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

__________________________________

# FORM 10-QSB

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

# For the quarterly period ended June 30, 2005

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

For the transition period from _________ to _________

# Commission File Number: 0-7475

__________________________________

NATURE VISION, INC.
(Exact name of small business issuer 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
(Issuers telephone number, including area code)

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

The number of shares of registrants common stock, par value $0.16 per
share, outstanding as of August 12, 2005, was 2,178,559.

Transitional Small
Business Disclosure Format (check one):
YesoNox





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# NATURE VISION, INC.

INDEX

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|           | Page Number
|---------- | -----------
|PART I     |            
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|Item 1:    |            
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|           |            
|           |            
|           |            
|           |            
|Item 2:    |            
|           |            
|Item 3:    |            
|           |            
|PART II    |            
|           |            
|Item 4:    |            
|           |            
|Item 6:    |            
|           |            
|Signatures |            

i

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INDEX

# Part I

# Item 1:    Financial Information

# Nature Vision, Inc. and Subsidiaries
Consolidated Balance Sheets
June 30, 2005 and December 31, 2004

|                                                | UnauditedJune 30, 2005 |  | AuditedDecember 31, 2004
|----------------------------------------------- | ---------------------- |  | ------------------------
|ASSETS                                          |                        |  |                         
|                                               
|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                     |                        |  |                         
|                                               
|NON-CURRENT ASSETS                             
|Building Held for Sale, Net                     |                        |  |                         
|Cash Value Life Insurance                       |                        |  |                         
|Deferred Income Taxes                           |                        |  |                         
|Intangibles  net                               |                        |  |                         
|                                                |                        |  |                         
|Total Non-Current Assets                        |                        |  |                         
|                                                |                        |  |                         
|                                               
|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 Non-Current Liabilities                   |                        |  |                         
|                                                |                        |  |                         
|                                               
|Total Liabilities                               |                        |  |                         
|                                                |                        |  |                         
|                                               
|STOCKHOLDERS EQUITY                            |                        | 
|Common Stock, $.16 Par Value per Share         
|25,000,000 Shares Authorized                   
|Common Shares Issued and Outstanding at        
|June 30, 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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INDEX

# Nature Vision, Inc. and Subsidiaries
Consolidated Statements of Operations(Unaudited)

|                                             | Three Months Ended June 30 |  | Six Months Ended June 30
|-------------------------------------------- | -------------------------- |  | ------------------------
|
|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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INDEX

# Nature Vision, Inc. and Subsidiaries
Consolidated Statements of Cash Flows(Unaudited)
For Six Months Ended June 30, 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 Retirement Benefits                                                |      |  |     
|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  June 30, 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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INDEX

NATURE VISION, INC. AND SUBSIDIARIES
NOTES TOCONSOLIDATED FINANCIAL STATEMENTS
June 30, 2005 and 2004

NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

On August 31, 2004, the Company changed its name from Photo Control
Corporation to Nature Vision, Inc. in connection with a merger transaction with Nature Vision Operating, Inc. (f/k/a Nature
Vision, Inc.), a Minnesota corporation that was incorporated in 1998. As part of the merger transaction, Nature Vision Operating,
Inc. became a wholly-owned subsidiary of the Company. The merger transaction has been accounted for as a reverse merger.

The Company is organized into two divisions - Nature Vision and Photo Control
(Photo). The Nature Vision division designs and markets video viewing systems for the sport fishing market and other
video based consumer and industrial products. The Photo division 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. 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.

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

The accompanying consolidated balance sheet at June 30, 2005 and the
consolidated statements of operations and cash flows for the six months and three months ended June 30, 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 six months and three months ended June 30,
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 six months ended June 30, 2005 are not necessarily indicative of the
results that may be expected for the year ending December 31, 2005.

| | RECENT ACCOUNTING PRONOUNCEMENTS
| | --------------------------------

In June 2005, the Financial Accounting Standards Board, (FASB), issued a
Statement of Financial Accounting Standard, (SFAS), No. 154, Accounting Changes and Error Corrections a
replacement of APB Opinion No. 20 and FASB Statement No. 3. The statement applies to all voluntary changes in accounting
principle, and changes the requirements for accounting for and reporting of a change in accounting principle. SFAS No. 154
requires retrospective application to prior periods financial statements of a voluntary change in accounting principle
unless it is impracticable. SFAS No. 154 is effective for accounting changes and corrections of errors made in fiscal years
beginning after December 15, 2005. Earlier application is permitted for accounting changes and corrections of errors made
occurring in fiscal years beginning after June 1, 2005. The statement does not change the transition provisions of any existing
accounting pronouncements, including those that are in a transition phase as of the effective date of this statement. The Company
does not expect the adoption of SFAS No. 154 to have a material effect on its consolidated financial statements.

| | 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 $55,000 at June 30, 2005 and $43,000 at December 31, 2004.

4

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INDEX

| | 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 estimate realizable value in
the case of finished goods and replacement or reproduction cost in the case of other inventories. Because of 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 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.

| | 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.

| | BUILDING HELD FOR SALE
| | ----------------------

On June 30, 2005, management signed an agreement to sell the building located
in Brainerd, Minnesota. The building includes our current assembly and distribution facility and our corporate headquarters.
Accordingly, we have reflected the carrying value of the building as held for sale as of June 30, 2005. As a result, we will
discontinue recording depreciation on the building effective July 1, 2005 and management believes that the current market value of
the building is in excess of its carrying value.

| | 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 $34,332
and $2,040 for the six months ended June 30, 2005 and 2004, respectively and $17,166 and $1,020 for the three months ended June
30, 2005 and 2004, respectively. Accumulated amortization related to these assets was $72,318 at June 30, 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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INDEX

Schedule of Intangible Assets

|                               | GrossAmount |  | AccumulatedAmortization |         | Net Valueat June 30, 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 June 30, 2005 and December 31, 2004,
respectively. The following table provides the expense recorded and charges against the reserve for the six months ended June 30,
2005 and 2004.

6

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INDEX

|                            | June 30
|--------------------------- | -------
|
|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 $143,961 and $155,701 for June 30, 2005 and December 31, 2004,
respectively. Advertising expensed was $543,268 and $286,417 for the six months ended June 30, 2005 and 2004, respectively and
$210,570 and $125,527 for the three months ended June 30, 2005 and 2004, respectively.

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

The Company expenses all costs related to product research and development as
incurred. Research and development expense was $82,744 and $26,782 for six months ended June 30, 2005 and 2004, respectively and
$45,804 and $16,805 for the three months ended June 30, 2005 and 2004.

| | 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
income(loss) would have changed as follows for the periods presented.

7

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INDEX

|                                           | Three Months EndedJune 30, |  | Six Months EndedJune 30,
|------------------------------------------ | -------------------------- |  | ------------------------
|
|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 and
six months ended June 30, 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 or six months ended June 30, 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 75,504, and 153,819 for the six months and three months
ended June 30, 2005 and year ended December 31, 2004, respectively. Anti-dilutive options were 149,250 and 76,500 at June 30, 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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INDEX

| | 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, Photo Control Corporation completed its merger
pursuant to an Agreement and Plan of Merger dated April 15, 2004 by and among Photo Control Corporation, Nature Vision, Inc. and
PC Acquisition, a wholly owned subsidiary of Photo Control Corporation. The consolidated statements of operations include the
results of Nature Vision, Inc. for each of the three and six months ended June 30, 2005 and 2004, respectively. The following pro
forma consolidated statements of operations assume the merger was effective January 1, 2004.

|                                           | Three Months EndedJune 30, |  | Six Months EndedJune 30,
|------------------------------------------ | -------------------------- |  | ------------------------
|
|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 net income(loss) per common share:  
|As reported                                |                            |  | $                       
|Pro forma                                  |                            |  | $                       
|Diluted net income(loss) per common share: |                            | 
|As reported                                |                            |  | $                       
|Pro forma                                  |                            |  | $                       

NOTE 3  INVENTORIES

Inventories consisted of the following at:

|                          | June 30,2005 |  | December 31,2004
|------------------------- | ------------ |  | ----------------
|Raw Materials             |              |  | $               
|Work in Progress          |              |  |                 
|Finished Goods            |              |  |                 
|                          |              |  |                 
|Total                     |              |  |                 
|Less: Valuation Allowance |              |  |                 
|                          |              |  |                 
|Inventories, net          |              |  | $               
|                          |              |  |                 

9

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INDEX

NOTE 4  PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

|                               | June 30,2005 |  | 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 $157,168 and $114,000 was recorded for the six months
ended June 30, 2005 and 2004, respectively and $73,800 and $57,000 for the three months ended June 30, 2005 and 2004.

NOTE 5  LINE OF CREDIT, BANK

The Company had a line of credit financing agreement with First National Bank
of Deerwood up to a maximum amount of $1,500,000 which expired June 30, 2005. Interest was payable monthly at prime, which was at
6.25% at June 30, 2005, plus 1.0% with a minimum interest rate of 5%. The line of credit was collateralized by accounts
receivable, inventories, property and equipment. The agreement required 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 Company has renegotiated a line of credit financing agreement with First
National Bank of Deerwood up to a maximum amount of $4,000,000 which expires July 1, 2006. Interest will be payable monthly at
prime plus .75% with a minimum interest rate of 5%. The line of credit is collateralized by accounts receivable, inventories,
property and equipment. The agreement requires the following affirmative covenants, minimum net worth of $7,000,000, 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 balance outstanding on the line of
credit was $1,380,000, and $240,000 at June 30, 2005 and December 31, 2004, respectively.

NOTE 6  LONG-TERM DEBT

Long-term debt consisted of the following at:

|                                                   | June 30,2005 |  | 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 (7.0%, and 6.0% at                 
|June 30, 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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INDEX

NOTE 7  INCOME TAXES

The provision for income taxes consists of the following components for the
six months ended June 30:

|                                 | 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 six months ended June 30 to the Companys effective rate is as follows:

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

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 June 30 to the Companys effective rate is as follows:

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

The net deferred tax assets and liabilities included in the financial
statements include the following amounts at June 30, 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(Liability) |      |  | $   
|                                              |      |  |     

11

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INDEX

NOTE 8  SEGMENT REPORTING

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

|                               | 6-30-05 |  | 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                          |         |  | $       
|                               |         |  |         
|                              
|
|
|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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INDEX

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 expire 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 $789,031 and $841,478 at June 30, 2005 and December 31, 2004, respectively.

NOTE 11  COMMITMENTS AND CONTINGENCIES

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

Included in the consolidated balance sheets are international inventories of
$465,431 and $273,647 at June 30, 2005 and December 31, 2004, respectively. Foreign inventories are goods held in Asia and used in
the production of Nature Vision division products.

| | Employment Agreement
| | --------------------

The Company has entered into an employment with the President and Chief
Executive Officer. Upon termination of employment the agreement provides for a non-compete period of 5 years. In exchange for the
non-compete, the Company is obligated to pay the employee at his base rate for a period of up to 2 years.

NOTE 12  CONCENTRATIONS

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

During the quarters ended June 30, 2005 and 2004, there were no customers
that accounted for greater than 10% of total net sales. For the six months ended June 30, 2005 and 2004, sales to a customer
amounted to approximately 11% and 16% of net sales, respectively. At June 30, 2005 and December 31, 2004, approximately 4% and 14%
of total accounts receivable was due from that customer.

13

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INDEX

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

Cautionary Statement

Statements included or incorporated by reference in this Quarterly 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., (f/k/a Photo Control Corporation)(the Company) was
incorporated as a Minnesota corporation in 1959. On August 31, 2004, the Company changed its name to Nature Vision, Inc. in
connection with a merger transaction with Nature Vision Operating, Inc. (f/k/a Nature Vision, Inc.), a Minnesota corporation
that was incorporated in 1998. As part of the merger, Nature Vision Operating, Inc. became a wholly-owned subsidiary of the Company.
The Company is organized into two divisions - Nature Vision and Photo Control.
The shares of the combined company trade on the Nasdaq SmallCap Market
under the symbol, NRVN.

Because the merger has been accounted for as a reverse merger, the
consolidated financial statements include the operations of Nature Vision Operating Inc. for all 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 June 30, 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 June 30, 2005 increased by 323.3% to $5,032,323
from same three month period in 2004, an increase of $3,843,604. Sales for the six months ended June 30, 2005 increased by 177.8%
to $10,486,688 from same six month period in 2004, an increase of $6,712,183. A major portion of this increase reflected in the
consolidated statements of operations was due to the reverse merger effective August 31, 2004. Sales on a pro forma basis for the
six months ended June 30, 2005 increased by 35.5% to $10,486,688 from $7,741,332 for the same six month period in 2004, an
increase of $2,745,356. Sales for the Nature Vision division for the quarter ended June 30, 2005 were $1,631,190, 32.4% of the
total and an increase of $442,471, or 37.2%, over the same period in the prior year. Sales for the Nature Vision division for the
six months ended June 30, 2005 were $4,535,215, 43.2% of the total and an increase of $760,710, or 20.2%, over the same period in
the prior year. Sales for Photo Control division for the quarter ended June 30, 2005 totaled $3,401,133, 67.6% of the total and an
increase of $1,060,475, or 45.3% over the same period in the prior year based on the pro forma results of operations. Of the Photo
Control division sales for the quarter ended June 30, 2005, the Vaddio product line contributed 39.5%, or $1,344,662 and the
Photographic product line contributed the remaining 60.5%, or $2,056,471. Vaddio sales for the quarter ended June 30, 2005
increased $710,000, or 112%, over the same period in the

14

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INDEX

prior year based on the pro forma results of operations. The Photographic
product line increased $350,000, or 21%, over the same period in the prior year. Sales for Photo Control division for the six
months ended June 30, 2005 totaled $5,951,473, 56.8% of the total and an increase of $1,984,646, or 50.0% over the same period in
the prior year, based on the pro forma results of operations. Of the Photo Control division sales for the six months ended June
30, 2005, the Vaddio product line contributed 40.9%, or $2,432,145 and the Photographic product line contributed the remaining
59.1%, or $3,519,328. Vaddio sales for the six months ended June 30, 2005 increased $1,426,000, or 142%, over the same period in
the prior year, based on the pro forma results of operations. The Photographic product line increased $558,000, or 19%, over the
same period in the prior year. As of June 30, 2005, the Company had a total sales backlog of $2,807,000. The Nature Vision
division provided $2,035,000 or 72% of this backlog while the Photo Control division provided the remaining $772,000 or 28%.

Gross profit margin for quarter ended June 30, 2005 increased to 28.4% from
11.4% for the same period in 2004. Gross profit margin for the six months ended June 30, 2005 increased to 26.7% from 24.0% for
the same period in 2004. Nature Vision division gross profit margins in the quarter ended June 30, 2005 were 25.3% increasing from
11.4%. Nature Vision division gross profit margins for the six months ended June 30, 2005 were 26.0% increasing from 24.0%. Photo
Control division margins for the quarter ended June 30, 2005 were 29.9%, increasing from 22.7% for the same period from the prior
year. Photo Control division margins for the six months ended June 30, 2005 were 27.3%, increasing from 16.3% for the same period
from the prior year. For the quarter ended June 30, 2005, the Vaddio product line produced 26.3% gross profit margins an increase
from the quarter ended March 31, 2005 at 22.2%, bringing the six months ended June 30, 2005 to 24.5%. The Photographic product
line produced 32.3% for the quarter ended June 30, 2005, an increase from the quarter ended March 31, 2005 at 25.0%, bringing the
six months ended June 30, 2005 to 29.3%. The Photo Control division is increasing 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 June 30, 2005
as percentage of net sales decreased to 27.2% from 38.6% for the same period in 2004. For the six months ended June 30, 2005, the
same expenses as a percentage of net sales increased to 27.1% from 26.7%. Nature Vision division selling, general and
administrative expenses for the quarter ended June 30, 2005 decreased to 34.0% from 38.6% in 2004. For the six months ended June
30, 2005, the same expenses as a percentage of net sales decreased to 26.2% from 26.7%. Photo Control division selling, general
and administrative expenses for the quarter ended June 30, 2005 were 23.9%, decreasing from 31.3% for the same period in the prior
year. For the six months ended June 30, 2005, the same expenses as a percentage of net sales decreased to 27.8% from 38.0%.
Management believes these expenses as a percent of net sales on a year to date basis will continue to reduce in future quarters.

An income tax expense of $19,000 was recorded for the potential of taxes to
be paid in a prior period. The net income tax benefit for the six months ended June 30, 2005 was $18,000. 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 June 30, 2005 and December 31, 2004.

Liquidity and Capital Resources

Cash decreased to $0 at June 30, 2005 from $41,572 at December 31, 2004. The
decrease is a combination of factors including a net decrease of approximately $676,000 from operations. This decrease was created
primarily from the increase in inventory of $1,230,000 and a reduction in receivables of $473,000. Inventory was increased to
accommodate the peak shipping seasons for both divisions. Capital expenditures were $348,000 for the six months ended June 30,
2005. These decreases were funded by an increase of $982,000 from financing activities, with the primary portion coming from
advances against the line of credit totaling $1,140,000. Management anticipates continued advances against the renegotiated line
of credit to fund inventory increases for anticipated sales growth in future quarters.

Nature Vision had a line of credit for $1,500,000, at prime plus 1%, which
expired on June 30, 2005. The prime rate at June 30, 2005 was 6.25%. At June 30, 2005 there was balance outstanding of $1,380,000
against the expired line of credit. The balance outstanding was transferred to a new secured line of credit that Nature Vision has
renegotiated for $4,000,000 at prime plus .75% which expires on July 1, 2006. Management believes short-term liquidity needs of
the Company will be provided through working capital and the line of credit, and will be sufficient to finance operations for a period
of at least the next

15

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INDEX

12 months. The Company has placed its Brainerd facility for sale while
looking for a new facility in the Brainerd area to lease. The Company anticipates that the proceeds from the sale will pay off the
current debt on the building and fund a portion of the new facility improvements. At this time, management believes that any debt
required to relocate and improve the new facility will not be substantially different than the amount currently on the balance
sheet. Management believes that it will be able to obtain long term financing for the new facility improvements.

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 the current line of credit will be renewed.

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 June 30, 2005.

# Item 3:    Controls and Procedures

(a)    As of June 30, 2005 an evaluation was performed by
the registrants 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 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 Mattersto a Vote of
Security Holders.

(a)                 The
registrant held its annual meeting of shareholders on June 3, 2005.

(b)                 Not
applicable.

(c)                 Set
forth below are the matters voted upon at the registrants annual           meeting.
All proposals were approved by the registrants shareholders.

Proposal
No. 1  Election of two Class II directors to hold office for three-year terms
or until their successors are elected or appointed:

Common
shares voting in favor of Scott S. Meyers: 1,741,680. Common shares voting to withhold
authority: 1,141.

Common
shares voting in favor of Steve Shanesy: 1,741,680. Common shares voting to withhold
authority: 1,141.

Proposal
No. 2  Approval of an amendment to the 2004 Stock Incentive Plan to increase
the number of shares authorized for issuance under the plan from 100,000 shares to
260,000 shares:

Common
shares voting in favor: 901,721. Common shares voting against: 56,198. Common shares
abstaining: 221.

Item 5.    Other Information.   Not applicable.

# Item 6.    Exhibits

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

| | 10.1 |  | Amended and Restated 2004 Stock Incentive Plan
| | ---- |  | ----------------------------------------------

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

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

| | 32.1 |  | Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
| | ---- |  | -----------------------------------------------------------------------------------------------------------------------

16

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INDEX

# 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, INC.
|----------------------- | -------------------
|                       
|Date:   August 12, 2005 | By:                
|                        |                    
|                       
|Date:   August 12, 2005 | By:                
|                        |                    

17

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