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

                                   FORM 10-QSB

[x] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the period ended March 31, 2004.

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934

For the transition period from _______________ to ____________________


Commission file number 0-29098

                                  NAVIDEC, INC.
                                  -------------
             (Exact name of Registrant as specified in its charter)

     COLORADO                                         33-0502730
     --------                                         ----------
     (State or other                                  (IRS Employer
     jurisdiction of                                  Identification No.)
     incorporation)



   6399 S. Fiddler's Green Circle, Suite 300 Greenwood Village, Colorado 80111
   ---------------------------------------------------------------------------
                    (Address of principal executive offices)

                   Registrant's telephone number: 303-222-1000

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

APPLICABLE ONLY TO CORPORATE ISSUERS:

As of May 10, 2004, Registrant had 2,463,924 shares of common stock outstanding

Transitional Small Business Disclosure Format:  No

<PAGE>


Explanatory Note:

The periodic reports filed by Navidec, Inc. with the SEC for previous fiscal
periods through the year ended December 31, 2003, have been filed under the
disclosure framework of SEC Regulations S-K and S-X. As of March 31, 2004,
Navidec met all of the criteria for filing its reports for periods during the
year ending December 31, 2004, under the disclosure framework of SEC Regulation
S-B, which applies to small business issuers. Accordingly, beginning with this
Quarterly Report on Form 10-QSB for the quarter ended March 31, 2004, Navidec
will file its periodic reports in accordance with Regulation S-B.


                                  NAVIDEC, INC.

                                      INDEX

PART I. FINANCIAL INFORMATION
===============================

Item 1.  Financial Statements (Unaudited)

              Balance Sheets as of March 31, 2004 and December 31, 2003

              Statements of Operations For the Three months ended
                March 31, 2004 and 2003

              Statements of Cash Flows For the Three months ended
                March 31, 2004 and 2003

              Notes to Financial Statements

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations

Item 3.  Controls and Procedures


PART II. OTHER INFORMATION
============================

Item 1.  Legal Proceedings

Item 2.  Changes in Securities and Small Business Issuer Purchases of Equity
         Securities

Item 6.  Exhibits and Reports on Form 8-K


This report contains forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the
Securities Act of 1933, as amended, and is subject to the safe harbors created
by those sections. These forward-looking statements are subject to significant
risks and uncertainties, including those identified in the section of this Form
10-QSB entitled "Management's Discussion and Analysis of Financial Condition and
Results of Operations -- Factors That May Affect Future Operating Results,"
which may cause actual results to differ materially from those discussed in such
forward-looking statements. The forward-looking statements within this Form
10-QSB are identified by words such as "believes," "anticipates," "expects,"
"intends," "may," "will" and other similar expressions. However, these words are
not the exclusive means of identifying such statements. In addition, any
statements which refer to expectations, projections or other characterizations

                                       2

<PAGE>


of future events or circumstances are forward-looking statements. The Company
undertakes no obligation to publicly release the results of any revisions to
these forward-looking statements which may be made to reflect events or
circumstances occurring subsequent to the filing of this Form 10-QSB with the
Securities and Exchange Commission ("SEC"). Readers are urged to carefully
review and consider the various disclosures made by the Company in this report
and in the Company's other reports filed with the SEC that attempt to advise
interested parties of the risks and factors that may affect the Company's
business.

                                       3

<PAGE>
<TABLE>
<CAPTION>

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements
                                  NAVIDEC, INC.
                           CONSOLIDATED BALANCE SHEETS
                                 (In thousands)
                                   (Unaudited)

                                                               March 31,  December 31,
                                                                 2004        2003
                                                               --------    --------
<S>                                                            <C>         <C>
ASSETS
   CURRENT ASSETS:
     Cash and cash equivalents                                 $    210    $    302
     Marketable securities                                          141         110
     Related party investments                                      210         206
     Accounts receivable, net                                        37         107
     Prepaid expenses and other                                      56          66
                                                               --------    --------

       Total current assets                                         654         791

   PROPERTY, EQUIPMENT AND SOFTWARE, net                             42         169

   OTHER ASSETS:
     Notes receivable                                                51        --
     Other assets                                                     5           5
     Acquired intangible                                            189         189
                                                               --------    --------

TOTAL ASSETS                                                   $    941    $  1,154
                                                               ========    ========

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
   CURRENT LIABILITIES:
     Accounts payable                                          $    371    $    478
     Accrued liabilities                                            302         343
     Current borrowings and capital leases                          333         281
                                                               --------    --------

               Total current liabilities                          1,006       1,102


   MINORITY INTEREST                                                 12          13

   STOCKHOLDERS' EQUITY (DEFICIT):
     Common stock, no par value, 20,000 shares authorized,
     Voting 2,404 and 2,189 shares outstanding, respectively     63,097      62,890
     Warrants for common stock                                      813         813
       Deferred compensation                                         (1)         (4)
     Accumulated deficit                                        (63,986)    (63,660)
                                                               --------    --------
           Total stockholders' equity (deficit)                     (65)         39
                                                               --------    --------
   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)        $    941    $  1,154
                                                               ========    ========


The accompanying notes to consolidated financial statements are an integral part
of these balance sheets.

                                       4

<PAGE>

                                  NAVIDEC, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                    (In thousands, except per share amounts)
                                   (Unaudited)

                                                            3 Months Ended
                                                                March 31,
                                                          2004            2003
                                                        -------         -------

REVENUE                                                 $   250         $   298
COST OF REVENUE                                              27             148
                                                        -------         -------

GROSS PROFIT                                                223             150

OPERATING EXPENSES:
   Product development                                     --                29
   General and administrative                               491             576
   Sales and marketing                                     --                64
   Stock Expense                                              3              13
   Impairment, depreciation and amortization                127             533
                                                        -------         -------
     Total operating expenses                               621           1,215
                                                        -------         -------
 LOSS FROM OPERATIONS                                      (398)         (1,065)

OTHER INCOME (EXPENSE):
   Gain on sale of fixed assets                              18            --
   Gain on sale of investments                               16            --
   Unrealized gain on investments                            38            --
   Other income (expense)                                  --                43
                                                        -------         -------
     Total                                                   72              43
                                                        -------         -------

NET LOSS                                                $  (326)        $(1,022)
                                                        =======         =======

NET LOSS
Per Share basic and diluted                             $  (.16)        $ (1.54)
                                                        =======         =======

WEIGHTED AVERAGE
SHARES OUTSTANDING:
Basic                                                     2,102             662
                                                        =======         =======
Diluted                                                   2,102             662
                                                        =======         =======


The accompanying notes to consolidated financial statements are an integral part
of these statements.

                                       5

<PAGE>

                                  NAVIDEC, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)
                                   (Unaudited)

                                                                 Three Months Ended
                                                                      March 31,
                                                                   2004       2003
                                                                 -------    -------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                                             $  (326)   $(1,022)
   Adjustments to reconcile net loss to net
     cash used in operating activities:
       Depreciation                                                  127        533
       Non-cash stock expense                                          3         13
       Provision for bad debt                                          2       --
       Gain on sale of investments                                   (38)      --
       Gain on sale of fixed assets                                  (18)      --
     Changes in operating assets and liabilities:
       Accounts receivable                                            70        418
       Costs and estimated earnings in excess of billings           --          (11)
       Prepaid expenses and other assets                              10        (15)
       Accounts payable                                              (47)       135
       Accrued liabilities                                           (42)        51
       Notes receivable                                              (52)       --
       Deferred revenue                                             --         (108)
                                                                 -------    -------

   Net cash used in operating activities                            (311)        (6)
                                                                 -------    -------

CASH FLOWS FROM INVESTING ACTIVITIES:
       Proceeds from the sale of property,
         equipment and software                                       18       --
                                                                 -------    -------

CASH FLOWS FROM FINANCING ACTIVITIES:
       Net proceeds from issuance of common stock                    207       --
       Payment on fees associated with rights offering              --          (84)
       Proceeds from notes payable                                  --          171
       Payments on notes payable and capital lease obligations        (6)      (136)
                                                                 -------    -------
   Net cash (used in) provided by financing activities               201        (49)
                                                                 -------    -------

NET DECREASE IN CASH AND CASH EQUIVALENTS                            (92)       (55)

CASH AND CASH EQUIVALENTS, beginning of period                       302        130
                                                                 -------    -------

CASH AND CASH EQUIVALENTS, end of period                         $   210    $    75
                                                                 =======    =======

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
   INFORMATION:
       Cash paid for interest                                    $  --      $    18


The accompanying notes to consolidated financial statements are an integral part
of these statements.

                                       6

</TABLE>
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)


NOTE 1 - BASIS OF PRESENTATION AND MANAGEMENT OPINION

The unaudited financial statements and related notes to the financial statements
presented herein have been prepared by the management of Navidec, Inc. and
subsidiaries (the "Company") pursuant to the rules and regulations of the
Securities and Exchange Commission. Accordingly, certain information and
footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been omitted
pursuant to such rules and regulations. The accompanying financial statements
were prepared in accordance with the accounting policies used in the preparation
of the Company's audited financial statements included in its Annual Report on
Form 10-K for the fiscal year ended December 31, 2003, and should be read in
conjunction with such financial statements and notes thereto. Operating results
for the periods presented are not necessarily indicative of the results that may
be expected for the full year.

The accounting policies followed by the Company are set forth in Note 1 to the
Company's consolidated financial statements in the Form 10-K for the year ended
December 31, 2003. It is suggested that these unaudited condensed consolidated
financial statements be read in conjunction with the consolidated financial
statements and notes included in the Form 10-K.

In the opinion of management, all adjustments (consisting only of normal
recurring adjustments), which are necessary for a fair presentation of operating
results for the interim period presented have been made.

STOCK BASED COMPENSATION

As permitted under the Statements of Financial Accounting Standards No. 123
("SFAS 123"), "Accounting for Stock-Based Compensation," the Company accounts
for its stock-based compensation for options issued to employees in accordance
with the provisions of Accounting Principles board Opinion No. 25, "Accounting
for Stock Issued to Employees" ("APB 25"). As such, for options granted to
employees and directors, compensation expense is recorded on a straight-line
basis over the shorter of the period that the services are provided or the
vesting period, only if the current market price of the underlying stock exceeds
the exercise price. Certain pro forma net income and earnings per share
disclosures for employee stock option grants are also included in the notes to
the financial statements as if the fair value method as defined in SFAS 123 had
been applied. Transactions in equity instruments with non-employees for goods or
services are accounted for by the fair value method.

Had compensation cost for the Plan been determiend based upon the fair value at
the grant date for options granted, consistent with the provisions of SFAS 123,
the Company's net loss and net loss per share would have been increased to the
pro forma amounts indicated below:

                              For the Periods Ended
                                    March 31,
                     (in thousands, except per share data)

                                                     2004          2003
                                                     ----          ----

Net loss:                                         $     (326)   $  (1,022)

Add back:
Expense recognized under APB 25                         --            (72)
                                                  ----------    ---------
                                                        (326)      (1,094)
Net total stock based employee
   compensation expense determined
   under fair value based method
   for all awards, net of related tax effect            --           --
                                                  ----------    ---------
  Pro Forma net loss                              $     (326)   $  (1,094)
                                                  ==========    =========

Net loss per share, basic and diluted

Basic:  As Reported                               $    (0.16)   $   (1.54)
                                                  ==========    =========
Pro Forma                                         $    (0.16)   $   (1.65)
                                                  ==========    =========
Diluted: As Reported                              $    (0.16)   $   (1.54)
                                                  ==========    =========
Pro Forma                                         $    (0.16)   $   (1.65)
                                                  ==========    =========

NOTE 2 - LIQUIDITY

The Company's financial statements for the three months ended March 31, 2004
have been prepared on a going concern basis, which contemplates the realization
of assets and the settlement of liabilities and commitments in the normal course
of business. The Company has historically reported net losses, including
reporting a loss from operations of approximately, $326,000 for the three months
ended March 31, 2004 and has a working capital deficit of approximately,
$353,000 as of March 31, 2004.

Management cannot provide assurance that the Company will ultimately achieve
profitable operations or be cash positive or raise necessary additional debt
and/or equity capital. Management believes that the Company has adequate capital
resources to continue operating and maintain its business strategy during the
next 12 months. If substantial losses continue and/or the Company is unable to
raise additional capital, liquidity problems could cause the Company to curtail
operations, liquidate assets, seek additional capital on less favorable terms
and/or pursue other such actions that could adversely affect future operations.
These financial statements do not include any adjustments relating to the
recoverability and classification of assets or the amounts and classification of
liabilities that might be necessary should the company be unable to continue as
a going concern.


NOTE 3 - SUBSIDIARIES

Navidec, Inc. ("Navidec" or "The Company") is organized into three divisions,
Financial Services, Technology, and Mortgage Services. In October of 2002,
Navidec formed a new wholly owned subsidiary Navidec Capital, Inc, which was
renamed Navidec Financial Services, Inc. ("NFS") in August 2003. In August 2003,
Navidec Technology Corporation was formed as a wholly owned subsidiary of
Navidec, Inc. and in October 2003, changed its name to SwiftSure, Inc. On
September 11, 2003, the Company entered into an agreement with Northsight
Mortgage Group, LLC ("Northsight") and its sole member that provided for the
transfer of 80% of the issued and outstanding membership units of Northsight to
Navidec for Navidec common stock.

NFS provides consulting, personnel, and services to emerging growth micro and
small capitalization companies to help them effectively structure transactions
to attract public and private capital. NFS also provides financial public
relations services. Management believes that micro and small cap companies

                                       7

<PAGE>


rarely have the legal, accounting, or marketing resources necessary to
effectively interact with the highly regulated and competitive financial
markets. Navidec provides those resources on a contract basis so the
entrepreneur can focus on growing the business. After evaluating a potential
client for their probability of success and determining the company's growth
strategy and anticipated capital requirements, NFS provides specific
recommendations, personnel, and services to work in concert with the company to
develop and execute financial transactions. NFS receives monthly consulting fees
from its clients as well as billing for time and charges for additional services
provided. In addition, NFS may sometimes invest its own capital in clients with
whom they've contracted. As part of its compensation from clients, NFS may also
receive equity options. Typically NFS seeks clients who are well managed, offer
cash flow and the opportunity for long-term growth.

Mortgage Services is focused on providing end to end mortgage services from back
office processing to mortgage banking services. On September 11, 2003, the
Company entered into an agreement with Northsight Mortgage Group, LLC
("Northsight") and its sole member that provided for the transfer of 80% of the
issued and outstanding membership units of Northsight to Navidec for Navidec
common stock. Northsight is a Scottsdale, Arizona based mortgage broker engaged
in the business of marketing, arranging and selling of consumer home mortgages.
The Company plans to acquire and integrate companies providing these services.
The company will focus on business opportunities within this industry segment
that offer cash flow, strong management and opportunity for growth.

In 2003, Navidec Technology provided quality solutions that enabled
organizations to manage secure access to web applications within the enterprise
and across the business value chain. Navidec's suite of proven solutions enable
an enterprise to deliver single sign on capabilities to their employees,
customers, suppliers and partners by providing an identity management
infrastructure for user management, access control, and a single entry point to
personalized enterprise resources. Navidec Technology provided consulting and
expert engineering services in Web security and Identity Management in the areas
of Authentication, Access Control, Directory, User Management, and Provisioning.
This was done through the integration and extension of best-of-breed portal,
directory, security and integration software developed by the leading internet
software vendors As a result of declining technology revenues and an inability
to realize a profit from technology business operations, Management believes
that discontinuation of these operations would not have a material impact on
overall future revenues but would provide an avenue for continued reduction in
operating expenses. As such, Navidec may discontinue Navidec Technology
operations in the second quarter of 2004.


NOTE 4 - COMPREHENSIVE INCOME

Comprehensive income includes net income or loss and changes in equity from
non-owner transactions. The Company's comprehensive loss for the three-month
period ended March 31, 2004 was the same as the net loss for the period.


NOTE 5 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

The Company is not aware of any recently issued accounting pronouncements that
would materially effect the Company in the future.


                                       8

<PAGE>


NOTE 6 - EQUITY TRANSACTIONS

On September 2, 2003, the Company began a private placement offering of up to
1,250,000 units at $1, each unit consisting of one common share, one "A" Warrant
and one "B" Warrant. The "A" Warrant is exercisable at $2.00 until August 31,
2005. The Company has the right to call the "A" warrant if the trading price of
Navidec common stock is above $2.00 for more than 10 consecutive trading days.
The "B" Warrant is exercisable at $4.00 and expires on August 31, 2005. The
Company has the right to call the warrant if the trading price of Navidec common
stock is above $4.00 for more than 10 consecutive trading days. The Company
closed the private placement on January 30, 2004. The Company sold a total of
564,500 units for gross proceeds of $564,000, of which $215,000 was sold in the
first quarter of 2004.


NOTE 7 - NET INCOME (LOSS) PER SHARE

Basic net loss per share is computed by dividing net loss for the period by the
weighted average number of common shares outstanding for the period. Diluted net
loss per share is computed by dividing the net loss for the period by the
weighted average number of common and potential common shares outstanding during
the period if the effect of the potential common shares is dilutive. The Company
has excluded common stock issuable upon conversion of all warrants and stock
options from the computation of diluted earnings per share, as the effect of all
such securities is anti-dilutive for all periods presented. Shares issuable
under warrants and options were approximately 2,627,721 as of March 31, 2004.


NOTE 8 - SEGMENT REPORTING

The Company currently operates in three different segments: Technology,
Financial Services, and Mortgage Services. Management has chosen to organize the
Company around these segments based on differences in products and services.

Segment operations are measured consistent with the accounting policies used in
these consolidated financial statements.

The following provides information on the Company's segments (unaudited):

                           For the Three Months Ended
                                 March 31, 2004
                                 (in thousands)

                                                  Mortgage
                         Technology   Financial   Services   Corporate    Total
                         ----------   ---------   --------   ---------    -----
Revenues from external
     customers             $  49        $  33      $ 168      $  --       $ 250

Loss from operations       $  (5)       $  48      $  (1)     $(368)(a)   $(326)

Identifiable assets        $  44        $ 381      $  61      $ 455 (b)   $ 941


                           For the Three Months Ended
                                 March 31, 2003
                                 (in thousands)

                                                 Mortgage
                        Technology   Financial   Services   Corporate    Total
                        ----------   ---------   --------   ---------    -----
Revenues from external
     customers           $   756       $  --      $   --     $  --      $   756

Loss from operations     $  (162)      $  --      $   --     $  (494)   $  (656)

Identifiable assets      $ 1,066       $  --      $   --     $ 3,623    $ 4,689

                                       9
<PAGE>


(a) Corporate loss from operations represents depreciation expense,
restructuring charges, non-cash stock compensation expense and impairment of
assets.

(b) Corporate assets are those that are not directly identifiable to a
particular segment and include cash, prepaids, property and equipment, and
intangibles and other assets.


NOTE 9  - SUBSEQUENT EVENTS

On April 26, 2004, Navidec issued a press release announcing that it had entered
into a definitive merger agreement with Lider Group S.A. ("Lider") and Bond
Energy Corporation ("Bond") that provides for the acquisition of Livermore
Energy Corporation and BPZ Energy, Inc., which will become wholly-owned
subsidiaries of Navidec, Inc. in a tax free stock exchange. Navidec will issue
up to a maximum of 25.5 million shares of its common shares in exchange for all
of the issued and outstanding shares of BPZ and Livermore. At closing, which is
expected to occur on or about June 24, 2004, a total of 9,370,000 shares will be
issued. The agreement provides that additional earn-out shares of up to
16,130,000 Navidec shares will be issued once the capital structure of Navidec
has been changed to accommodate this issuance and if Livermore and BPZ attain
certain other goals.

In the same press release, Navidec announced that it was shifting all of its
businesses, assets and liabilities into its wholly-owned subsidiary, Navidec
Financial Services, Inc., and that it planned on filing a Registration Statement
with the Securities and Exchange Commission to permit the spin-off of the
Navidec Financial Services, Inc. shares to the Navidec shareholders of record on
a date immediately prior to the closing of the acquisition of Livermore and BPZ.
The press release and the definitive merger agreement are attached as exhibits
to this filing.


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

Critical Accounting Policies

We have identified the policies below as critical to our business operations and
the understanding of our results from operations. The impact and any associated
risks related to these policies on our business operations is discussed
throughout Management's Discussion and Analysis of Financial Conditions and
Results of Operations where such policies affect our reported and expected
financial results. For a detailed discussion on the application of these and
other accounting policies, see Note 2 in the Notes to the Consolidated Financial
Statements in Item eight of our Annual Report on Form 10-K, filed April 14,
2004, beginning on page F-8. Note that our preparation of this Report on Form
10-QSB requires us to make estimates and assumptions that affect the reported
amount of assets and liabilities, disclosure of contingent assets and
liabilities at the date of our financial statements, and the reported amounts of
revenue and expenses during the reporting period. There can be no assurance that
actual results will not differ from those estimates.

-Revenue recognition. Our revenue recognition policy is significant because our
revenue is a key component of our results of operations. In addition, our
revenue recognition determines the timing of certain expenses, such as
commissions. We follow very specific and detailed guidelines in measuring
revenue, however, certain judgments affect the application of our revenue
policy. Revenue results are difficult to predict, and any shortfall in revenue
or delay in recognizing revenue could cause our operating results to vary
significantly from quarter to quarter and could result in future operating
losses.

All of our revenue for and the first three months of 2004 was from time and
materials contracts for which revenue is recognized as the work is completed.
Revenue recognition for time and materials contracts is not significantly
impacted by judgments and estimates.

                                       10

<PAGE>


-Reserve for Bad Debt. Our policy on reserve for bad debt determines the timing
and recognition of bad debt expense.

We follow guidelines that reserve based off of historical and account specific
trends, however, certain judgments affect the application of our bad debt
reserve policy. Our receivables are recorded net of an allowance for doubtful
accounts which requires management to estimate amounts due which may not be
collected. This estimate requires consideration of general economic conditions,
overall historical trends related to the Company's collection of receivables,
customer specific payment history, and customer specific factors affecting their
ability to pay amounts due. Management routinely assesses and revises its
estimate of the allowance for doubtful accounts.


Overview

Navidec, Inc. ("Navidec" or "The Company") is organized into three divisions,
Financial Services, Technology, and Mortgage Services. In October of 2002,
Navidec formed a new wholly owned subsidiary Navidec Capital, Inc, which was
renamed Navidec Financial Services, Inc. (`NFS") in August 2003. In August 2003,
Navidec Technology Corporation was formed as a wholly owned subsidiary of
Navidec, Inc. and in October 2003, changed its name to SwiftSure, Inc. On
September 11, 2003, the Company entered into an agreement with Northsight
Mortgage Group, LLC ("Northsight") and its sole member that provided for the
transfer of 80% of the issued and outstanding membership units of Northsight to
Navidec for Navidec common stock.

NFS provides consulting, personnel, and services to emerging growth micro and
small capitalization companies to help them effectively structure transactions
to attract public and private capital. NFS also provides financial public
relations services. Management believes that micro and small cap companies
rarely have the legal, accounting, or marketing resources necessary to
effectively interact with the highly regulated and competitive financial
markets. Navidec provides those resources on a contract basis so the
entrepreneur can focus on growing the business. After evaluating a potential
client for their probability of success and determining the company's growth
strategy and anticipated capital requirements, NFS provides specific
recommendations, personnel, and services to work in concert with the company to
develop and execute financial transactions. NFS receives monthly consulting fees
from its clients as well as billing for time and charges for additional services
provided. In addition, NFS may sometimes invest its own capital in clients with
whom they've contracted. As part of its compensation from clients, NFS may also
receive equity options. Typically NFS seeks clients who are well managed, offer
cash flow and the opportunity for long-term growth.

Mortgage Services is focused on providing end to end mortgage services from back
office processing to mortgage banking services. On September 11, 2003, the
Company entered into an agreement with Northsight Mortgage Group, LLC
("Northsight") and its sole member that provided for the transfer of 80% of the
issued and outstanding membership units of Northsight to Navidec for Navidec
common stock. Northsight is a Scottsdale, Arizona based mortgage broker engaged
in the business of marketing, arranging and selling of consumer home mortgages.
The Company plans to acquire and integrate companies providing these services.
The company will focus on business opportunities within this industry segment
that offer cash flow, strong management and opportunity for growth.

In 2003, Navidec Technology provided quality solutions that enabled
organizations to manage secure access to web applications within the enterprise
and across the business value chain. Navidec's suite of proven solutions enable
an enterprise to deliver single sign on capabilities to their employees,
customers, suppliers and partners by providing an identity management
infrastructure for user management, access control, and a single entry point to
personalized enterprise resources. Navidec Technology provided consulting and
expert engineering services in Web security and Identity Management in the areas
of Authentication, Access Control, Directory, User Management, and Provisioning.
This was done through the integration and extension of best-of-breed portal,
directory, security and integration software developed by the leading internet
software vendors As a result of declining technology revenues and an inability
to realize a profit from technology business operations, Management believes
that discontinuation of these operations would not have a material impact on

                                       11

<PAGE>


overall future revenues but would provide an avenue for continued reduction in
operating expenses. As such, Navidec may discontinue Navidec Technology
operations in the second quarter of 2004.

Navidec's operating expenses consist of product development, general and
administrative, sales and marketing and depreciation and amortization. General
and administrative consists primarily of salary and benefit expenses for our
non-billable employees. It also includes expenses associated with our office
facility and equipment leases. Sales and marketing includes personnel costs,
advertising costs, costs associated with participation in trade shows and direct
marketing program and related travel expenses.


THREE-MONTH RESULTS OF OPERATIONS
                                                              Three Months
                                                             ended March 31,
                                                             (in thousands)
                                                          2004            2003
                                                        -------         -------
REVENUE:

     Financial Services                                 $    32         $  --
     Mortgage Services                                      168            --
     Technology                                              50             298
                                                        -------         -------
         Total revenue                                      250             298

COST OF REVENUE

     Financial Services                                     --             --
     Mortgage Services                                       16            --
     Technology                                              11             148
                                                        -------         -------
                                                             27             148

GROSS MARGIN                                                223             150

OPERATING EXPENSES:
     Product development                                   --                29
     General and administrative                             491             576
     Sales and marketing                                   --                64
     Non-cash stock expense                                   3              13
     Depreciation and amortization                          127             533
                                                        -------         -------
          Total operating expenses                          621           1,215
                                                        -------         -------

LOSS FROM OPERATIONS                                    $  (398)        $(1,065)
                                                        =======         =======

                                       12
<PAGE>


THREE-MONTH RESULTS OF OPERATIONS AS A PERCENTAGE OF REVENUES

                                                             Three Months
                                                            ended March 31,
                                                            (in thousands)
                                                         2004            2003
                                                        ------         -------
REVENUE:

     Financial Services                                   12.8%        $   --
     Mortgage Services                                    67.2%            --
     Technology                                           20.0%          100.0%
                                                        ------         -------
         Total revenue                                   100.0%          100.0%

COST OF REVENUE                                           10.8%           49.7%
                                                        ------         -------

GROSS MARGIN                                              89.2%           50.3%

OPERATING EXPENSES:
     Product development                                   --              9.7%
     General and administrative                          196.8%          193.3%
     Sales and marketing                                   --             21.5%
     Non-cash stock expense                                1.2%            4.4%
     Depreciation and amortization                        50.8%          178.9%
                                                        ------         -------
          Total operating expenses                       248.8%          407.7%
                                                        ------         -------

LOSS FROM OPERATIONS                                    (159.6)%        (357.4)%
                                                        ======         =======

Three Months Ended March 31, 2004 and 2003

Revenue for the three months ended March 31, 2004 decreased approximately
$48,000, or 16.1%, from 2003 revenues of $298,000 to $250,000 in 2004. The
decrease was primarily a result of lower market demand for IT services and a
refocus by the Company on the provision of Financial and Mortgage services. As a
percentage of total revenue, Technology services decreased from 100% for the
three months ended March 31, 2003 to 20% in 2004. Financial and Mortgage
services accounted for 12.8% and 67.2% of revenue respectively for the three
months ended March 31, 2004. The Company began offering Financial and Mortgage
services in the last half of fiscal 2003.

Gross margin increased approximately $73,000 or 48.7% from a gross margin of
$150,000 in 2003 to $223,000 in 2004. As a percentage of revenue, gross profit
increased from 50.3% to 89.2 %. The increase in the gross margin as a percentage
of revenue was as a result of the Company refocusing on the provision Financial
and Mortgage services and the overall lower costs of revenue associated with
provision of these services.

General and administrative expenses decreased approximately $84,000 or 14.6%,
from general and administrative expenses of $576,000 in 2003 to $492,000 in
2004. As a percentage of revenue, general and administrative expenses decreased
from 193.3% in 2003 to 196.8% in 2004. The decrease was achieved primarily as a
result of the Company's significant efforts to decrease overhead costs and its'
overall refocus on the provision of Financial and Mortgage services.

Product development costs decreased from expenses of $29,000 in 2003 to $0 in
2004. The decrease in product development cost is the result of discontinued
focus on the areas that Navidec Technology pursues.

Sales and marketing expenses decreased by $64,000 in 2003 to $0 for 2004. The
decrease is due to the discontinuation of sales and marketing activities related
to the provision of Technology services.

                                       13

<PAGE>


Impairment, depreciation and amortization decreased approximately $406,000 or
76.2% from $553,000 in 2003 to $127,000 in 2003. In fiscal 2003 the Company
recorded a loss of $530,000 due to impairments of fixed assets. Depreciation was
down largely due this fact and also in part to more assets becoming fully
depreciated.

As a result of the items discussed above and other income (expense) items in the
statements of operations, we recorded a net loss of $1,022,000 and $326,000 for
the three months ended March 31, 2003 and 2004 respectively. Our basic and
diluted loss per share was $1.54 in 2003 versus basic and diluted loss per share
of $0.16 in 2004.


LIQUIDITY AND CAPITAL RESOURCES

From our inception through March 31, 2004, we funded our operations primarily
from the following sources:

- equity proceeds through public offerings and private placements of our
securities;

- revenue generated from operations;

- loans from principal shareholders and employees;

- loans and lines of credit; and

- accounts receivable factoring arrangements made available by banks.

The Company's financial statements for the three months ended March 31, 2004
have been prepared on a going concern basis, which contemplates the realization
of assets and the settlement of liabilities and commitments in the normal course
of business. The Company has historically reported net losses, including
reporting a net loss of approximately, $326,000 for the three months ended March
31, 2004 and has a working capital deficit of approximately, $353,000 as of
March 31, 2004.

Management cannot provide assurance that the Company will ultimately achieve
profitable operations or be cash positive or raise necessary additional debt
and/or equity capital. If substantial losses continue and/or the Company is
unable to raise additional capital, liquidity problems could cause the Company
to curtail operations, liquidate assets, seek additional capital on less
favorable terms and/or pursue other such actions that could adversely affect
future operations. These financial statements do not include any adjustments
relating to the recoverability and classification of assets or the amounts and
classification of liabilities that might be necessary should the company be
unable to continue as a going concern.

Cash flow from operations has not historically been sufficient to sustain our
operations without the above additional sources of capital.

As of March 31, 2004, we had cash and cash equivalents of $210,000, and a
working capital deficit of approximately $353,000. This compares with cash and
cash equivalents of $75,000 and a working capital deficit of $661,000 as of
March 31, 2003.

Cash used by operating activities totaled approximately $265,000 for the three
months ended March 31, 2004 compared with approximately $6,000 for the three
months ended March 31, 2003. The cash used in operating activities is primarily
the result of our operating loss less non-cash expenses for the period.

Cash provided by investing activities for the three months ended March 31, 2004
was $18,000 compared with cash provided by investing activities of $0 for the
three months ended March 31, 2003. Cash provided by investing activities for the
three months ended March 31, 2004 was provided by the sale of equipment.

                                       14

<PAGE>


Cash provided by financing activities was approximately $155,000 during the
three months ended March 31, 2004 compared to cash used by financing activities
of $49,000 for the three months ended March 31, 2003. The cash provided by
financing activities the three months ended March 31, 2004 was primarily the
proceeds from the sale of common stock and warrants, less payments on our notes
and leases payable. Cash used in financing activities in the three months ended
March 31, 2003 was primarily for payments on notes payable and fees associated
with rights offerings.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Navidec is exposed to the impact of interest rate changes and change in the
market values of its investments. Based on our market risk sensitive instruments
outstanding as of March 31, 2004, as described below, we have determined that
there was no material market risk exposure to our consolidated financial
position, results of operations, or cash flows as of such date. We do not enter
into derivatives or other financial instruments for trading or speculative
purposes.

INTEREST RATE RISK - - At March 31, 2004 Navidec's exposure to market rate risk
for changes in interest rates relates primarily to its borrowings. Navidec has
not used derivative financial instruments in its credit facilities. A
hypothetical 10% increase in the Prime rate would not be significant to the
Company's financial position, results of operations, or cash flows.

INVESTMENT RISK - Navidec has investments in equity instruments in companies for
business and strategic purposes. These investments are included in other
long-term assets and are accounted for under the cost method since ownership is
less than twenty percent (20%) and Navidec does not assert significant
influence.

INFLATION

The Company does not believe that inflation will have a material impact on our
future operations.


FORWARD LOOKING INFORMATION

Information contained in this report, other than historical information, should
be considered forward looking and reflects management's current views of future
events and financial performance that involve a number of risks and
uncertainties. The factors that could cause actual results to differ materially
include, but are not limited to, the following: general economic conditions and
developments within the Internet and Intranet industries; competition; market
acceptance of our products and services; length of sales cycle; variability of
sales order flow; management of growth; and other risk factors identified from
time to time in the Company's filings with the Securities and Exchange
Commission. These filings are available on-line at http://www.sec.gov.


Item 3.  Controls and Procedures

     (a) Evaluation of disclosure controls and procedures

          Following the discovery of accounting errors in the financial
          statements for the periods ended March 31 and June 30, 2003, as
          described in the annual Report on Form 10-K for the year ended
          December 31, 2003 filed April 14, 2004, the Company initiated a number
          of improvements in its disclosure controls and procedures as well as
          its internal controls, including internal control over financial
          reporting. As a result of these improvements, no additional changes
          are required for the Company's disclosure controls and procedures.

          The Company maintains a system of disclosure controls and procedures
          that are designed for the purposes of ensuring that information
          required to be disclosed in our SEC reports is recorded, processed,
          summarized, and reported within the time period specified in the SEC

                                       15

<PAGE>


          rules and forms, and that such information is accumulated and
          communicated to our management, including the chief Executive Officer
          as appropriate to allow timely decisions regarding required
          disclosure.

          John McKowen who served as the Company's Chief Executive Officer,
          President and Chief Accounting Officer, after evaluating the
          effectiveness of the Company's disclosure controls and procedures (as
          defined in Exchange Act Rules 13a-14(c) as of March 31, 2004 (the
          "Evaluation Date") concluded that as of the Evaluation Date, the
          Company's disclosure controls and procedures were adequate and
          effective to ensure that material information relating to the Company
          and its consolidated subsidiaries would be made known to them by
          individuals within those entities, particularly during the period in
          which this report was being prepared, and that information required to
          be disclosed in our SEC reports is recorded, processed, summarized and
          reported within the time periods specified in the SEC's rules and
          forms.

     (b) Changes in internal controls.

          There were no significant changes in the Company's internal controls
          or in other factors that could significantly affect the Company's
          disclosure controls and procedures subsequent to the Evaluation Date,
          nor any significant deficiencies or material weaknesses in such
          disclosure controls and procedures requiring corrective actions. As a
          result, no corrective actions were taken.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

In the normal course of business, Navidec is subject to, and may become a party
to, litigation regarding disputes with vendor and employment issues. Management
believes there are no other matters currently in litigation, other than those
described below, that could have a material impact on Navidec's financial
position or results of operations.

In 1999 Navidec purchased a software system and one year of support services
from Oracle Corporation (the "Vendor"). In the transaction, Navidec executed a
payment plan agreement. The Vendor subsequently assigned the payment plan
agreement to CIT Financial USA, Inc. (the "Finance Company"). On September 2,
2002 the Finance Company brought an action in Arapahoe County District Court,
State of Colorado, under the payment plan agreement, alleging that Navidec has
defaulted and owes $242,146 plus interest at 1.5 % from October 1, 2001,
attorneys fees, costs and expenses under the payment plan agreement. As
defenses, Navidec has asserted, among other claims, that it reached an agreement
with the original vendor on January 28, 2002 whereby the Vendor agreed that if
Navidec packaged all unused software and documentation and removed the unused
software from its systems, the return of the software would end all of Navidec's
rights to use the software and would end all payment obligations. In addition,
Navidec has asserted that the Vendor breached its agreement to provide sales and
customers to Navidec. Navidec has asserted counterclaims and third party claims
against the Vendor for promissory estoppel and breach of contract. No formal
discovery has occurred and trial is set for June 17, 2004. There is a risk that
at trial judgment may enter against Navidec for some or all of amount sought by
the Finance Company plus costs and reasonable attorneys' fees. For this reason,
management is exploring the possibility of settlement in an attempt to avoid
trial.

On October 10, 2003, our former Chief Financial Officer ("CFO") filed a Demand
For Arbitration against the Company relating to sums that the CFO claims are
owing to him from the Company as a result of his employment being terminated. He
seeks to recover $452,508, plus statutory penalties, attorneys' fees, costs and
pre-judgment interest. We have filed counterclaims in the arbitration for breach
of contract, breach of fiduciary duty, and conversion and seek damages of $1
million to $5 million. These matter are in the very early stages and the Company
intends to defend any claims by the CFO vigorously. Because we are unable to
conclude at this time that an unfavorable outcome in this matter is either
"probable" or "remote" (as such terms are defined in the ABA Statement of
Policy), we decline to comment as to the outcome of this matter.

                                       16

<PAGE>


Item 2. Changes in Securities and Small Business Issuer Purchases of Equity
        Securities

On September 2, 2003, the Company began a private placement offering of up to
1,250,000 units at $1, each unit consisting of one common share, one "A" Warrant
and one "B" Warrant. The "A" Warrant is exercisable at $2.00 until August 31,
2005. The Company has the right to call the "A" warrant if the trading price of
Navidec common stock is above $2.00 for more than 10 consecutive trading days.
The "B" Warrant is exercisable at $4.00 and expires on August 31, 2005. The
Company has the right to call the warrant if the trading price of Navidec common
stock is above $4.00 for more than 10 consecutive trading days. The Company
closed the private placement on January 30, 2004. The Company sold a total of
564,500 units for gross proceeds of $564,000.

Item 6. Exhibits and Reports on Form 8-K

     (a)  Exhibits.

           2.1 Press Release dated April 26, 2004. (1)

           2.2 Merger Agreement dated as of April 21, 2004, by and among the
               Company, Navidec Merger Corp. I, Navidec Merger Corp. II, Lider
               Group S.A., and Bond Energy Corporation (1)

          31.1 Certification of Chief Executive Officer pursuant to Section 302
               of the Sarbanes - Oxley Act of 2002. Filed herewith.

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

          (1)  Incorporated by reference from the Form 8-K filed on April 27,
               2004.

     (b)  Reports on Form 8-K

          On February 18, 2004 we filed a Report on Form 8-K with the Securities
          and Exchange Commission disclosing, under Item 5 that on January 30,
          2004, the Company closed its private placement that began on September
          2, 2003. The offering was for up to 1,200,000 units at $1 per unit,
          each unit consisting of one common share, one "A" Warrant and one "B"
          Warrant. The "A" Warrant is exercisable at $2.00 until August 31,
          2005. The Company has the right to call the "A" warrant if the trading

                                       17

<PAGE>


          price of Navidec common stock is above $2.00 for more than 10
          consecutive trading days. The "B" Warrant is exercisable at $4.00 and
          expires on August 31, 2005. The Company has the right to call the "B"
          warrant if the trading price of Navidec common stock is above $4.00
          for more than 10 consecutive trading days. The Company sold 564,500
          units and realized proceeds of $539,000, net of commissions.

          On April 27, 2004, we filed a Report on Form 8-K with the Securities
          and Exchange Commission disclosing, under Item 5 that we had entered
          into a definitive merger agreement with Lider Group S.A. ("Lider") and
          Bond Energy Corporation ("Bond") that provides for the acquisition of
          Livermore Energy Corporation and BPZ Energy, Inc., which will become
          wholly-owned subsidiaries of Navidec, Inc. in a tax free stock
          exchange (the "Merger"). Navidec will issue up to a maximum of 25.5
          million shares of its common shares in exchange for all of the issued
          and outstanding shares of BPZ and Livermore. At closing, which is
          expected to occur on or about June 24, 2004, a total of 9,370,000
          shares will be issued. The agreement provides that additional earn-out
          shares of up to 16,130,000 Navidec shares will be issued once the
          capital structure of Navidec has been changed to accommodate this
          issuance and if Livermore and BPZ attain certain other goals. In
          conjunction with the Merger, we will shift all of our businesses,
          assets and liabilities into our wholly-owned subsidiary, Navidec
          Financial Services, Inc., and file a Registration Statement with the
          Securities and Exchange commission to permit the spin-off of the
          Navidec Financial Services, Inc. shares to our shareholders of record
          on a date immediately prior to the closing of the Merger.


                                   SIGNATURES

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

                                  NAVIDEC, INC.

By /S/ John McKowen
-------------------
John McKowen
CEO, President and Principal Accounting Officer

Date:  May 14, 2004

                                       18