have changed as follows for the periods presented.

7

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|                                           | Quarters EndedMarch 31,
|------------------------------------------ | -----------------------
|
|Net (loss)income:                          |                        
|As reported                                |                        
|Pro forma                                  |                        
|Basic net (loss)income per common share:   |                        
|As reported                                |                        
|Pro forma                                  |                        
|Diluted net (loss)income per common share:
|As reported                                |                        
|Pro forma                                  |                        
|Stock based compensation:                  |                        
|As reported                                |                        
|Pro forma                                  |                        

In determining the compensation cost of options granted during the three
months ended March 31, 2005 and 2004, as specified by SFAS No. 123, the fair value of each option grant has been estimated on the
date of grant using the Black-Scholes option pricing model. There were no options issued that vested or were granted during the
three months ended March 31, 2005 and 2004.

| | NET (LOSS)INCOME PER COMMON SHARE
| | ---------------------------------

Net (loss)income per common share was based on the weighted average number of
common shares outstanding during the periods when computing the basic net (loss)income per share. When dilutive, stock options and
warrants are included as equivalents using the treasury stock market method when computing the diluted net (loss)income per share.
There were dilutive common stock equivalents, options and warrants, of 0, and 153,819 for the quarter and year ended March 31,
2005 and December 31, 2004, respectively. Anti-dilutive options were 283,958 and 76,500 at March 31, 2005 and December 31, 2004,
respectively.

| | INCOME TAXES
| | ------------

The Company accounts for income taxes using the asset and liability approach,
which requires the recognition of deferred tax assets and liabilities for tax consequences of temporary differences between the
financial statement and income tax reporting bases of assets and liabilities based on currently enacted rates and laws. These
temporary differences principally include depreciation, net operating losses, deferred retirement benefits, contract payable,
allowance for doubtful accounts, sales returns allowance, and warranty reserves. Deferred taxes are reduced by a valuation
allowance to the extent that realization of the related deferred tax assets is not assured.

8

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| | ESTIMATES
| | ---------

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

NOTE 2  REVERSE MERGER

Effective August 31, 2004, PHOC completed its merger pursuant to an Agreement
and Plan of Merger dated April 15, 2004 by and among PHOC, Nature Vision, Inc. and PC Acquisition, a wholly owned subsidiary of
PHOC. The consolidated statements of operations include the results of Nature Vision, Inc. for each of the quarters ended March
31, 2005 and 2004, respectively. The following pro forma consolidated statements of operations assume the merger was effective
January 1, 2004.

|                                              | Quarters EndedMarch 31,
|--------------------------------------------- | -----------------------
|
|Net sales                                     |                        
|As reported                                   |                        
|Add: Photo Control Corporation                |                        
|Pro forma adjustments                         |                        
|                                              |                        
|Pro forma                                     |                        
|                                              |                        
|Net income(loss)                              |                        
|As reported                                   |                        
|Add: Photo Control Corporation                |                        
|Pro forma adjustments                         |                        
|                                              |                        
|Pro forma                                     |                        
|                                              |                        
|Basic and diluted net(loss) per common share:
|Pro forma                                     |                        

NOTE 3  INVENTORIES

Inventories consisted of the following at:

|                          | March 31,2005 |  | December 31,2004
|------------------------- | ------------- |  | ----------------
|Raw Materials             |               |  | $               
|Work in Progress          |               |  |                 
|Finished Goods            |               |  |                 
|                          |               |  |                 
|Total                     |               |  |                 
|Less: Valuation Allowance |               |  |                 
|                          |               |  |                 
|Inventories, net          |               |  | $               
|                          |               |  |                 

9

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NOTE 4  PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

|                               | March 31,2005 |  | December 31,2004
|------------------------------ | ------------- |  | ----------------
|Land                           |               |  | $               
|Buildings and improvements     |               |  |                 
|Tooling                        |               |  |                 
|Office furniture and equipment |               |  |                 
|Warehouse equipment            |               |  |                 
|Vehicles                       |               |  |                 
|Construction in progress       |               |  |                 
|                               |               |  |                 
|Total                          |               |  |                 
|Less: Accumulated depreciation |               |  |                 
|                               |               |  |                 
|Net                            |               |  | $               
|                               |               |  |                 

Depreciation expense of $83,368 and $57,000 was recorded for the quarters
ended March 31, 2005 and 2004, respectively.

NOTE 5  LINE OF CREDIT, BANK

The Company has a line of credit financing agreement with First National Bank
of Deerwood up to a maximum amount of $1,500,000 which expires June 30, 2005. Interest was payable monthly at prime, which was at
5.75% at March 31, 2005, plus 1% with a minimum interest rate of 5%. The line of credit was collateralized by accounts receivable,
inventories, property and equipment. The agreement requires the following affirmative covenants, minimum net worth of $6,000,000,
debt to equity ratio of less than 1.0 to 1.0 and debt service ratio of not to exceed 1.2 to 1.0. The Company was in compliance
with all covenants at quarter end. The balance outstanding on the line of credit was $0, and $240,000 at March 31, 2005 and
December 31, 2004, respectively.

NOTE 6  LONG-TERM DEBT

Long-term debt consisted of the following at:

|                                                   | March 31,2005 |  | December 31,2004
|-------------------------------------------------- | ------------- |  | ----------------
|Note Payable  First National Bank of              |               |  |                 
|Deerwood  monthly installments of $4,126         
|including interest at a variable rate of .75% over
|the index rate (6.5%, and 6.0% at                 
|March 31, 2005 and December 31, 2004,             
|respectively), with a final payment due June 10,  
|2009, secured by a mortgage on the Companys      
|land and building located in Brainerd, MN.         |               |  | $               
|                                                  
|Note Payable  GMAC  monthly installments         |               | 
|of $1,378 through April 2008. The note is non-     |               | 
|interest bearing, and is secured by two vehicles   |               |  |                 
|                                                   |               |  |                 
|                                                  
|Totals                                             |               |  |                 
|Less: Current portion                              |               |  |                 
|                                                   |               |  |                 
|                                                  
|Net Long-term Debt                                 |               |  | $               
|                                                   |               |  |                 

10

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NOTE 7  INCOME TAXES

The provision for income taxes consists of the following components for the
quarters ended March 31:

|                                 | 2005 |  | 2004
|-------------------------------- | ---- |  | ----
|Current                          |      |  | $   
|Deferred                         |      |  |     
|                                 |      |  |     
|                                
|Total Provision for Income Taxes |      |  | $   
|                                 |      |  |     

The provision for taxes differs from the expected provision that would result
from the application of federal tax rates to pre-tax (loss)income. A comparison of the provision for income tax expense at the
federal statutory rate of 34% for the three months ended March 31 to the Companys effective rate is as follows:

|                                  | 2005 |  | 2004
|--------------------------------- | ---- |  | ----
|Federal statutory rate            |      |  |     
|State tax, net of federal benefit |      |  |     
|Permanent differences and other   |      |  |     
|Research and development credit   |      |  |     
|                                  |      |  |     
|Effective Tax Rate                |      |  |     
|                                  |      |  |     

The net deferred tax assets and liabilities included in the financial
statements include the following amounts at March 31, 2005 and December 31, 2004:

|                                   | 2005 |  | 2004
|---------------------------------- | ---- |  | ----
|Current Amounts                    |      |  |     
|                                  
|Deferred tax assets                |      |  | $   
|                                   |      |  |     
|                                  
|Net Current Deferred Tax Assets    |      |  | $   
|                                   |      |  |     
|                                  
|Non-current Amounts                |      | 
|                                  
|Deferred Tax Assets                |      |  | $   
|Deferred Tax Liabilities, net      |      |  |     
|                                   |      |  |     
|                                  
|Net Non-current Deferred Tax Asset |      |  | $   
|                                   |      |  |     

11

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NOTE 8  SEGMENT REPORTING

The Company has three product lines, Vaddio video equipment used for video
conferencing and presentations, photographic cameras and lighting equipment and the Nature Vision, Inc. products. The following
summarizes the Companys segments:

|                               | 3-31-05 |  | 12-31-04
|------------------------------ | ------- |  | --------
|Assets                         |         |  |         
|Nature Vision, Inc.            |         |  | $       
|Vaddio                         |         |  |         
|Photographic                   |         |  |         
|                               |         |  |         
|Total                          |         |  | $       
|                               |         |  |         
|                              
|
|Property & Equipment Additions |         | 
|Nature Vision, Inc.            |         |  | $       
|Vaddio                         |         |  |         
|Photographic                   |         |  |         
|                               |         |  |         
|Total                          |         |  | $       
|                               |         |  |         
|                              
|
|Sales                         
|Nature Vision, Inc.            |         |  | $       
|Vaddio                         |         |  |         
|Photographic                   |         |  |         
|                               |         |  |         
|Total                          |         |  | $       
|                               |         |  |         
|                              
|
|Gross Profit                   |         | 
|Nature Vision, Inc.            |         |  | $       
|Vaddio                         |         |  |         
|Photographic                   |         |  |         
|                               |         |  |         
|Total                          |         |  | $       
|                               |         |  |         
|                              
|
|Depreciation and Amortization 
|Nature Vision, Inc.            |         |  | $       
|Vaddio                         |         |  |         
|Photographic                   |         |  |         
|                               |         |  |         
|Total                          |         |  | $       
|                               |         |  |         

12

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NOTE 9  CONTRACT PAYABLE  VADDIO

Photo Control Corporation entered into employment agreements with 3 employees
in connection with the acquisition of the Vaddio assets. The agreements, which expires on December 31, 2006, provides for an
annual base salary and bonus payments under each employment agreement, equal to 3.4% of annual sales of Vaddio products (net of
allowances for returns and billing errors) in excess of $1,600,000 and $2,000,000 in 2005 and 2006, respectively. If the Company
terminates the employment agreement with the employee without cause prior to December 31, 2006, or if the employee terminates his
employment prior to December 31, 2006 under certain conditions (including a sale of all or substantially all of the assets
comprising the Vaddio division or the discontinuation of the Vaddio division), then the employee is entitled to the bonus payment
as defined in the agreement at the time of the termination of his employment. The employee has agreed, during his employment and
for a period of three years thereafter, not to compete with the Company in any business that the Company is conducting on the date
of termination, nor will he solicit employees, customers and suppliers of the Company or accept employment or provide services to
the Companys customers during this three-year time period. Since the bonus payment is not contingent on the continued
employment of the employee and the amount due can be estimated and is likely to be paid, the amount of $900,000 (the estimated
bonus payment due) was accrued at the date of the reverse merger. The amount accrued was the fair value of the liability at the
date of the reverse merger. The contract payments of $187,149, have been paid in February 2005. Future bonuses are estimated to be
$306,000 and $406,851, in 2005 and 2006 respectively.

NOTE 10  DEFERRED RETIREMENT BENEFITS

The Company has retirement benefit agreements with past employees, which are
funded by life insurance. Under the agreements, covered individuals become vested immediately upon death or if employed at age 65.
Benefit costs are recognized over the period of service and recorded as accrued retirement benefits. The total accrued balance due
was $824,430 and $841,478 at March 31, 2005 and December 31, 2004, respectively.

NOTE 11  COMMITMENTS AND CONTINGENCIES

| | Foreign Inventory
| | -----------------

Included in the consolidated balance sheets are international inventories of
$310,458 and $273,647 at March 31, 2005 and December 31, 2004, respectively. Foreign inventories are goods held in Asia and used
in the production of Nature Vision division products.

NOTE 12  CONCENTRATIONS

| | Major Customers
| | ---------------

During the quarters ended March 31, 2005 and 2004, sales to a customer
amounted to approximately 14% and 25% of net sales, respectively. At March 31, 2005 and December 31, 2004, approximately 10% and
14% of total accounts receivable was due from that customer.

13

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Item 2:    Managements Discussion and Analysis of Financial Condition and Results of Operations

CAUTIONARY STATEMENT

Statements included or incorporated by reference in this Annual Report of
Form 10-QSB which are not historical in nature are identified as forward looking statements for the purpose of the
safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. The Company cautions readers that Companys future business prospects, revenues, working capital,
liquidity, capital needs, interest costs, and income, are subject to certain risks and uncertainties that could cause actual
results to differ materially from those indicated in the forward looking statements. The risks and uncertainties include, but are
not limited to, economic conditions, product demand and industry capacity, competitive products and pricing, manufacturing
efficiencies, environment, and other risks indicated in filings with the Securities and Exchange Commission.

COMPANY HISTORY

Nature Vision, Inc., was initially founded in 1998. Pursuant to a merger
agreement and plan of reorganization by and among the Company, PC Acquisition, Inc. and Nature Vision Operating Inc. (f/k/a Nature
Vision, Inc.), PC Acquisition, Inc., (a wholly-owned subsidiary of Photo Control Corporation), merged with and into Nature Vision
Operating, Inc. As part of the merger, Nature Vision Operating Inc. became a wholly-owned subsidiary of the Company, and Photo
Control Corporation changed its name to Nature Vision, Inc. The shares of the combined company trade on the NASDAQ SmallCap Market
under the symbol, NRVN.

Because of the merger has been accounted for as a reverse merger, the
consolidated financial statements include the operations of Nature Vision Operating Inc. for the entirety of the periods
presented, whereas, Photo Control Corporations operations have been included as of August 31, 2004, the date of the
consumption of the merger. Please see the reverse merger footnote, (footnote 2), for the pro forma financial information for the
consolidated statements of operations as if the merger occurred on January 1, 2004.

OFF BALANCE SHEET FINANCING ARRANGEMENTS

As of March 31, 2005, there were no off-balance sheet arrangements,
unconsolidated subsidiaries and commitments or guaranties of other parties.

RESULTS OF OPERATIONS

Sales for the quarter ended March 31, 2005 increased by 110.9% to $5,454,365
from same three month period in 2004, an increase of $2,868,579. A major portion of this increase was due to the reverse merger
with Photo Control effective August 31, 2004. Sales for the Nature Vision division for the quarter ended March 31, 2005 were
$2,904,025, 53.2% of the total and an increase of $318,239, or 12.3%, over the same period in the prior year. Sales for Photo
Control division for the quarter ended March 31, 2005 totaled $2,550,340, 46.8% of the total and an increase of $924,171, or 56.8%
over the same period in the prior year, (which is reflected in the pro forma financial statements, see Note 2). Of the Photo Control division sales, the Vaddio product line contributed 42.6%, or
$1,087,483 and the Photographic product line contributed the remaining 57.3%, or $1,463,297. Vaddio sales for the quarter ended
March 31, 2005 increased $716,000, or 193%, over the same period in the prior year, (which is reflected in the pro forma financial statements, see Note 2). A portion of this increase is due to the purchase of the Vaddio product line in January, 2004. The Photographic product line increased
$208,000, or 17%, over the same period in the prior year, (which is reflected in the pro forma financial statements, see Note 2). As of March 31, 2005, the Company had a total sales backlog of
$2,134,000. The Nature Vision division provided $980,000 or 46% of this backlog while the Photo Control division provided the
remaining $1,154,000 or 54%.

14

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Gross profit margin for quarter ended March 31, 2005 decreased to 25.2% from
29.7% for the same period in 2004. Nature Vision division gross profit margins in the first quarter of 2005 were 26.4% decreasing
from 29.7%. The Nature Vision division decrease is primarily due to the increased air freight costs to fulfill sales backlog.
Management has a plan in place to return these margins to near prior year levels. Photo Control division margins for the period
reported were 23.8%, increasing from 7.1% for the same period from the prior year, (which is reflected in the pro forma financial
statements, see Note 2). The Vaddio product line produced 22.2% gross profit margins and the Photographic product line produced
25.0%. Management has set specific goals for the Photo Control division to continue to increase gross profit margins by
concentrating on increased efficiencies and outsourcing opportunities. Management feels that the gross profit margins will improve
in future quarters with the increased efficiencies, continued efforts to outsource and the sale of the new higher margin product
series.

Selling, general and administrative expenses for quarter ended March 31, 2005
as percentage of net sales increased to 27.0% from 21.2% for the same period in 2004. Nature Vision division selling, general and
administrative expenses increased to 21.8% from 21.2% in 2004. Photo Control division selling, general and administrative expenses
for the period were 32.9%, decreasing from 47.7% for the same period in the prior year, (which is reflected in the pro forma financial statements, see Note 2). Management believes these expenses as a
percent of net sales will begin to reduce in future quarters.

An income tax benefit of $37,000 was recorded for the potential return of
taxes paid in a prior period. Management believes that Photo Controls losses, both current and prior, will be recoverable. A
deferred tax asset of $850,000 was available as of both March 31, 2005 and December 31, 2004.

LIQUIDITY AND CAPITAL RESOURCES

Cash increased by $19,468 to $61,040 at March 31, 2005 from $41,572 at
December 31, 2004. The increase is a combination of factors including an increase of $365,000 from operations, a decrease from
capital expenditures of $156,000 and a decrease of $189,000 from financing activities.

15

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Nature Vision has a secured line of credit for $1,500,000 at prime plus 1%.
The prime rate at March 31, 2005 was 5.75%. At March 31, 2005 there was no borrowing against the line of credit. The line expires
on June 30, 2005. Management believes it can renegotiate a new line of credit at that time. Management believes short-term
liquidity needs of the Company provided through working capital and the line of credit, will be sufficient to finance
operations for a period of at least the next 12 months.

It is managements belief that long-term liquidity needs for the
foreseeable future will be provided by working capital, continued improvement of margins in the Photo Control division, and the
expectation that a line of credit can be obtained.

At this time, management does not believe that there any uncertainties
regarding the reverse merger that would materially impact our future liquidity needs.

The Company believes that the effect of inflation has not been material
during the quarter ended March 31, 2005.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make estimates and assumptions that affect reported
amounts. The more significant estimates include reserves for obsolete inventory, reserves for warranty and sales returns and the
carrying value of intangible assets.

In assessing the ultimate realization of inventories, management is required
to make judgments as to future demand requirements and compare them with the inventory levels. Reserve requirements increase as
projected demand decreases due to market conditions, technological and product life cycle changes. The photography division has
experienced significant changes in reserves in recent periods due to photography switching from film to digital capture and
consolidation of customers resulting in excess capacity and declining requirements for equipment. Such estimates are difficult to
make under current volatile economic conditions and it is possible significant changes in required inventory reserves may continue
to occur in the future.

Warranty and sales returns reserves are determined by applying historical
claim rate experience to the current installed base of equipment. Historical claim rates and return rates are developed using
actual warranty and sales returns expense to establish the reserve requirement for any given accounting period.

The intangible assets consist of the patent for the Bookendz docking station
and identifiable intangible assets related to the Companys Vaddio product line acquisition. The patent is being amortized
over a six-year period and the identifiable intangible assets are being amortized over a three to five year life. If significant
changes would occur to the estimated future cash flow of the product sales under the patent right, or from the Vaddio product
line, a write down would be determined based on the reduction of such cash flows.

16

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# Item 3:   Controls and Procedures

(a)    As of March 31, 2005 an evaluation was performed
by the registrants Chief Executive Officer and President, and Chief Financial Officer of the effectiveness of the design and operation of the
registrants disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and
Exchange Act of 1934). Based upon, and as of the date of that evaluation, the Chief Executive Officer and President, and Chief Financial Officer concluded that
the registrants disclosure controls and procedures were effective.

(b)    Changes in internal
controls.   There were no significant changes in the registrants internal controls or in other factors
that could significantly affect these controls subsequent to the date of their evaluation. There were no significant deficiencies
or material weaknesses, and therefore there were no corrective actions taken.

# Part II

Item 1.    Legal Proceedings.   Not applicable.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.   Not applicable.

Item 3.    Defaults Upon Senior Securities.   Not applicable.

Item 4.    Submission of Matters to a Vote of Security Holders.   Not applicable.

Item 5.    Other Information.   Not applicable.

# Item 6.    Exhibits

| | Listing of Exhibits:
| | --------------------

| | 31.1 |  | Certification of Chief Executive Officer.
| | ---- |  | -----------------------------------------

| | 31.2 |  | Certification of Chief Financial Officer.
| | ---- |  | -----------------------------------------

| | 32 |  | Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
| | -- |  | -----------------------------------------------------------------------------------------------------------------------

17

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# Signatures

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

|                     |                                              |     |  |                         | 
|-------------------- | -------------------------------------------- | --- |  | ----------------------- | 
|                     | NATURE VISION                               
|                    
|                    
|Date:   May 19, 2005 |                                              | By: |  | /s/   Jeffrey P. Zernov
|                     |                                             
|                     | Its:   Chief Executive Officer and President |    
|                    
|                    
|Date:   May 19, 2005 |                                              | By: |  | /s/   Michael R. Day   
|                     |                                             
|                     | Its:   Chief Financial Officer               |    

18

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