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 September 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 260,731,368  shares  outstanding at September 30,
2003.

Documents incorporated by reference: No reports on Form 8K were filed during the
period covered by this report.

Total sequentially numbered pages in this document: 26















                                        1
<PAGE>
                                      INDEX

                            NOVA COMMUNICATIONS LTD.


PART I.         FINANCIAL INFORMATION

Item 1          Financial Statements September 30, 2003 (unaudited) and
                December 31, 2002 (audited).

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

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

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

                (c) Notes to Consolidated Financial Statements.

Item 2          Management's Discussion And Analysis Of Financial Condition And
                Results Of Operations

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>
                                                                September 30         December 31
                                                                    2003                2002
                                                                 (Unaudited)          (Audited)
                                  ASSETS

Current assets:
<S>                                                          <C>                  <C>
   Cash                                                      $        86,640      $       161,129
   Accounts receivables, less allowance for uncollectible
    accounts of $23,699 in 2003 and $38,015 in 2002                   10,227               28,003
   Notes receivable                                                   23,873               31,276
   Prepaid expenses and deposits                                      28,123               21,123
   Available-for-sale investments                                     32,625               32,625
                                                              --------------       --------------
       Total current assets                                          181,488              274,156




Equipment, net                                                       166,002              194,401




Other assets:
   Goodwill, less accumulated amortization of $50,251
    in 2003 and $37,688 in 2002                                       66,999               79,562
   Deposits                                                            1,478                3,063
                                                              --------------       --------------
       Total other assets                                             68,477               82,625





                                                             $       415,967      $       551,182
                                                              ==============       ==============
</TABLE>










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

                     Consolidated Balance Sheets (continued)

<TABLE>
<CAPTION>
                                                                           September 30          December 31
                                                                               2003                 2002
                                                                            (Unaudited)           (Audited)
                                                                          ---------------      ---------------
            LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
            ---------------------------------------------
<S>                                                                      <C>                  <C>
Current liabilities:
   Accounts payable                                                      $       278,734      $       420,427
   Payable to related parties                                                     13,111               27,121
   Accrued payroll and payroll related liabilities                               221,814              255,368
   Customer deposits                                                              17,837               24,538
   Income taxes payable                                                                -                1,600
   Other accrued liabilities                                                     172,227               46,859
   Other accrued liabilities to related parties                                        -              297,197
   Long-term obligations, due within one year                                    264,449              118,586
                                                                          ---------------      ---------------
       Total current liabilities                                                 968,172            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 260,731,368,shares in 2003 and 46,958,180 shares in
    2002                                                                         260,731               46,958
   Additional paid-in capital                                                 16,721,730           13,797,842
   Retained deficit                                                          (17,823,461)         (15,508,400)
   Unrealized holding loss from available-for-sale
    investments                                                                 (465,132)            (465,132)
                                                                          ---------------      ---------------
       Net capital deficiency                                                 (1,306,132)          (2,128,732)
                                                                          ---------------      ---------------

                                                                          $    415,967         $    551,182
                                                                          ===============      ===============
</TABLE>











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

                 Statements of Operations and Comprehensive Loss


                                                        For The Nine Months
                                                          Ended September
                                                            (Unaudited)
                                                      2003              2002
                                                 ---------------    ------------

Revenues                                             $3,784,818    $  6,045,370

Cost of revenues                                      3,158,295       5,098,709
                                                 ---------------    ------------

Gross margin                                            626,523         946,661

Operating expenses:
   Selling                                              150,123         287,661
   Operating                                            276,716         389,761
   General and administrative                           641,678         334,238
   Consulting Fees (Paid by stock)                    1,835,464         573,169
                                                 ---------------    ------------
       Total operating expenses                       2,903,981       1,584,829
                                                 ---------------    ------------

Loss from operations                                 (2,277,458)       (638,168)

Other income (expenses):
   Loan fees                                                  -               -
   Interest, net                                        (37,603)        (80,237)
                                                 ---------------    ------------
       Total other income (expenses)                    (37,603)        (80,237)
                                                 ---------------    ------------

Loss before provision (benefit) for income taxes     (2,315,061)       (718,405)

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

Net loss of continuing operations                    (2,315,061)       (718,405)

Net loss of discontinued operations                           -        (775,336)
Gain on sale of discontinued operations                               5,522,708

Net income (loss)                               $    (2,315,061)   $  4,028,967
                                                 ==============     ============

Net income (loss) per common share:
Continuing operations                           $        (.0115)   $     (.0175)
                                                 ==============     ============

Discontinued operations                         $             -    $      .1154
                                                 ==============     ============



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

                 Statements of Operations and Comprehensive Loss


                                                        For The Nine Months
                                                          Ended September
                                                            (Unaudited)
                                                      2003              2002
                                                 ---------------   -------------

Net income (loss)                               $    (2,315,061)  $   4,028,967

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

Comprehensive income (loss)                     $    (2,315,061)  $   4,028,967
                                                 ===============   =============


Comprehensive income (loss) per common share    $        (.0115)  $       .0980
                                                 ===============   =============



































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

                 Statements of Operations and Comprehensive Loss
<TABLE>
<CAPTION>
                                                                  For The Three Months
                                                                    Ended September
                                                                      (Unaudited)
                                                                2003              2002
                                                            --------------   -------------
<S>                                                         <C>              <C>
Revenues                                                    $     802,256    $  1,872,947

Cost of revenues                                                  663,960       1,517,807
                                                            --------------   -------------

Gross margin                                                      138,296         355,140

Operating expenses:
   Selling                                                         16,193          93,585
   Operating                                                       56,607         138,613
   General and administrative                                      84,358         101,068
   Consulting Fees (Paid by stock)                                      -
                                                            --------------   -------------
      (14,230)
       Total operating expenses                                   157,158         319,036
                                                            --------------   -------------

Income (loss) from operations                                     (18,862)         36,104

Other income (expenses):
   Loan fees                                                            -               -
   Interest, net                                                   (5,813)        (26,336)
                                                            --------------   -------------
       Total other income (expenses)                               (5,813)        (26,336)
                                                            --------------   -------------

Income (loss) before provision (benefit) for income taxes         (24,675)          9,768

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

Net income (loss) of continuing operations                        (24,675)          9,768

Net loss of discontinued operations                                     -        (171,845)
Gain on sale of discontinued operations                                         5,522,708


Net income (loss)                                          $       (24,675) $   5,360,631
                                                            ==============   =============

Net income (loss) per common share:
Continuing operations                                      $       (.0001)  $       .0002
                                                            ==============   =============

Discontinued operations                                    $            -   $       .1152
                                                            ==============   =============
</TABLE>
                             See accompanying notes.
                                        7
<PAGE>
                            NOVA COMMUNICATIONS LTD.

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


Net income (loss)                                           $     (24,675)   $  5,360,631

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

Comprehensive income (loss)                                $      (24,675)  $   5,360,631
                                                            ==============   =============


Comprehensive income (loss) per common share               $       (.0001)  $       .1154
                                                            ==============   =============
</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  its  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 September 30,
         2003  and for the nine  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 nine months ended September 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  $150,123 for the first nine 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 200,624,785 for the first nine months of
         2003 (41,131,144 for 2002). The weighted average number of common stock
         shares  outstanding  was  285,568,325  for  the  3rd  quarter  of  2003
         (46,458,181 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
         September 30, 2003 had a working capital deficit of $786,684  ($917,540
         at  December  31,  2002) and a net  capital  deficiency  of  $1,306,132
         ($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 October 5, 2003,  the Company  announced  that it has
         executed a binding  Memorandum of Understanding to merge with PowerSki.
         Per its terms Nova and PowerSki  shall enter into an agreement and Plan
         of Merger pursuant to which

                                       11
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

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

         PowerSki  will be  merged  into  Nova,  with Nova  being the  surviving
         corporation.  Upon completion of the merger,  Nova will change its name
         to PowerSki  International  Corp.  In  conjunction  with  executing the
         Memorandum  of   Understanding,   management  of  both  companies  have
         completed due diligence  reviews and have determined final terms of the
         deal.  Subsequent  to approval by the PowerSki  board of directors  and
         shareholders,  execution  of  acquisition  agreements,  and meeting all
         terms of the deal, the merger will be consummated.

         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  in a  stock
         transaction.  On  November  5, 2003,  the  Company  announced  that the
         estimated closing date of the transaction has been set for December 31,
         2003. Trimfast and Nova management have scheduled one of two formal due
         diligence   review   meetings   in  the   California   office  of  Nova
         Communications  for the week  ending  Nov.  7,  2003,  to move  towards
         completing the due diligence review process.

         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:

                                                 September 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



                                       12
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

3.       Investments (continued)
         -----------------------

          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.


4.       Equipment
         ---------

         Equipment consisted of the following:
                                                  September 30     December 31
                                                      2003            2002
                                                 --------------   -------------

           Office furniture and equipment        $      99,583    $    100,834
           Computer software                           261,750         261,750
                                                 --------------   -------------
                                                       361,333         362,584
           Less accumulated depreciation              (195,331)       (168,183)
                                                 --------------   -------------

              Equipment, net                     $     166,002    $    194,401
                                                  =============   =============

5.       Long-term obligations
         ---------------------

<TABLE>
<CAPTION>
         Long-term obligations consisted of the following:     September 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                            264,449         245,377
                                                              --------------   -------------
                                                                  1,018,376         991,804
           Less principal due within one year                      (264,449)       (118,586)
                                                              --------------   -------------
              Long-term obligations                           $     753,927    $    863,218
                                                              ==============   =============
</TABLE>

                                       13
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

5.       Long-term obligations (continued)
         ---------------------------------

         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
                                                                   ===========

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 third quarter of 2003,  Palaut  Management,  Inc.  agreed to
         return to the Company for  cancellation a total of 90 million shares of
         the Company's  common stock. A total of 35 million shares were returned
         as of September 30, 2003. Palaut Management,  Inc. will hold 10 million
         shares of common stock after this  transaction  is completed.  (See SEC
         Form 8-K filed October 29, 2003.)

         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
                                       14
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

5.       Common stock (continued)
         ------------------------

         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 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.




                                       15
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements


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

<TABLE>
<CAPTION>
         Deferred income taxes consisted of the following:
                                                                  December 31
                                                                      2002
                                                                 -------------
<S>                                                              <C>
         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                               $         -
                                                                 =============
</TABLE>


         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  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.














                                       16
<PAGE>
                            NOVA COMMUNICATIONS LTD.

                          Notes To Financial Statements

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
                                   ---------------   -------------  --------------
                                          Nine Months Ended September 30, 2003
                                   -----------------------------------------------
<S>                                <C>                 <C>          <C>
 Revenues                          $       7,767      $ 3,777,051     $ 3,784,818
 Income (loss) from operations        (2,355,292)          52,794      (2,302,498)
 Identifiable assets                      74,641          274,327         348,968
 Capital expenditures                          -                -               -
 Depreciation and
    amortization                             354           40,608          40,962

                                                       Computer
                                                          and
                                     Managerial       electronic          Total
                                     assistance        equipment        segments
                                   ---------------   -------------  --------------
                                          Nine Months Ended September 30, 2003
                                   -----------------------------------------------

 Revenues                          $     120,000      $ 5,925,370     $ 6,045,370
 Loss from operations                   (683,343)         (22,139)       (705,482)
 Identifiable assets                      89,666          471,819         561,485
 Capital expenditures                          -                -               -
 Depreciation and
    amortization                           3,787           31,876          35,663
</TABLE>












                                       17
<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:

                                                       For The Nine Months
                                                       Ended September 30
                                                      2003            2002
                                                 -------------    ------------

 Segment loss from operations                   $  (2,302,498)   $   (705,482)
 Amortization of goodwill                             (12,563)        (12,563)
                                                 -------------    ------------
    Consolidated loss from operations           $  (2,315,061)   $   (718,045)
                                                 =============    ============

                                                 September 30     September 30
                                                     2003             2002
                                                 -------------    ------------
 Segment identifiable assets                    $     348,968    $    561,485
 Goodwill, net                                         66,999          83,750
                                                 -------------    ------------
    Consolidated total assets                   $     415,967    $    645,235
                                                 =============    ============


                                                       For The Nine Months
                                                       Ended September 30
                                                      2003            2002
                                                 -------------    ------------

 Segment depreciation and amortization          $      28,399    $     35,663
 Amortization of goodwill                              12,563          12,563
                                                 -------------    ------------
    Consolidated depreciation and amortization  $      40,962    $     48,226
                                                 =============    ============

















                                       18
<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 nine  months  ended  September  30, 2003 and
September 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 nine months ended September
30, 2003 was $(2,315,061),  a loss increase of $(1,596,656) compared with a loss
of  $(718,405)  for the same  nine  months of 2002.  As a result,  net loss from
continuing operations per share for the nine months ended September 30, 2003 was
$(.0115),  a loss  decrease of $.006 per share  compared with a loss of $(.0175)
for the same nine months of 2002.

         Net  loss  from  continuing  operations  for  the  three  months  ended
September 30, 2003 was  $(24,675),  a loss  increase of $(34,443)  compared with
income of $9,768 for the same three months of 2002.  As a result,  net loss from
continuing  operations  per share for the three months ended  September 30, 2003
was  $(.0001),  a loss  increase of $(.0003) per share  compared  with income of
$.0002 for the same three months of 2002.

         Comprehensive  loss for the nine months  ended  September  30, 2003 was
$(2,315,061), a loss increase of $(6,344,028) compared with income of $4,028,967
for the same nine months of 2002. As a result,  comprehensive loss per share for
the nine months  ended  September  30,  2003 was  $(.0115),  a loss  increase of
$(.1095)  per share  compared  with income of $.0980 for the same nine months of
2002.

         Comprehensive  loss for the three months ended  September  30, 2003 was
$(24,675),  a loss increase of  $(5,385,306)  compared with income of $5,360,631
for the same three months of 2002. As a result, comprehensive loss per share for
the three months  ended  September  30, 2003 was  $(.0001),  a loss  increase of
$(.1155) per share  compared  with income of $.1154 for the same three months of
2002.

Revenues, cost of revenues and gross margin

         Net  revenues  for the  nine  months  ended  September  30,  2003  were
$3,784,818,  a decrease of  $(2,260,552)  compared with  $6,045,370 for the same
nine months of 2002.  Cost of revenues for the nine months ended  September  30,
2003 was $3,158,259, or 83.45% of net revenues. Gross margin for the nine months
ended  September 30, 2003









                                       19
<PAGE>
was $626,523,  a decrease of $(320,138) compared with $946,661 for the same nine
months of 2002.

         Net  revenues  for the  three  months  ended  September  30,  2003 were
$802,256, a decrease of $(1,070,691) compared with $1,872,947 for the same three
months of 2002.  Cost of revenues for the three months ended  September 30, 2003
was $663,960, or 82.76% of net revenues. Gross margin for the three months ended
September 30, 2003 was $138,296, a decrease of $(216,844) compared with $355,140
for the same three months of 2002.

Operating expenses

         Operating  expenses for the nine months ended  September  30, 2003 were
$2,903,981, an increase of $1,319,152 compared with $1,584,829 for the same nine
months of 2002. During 2003 $1,835,464 was recorded as consulting fees that were
paid by share  issuance  (compared  with  $573,169 in 2002.) In 2003,  operating
expenses  included  $495,000 in executive  salary under an employment  agreement
with the  Company's  President  of which  $360,000 was in  recognition  of prior
year's  service.  Without  these items,  other  operating  expenses for the nine
months  decreased  ($438,143)  from 2002 to 2003, as a result of cost  reduction
efforts.

         Operating  expenses for the three months ended  September 30, 2003 were
$157,158,  a decrease of  $(161,878)  compared  with $319,036 for the same three
months of 2002. In 2003, operating expenses included $45,000 in executive salary
under an employment agreement with the Company's  President.  Without this item,
operating  expenses for the 3rd quarter decreased  $(206,878) from 2002 to 2003,
as a result of cost reduction efforts.

Other income (expenses)

         Net interest  expense for the nine months ended  September 30, 2003 was
$37,603,  a decrease of $(42,634) compared with $80,237 for the same nine months
of 2002. Net interest  expense for the three months ended September 30, 2003 was
$5,813, a decrease of $(20,523)  compared with $26,336 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










                                       20
<PAGE>
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.

         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 nine months
ended  September 30, 2002 include the accounts of  Communications  2000, Inc. as
Net Loss of Discontinued Operations of $(775,336). These statements also include
a Gain on Sale of Discontinued Operations of $5,522,708.

         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.  In mid-2003,  Kadfield,  Inc.  discontinued  its sales under
capital lease  arrangements  activities as a result of competitive  pressures in
the marketplace.

         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.

            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  October 5,  2003,  the  Company  announced  that it has  executed a
binding  Memorandum of Understanding to merge with PowerSki  International,  the
designer and manufacturer of the patented PowerSki Jetboard.  Per its terms Nova
and PowerSki shall enter into an agreement and Plan of Merger  pursuant to which
PowerSki will be merged into Nova,  with Nova being the  surviving  corporation.
Upon  completion  of  the  merger,   Nova  will  change  its  name  to  PowerSki
International  Corp.  Prior to  execution of the merger,  Nova shall  provide to
PowerSki working capital funding up to an aggregate amount of $2,000,000,  which
will be used to grow the Company and move into high-volume  manufacturing of the
PowerSki   Jetboard.   In   conjunction   with   executing  the   Memorandum  of
Understanding, management of both companies have completed due









                                       21
<PAGE>
diligence  reviews and have  determined  final terms of the deal.  Subsequent to
approval by the  PowerSki  board of  directors  and  shareholders,  execution of
acquisition  agreements,  and meeting all terms of the deal,  the merger will be
consummated.

         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  in a stock
transaction.   The  Letter  of  Intent  calls  for  execution  of  a  definitive
acquisition  agreement  once  mutual due  diligence  reviews are  completed.  On
November 5, 2003, the Company  announced that the estimated  closing date of the
transaction  has been set for December 31,  2003.  Trimfast and Nova  management
have scheduled one of two formal due diligence review meetings in the California
office of Nova  Communications for the week ending Nov. 7, 2003, to move towards
completing the due diligence review process.











































                                       22
<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)              No reports on Form 8K were filed  during the period  covered by
                 this report.























                                       23
<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:  November 12, 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:

November 12, 2003



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

November 12, 2003



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

November 12, 2003



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














                                       24
<PAGE>
FORM 10-QSB CERTIFICATION

         I, Kenneth D. Owen, certify that:

         1. I have  reviewed this  quarterly  report on Form 10-QSB of September
         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











                                       25
<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:  November 12, 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  September 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:  November 12, 2003



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














                                       26