U. S. 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 the transition period from                to
                                        --------------    ------------------


                               Commission File No.
                               -------------------
                                   002-98748-D

                             FORMULA FOOTWEAR, INC.
                             ----------------------
                 (Name of Small Business Issuer in its Charter)


                 UTAH                                     33-0317292
                 ----                                     ----------
      (State or Other Jurisdiction of            (I.R.S. Employer I.D. No.)
       incorporation or organization)


             4685 Highland Dr., Suite 202, Salt Lake City, UT 84117
             ------------------------------------------------------
                    (Address of Principal Executive Offices)

                    Issuer's Telephone Number: (801)278-9424

                          None; Not Applicable.
                          ---------------------
          (Former Name or Former Address, if changed since last Report)

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

(1)  Yes  X    No              (2)  Yes  X     No
         ----     ----                  ----         ----
<PAGE>

APPLICABLE  ONLY TO  ISSUERS  INVOLVED  IN  BANKRUPTCY  PROCEEDINGS  DURING  THE
PRECEDING FIVE YEARS

     None, Not Applicable;

     APPLICABLE  ONLY  TO  CORPORATE  ISSUERS  Indicate  the  number  of  shares
outstanding  of each of the  Registrant's  classes  of common  stock,  as of the
latest practicable date:

                                  July 9, 2003

                                    4,313,321

PART I - FINANCIAL INFORMATION
------------------------------

Item 1.Financial Statements.
----------------------------

The Financial Statements of the Registrant required to be filed with this 10-QSB
Quarterly Report were prepared by management and commence on the following page.
In the  opinion of  management,  the  Financial  Statements  fairly  present the
financial condition of the Registrant.

<PAGE>
<TABLE>
<CAPTION>


                             Formula Footwear, Inc.
                          (A Development Stage Company)
                                 BALANCE SHEETS
                        June 30, 2003 and March 31, 2003


                                                            06/30/2003          03/31/2003
                                                          --------------        ----------
                                                           [Unaudited]
                                          ASSETS

<S>                                                      <C>
Assets
      Cash                                               $             0        $        0

                                                          --------------        ----------
         Total Current Assets                            $             0        $        0
                                                          ==============        ==========

                          LIABILITIES AND STOCKHOLDERS' DEFICIT

Current Liabilities:
     Loans from stockholders                             $        17,271        $   15,895
     Accounts Payable                                              1,750               977
     Accrued Interest-Related Party                                2,578             2,181
                                                          --------------        ----------
         Total Current Liabilities                                21,599            19,053

         Total Liabilities                                        21,599            19,053
                                                          --------------        ----------

Stockholders' Deficit:
     Common Stock, $.001 par value;
         authorized 50,000,000 shares; issued and
         outstanding, 4,313,321 shares                             4,314             4,314
     Paid-in Capital                                             352,207           352,207
     Deficit accumulated prior to development stage            (351,823)          (351,823)
     Deficit accumulated during development stage               (26,297)           (23,751)
                                                          --------------        ----------
         Total Stockholders' Deficit                            (21,599)           (19,053)

                                                          --------------        ----------
         Total Liabilities and Stockholders' Deficit     $             0        $        0
                                                          ==============        ==========


</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                             Formula Footwear, Inc.
                          (A Development Stage Company)
                            STATEMENTS OF OPERATIONS
                 For the Three Month Period Ended June 30, 2003
   and 2002 and from inception of the Development Stage through June 30, 2003.

                                              Three          Three      From the Beginning of
                                             Months         Months      Development Stage on
                                              Ended          Ended      April 1, 1989 through
                                           06/30/2003     06/30/2002        June 30, 2003
                                          -------------  -------------  ---------------------
                                           [Unaudited]    [Unaudited]        [Unaudited]
REVENUE

<S>                                      <C>            <C>             <C>
    Income                               $            0 $            0  $               0
                                          -------------  -------------  -----------------
NET REVENUE                                           0              0                  0

Operating Expenses
    General and Administrative                    2,149          2,987             23,719
                                          -------------  -------------  -----------------
Total Operating Expenses                         (2,149)        (2,987)           (23,719)

Other Expenses
    Interest Expense                               (397)         (280)             (2,578)
                                          -------------  -------------  -----------------
(Loss) Before Taxes                      $       (2,546)$      (3,267)            (26,297)
                                          =============  =============  =================

Income/Franchise taxes                                0             0                   0

Net loss                                         (2,546)       (3,267)            (26,297)
                                          =============  =============  =================
Loss Per Share                           $       (0.00) $       (0.00)
                                          =============  =============

Weighted Average Shares Outstanding           4,313,321      4,313,321
                                          =============  =============


</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                             Formula Footwear, Inc.
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS
             For the Three Month Period Ended June 30, 2003 and 2002
        and from inception of the Development Stage through June 30, 2003

                                               Three          Three     From the Beginning of
                                               Months         Months    Development Stage on
                                               Ended          Ended     April 1, 1989 through
                                             06/30/2003     06/30/2002    June 30, 2003
                                            ------------   ------------ ---------------------
                                            [Unaudited]    [Unaudited]       [Unaudited]

Cash Flows Used For Operating
Activities
-----------------------------------------

<S>                                        <C>            <C>                        <C>
  Net Loss                                 $     (2,546)  $     (3,267)  $             (26,297)
  Adjustments to reconcile net loss to net
    cash used in operating activities:
    Shares issued for Services                        0              0   $               1,160
    Increase/(Decrease) in accounts payable         773              0                  1,750
    Increase/(Decrease) in accrued liabiliteis      397            280                  2,578

                                            ------------   ------------         -------------
     Net Cash Used For Operating Activities      (1,376)        (2,987)               (20,809)
                                            ============   ============         =============
Cash Flows Provided (Used) by
  Investing Activities                     $          0   $          0   $                  0
  --------------------

Cash Flows Provided by Financing Activities
--------------------------------------------

      Proceeds from Shareholder loan              1,376          2,987                 17,271

      Common stock issued for cash                    0              0                  3,538
                                            ------------   ------------         -------------
      Net Cash Provided by Financing Activities   1,376          2,987                 20,809

      Net Increase In Cash                             0              0                     0

      Beginning Cash Balance                           0              0                     0

      Ending Cash Balance                $             0 $            0  $                   0
                                            ------------   ------------         -------------
Cash Payments for:
------------------

      Income Tax                         $             0 $            0  $                131

      Interest                           $             0 $            0  $                  0
                                            ------------   ------------         -------------
Schedule of Non-Cash Financing Activities
-----------------------------------------

      Stock Issued for Services                        0              0                 1,160
                                            ------------   ------------         -------------

</TABLE>
<PAGE>

                             FORMULA FOOTWEAR, INC.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                        June 30, 2003 and March 31, 2003

NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION

     The  accompanying   unaudited  condensed  financial  statements  have  been
prepared by the Company  pursuant to the rules and regulations of the Securities
and Exchange  Commission.  Certain information and footnote disclosures normally
included  in  financial   statements  prepared  in  accordance  with  accounting
principles  generally  accepted  in the  United  States  of  America  have  been
condensed  or  omitted  in  accordance  with  such  rules and  regulations.  The
information  furnished in the interim  condensed  financial  statements  include
normal recurring adjustments and reflects all adjustments, which, in the opinion
of  management,  are  necessary  for  a  fair  presentation  of  such  financial
statements.   Although  management  believes  the  disclusures  and  information
presented are adequate to make the information  not misleading,  it is suggested
that these interim  condensed  financial  statements be read in conjunction with
the  Company's  most  recent  audited  financial  statements  and notes  thereto
included in its March 31, 2003 Annual  Report on Form 10KSB.  Operating  results
for the three months ended June 30, 2003 are not  necessarily  indicative of the
results that may be expected for the year ended March 31, 2004.

NOTE 2 - GOING CONCERN

     The  Company's   financial   statements  are  prepared   using   accounting
principles  generally  accepted in the United States of America applicable to a
going concern which  contemplates  the  realization of asets and  liquidation of
liabilities  in  the  normal  course  of  business.  The  Company  has  not  yet
established  an ongoing  source of revenues  sufficient  to cover its  operating
costs and allow it to continue as a going concern. The ability of the Company to
continue  as a going  concern is  dependent  on the Company  obtaining  adequate
capital to fund operating losses until it becomes profitable. If the Conmpany is
unable to obtain adequate  capital,  it could be forced to cease  development of
operations.

     In order to  continue  as a going  concern,  develop a  reliable  source of
revenues,  and achieve a profitable level of operations,  the Company will need,
among other things,  additional capital resources.  Management plans to continue
as a  going  concern  include  obtaining  loans  from  management  of  principal
stockholders  as necessary.  However,  management  cannot provide any assurances
that the Company will be successful in accomplishing any of its plans.

     The ability of the Company to continue as a going concern is dependent upon
its ability to  successfully  accomplish  the plans  described in the  preceding
paragraph and eventually secure other sources of financing and attain profitable
operations. The accompanying financial statements do not include any adjustments
that might be necessary if the Company is unable to continue as a going concern.


<PAGE>

Item 2.Management's Discussion and Analysis or Plan of Operation.
-----------------------------------------------------------------

Plan of Operation.
------------------

     The Company has not engaged in any material operations in the period ending
June 30,  2003,  or since  before  approximately  1989.  The Company  intends to
continue to seek out the acquisition of assets, property or business that may be
beneficial to the Company and its stockholders.

     The Company's only foreseeable cash requirements  during the next 12 months
will relate to  maintaining  the Company in good  standing in the State of Utah,
keeping its reports "current" with the Securities and Exchange Commission or the
payment of expenses  associated  with reviewing or  investigating  any potential
business  venture.  Management does not anticipate that the Company will have to
raise additional funds during the next 12 months,  however, if additional moneys
are needed,  they may be advanced by  management  or principal  stockholders  as
loans to the Company. Because the Company has not identified any such venture as
of the date of this Report,  it is  impossible  to predict the amont of any such
loan.  However,  any such loan will not exceed  $25,000  and will be on terms no
less favorable to the Company than would be available  from a commercial  lender
in an arm's length  transaction.  As of the date of this Report, the Company has
not begun seeking any acquisition.

Results of Operations.
----------------------

     The Company has had no operations  during the  quarterly  period ended June
30, 2003, or since on or before  approximately 1989. During the quarterly period
covered by this Report, the Company received no revenue and incurred expenses of
$2,149, stemming from general and administrative expenses.

Liquidity.
----------

     At June 30,  2003,  the  Company had total  current  assets of $0 and total
current liabilities of $21,599.

Controls and Procedures.
------------------------

     An  evaluation   was  performed   under  the   supervision   and  with  the
participation  of  the  Company's   management,   including  the  President  and
Treasurer,  regarding  the  effectiveness  of the  design and  operation  of the
Company's  disclosure  controls and procedures  within 90 days before the filing
date  of  this  quarterly  report.  Based  on  that  evaluation,  the  Company's
management,  including the President and Treasurer, concluded that the Company's
disclosure   controls  and  procedures  were  effective.   There  have  been  no
significant  changes in the Company's internal controls or in other factors that
could significantly affect internal controls subsequent to their evaluation.

PART II - OTHER INFORMATION
---------------------------

Item 1.Legal Proceedings.
-------------------------

None; not applicable.

Item 2.Changes in Securities.
-----------------------------

None; not applicable

Item 3.Defaults Upon Senior  Securities.
----------------------------------------

None; not applicable.

Item 4.Submission of Matters to a Vote of Security Holders.
-----------------------------------------------------------

None; not applicable

Item 5.Other Information.
-------------------------

None; applicable

Item 6.Exhibits and Reports on Form 8-K.
----------------------------------------

None; not applicable

(b)Reports on Form 8-K.
-----------------------

None; Not Applicable.



SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                 FORMULA FOOTWEAR, INC.


Date:  7/16/03              By/S/ Stephen R. Fry
                            Stephen R. Fry, President  and Director



Date:  7/17/03              By/S/ Jason Jenson
                            Jason Jenson, Secretary/Treasurer and Director
<PAGE>

                           CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

     I,  Stephen R. Fry,  President  and  Director  of Formula  Footwear,  Inc.,
certify that:

     1. I have  reviewed  this  Quarterly  Report  on  Form  10-QSB  of  Formula
Footwear, Inc.;

     2. Based on my knowledge, this report does not contain any untrue statement
of a  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 ot the perod covered by this 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  officer and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e) for the small business issuer and we
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 presented in this report our conclusions about the effectiveness of the
     disclosure controls and procedures, as of the end of the period covered by
     this  report  based  upon  such  evaluation; and

          c) disclosed in this report any change in the small business  issuer's
     internal  control over financial  reporting that occurred  during the small
     business  issuer's most recent fiscal quarter (the small business  issuer's
     fourth fiscal  quarter in the case of an annual  report) that has materialy
     affected,  or is reasonably likely to materially affect, the small business
     issuer's internal control over financial reporting; and

     5. The small  business  issuer's  other  certifying  officer(s)  and I have
disclosed,  based on our most recent  evaluation  of the  internal  control over
financial  reporting,  to the small  business  issuer's  auditors  and the audit
committee  of the  small  business  issuer's  board  of  directors  (or  persons
performing the equivalent  functions):

     a) all significant  deficiencies  and material  weaknesses in the design or
operation of internal  control over  financial  reporting  which are  reasonably
likely to  adversely  affect  the small  business  issuer's  ability  to record,
process,  summarize  and  report  financial  information; and

     b) any fraud,  whether or not material,  that involves  management or other
employees who have a significant  role in the small business  issuer's  internal
control over financial reporting.



Dated:7-16-03                       Signature: By/S/ Stephen R. Fry
                                               ---------------------------
                                               Stephen R. Fry
                                               President and Director
<PAGE>
                           CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

     I, Jason V. Jenson, Secretary,  Treasurer and Director of Formula Footwear,
Inc., certify that:

     1. I have  reviewed  this  Quarterly  Report  on  Form  10-QSB  of  Formula
Footwear, Inc.;

     2. Based on my knowledge, this report does not contain any untrue statement
of a  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 ot the perod covered by this 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  officer and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e) for the small business issuer and we
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 presented in this report our conclusions about the effectiveness of the
     disclosure controls and procedures, as of the end of the period covered by
     this  report  based  upon  such  evaluation; and

          c) disclosed in this report any change in the small business  issuer's
     internal  control over financial  reporting that occurred  during the small
     business  issuer's most recent fiscal quarter (the small business  issuer's
     fourth fiscal  quarter in the case of an annual  report) that has materialy
     affected,  or is reasonably likely to materially affect, the small business
     issuer's internal control over financial reporting; and

     5. The small  business  issuer's  other  certifying  officer(s)  and I have
disclosed,  based on our most recent  evaluation  of the  internal  control over
financial  reporting,  to the small  business  issuer's  auditors  and the audit
committee  of the  small  business  issuer's  board  of  directors  (or  persons
performing the equivalent  functions):

     a) all significant  deficiencies  and material  weaknesses in the design or
operation of internal  control over  financial  reporting  which are  reasonably
likely to  adversely  affect  the small  business  issuer's  ability  to record,
process,  summarize  and  report  financial  information; and

     b) any fraud,  whether or not material,  that involves  management or other
employees who have a significant  role in the small business  issuer's  internal
control over financial reporting.



Dated: 7-17-03                      Signature: By/S/ Jason V. Jenson
                                               ---------------------------
                                               Jason V. Jenson
                                               Sec., Tres., and Director
<PAGE>

                           CERTIFICATION PURSUANT TO
                            18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002



     In connection  with the Quarterly  report of Formula  Footwear,  Inc., (the
"Company") on Form 10-QSB for the quarterly period ended June 30, 2003, as filed
with the Securities and Exchange  Commission on the date hereof, (the "Report"),
I(We),   Stephen  R.   Fry,   President   and   Director   and  Jason   Jenson,
Secretary/Treasurer and Director of the Company,  certify, pursuant to 18 U.S.C.
Section 1350, as adopted  pursuant to Section 906 of the  Sarbanes-Oxley  Act of
2002, that:

     (1) The Report fully  complies  with the  requirements  of section 13(a) or
15(d) of the Securities Exchange Act of 1934, and

     (2)  The  information  contained  in the  Report  fairly  presents,  in all
material  respects,  the  financial  condition  and result of  operations of the
Company.



By/S/ Stephen R. Fry
--------------------
Stephen R. Fry
President and Director

Dated this 16th day of July, 2003



By/S/ Jason Jenson
------------------
Jason Jenson
Secretary/Treasurer and Director

Dates this 17th day of July, 2003