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

                                   FORM 10-QSB

/X/      Quarterly  Report under Section 13 or 15(d) of the Securities  Exchange
         Act of 1934 For the quarterly period ended June 30, 2003

/ /      Transition Report under Section 13 or 15(d) of the Securities Exchange
         Act of 1934.

          For transition period from _____________ to ________________.

                        Commission File Number: 2-98014-D

                            NOVA COMMUNICATIONS LTD.
        (Exact name of small business issuer as specified in its charter)

            Nevada                                        95-4756822
(State or other jurisdiction of                          (IRS Employer
 incorporation or organization)                      Identification Number)


                 370 Amapola Ave., Suite 202, TORRANCE, CA 90501
                    (Address of principal executive offices)

          Issuer's telephone number including area code: (310) 642-0200

Check  whether  the Issuer  (1) has 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 /X/   No / /

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

Common stock: $.001 par value 295,731,368 shares outstanding at June 30, 2003.

Documents  incorporated  by reference:  Reports on Form 8K were filed during the
period covered by this report on April 18, 2003 and May 9, 2003.

Total sequentially numbered pages in this document: 24
















                                       1
<PAGE>
                                      INDEX

                            NOVA COMMUNICATIONS LTD.


PART I.     FINANCIAL INFORMATION

ITEM 1      FINANCIAL STATEMENTS JUNE 30, 2003 (UNAUDITED) AND DECEMBER 31, 2002
            (AUDITED)

            (a) Consolidated Balance Sheets, June 30, 2003 (unaudited) and
                December 31, 2002 (audited).

            (b) Statements of Operations and Comprehensive Loss for the Six
                Months Ended June 2003 and 2002 (unaudited).

            (c) Statements of Operations and Comprehensive Loss for the Three
                Months Ended June 2003 and 2002 (unaudited).

            (c) Notes to Consolidated Financial Statements.

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

ITEM 3.           CONTROLS AND PROCEDURES

         The Company's  President and Chief Executive  Officer is satisfied with
the effectiveness of the Company's internal controls and procedures,  as defined
in Rules 13a-14(c) and 15d-14(c) of the Securities Exchange Act of 1934 based on
an evaluation of said controls and procedures.


PART II.    OTHER INFORMATION

ITEM 5      OTHER INFORMATION

ITEM 6      EXHIBITS AND REPORTS ON FORM 8-K





























                                       2
<PAGE>
PART I.     FINANCIAL INFORMATION

ITEM 1      FINANCIAL STATEMENTS

                            NOVA COMMUNICATIONS LTD.

                           Consolidated Balance Sheets
<TABLE>
<CAPTION>
                                                                             June 30            December 31
                                                                              2003                  2002
                                                                           (Unaudited)           (Audited)
                                                                          --------------       --------------
                                             ASSETS

Current assets:
<S>                                                                      <C>                  <C>
   Cash                                                                  $        79,427      $       161,129
   Accounts receivables, less allowance for uncollectible
   accounts of $20,224 in 2003 and $38,015 in 2002                                 7,334               28,003
   Notes receivable                                                               26,873               31,276
   Prepaid expenses and deposits                                                  58,123               21,123
   Available-for-sale investments                                                 32,625               32,625
                                                                          --------------       --------------
       Total current assets                                                      204,382              274,156




Equipment, net                                                                   175,349              194,401




Other assets:
   Goodwill, less accumulated amortization of $46,063
    in 2003 and $37,688 in 2002                                                   71,187               79,562
   Deposits                                                                        1,478                3,063
                                                                          --------------       --------------
       Total other assets                                                         72,665               82,625



                                                                          --------------       --------------

                                                                         $       452,396      $       551,182
                                                                          ==============       ==============
</TABLE>









                             See accompanying notes.
                                       3
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                     Consolidated Balance Sheets (continued)
<TABLE>
<CAPTION>
                                                                             June 30            December 31
                                                                               2003                 2003
                                                                            (Unaudited)          (Audited)
                                                                          --------------       --------------
                      LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
                      ---------------------------------------------

Current liabilities:
<S>                                                                      <C>                  <C>
   Accounts payable                                                      $       322,398      $       420,427
   Payable to related parties                                                     11,611               27,121
   Accrued payroll and payroll related liabilities                               217,390              255,368
   Customer deposits                                                              25,340               24,538
   Income taxes payable                                                                -                1,600
   Other accrued liabilities                                                     144,577               46,859
   Other accrued liabilities to related parties                                        -              297,197
   Long-term obligations, due within one year                                    258,610              118,586
                                                                          --------------       --------------
       Total current liabilities                                                 979,926            1,191,696

Long-term obligations                                                            753,927              863,218

Notes payable to related parties                                                       -              625,000

Commitments

Net capital deficiency:
   Preferred stock; no par value; authorized 10,000,000 shares                         -                    -
   Common stock; $.001 par value; authorized 500,000,000 shares; outstanding
    295,731,368,shares in 2003 and 46,958,180 shares in 2002                     295,731               46,958
   Additional paid-in capital                                                 16,686,730           13,797,842
   Retained deficit                                                          (17,798,786)         (15,508,400)
   Unrealized holding loss from available-for-sale
    investments                                                                 (465,132)            (465,132)
                                                                          --------------       --------------
       Net capital deficiency                                                 (1,281,457)          (2,128,732)
                                                                          ---------------      ---------------

                                                                          $      452,396       $      551,182
                                                                          ===============      ===============
</TABLE>











                             See accompanying notes.
                                        4
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                 Statements of Operations and Comprehensive Loss
<TABLE>
<CAPTION>
                                                                                     For The Six Months
                                                                                         Ended June
                                                                                         (Unaudited)
                                                                                   2003              2002
                                                                              ---------------  --------------
<S>                                                                          <C>              <C>
Revenues                                                                     $     2,982,562  $    4,172,423

Cost of revenues                                                                   2,494,335       3,580,902
                                                                              ---------------  --------------

Gross margin                                                                         488,227         591,521

Operating expenses:
   Selling                                                                           133,930         194,076
   Operating                                                                         220,109         251,148
   General and administrative                                                        557,320         233,170
   Consulting Fees (Paid by stock)                                                 1,835,464         587,399
                                                                              ---------------  --------------
       Total operating expenses                                                    2,746,823       1,265,793
                                                                              ---------------  --------------

Loss from operations                                                              (2,258,596)       (674,272)

Other income (expenses):
   Loan fees                                                                               -               -
   Interest, net                                                                     (31,790)        (53,901)
                                                                              ---------------  --------------
       Total other income (expenses)                                                 (31,790)        (53,901)
                                                                              ---------------  --------------

Loss before provision (benefit) for income taxes                                  (2,290,386)       (728,173)

Provision (benefit) for income taxes                                                      (-)             (-)
                                                                              ---------------  --------------

Net loss of continuing operations                                                 (2,290,386)       (728,173)

Net loss of discontinued operations                                                        -        (603,491)

Net loss                                                                     $    (2,290,386) $   (1,331,664)
                                                                              ===============  ==============

Net loss per common share:
Continuing operations                                                        $        (.0145) $       (.0190)
                                                                              ===============  ==============

Discontinued operations                                                      $             -  $       (.0157)
                                                                              ===============  ==============
</TABLE>


                             See accompanying notes.
                                        5
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                 Statements of Operations and Comprehensive Loss
<TABLE>
<CAPTION>

                                                                                     For The Six Months
                                                                                         Ended June
                                                                                         (Unaudited)
                                                                                   2003              2002
                                                                              ---------------  --------------

<S>                                                                          <C>              <C>
Net loss                                                                     $    (2,290,386) $   (1,331,664)

Unrealized holding gain (loss) on available-for-sale investments                            -              -
                                                                              ---------------  --------------

Comprehensive loss                                                           $    (2,290,386) $   (1,331,664)
                                                                              ===============  ==============


Comprehensive loss per common share                                          $        (.0145) $        (0347)
                                                                              ===============  ==============
</TABLE>
































                            See accompanying notes.
                                       6
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                 Statements of Operations and Comprehensive Loss
<TABLE>
<CAPTION>
                                                                                   For The Three Months
                                                                                         Ended June
                                                                                         (Unaudited)
                                                                                   2003              2002
                                                                              ---------------  --------------

<S>                                                                          <C>              <C>
Revenues                                                                     $     1,338,005  $    2,072,894

Cost of revenues                                                                   1,140,226       1,764,730
                                                                              ---------------  --------------

Gross margin                                                                         197,779         308,164

Operating expenses:
   Selling                                                                            56,600         100,836
   Operating                                                                         105,465         217,616
   General and administrative                                                         83,975          34,348
   Consulting Fees (Paid by stock)                                                 1,835,464         587,399
                                                                              ---------------  --------------
       Total operating expenses                                                    2,081,504         940,199
                                                                              ---------------  --------------

Loss from operations                                                              (1,883,725)       (632,035)

Other income (expenses):
   Loan fees                                                                               -               -
   Interest, net                                                                      (6,534)        (25,332)
                                                                              ---------------  --------------
       Total other income (expenses)                                                  (6,534)        (25,332)
                                                                              ---------------  --------------

Loss before provision (benefit) for income taxes                                  (1,890,259)       (657,357)

Provision (benefit) for income taxes                                                      (-)             (-)
                                                                              ---------------  --------------

Net loss of continuing operations                                                 (1,890,259)       (657,357)

Net loss of discontinued operations                                                        -        (132,690)

Net loss                                                                     $    (1,890,259) $     (790,057)
                                                                              ===============  ==============

Net loss per common share:
Continuing operations                                                        $        (.0071) $       (.0145)
                                                                              ===============  ==============

Discontinued operations                                                      $             -  $       (.0029)
                                                                              ===============  ==============
</TABLE>



                            See accompanying notes.
                                       7
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                 Statements of Operations and Comprehensive Loss
<TABLE>
<CAPTION>
                                                                                   For The Three Months
                                                                                         Ended June
                                                                                         (Unaudited)
                                                                                   2003              2002
                                                                              ---------------  --------------

<S>                                                                          <C>              <C>
Net loss                                                                     $    (1,890,259) $     (790,057)

Unrealized holding gain (loss) on available-for-sale investments                           -               -
                                                                              ---------------  --------------

Comprehensive loss                                                           $    (1,890,259) $     (790,067)
                                                                              ===============  ==============


Comprehensive loss per common share                                          $        (.0071) $        (0174)
                                                                              ===============  ==============
</TABLE>

































                            See accompanying notes.
                                       8
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

1.   Business and summary of significant accounting policies
     -------------------------------------------------------

     BUSINESS:   Nova   Communications   Ltd.  (the   "Company"  or  "Nova")  is
     incorporated  under the laws of the State of Nevada. The Company invests in
     and  provides  managerial  assistance  to  developing  companies.  Basis of
     consolidation:  The consolidated  financial statements include the accounts
     of Nova and it's 100% owned subsidiary  Kadfield,  Inc.  ("Kadfield").  All
     intercompany accounts and transactions have been eliminated.

     INTERIM  REPORTING:  The Company's year-end for accounting and tax purposes
     is  December  31.  In  the  opinion  of  management  of  the  Company,  the
     accompanying  consolidated financial statements as of June 30, 2003 and for
     the six months  then ended  contain  all  adjustments,  consisting  of only
     normal recurring adjustments, except as noted elsewhere in the notes to the
     consolidated   financial  statements,   necessary  to  present  fairly  its
     financial  position,   results  of  its  operations  and  cash  flows.  The
     consolidated  results of operations  for the six months ended June 30, 2003
     are not  necessarily  indicative of the results to be expected for the full
     year.

     CASH AND CASH CONCENTRATIONS:  For purposes of the statement of cash flows,
     the Company and its  subsidiaries  consider cash  equivalents  to be highly
     liquid instruments if, when purchased, their original due dates were within
     three months.  The Company and its subsidiary place their cash in financial
     institutions.  At various  times  throughout  the year,  cash held in these
     accounts has exceeded Federal Deposit Insurance Corporation limits. Neither
     the Company nor its  subsidiary has  experienced  any losses as a result of
     these cash concentrations.

     INVESTMENTS:   Investments  are  accounted  for  under  the  provisions  of
     Statement  of  Financial  Accounting  Standards  No. 115,  "Accounting  for
     Certain  Investments in Debt and Equity  Securities" ("SFAS 115"). SFAS 115
     requires  that  all   applicable   investments  be  classified  as  trading
     securities,  available-for-sale securities, or hold-to-maturity securities.
     The statement further requires that hold-to-maturity securities be reported
     at amortized  cost and  available-for-sale  securities  be reported at fair
     market value,  with unrealized  gains and losses excluded from earnings but
     reported  in a  separate  component  of  shareholders'  equity  (net of the
     effects of income taxes) until they are disposed of or sold. At the time of
     disposal  or  sale,  any  gains  or  losses,  calculated  by  the  specific
     identification method, are recognized as a component of operating results.

     EQUIPMENT: Equipment is carried at cost. Depreciation is computed using the
     straight-line  method over the  estimated  useful lives of the  depreciable
     assets, which range from five to fifteen years.  Computer software obtained
     or developed for internal use is capitalized  in accordance  with Statement
     of Position 98-1,  "Accounting for the Cost of Computer Software  Developed
     for Internal Use".  Amortization is computed using the straight-line method
     over seven years.




                                       9
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

1.   Business and summary of significant accounting policies (continued)
     -------------------------------------------------------------------

     GOODWILL:  Goodwill represents the excess purchase price over the estimated
     fair value of the net assets of its  subsidiary.  Amortization  is computed
     using the straight-line method over seven years.

     IMPAIRMENT OF LONG-LIVED  ASSETS: The Company and its subsidiary assess the
     recoverability of long-lived assets by determining whether the depreciation
     and  amortization  of the asset's  balance over its  remaining  life can be
     recovered through projected  undiscounted  future cash flows. The amount of
     impairment,  if any,  is  measured  based  on fair  value  and  charged  to
     operations  in  the  period  in  which  the  impairment  is  determined  by
     management.

     REVENUE RECOGNITION:  Revenue from Nova's managerial assistance services is
     recognized when services are rendered. Revenue from Kadfield's computer and
     electronic  equipment  sales is  recognized  when  equipment  is shipped to
     customers.

     STOCK BASED COMPENSATION:  The Company and its subsidiary account for stock
     based  compensation under Statement of Financial  Accounting  Standards No.
     123 ("SFAS 123").  SFAS 123 defines a fair value based method of accounting
     for  stock  based  compensation.  However,  SFAS 123  allows  an  entity to
     continue to measure  compensation  cost related to stock and stock  options
     issued to employees using the intrinsic method of accounting  prescribed by
     Accounting  Principles  Board  Opinion No. 25 ("APB 25"),  "Accounting  for
     Stock Issued to Employees". Entities electing to remain with the accounting
     method of APB 25 must make pro forma disclosures of net income and earnings
     per share,  as if the fair value method of  accounting  defined in SFAS 123
     had been  applied.  The  Company has elected to account for its stock based
     compensation to employees under APB 25.

     ADVERTISING: The Company and its subsidiary expense the cost of advertising
     as incurred as selling expenses.  Advertising  expenses were  approximately
     $133,930 for the first six months of 2003 ($194,076 for 2002).

     REPORTING  COMPREHENSIVE  INCOME: The Company and its subsidiary report and
     display  comprehensive income and its components as separate amounts in the
     consolidated  financial  statements.   Comprehensive  income  includes  all
     changes in equity during a period that results from recognized transactions
     and other economic events other than transactions with owners.

     INCOME  TAXES:  Income taxes are provided on the liability  method  whereby
     deferred tax assets and  liabilities  are  recognized  for the expected tax
     consequences  of temporary  differences  between the tax bases and reported
     amounts of assets and liabilities.  Deferred tax assets and liabilities are
     computed using enacted tax rates expected to apply to taxable income in the
     years in which  temporary  differences  are  expected  to be  recovered  or
     settled. The effect on deferred tax assets and liabilities from a change in
     tax rates is recognized in income in the period that includes the enactment
     date.


                                       10
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

1.   Business and summary of significant accounting policies (continued)
     -------------------------------------------------------------------

     The Company and its  subsidiary  provide a valuation  allowance for certain
     deferred tax assets,  if it is more likely than not that the Company or its
     subsidiaries will not realize tax assets through future operations

     SEGMENT REPORTING:  The Company and its subsidiary report information about
     operating  segments and related  disclosures  about  products and services,
     geographic   areas  and  major   customers  under  Statement  of  Financial
     Accounting Standards No. 131 (SFAS 131),  "Disclosures about Segments of an
     Enterprise  and Related  Information".  Operating  segments  are defined as
     components of an enterprise  for which  separate  financial  information is
     available  that is  evaluated  regularly by  management  in deciding how to
     allocate resources and in assessing performance.

     NET LOSS  PER  COMMON  SHARE:  Net loss per  common  share is  computed  by
     dividing  net  loss  by  the  weighted  average  number  of  common  shares
     outstanding  during the period. The weighted average number of common stock
     shares  outstanding  was  157,449,063  for the  first  six  months  of 2003
     (38,423,479 for 2002).  The weighted  average number of common stock shares
     outstanding  was  264,407,336  for the 2nd quarter of 2003  (45,340,058 for
     2002).  Preferred stock is not considered to be a common stock  equivalent.
     (Also see Note 7 - Common Stock.)

     SIGNIFICANT  RISKS AND  UNCERTAINTIES:  The process of preparing  financial
     statements in conformity  with  generally  accepted  accounting  principles
     requires the use of estimates and  assumptions  regarding  certain types of
     assets, liabilities,  revenues and expenses.  Management of the Company has
     made certain  estimates and  assumptions  regarding the  collectibility  of
     notes  receivable and estimated fair value of  investments.  Such estimates
     and assumptions primarily relate to unsettled transactions and events as of
     the date of the financial statements.  Accordingly, upon settlement, actual
     results may differ from estimated amounts.

2.   Operations
     ----------

     The Company has experienced recurring losses from operations and as of June
     30, 2003 had a working  capital  deficit of $775,544  ($917,540 at December
     31,  2002)  and a net  capital  deficiency  of  $1,281,457  ($2,128,732  at
     December 31, 2002). In addition Kadfield is in default on various long-term
     obligations.

     During 2002, the Company divested of its investment in Communications 2000,
     Inc., dba  TEC-networks.  On May 2, 2003, the Company entered into a Letter
     Of Intent to merge with  PowerSki  International,  Inc.,  a  privately-held
     personal  watercraft  manufacturer.  On August 1, 2003, the Company entered
     into a Letter Of Intent to sell its wholly-owned subsidiary, Kadfield, Inc.
     dba  BuyMicro,   to  Trimfast   Group,   Inc.   (Pink  Sheets:   TFRG),   a
     publicly-traded  company based in Deerfield  Beach, FL for a total price of
     $2 million.


                                       11
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

2.   Operations (continued)
     ----------------------

     The  Company  believes  the above  actions  and along with other plans will
     allow them to continue  operations  and ultimately  achieve  profitability.
     Until then, the Company is dependent upon its ability to obtain  additional
     capital and debt financing.  The consolidated  financial  statements do not
     reflect adjustments  relating to the recorded asset amounts, or the amounts
     of  liabilities  that would be necessary  should the Company not be able to
     continue in existence.

3.   Investments
     -----------

     All of  the  Company's  investments  are  considered  by  Management  to be
     available-for-sale  investments.  The  following is a summary of investment
     securities:

                                                    June 30       December 31
                                                     2003            2002
                                                --------------   -------------
        Corporate securities:
            Amortized cost                       $    497,757     $   497,757
            Gross unrealized losses                  (465,132)       (465,132)
                                                --------------   -------------
               Estimated fair value              $     32,625     $    32,625
                                                ==============   =============

     The  Company's  available-for-sale  investments  consist  of the  following
     Corporate Securities:

         GULF COAST  HOTELS,  INC.  ("GULF  COAST"):  The  Company is a minority
     partner  in  Gulf  Coast  that  was  formed  to  purchase   the  rights  to
     approximately  1.4 acres in Biloxi,  Mississippi and to develop a high-rise
     condominium  hotel on that site.  Gulf  Coast has been  unable to raise the
     approximately $1,000,000 necessary to complete the down payment. The seller
     has provided extensions to Gulf Coast, however the agreement is in default.
     Management of Nova has determined  that its investment in Gulf Coast had no
     value based upon the uncertainty of the outcome of Gulf Coast's default.

         LEGAL CLUB:  The Company owns  337,500  shares of common stock of Legal
     Club,  a publicly  traded,  nationwide  membership  organization  providing
     access to attorney services at discounted rates. The value of the Company's
     investment in Legal Club was determined based upon the closing bid price of
     their common stock on December 31, 2002.









                                       12
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

4.   Equipment
     ---------
<TABLE>
<CAPTION>
     Equipment consisted of the following:
                                                                                  June 30       December 31
                                                                                   2003             2002
                                                                              --------------   -------------
<S>                                                                            <C>              <C>
           Office furniture and equipment                                      $     99,583     $   100,834
           Computer software                                                        261,750         261,750
                                                                              --------------   -------------
                                                                                    361,333         362,584
           Less accumulated depreciation                                           (185,984)       (168,183)
                                                                              --------------   -------------

              Equipment, net                                                   $    175,349     $   194,401
                                                                              ==============   =============
</TABLE>

5.   Long-term obligations
     ---------------------
<TABLE>
<CAPTION>
     Long-term obligations consisted of the following:
                                                                                  June 30       December 31
                                                                                   2003             2002
                                                                              --------------   -------------
<S>                                                                            <C>              <C>
           Note payable and accrued interest payable to
           PFK Development Group, secured by 337,500
           shares of Legal Club stock and Nova has
           pledged 35% of its cash receipts from collections
           of its notes receivable, borrowings
           bear interest at 10% per annum, borrowings and
           accrued interest are due December 2004.                             $    753,927     $   736,427

           Capitalized lease obligations                                            258,610         245,377
                                                                              --------------   -------------
                                                                                  1,012,537         991,804
           Less principal due within one year                                      (258,610)       (118,586)
                                                                              --------------   -------------
              Long-term obligations                                            $    753,927     $   863,218
                                                                              ==============   =============

     Aggregate  minimum future lease payments  under  capitalized  leases are as
     follows for the years ending subsequent to December 31, 2002:

            Years ending December 31:
            ------------------------
                        2003                                                                    $   162,465
                        2004                                                                         68,985
                        2005                                                                         51,566
                        2006                                                                          6,240
                                                                                               -------------
           Total minimum lease payment                                                              289,256
           Less amount representing interest                                                        (43,879)
                                                                                               -------------
            Present value of minimum future lease payments                                      $   245,377
                                                                                               =============
</TABLE>

                                       13
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

6.   Notes payable to related parties
     --------------------------------

     Notes  payable to related  parties  was due to Palaut  Management,  Inc. in
     exchange  for  management  consulting  services.  The note  was  unsecured,
     non-interest  bearing,  and  due  June  2004.  Close  family  members  of a
     stockholder of Nova control Palaut Management, Inc. This debt was exchanged
     for common shares of the Company as of March 31, 2003. (See note 8 below.)

7.   Common stock
     ------------

     During the second  quarter of 2003,  the Board of Directors  authorized the
     issuance of an  aggregate of  76,773,188  shares of its common stock of the
     Company in exchange  professional  services.  The weighted average issuance
     price of the shares was $.0239 per share.  Management of the Company valued
     the shares issued at the closing bid price of the Company's common stock at
     the date of issuance.  Management of the Company estimated the value of the
     Company's  shares granted after  considering  the  historical  trend of the
     trading  prices for its common stock and the limited volume of shares being
     traded.  The Company  recorded  professional  fees  aggregating  $1,835,464
     during the quarter ended June 30, 2003 as a result of these grants.

     On April 10, 2003 and effective as of March 31, 2003,  the Company  entered
     into an Agreement To Convert Debt with Palaut  Management,  Inc.  Under the
     terms of this agreement the Company will issue to Palaut  Management,  Inc.
     one hundred million  (100,000,000) shares of the Company's common stock. in
     exchange for its related party note payable of $625,000, accrued management
     fee payable of $297,197 and accrued  related party payable of $20,000.  The
     value of these  shares to be issued was in excess on the  closing bid price
     ($700,000) of the Company's shares as quoted on the NASD OTC Bulletin Board
     as of the effective date of the agreement.

     On April 10, 2003 and effective as of January 1, 2003, the Company  entered
     into an Employment Agreement with Kenneth D. Owen to serve as its President
     and Chief  Executive  Officer  for a period  of  twelve  months at the base
     compensation of $180,000 per annum. The Company  acknowledged  that Mr.Owen
     had acted as President and Chief  Executive  Officer of the Company for the
     past  twenty-four  (24) months without an employment  agreement and without
     any compensation. In consideration of such past uncompensated services, the
     Company agreed to issue to Mr. Owen seventy-two million (72,000,000) shares
     of the Company's common stock. This number of shares to be issued was based
     on the closing bid price of the Company's  shares as quoted on the NASD OTC
     Bulletin Board as of the effective date of the agreement.

     In March 2002,  the Board of Directors  authorized  the issuance of 143,313
     shares of common  stock of the  Company  to an in  exchange  for  long-term
     obligations.  Management  of the Company  valued the shares issued at $.175
     per share,  the closing bid price of the Company's common stock at the date
     of issuance. Management of the Company estimated the value of the Company's
     shares granted



                                       14
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

7.   Common stock (continued)

     after considering the historical trend of the trading prices for its common
     stock and the limited volume of shares being traded.

     In June 2002,  the Board of  Directors  authorized  the issuance of 400,000
     shares of common stock of the Company to PFK Development Group as loan fees
     to extend  the due date of a note  payable  to them from  December  2003 to
     December 2004.  Management of the Company valued the shares issued at $.175
     per share,  the closing bid price of the Company's common stock at the date
     of issuance,  and recorded loan fees expense of $70,000.  Management of the
     Company   estimated  the  value  of  the  Company's  shares  granted  after
     considering the historical trend of the trading prices for its common stock
     and the limited volume of shares being traded.

     During 2002, the Board of Directors authorized the issuance of an aggregate
     of   14,986,410   shares  of  common  stock  of  the  Company  in  exchange
     professional  services.  The weighted  average issuance price of the shares
     was $.04 per share.  Management of the Company  valued the shares issued at
     the  closing  bid  price  of the  Company's  common  stock  at the  date of
     issuance.  Management  of the Company  estimated the value of the Company's
     shares granted after considering the historical trend of the trading prices
     for its common  stock and the limited  volume of shares being  traded.  The
     Company recorded  professional  fees  aggregating  $622,848 during the year
     ended December 31, 2002 as a result of these grants.

8.   Income taxes
     ------------

     Deferred income taxes consisted of the following:

                                                               December 31
                                                                  2002
                                                              -------------
     Deferred tax assets
          Net operating loss carryover                         $ 3,828,800
          Unrealized losses on investments                         158,100
          Allowance for uncollectible accounts                      12,900
                                                              -------------

                                                               $ 3,999,800

          Valuation allowance for deferred tax assets           (3,999,800)

     Net deferred income taxes                                $          -
                                                              =============


     The  Company  has  approximately   $11,261,000  in  Federal  and  State  of
     California net operating  losses,  which,  if not utilized,  expire through
     2022.

     The  utilization of the net operating loss  carryforwards  could be limited
     due to  restrictions  imposed under Federal and state laws upon a change in
     ownership. The amount of the limitation, if any, has not been determined at
     this time. A valuation

                                       15
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

8.   Income taxes (continued)
     ------------------------

     allowance is provided  when it is more likely than not that some portion or
     all of the  deferred  tax assets will not be  realized.  As a result of the
     Company's continued losses and uncertainties surrounding the realization of
     the net operating loss  carryforwards,  management has determined  that the
     realization of deferred tax assets is uncertain.  Accordingly,  a valuation
     allowance  equal to the net deferred tax asset amount has been  recorded as
     of March 31, 2003 and December 31, 2002.

9.   Segment information
     -------------------

     The Company  considers its operations to be in two segments,  each of which
     are strategic  businesses that are managed separately because each business
     sells or provides  distinct  products  and  services.  The  segments are as
     follows: managerial assistance to developing companies and sale of computer
     and electronic equipment.

     Financial information by business segment is as follows:

<TABLE>
<CAPTION>
                                                                                    Computer
                                                                                      and
                                                                 Managerial        electronic          Total
                                                                 assistance         equipment         segments
                                                              ----------------  ----------------  ----------------
                                                                         Six Months Ended June 30, 2003
                                                              ----------------------------------------------------
  <S>                                                           <C>               <C>               <C>
           Revenues                                           $         7,732   $     2,974,830   $     2,982,562
           Income (loss) from operations                           (2,309,528)           27,517        (2,282,011)
           Identifiable assets                                         77,652           303,557           381,209
           Capital expenditures                                             -                 -                 -
           Depreciation and
              amortization                                                354            27,072            27,426

                                                                                    Computer
                                                                                      and
                                                                 Managerial        electronic          Total
                                                                 assistance         equipment         segments
                                                              ----------------  ----------------  ----------------
                                                                         Six Months Ended June 30, 2002
                                                              ----------------------------------------------------
           Revenues                                           $             -   $     4,172,423   $     4,172,423
           Loss from operations                                      (747,854)           21,621          (726,227)
           Identifiable assets                                         90,170           368,222           458,392
           Capital expenditures                                             -                 -                 -
           Depreciation and
              amortization                                              2,525            29,628            32.153
</TABLE>


                                       16
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

9.   Segment information (continued)
     -------------------------------

     Reconciliation of the segment information to the consolidated  balances for
     loss from operations,  total assets,  and depreciation and amortization are
     as follows:
<TABLE>
<CAPTION>
                                                               For The Six Months
                                                                 Ended June 30
                                                            2003               2002
                                                       ---------------    --------------

<S>                                                    <C>                <C>
     Segment loss from operations                      $   (2,282,011)    $    (726,227)
     Amortization of goodwill                                  (8,375)           (1,946)
                                                       ---------------    --------------
        Consolidated loss from operations              $    (2,290,386)   $    (728,173)
                                                       ===============    ==============

                                                           June 30            June 30
                                                            2003                2002
                                                       ---------------    --------------
     Segment identifiable assets                       $      381,209     $     458,392
     Goodwill, net                                             71,187            87,916
                                                       ---------------    --------------
        Consolidated total assets                      $      452,396     $     546,308
                                                       ===============    ==============


                                                               For The Six Months
                                                                 Ended June 30
                                                            2003               2002
                                                       ---------------    --------------

     Segment depreciation and amortization             $       19,051     $      23,778
     Amortization of goodwill                                   8,375             8,375
                                                       ---------------    --------------
        Consolidated depreciation and amortization     $       27,426     $      32,153
                                                       ===============    ==============
</TABLE>













                                       17
<PAGE>
Item 2   Management's Discussion And Analysis Of Financial Condition And
         Results Of Operations

     Management's discussion and analysis should be read in conjunction with the
financial statements and the notes thereto.

RESULTS OF OPERATIONS

     These results  include the  operations of the Company and its  consolidated
subsidiaries for the six months ended June 30, 2003 and June 30, 2002.

Net  loss  from  continuing  operations,   comprehensive  loss,  net  loss  from
continuing operations per common share and comprehensive loss per common share

     Net loss from continuing  operations for the six months ended June 30, 2003
was  $(2,290,386),  a loss  increase  of  ($1,562,213)  compared  with a loss of
$(728,173)  for the same  six  months  of  2002.  As a  result,  net  loss  from
continuing  operations  per share for the six  months  ended  June 30,  2003 was
$(.0145),  a loss decrease of $.0045 per share  compared with a loss of $(.0190)
for the same six months of 2002.

     Net loss from  continuing  operations  for the three  months ended June 30,
2003 was $(1,890,259),  a loss increase of ($1,232,902)  compared with a loss of
$(657,357)  for the same  three  months  of 2002.  As a  result,  net loss  from
continuing  operations  per share for the three  months  ended June 30, 2003 was
$(.0071),  a loss decrease of $.0074 per share  compared with a loss of $(.0145)
for the same three months of 2002.

     Comprehensive loss for the six months ended June 30, 2003 was $(2,290,386),
a loss increase of ($958,722)  compared with a loss of $(1,331,664) for the same
six months of 2002. As a result, comprehensive loss per share for the six months
ended June 30, 2003 was $(.0145),  a loss decrease of $.0202 per share  compared
with a loss of $(.0347) for the same six months of 2002.

     Comprehensive   loss  for  the  three   months  ended  June  30,  2003  was
$(1,890,259), a loss increase of ($1,100,202) compared with a loss of $(790,057)
for the same three months of 2002. As a result, comprehensive loss per share for
the three months ended June 30, 2003 was $(.0071), a loss decrease of $.0103 per
share compared with a loss of $(.0174) for the same three months of 2002.

Revenues, cost of revenues and gross margin

     Net  revenues  for the six months  ended June 30, 2003 were  $2,982,562,  a
decrease of  ($1,189,861)  compared with  $4,172,423  for the same six months of
2002. Cost of revenues for the six months ended June 30, 2003 was $2,494,335, or
83.63% of net revenues.  Gross margin for the six months ended June 30, 2003 was
$488,227,  a decrease of  ($103,294)  compared  with  $591,521  for the same six
months of 2002.










                                       18
<PAGE>
     Net revenues for the three  months ended June 30, 2003 were  $1,338,005,  a
decrease of  ($734,889)  compared with  $2,072,894  for the same three months of
2002.  Cost of revenues for the three months ended June 30, 2003 was $1,140,226,
or 85.22% of net revenues. Gross margin for the three months ended June 30, 2003
was $197,779, a decrease of ($110,385) compared with $308,164 for the same three
months of 2002.

Operating expenses

     Operating  expenses for the six months ended June 30, 2003 were $2,746,823,
an increase of $1,481,030  compared with  $1,265,793  for the same six months of
2002.  During 2003  $1,835,464 was recorded as consulting fees that were paid by
share  issuance  (compared with $587,399 in 2002.) In 2003,  operating  expenses
included  $450,000 in executive  salary under an employment  agreement  with the
Company's President of which $360,000 was in recognition of prior years service.
Without  these items,  other  operating  expenses  for the six months  decreased
($217,035) from 2002 to 2003, as a result of cost reduction efforts.

     Operating   expenses  for  the  three  months  ended  June  30,  2003  were
$2,081,504,  an increase of $1,141,305 compared with $940,199 for the same three
months of 2002. During 2003 $1,835,464 was recorded as consulting fees that were
paid by share  issuance  (compared  with  $587,399 in 2002.) In 2003,  operating
expenses included $45,000 in executive salary under an employment agreement with
the Company's  President.  Without these items, other operating expenses for the
2nd  quarter  decreased  ($151,760)  from  2002 to  2003,  as a  result  of cost
reduction efforts.

Other income (expenses)

     Net interest expense for the six months ended June 30, 2003 was $31,790,  a
decrease of ($22,111) compared with $53,901 for the same six months of 2002. Net
interest expense for the three months ended June 30, 2003 was $6,534, a decrease
of ($18,798) compared with $25,332 for the same three months of 2002.

OPERATING STRATEGIES AND COST REDUCTIONS

     The Company and its  subsidiaries  have been  hampered in their  operations
during 2003 and 2002 by a shortage  of working  capital.  As of March 31,  2003,
172,000 000 shares of the Company's  common stock were  exchanged for $1,302,197
indebtedness.  These  shares  were  issued to parties  related  to the  Company.
Despite  engaging the services of several  investment  bankers and  professional
fundraisers  during  2002 and 2003,  no funds have been  raised from the sale of
shares  during 2003 to outside  parties  ($92,000  during  2002).  The Company's
growth and strategic  operating  plans for  TEC-networks  were  predicated  upon
raising  $2,000,000  to  $4,000,000  in working  capital  during  2002 and 2001.
Without adequate working capital,  TEC-networks was not able to expand its sales
presence  as  planned.  It was also not able to  sponsor  levels of  advertising
programs  necessary  to create a  significant  number of leads for its  existing
sales force.









                                       19
<PAGE>
     On July 22, 2002 the Board of  Directors  met and  approved the sale of the
Company's 46.68% interest in  Communications  2000, Inc., which  transaction was
effective on July 1, 2002.  The  financial  statements  for the six months ended
June 30, 2002 include the accounts of  Communications  2000, Inc. as Net Loss of
Discontinued Operations of $(603,491).

     Kadfield,  Inc.,  operating as BuyMicro,  was  successful in increasing its
lines of credit with its suppliers during 2002. It also has focused a portion of
its business in large systems that are financed under capital lease arrangements
for its customers.

     The  Company  and its  principal  subsidiary,  Kadfield,  Inc , continue to
suffer from a working capital shortage.  The effort to raise additional  working
capital continues.  Although Kadfield, Inc. is operating profitably,  additional
capital is required to enable it to attain its business  plan. New product lines
are being added to its business plan and an active effort is underway to acquire
additional  lines and or other business that will be synergistic with Kadfield's
plan.

     On May 2, 2003,  the Company  entered into a Letter of Intent with PowerSki
International  Corporation regarding a proposed merger between them, whereby, if
consummated, PowerSki International Corporation would merge into the Registrant.
PowerSki  International  Corporation,  a  non-reporting  company  based  in  San
Clemente, California,  manufactures and distributes its own proprietary PowerSki
JetBoard,(TM) a personal lightweight surfboard shaped, motorized watercraft.  In
addition,   PowerSki   International   Corporation   manufactures  its  patented
SuperTorque  XT (TM) marine engine for use in a variety of engine  applications,
including  inflatables,  catamarans,  ultralights,  amphibious  ATV,  kayaks and
military vehicles.  Under the Letter of Intent, the parties, among other things,
will be  permitted  to undertake a due  diligence  investigation  of each others
business, proprieties, customers, financial statements and books and records for
a period of 180 days from the date of the Letter of Intent.  Any merger that may
occur  will be  subject  to the  terms and  conditions  of a  definitive  Merger
Agreement.

     On August 1, 2003 the Company  announced  that it had entered into a Letter
Of Intent to sell its wholly-owned  subsidiary,  Kadfield, Inc. dba BuyMicro, to
Trimfast  Group,  Inc. (Pink Sheets:  TFRG), a publicly  traded company based in
Deerfield Beach, FL for a total price of $2 million.  The Letter of Intent calls
for execution of a definitive  acquisition  agreement  once mutual due diligence
reviews are completed, which management expects to take place within 90 days.

















                                       20
<PAGE>
PART II. OTHER INFORMATION

ITEM 5   OTHER INFORMATION
           None

ITEM 6   EXHIBITS AND REPORTS ON FORM 8-K

(a)      Exhibits

Exhibit
Number          Description of Document

2               Articles  and  Agreement of Merger  Between Nova  Communications
                Ltd.  and  First  Colonial  Ventures,   Ltd.  -  July  21,  1999
                (Incorporated by reference)

3(3)(i)(1)      First Colonial Ventures,  Ltd. Articles of Incorporation - March
                25, 1985 (Incorporated by reference)

3(3)(i)(2)      First  Colonial   Ventures,   Ltd.   Amendment  to  Articles  of
                Incorporation - August 12, 1985 (Incorporated by reference)

3(3)(i)(3)      First  Colonial   Ventures,   Ltd.   Amendment  to  Articles  of
                Incorporation -September 3, 1985 (Incorporated by reference)

3(3)(i)(4)      First  Colonial   Ventures,   Ltd.   Amendment  to  Articles  of
                Incorporation -February 3, 1992 (Incorporated by reference)

3(3)(i)(5)      Nova  Communications  Ltd Articles of  Incorporation  - July 13.
                1999 (Incorporated by reference)

3(3)(ii)(1)     Bylaws (Incorporated by reference)


(b)             Reports on Form 8K were filed during the period  covered by this
                report  on April  18,  2003 and May 9,  2003.  (Incorporated  by
                reference)





















                                       21
<PAGE>
SIGNATURES:

In accordance  with Section 13 or 15 (d) of the Exchange Act, the company caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.


NOVA COMMUNICATIONS LTD. (Company)
Date:  August 18, 2003




By: /s/ KENNETH D. OWEN                                Kenneth D. Owen,
    -------------------                                President



In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the Company in the  capacities  and on the dates
indicated:

August 18, 2003



/s/ KENNETH D. OWEN
-------------------
Kenneth D. Owen                                        President and Director

August 18, 2003



/s/ LESLIE I. HANDLER                                  Treasurer and Director
---------------------
Leslie I. Handler

August 18, 2003



/s/ BRYCE SHERWOOD                                     Director
------------------
Bryce Sherwood













                                       22
<PAGE>
FORM 10-QSB CERTIFICATION

     I, Kenneth D. Owen, certify that:

     1. I have reviewed this quarterly report on Form 10-QSB of June 30, 2003.

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

     3. Based on my knowledge,  the financial  statements,  and other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

     4. The  registrant's  other  certifying  officers and I are responsible for
     establishing  and  maintaining  disclosure  controls  and  procedures  ( as
     defined in Exchange  Act Rules  13a-14 and 15d-14) for the  registrant  and
     have:

     a) designed such disclosure controls and procedures to ensure that material
     information   relating  to  the  registrant,   including  its  consolidated
     subsidiaries,  is  made  known  to  us by  others  within  those  entities,
     particularly  during  the period in which  this  quarterly  report is being
     prepared;

     b) evaluated the effectiveness of the registrant's  disclosure controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date); and

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

     5. The registrant's other certifying  officers and I have disclosed,  based
     on our most recent evaluation,  to the registrant's  auditors and the audit
     committee of the registrant's board of directors ( or person performing the
     equivalent functions):

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












                                       23
<PAGE>
     b) any fraud,  whether or not material,  that involves  management or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and

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

     Date: August 18, 2003



     By: /s/ KENNETH D. OWEN
        ---------------------
     Kenneth D. Owen, President



                 STATEMENT OF CHIEF EXECUTIVE OFFICER REGARDING
            FACTS AND CIRCUMSTANCES RELATING TO EXCHANGE ACT FILINGS


I, Kenneth D. Owen, state and certify as follows:

         The financial  statements  filed with the report on Form 10-QSB for the
period ended June 30, 2003 fully comply with the  requirements of Sections 13(a)
and  15(d) of the  Securities  Exchange  Act of 1934  and  that the  information
contained in said periodic report fairly presents, in all material respects, the
financial condition and results of operations of Nova Communications Ltd.

         This   Statement   is   submitted   pursuant  to  Section  906  of  the
Sarbanes-Oxley Act of 2002.


Date:  August 18, 2003



By: /s/  KENNETH D. OWEN
   ----------------------
Kenneth D. Owen,
Chief Executive Officer













                                       24