U.S. Securities and Exchange Commission
                          Washington D.C.  20549


                                Form 10-KSB

[X]  Annual report under section 13 or 15(d) of the Securities Exchange Act
of 1934

                For the Fiscal Year ended December 31, 2003

[_]  Transition report under section 13 or 15(d) of the Securities Exchange
Act of 1934

For the transition period from ______to______.

Commission file number:  001-15777

                               UNITREND, INC.
              (Name of small business issuer in its charter)

               Nevada                              34-1904923
  (State or other jurisdiction of       (IRS Employer Identification No.)
   incorporation or organization)

  4665 W. Bancroft Street, Toledo,                    43615
                Ohio                               (Zip code)
  (Address of principal executive
              offices)

                              (419) 536-2090
                        (Issuer's telephone number)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

                                        Common Stock no par value
                                        Options
                                       (Title of Class)

Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes _X_   No __

Check if disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-KSB or any amendment to this Form 10-KSB. /_ /

State issuer's revenues for its most recent year: $0.00

State the aggregate market value of the voting and non-voting common equity
held by non-affiliates of the registrant computed by reference to the price
at which the stock was sold, or the average bid and ask prices of such
stock equity, as of a date within the past 60 days:  $ 118,095,880 as of
March 29, 2004.

State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:
As of March 29, 2004:              Common Stock:               70,390,770


                       DOCUMENTS INCORPORATED BY REFERENCE
Form 10-12b filed March 30, 2000

Transitional Small Business Disclosure Format:
Yes ___    No X


FORWARD-LOOKING STATEMENTS

Unitrend, Inc. may from  time  to  time  make  written  or  oral  "forward-
looking statements,"  including  statements  contained in its  filings with
the  Securities and Exchange Commission.  These forward-looking  statements
may be  included in this  Annual Report on Form  10-KSB  and  the  exhibits
attached to  it,  in  Unitrend's  reports  to  shareholders  and  in  other
communications, which  are  made in  good faith by us pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.

These  forward-looking  statements include statements  about  our  beliefs,
plans,  objectives,  goals,  expectations,  anticipations,  estimates   and
intentions,  that  are subject to significant risks and uncertainties,  and
are  subject to change based on various factors, some of which  are  beyond
our  control.   The  words  "may", "could", "should",  "would",  "believe",
"anticipate",   "estimate",   "expect",  "intend",   "plan"   and   similar
expressions  are  intended  to  identify forward-looking  statements.   The
following  factors, among others, could cause our financial performance  to
differ  materially from the plans, objectives, expectations, estimates  and
intentions expressed in the forward-looking statements:

  * the strength of the United States economy in general and the strength
    of the local economies in which we conduct operations;

  * the effects of, and changes in, trade, monetary and fiscal policies and
    laws, including interest rate policies of the Federal Reserve Board;

  * the timely development of and acceptance of our new products and the
    perceived overall value of these products by users, including the
    features, pricing and quality compared to competitors' products;

  * the willingness of users to substitute our products for products of
    our competitors;

  * the impact of technological changes;

  * acquisitions;

  * changes in consumer spending habits; and

  * our success at managing the risks involved in the foregoing.

The  list  of important factors stated above is not exclusive.  We  do  not
undertake to update any forward-looking statement, whether written or oral,
that may be made from time to time by or on behalf of Unitrend, Inc.


                                  PART I

Item 1.   Description of Business

Unitrend, Inc.  (the "Company")  is a development  stage company founded as
an  Ohio  Corporation  in  1996 by Conrad A.H. Jelinger.   The  Company was
reincorporated  in  Nevada  in July, 1999.   The  Company  focuses  on  the
computer  enclosure  and  power supply industry.   The Company released the
Cablety(R)  wire management system  in the fourth quarter 2003 and plans to
follow with the  VersaCase(R) computer enclosure and Stable(R) power supply
in 2004.

In 1998,  the  Company  formed Osborne Manufacturing, Inc. (OMI) to produce
the Company's products.   In 2002  OMI was dissolved because management now
believes that it could save time and money by entering into a contract with
New Product Innovations, Inc. (NPI) to provide turnkey manufacturing of its
product line.  In 1998 we agreed to acquire by merger a related party known
as  Server  Systems  Technology,  Inc., (SSTI), an  Ohio corporation formed
September 27, 1994,  for  the  purpose  of  obtaining  patented  technology
crucial  to  retaining  control  of  the  VersaCase line of products.  This
acquisition was legally effectuated in July 1999.

COMPANY OVERVIEW

Unitrend, Inc. was founded with the purpose of expanding the useful life of
computer  technology.   Our mission is to maximize our customers' return on
investment  in  information  systems  by  extending  the  value  of   older
technologies  as  they  combine  with  the  latest advances.   Our patented
products  which are designed to accomplish this aim are the Cablety, Stable
power  supply   and  the   highly  modular  VersaCase  computer  enclosure.
Unitrend's  current  goal  is  to  establish  its  products as the industry
standard  for  open  architecture,  accessibility, scalability  and thermal
stability while setting new benchmarks for quality and adaptability.

We  utilize   proprietary  and  patented  technology  to  design,  develop,
manufacture, and market our products.   The  patented  Cablety  is  a  wire
management  system that routes and supports internal wires and ribbon cable
in  a vertical  position which  allows  warm air  to rise to the top of the
enclosure where it is swept away and vented out of the case.   This results
in  a  cooler  and  cleaner  operating  environment  inside  the  computer.
VersaCase  is  a  computer  enclosure  that  allows a user or technician to
rapidly access  all internal components of a computer.   This  architecture
dramatically  reduces downtime for maintenance,  and allows quick upgrading
of  a single  component  (such as the computer's central  processing  unit)
without having to replace or tear down and rebuild the entire computer.  We
have  also patented the  Stable power supply unit that greatly enhances the
energy performance and cooling operations  inside a computer case.    These
products  save substantial  time and financial resources for both users and
technical support staff.   As of the date of this filing, we have commenced
sales  of the Cablety,  although  sales have been modest, we expect them to
increase later in 2004. We have not had any sales of the VersaCase computer
enclosure or Stable power supply.

We have entered into a contract with New Product Innovations, Inc. (NPI) to
provide turnkey manufacturing of our product line.   NPI is a joint venture
between General Electric, Inc.  (GE) and Fitch, Inc.   NPI along with Fitch
will  complete  product  development,  obtain  agency  approvals, engage in
product positioning and manufacturing development.   Upon completion of the
manufacturing  development  process, NPI will utilize GE's "Global Network"
to produce Unitrend's products  and  deliver  complete units ready for sale
and  shipment.    These   companies  have  successful  long-term  operating
histories  as  manufacturers/providers  of component parts for the computer
industry.

The Cablety,  VersaCase and  Stable power supply, will be marketed and sold
through direct and indirect channels.   After  introducing  the  product to
North America,  we  will expand to Europe, Asia/Pacific, and Latin America,
although not necessarily in that order.   The  unique  total  modularity of
VersaCase  and  related  products enables the end-user to save considerable
time and money, whether the product is utilized as a personal computer (PC)
or as a server in a  network of computers.   Due  to  the  mission-critical
nature  of  computer  network activities, our primary marketing efforts for
the VersaCase are directed at server applications.   We will also market to
high-end  PC  users  concerned with complex, high quality computer systems,
and  expect  these  users  to  be  strong  early  adopters of the VersaCase
technology.

Unitrend's corporate headquarters is in Toledo, Ohio. The company currently
employs  three  people,  and expects to grow to approximately six people by
late 2004.

PATENTS AND TRADEMARKS

We  rely  on a combination of patents, trademarks, trade secrets  and  non-
disclosure  agreements  to  protect our  proprietary  rights.   We  execute
confidentiality and non-disclosure agreements with our employees  and  with
key  vendors  and  suppliers.  These efforts allow  us  to  rely  upon  the
knowledge and experience of our management and technical personnel and  our
ability  to market our existing products and to develop new products.   The
departure  of any of our management and technical personnel, the breach  of
their  confidentiality and non-disclosure obligations to us, or the failure
to achieve our intellectual property objectives may have a material adverse
effect on our business, financial condition and results of operations.

Currently,  we  have  seven  United  States patents issued and three United
States patent applications pending. We also have six registered trademarks
and service marks.   There can be no assurance that any new patents will be
issued,   that  we  will  continue  to  develop  proprietary   products  or
technologies  that  are  able  to be patented,  that any issued patent will
provide  us with  any  competitive  advantages or will not be challenged by
third parties,  or  that  the  patents  of  others will not have a material
adverse effect on our business and operating results.

Our  ability to compete successfully and achieve future revenue growth will
depend,  in part, on our ability to protect our proprietary technology  and
operate  without  infringing upon the rights of others.  There  can  be  no
assurance  that  these measures will successfully protect our  intellectual
property  or  that  our  intellectual or proprietary  technology  will  not
otherwise  become known or be independently developed by  competitors.   In
addition, the laws of various countries in which our products are or may be
sold  may not protect our products and intellectual property rights to  the
same extent as the laws of the United States.  Our inability to protect our
intellectual  property  and proprietary technology could  have  a  material
adverse  effect  on  our  business,  financial  condition  and  results  of
operations.   As  the number of patents, copyrights and other  intellectual
property  rights in the computer enclosure industry increases, and  as  the
coverage  of  these  rights and the functionality of the  products  in  the
market  further  overlap,  computer enclosure  companies  may  increasingly
become  subject of infringement claims.  In the future, we may be  notified
that  we  are  infringing patent or other intellectual property  rights  of
others.   Although there are no pending or threatened intellectual property
lawsuits   against  us,  we  may  become  the  subject  of  litigation   or
infringement  claims  in the future.  Any of these potential  claims  could
result  in  substantial costs and diversion of resources and could  have  a
material  effect  on  our  business, results of  operations  and  financial
condition.

INDUSTRY

The  PC   market  is  defined  as  shipments  of  desktops,  portables  and
Intel-based servers priced under $25,000.  After experiencing a decrease in
2001,  the PC market picked up slightly in 2002 and continued this trend in
2003.   About  152.6  million  units  were shipped in 2003, an 11.4 percent
increase  over  the  previous  year,  according  to   figures  released  by
International Data Corporation (IDC).   Gartner  Inc.,  which uses slightly
different  measurement  methods,  calculated  that 168.9 million units were
shipped in 2003, a 10.9 percent increase over 2002.   Domestic PC shipments
totaled   57.7  million  in  2003,  a  12.4  percent  increase  from   2002
(tallahassee.com 1/15/04).

IDC  expects  an  11.4 percent  increase in worldwide PC sales in 2004 over
2003.   Manufacturers  are  expected to  ship 44 million units in the first
quarter 2004 according to Gartner  Group  (TechWeb 2/13/04).   Even  though
sales have increased,  the  company  believes that  worldwide PC sales will
continue  to  increase  in  the  coming years because of the replacement of
outdated units.   In  2004,  pre-Year 2000 machines will come to the end of
their life cycles.   This  replacement  cycle  appears to be under way.  We
believe  that this will be the major reason for upgrading and/or  replacing
existing  PCs,  not  technology innovations.   Although these old PCs would
normally have been replaced by now,  economic uncertainty may have  delayed
new purchases.  Simon Yates of research firm Forrester states,  "helping to
create strong PC demand is the fact that many businesses stretched their PC
refresh cycles much longer  than is really healthy and have gone beyond the
existing   warranties   on  this  equipment,  and   Microsoft  has  finally
killed   off   support   for   some   of  their  older  operating  systems"
(newsfactor.com  12/12/03).    In   the  fourth  quarter   of  2002   these
replacements  began to occur with PC shipments to U.S. businesses with more
than 500 employees per site growing by 13.9 percent from the fourth quarter
of 2001  according to  Dataquest.   Dataquest also reports that in the same
time period PC shipments to business with fewer than 500 employees per site
increased  by  5.4  percent  over  the  same  period  in the previous year.
Worldwide growth in commercial shipments  is expected to reach 12.6 percent
in 2004, IDC says (PCworld.com 12/12/03).   Enterprises  will  continue  to
prioritize  cost  savings  through optimization and extension of technology
and solution  investments that will make this a perfect environment for the
introduction of the VersaCase and related products.   Our product line will
help reduce the costs associated with maintaining outdated machines.

Open Architecture.  The concept of open architecture enables computer users
to combine various components and peripherals from different manufacturers.
To some extent, the industry has moved in the direction of common standards
typified  by open architecture.  For example, mounting boards,  DVD's,  CD-
ROM's,  floppy  drives,  and serial ports, to  name  a  few,  are  designed
according  to  a set of common specifications. In addition, the  ATX  logic
board  platform  developed by Intel, the world's  largest  manufacturer  of
microprocessors, sets the standard for placement of connecting  devises  to
the logic board.  However, fiercely competitive market forces have thus far
defeated true open architecture.

Major assemblers such as Apple, Dell, Gateway, and Compaq  (HP) build units
that  support only their proprietary  components.   If  one  of these parts
should  fail,  the only option is to replace it with the same part from the
same company.   While this provides additional revenue for the PC producer,
the consumer suffers in significant ways.   Consumers  are locked  into the
price, availability, and delivery  time dictated by the PC producer,  which
can add to downtime and cost of maintenance.

Accessibility.   In  order to simplify the repair and upgrade of computers,
the  industry  is  beginning to create  hardware that is easily accessible.
Historically,  the design of computer enclosures has severely limited one's
ability to service both critical and  ordinary  problems with a PC.   Rapid
access  is  especially  important in  mission-critical applications where a
technician  must  make  a  prompt intervention to save the computer network
from crashing.   Some  industry  leaders  have moved toward tool-less cases
that  can  be  opened  by  pressing  tabs  to  lift  the top panel.   Apple
introduced  the  G-3  model  highlighting  the ease of access to the "guts"
through a drop-down side panel.  Gateway  and  Dell  have introduced models
that move in this direction.    These models are tower units that will most
likely  be  used in  desktop  applications as opposed to the VersaCase that
will be initially targeted to server applications.

Continuous  Need  to  Upgrade.   Both  hardware and software components are
updated at an astounding pace.   Moore's Law states  that processing  power
doubles roughly every 18 to 24 months.  The rapid release of 12 Intel micro
processing  chips  from  the 8080 through the Pentium Xeon over the last 25
years  shows  that  Moore's observation is still remarkably accurate, while
also demonstrating technology's rushing rate of change.  A steady stream of
software upgrades takes advantage of this additional  processing  power  to
create   more  powerful,  intuitive,  and  stable  software.    We   become
increasingly  dependent  on  the  software, and thus the software upgrades,
which  in  turn  require  upgrading  the  computer's  memory,  storage,  or
processing  capabilities.   There  are  many additional expenses associated
with  PC  ownership,  not  just the base sticker price.   A  mid-range  PC,
featuring  all  the bells and  whistles for  a  mere US$1,200, might have a
price tag of $4-6,000 - or more.   The average  annual cost of a  PC for an
enterprise  could be as low as $2-4,000 or as high as $13,000, IDC  analyst
Roger Kay told NewsFactor.   80 percent  of  what a  PC costs over its life
goes  largely  for  support,  including  the  labor  costs   for   repairs.
(newsfactor network 12/1/03).

Scalability.   The  ability to change internal  components is essential for
extending the investment in computer technology.   There  has  been  little
change  in  recent  years,  but  in  2004  the desktop PC will be undergo a
transformation.   A series of developments are combining to bring about the
changes, with most of them centered on the new Balanced Technology Extended
(BTX)  interface.   The  BTX  interface  specification  provides a flexible
standards-based  form factor foundation that supports the implementation of
new  desktop  technologies,  including   PCI   Express   and   Serial   ATA
(TechWeb 1/23/04).

Thermal  Stability.   The  ability to maintain a proper cooling environment
within the computer system reduces heat induced failures.  Heat is an enemy
because  it   causes  components  to  expand  or  respond   differently  to
electricity.   Restricted  airflow  in  the case  is often the crux of case
temperature  problems.   Ribbon  cables  and  power connectors can create a
barrier in the case (TechRepublic 8/12/03).   Restricted airflow allows for
dust  to  settle  on  the equipment causing an "insulating blanket" on heat
emitting devices such as a processing chip.

UNITREND SOLUTION

We  believe  Unitrend is well positioned  to offer solutions to many of the
issues  listed  above.   Cablety,  VersaCase  and  Stable power supply were
designed  with these  factors in mind, resulting in a products that address
these  five  areas:  true open  architecture; complete accessibility; rapid
upgrade and maintenance; creative scalability and thermal stability.

True Open Architecture.   The  VersaCase  achieves  true open architectural
design  by  allowing  the   combination  of  various  technologies   and/or
peripherals from different manufacturers.   VersaCase accepts all  industry
standard components, such as motherboard configurations from Intel. Because
the case design allows for the acceptance of any  non-proprietary part, the
consumer  will not be  restricted to using  proprietary  components.   This
significantly enhances the computer's value by allowing the owner to choose
the best component for each repair, upgrade and/or life cycle rotation.

Complete Accessibility.   The VersaCase  allows  a  user  or  technician to
quickly  access the internal  components of a computer.   The design of the
case is similar to a drawer, thereby providing quick access, without tools,
to the inside of the computer.  Internal components become modules that can
be installed or replaced simply and easily.  This design simplifies routine
repair,  maintenance,  and upgrade procedures.   This full-access-design is
vital  for  mission-critical  applications.   Often,  a failure in a server
system  can  be  isolated  to  two  or three units, and the technician must
rapidly check all three units to save the entire system from shutting down.
Standard  computer  enclosures  require  considerable  time  to  access all
internal components because they must be laboriously dismantled.   With the
VersaCase,  the  technician simply slides open the drawer.   What  can take
agonizing minutes or even hours with a typical enclosure is done in seconds
or minutes with a VersaCase.

Rapid Upgrade and Maintenance.  The drawer-like design of the VersaCase not
only  allows  full  access to all the  internal components, it dramatically
reduces the time required to get to any given component.  The time it takes
to  perform upgrades and repairs is increased  when you add the cost of the
person's  time  performing  the  task  to the lost productivity of the user
while the system is down.

The Stable power supply is  a two stage modular design that allows the user
to  rapidly  remove  the  unit  by  simply  lifting  it out of its base for
repairs, maintenance or upgrades.  If a fan should need replaced, one would
just need to remove the bad fan by popping it off the power supply unit and
swapping  in  a  new one.   In effect, every  minute saved by VersaCase and
Stable  power  supply buys  back two  minutes of user and technical support
time.   The total cost of ownership for a computer built with VersaCase and
Stable power supply is greatly reduced by allowing individual components to
be upgraded.   With  other  cases,  many  components  such  as  back  plane
apertures  cannot  be  changed and you are forced to discard the entire PC.
You are forced to buy a whole new computer, leaving you with many perfectly
good, but unusable, components.  VersaCase allows you to merely upgrade the
old component and continue on with using the rest.

Creative Scalability.   The  VersaCase  provides unmatched flexibility.  It
can be used as  a  PC or a server.   As a server, the unit can be used in a
rack-mount  application  or as a standalone unit.   Up  to  fifteen  3 1/2"
drives can be mounted  internally onto three independent universal mounting
racks, or six 5 1/4"  drives can be mounted onto two  independent universal
mounting racks.  Removable drive bay panels  allow  for  any combination of
drive sizes to be installed,  including new 2 1/2" disk drives that will be
introduced to the market by the major drive manufacturers mid to late 2004.
Due  to  the   inter-changeability   of   the   components,   hundreds   of
configurations are possible.

Innovative Thermal Stability.   The  Cablety  is  designed to lift internal
cables and wires off the electronic system(s) board(s) and their microchips
by  holding  them  in  a  vertical  position  which  allows heat that would
otherwise  be  trapped  in  and  around  the computer's critical devices to
escape  and  be  vented  out of  the computer case.  This increased airflow
around  the computer's  electronics allows for a proper cooling environment
making  the  system  more  stable  and  reducing heat induced failures.  By
organizing  the  internal  wires  and  cables,  dust  and  dirt build-up is
reduced.   Dust  and  dirt  build-up  inside  of  a computer will act as an
insulator and cause thermal instability.   The  Stable power supply has two
high quality  plug-in  cooling fans pitched at fifteen degrees to allow for
the most efficient airflow throughout the computer case.   Properly cooling
the computer environment saves time and money that would otherwise be spent
in replacing damaged parts due to heat induced failures.

In  summary,  the  VersaCase,  Stable  power  supply and Cablety offers new
technology  to the market,  which gives you the ability to easily maintain,
upgrade  and  cool your system  while  providing  unsurpassed configuration
options.   VersaCase,  Stable power supply and Cablety simplify changes and
extend  the  life of computers, saving  substantial time and money for both
companies and individuals.

COMPETITION

We  compete  in  the wire management, computer enclosure and computer power
supply markets.  The first product that has been sold by the company is the
Cablety  (wire management device(s)),  with  initial  sales  focus  on  the
computer original equipment manufactures (OEM).  Within the wire management
market   we  may  encounter  competition  from  domestic  manufactures  and
distributors.   To  our knowledge, no competing company, such as ITW Fastex
or  Panduit,  offers a  product  with all  the benefits and features of the
Cablety.  The second product to be offered will be the Stable power supply,
with initial sales focus on OEM and VAR (Value Added Resellers) sales.  The
computer  power  supply market is intensely competitive.   Within the power
supply market  we will encounter competition from domestic manufactures and
distributors.  To our knowledge, no competing company, such as PC Power and
Cooling  or  Antec,  offers  a  product that  delivers all the scalable and
versatile  technology  nor  the  benefits  and features of the Stable power
supply.   The  third  product  to  be  sold  will be the VersaCase computer
enclosure,  initially  focusing on  the high-end  PC and entry-level server
segments.  The computer enclosure market is intensely competitive.   Within
the enclosure, power supply and wire management markets, we will  encounter
competition  primarily  from large  domestic manufacturers and distributors
such as,  California P.C. Products, American  Portwell and Antec.   To  our
knowledge,  no competing company  offers an enclosure that contains all the
features and benefits of the VersaCase.

As  noted  above, some major  computer assembly  firms, e.g., IBM, Gateway,
Acer, and  Dell, have  introduced  PC  models  that  contain  some  modular
features that are found in a VersaCase and or Stable.  No one, however, has
designed  or  introduced  a  model(s)  that  delivers all  the scalable and
versatile technology that the VersaCase and the Stable offers.

We  will  also  encounter  strong  competition  from international computer
enclosure, power supply and wire management companies who sell to worldwide
original equipment manufacturers  and  distributors.   These  international
companies  also  set  up their  own  distribution networks in international
markets,  including  the  United  States.    The  international  market  is
extremely  competitive  due  primarily  to aggressive pricing.  Examples of
international  companies  include:  Star  Tech, Chung Long Metal Co., Ltd.;
Karrie  Ind.;  MacCase Ind.  Corp.;  Leadertech  Systems;  Everfit Computer
Supply; and Evergreat Group.

The  Cablety  is a new concept in computer wire and cable management and as
such  we hope to set new industry  standards with  its introduction  to the
markets.   Retail pricing on a  Cablety kit has been established at $12.99.
A kit includes three Cabletys, three base mounts, three mounting screws and
three  3M  adhesive pads.   The Stable  power  supply is  more expensive to
purchase  than  traditional  PC power supplies,  with a retail price around
$125 for the low wattage, entry level model.   However as power output  (in
wattage)  increases in  medium  to  high-end  models,  Stable  become  very
competitive  in price and offers numerous features and benefits not offered
by any competitor.   The  VersaCase  is more  expensive  to  purchase  than
traditional  desktop  computer enclosures, with a retail price around $250.
This  price  is competitive when  compared  to  higher-end rackmount server
enclosures.    We  will  compete   in  the  computer  enclosure  market  by
demonstrating  the value of  the features and  benefits of  VersaCase.   We
separate ourselves from other companies now offering computer enclosures by
focusing  on common sense solutions.   VersaCase is convertible technology.
Accordingly,  it may  be  used  as  a  single  unit,  in  multiple  stacks,
rack-mount configuration, or as a workstation.  It can be used in a variety
of  applications  including,  but not limited to file servers, disk arrays,
duplicators, and e-mail servers.   Further,  non-proprietary components can
be  used  to configure a  computer for a specific application, and possibly
achieve lower operating costs.

GROWTH STRATEGY

Our   growth  strategy  is  built  around  five  imperatives:   maintaining
technological leadership; increasing market share; acquiring other business
entities;  leveraging  strategic  relationships;  and  the  recruiting  and
retaining of key personnel.

Maintaining  Technological  Leadership.   The cutting edge of our effort to
achieve  technological  leadership  is  to  establish  a  standard for open
architecture and modularity in  the  computer  enclosure  industry.   Other
components, accessories, and products are in various stages of development.
They will be supported by an aggressive research and development budget.

Increasing  Market  Share.   Our  entry  into  the market is estimated at a
modest level to allow us to grow at a reasonable pace.  However, we make no
representations  or guarantees that we will be able to manage the growth of
our  business.   The Cablety  was introduced  to the  market  in the fourth
quarter of 2003 and we experienced  modest sales.   We anticipate sales  to
grow as we move forward into 2004.  Once VersaCase is introduced, we expect
that there will be significant interest across a number of market segments.
The  VersaCase is  unparalleled  in its  versatile  application  as a PC or
server enclosure.  The ease of access and scalability will provide numerous
benefits  to  routine  and  mission-critical  users  that  will  propel and
increase market share.

Acquiring  Other  Business  Entities.  In order to expand our technological
and  market  capabilities, we may consider  the pursuit of other companies.
Such acquisitions may include core  and non-core entities.   A core  entity
may  be a  research and development group, and a non-core firm could be one
that might enhance our production process.

Leveraging Strategic Relationships.  We intend to leverage our relationship
with companies that complement our mission.   For instance,  the uniqueness
of Cablety,  Stable and VersaCase technology will  create opportunities for
us   to  establish  strong  relationships  with  key  distributors.   These
distributors  will  be  able  to offer their clients a product that is very
competitive and distinctive.    We have been approached by distributors  to
consider a channel relationship or exclusive position with them.   While we
must  maintain  a  broader  market focus,  we may  selectively  enter  into
agreements that would enhance market credibility and penetration.

Recruiting  and Retaining  of Key Personnel. An entrepreneurial spirit that
was  based in creativity, risk and reward drove the birth of this  company.
We  intend  to maintain this  quality by  offering  competitive  salary and
incentive  compensation.   Our overriding human resources philosophy is  to
build  a corporate  culture that  supports the success of each employee, as
well as the Company.


MARKETING AND SALES

We are implementing brand-building strategies for Unitrend, Cablety, Stable
power supply  and  VersaCase.   Our brand objective is to identify emerging
trends  in  computer-related  technologies  and   to  provide   streamlined
solutions  that  make  those  technologies  more user  friendly.   We  will
continue to build equity in our brands by promoting the unique and patented
features of our products via multiple mediums to diverse market segments.

The  Cablety  wire  management  system  is  the  first  product  we will be
marketing.  Unitrend has entered into a contract  with Titan  Technologies,
an  established national  sales and marketing group, to market and sell the
Cablety,  VersaCase, Stable and  any future products developed by Unitrend.
The  Cablety will  be marketed through various  channels including, but not
limited to, value added re-sellers (VARs), original equipment manufacturers
(OEMs)  and  Internet  sales.   VersaCase  and  Stable power supply will be
marketed to, and sold for, two specific PC applications: high-end PC users,
such  as  automated  manufacturing  functions, and entry-level servers.  We
intend  to  market  and  sell  our  products  to  non-profit and commercial
organizations, individuals, and  OEMs.   OEM  sales  and  licensing,  large
corporate  and  government  accounts,  and  large-volume  VAR sales will be
managed  by Unitrend's direct  sales  organization.   Sales  to  all  other
organizations  will be  through  distributors.   We  plan  to  establish  a
multi-channel  distribution  network  that  will  allow  us to leverage the
distributors who are strategically focused on offering value added products
and services to the computer industry.   Lastly,  we  will  also  sell  the
VersaCase,  Stable  power  supply and future products directly to end-users
through our Internet site.   However, we will modify our distribution plans
as  demanded  by  the  markets  we  serve  in  order to maximize efficiency
throughout all channels of distribution.   We  intend  to  promote end-user
demand,  and  will support our sales efforts through a variety of marketing
programs  including  but  not limited to:  trade and consumer  advertising,
public relations, and trade shows.

In April 2004, Unitrend along with a representative from Titan Technologies
will  be participating in  RetailVision Spring 2004.   RetailVision  Spring
2004 is a  trade show that allows the manufacturer to sit face to face with
potential retailers and distributors in the computer industry.   To promote
the sale of the Cablety and briefly touch on the VersaCase and Stable power
supply, Unitrend has purchased two one half-hour round table sessions. Each
session,  the Company will be in front of eight to ten representatives that
comprise approximately  90% of the computer industry's manufacturers and/or
distributors.   Following  the  group  sessions,  Unitrend  will  have  the
opportunity to sit one on one with each of the representatives that were in
attendance  at  those  sessions  to  address  individual  questions  and/or
concerns of Unitend and its products.   Also  during these meetings we will
be  discussing  and/or negotiating their requirements, costs and deliveries
of the Cablety.

While  our initial focus is the North American market, we plan to expand to
Europe, Asia/Pacific, and  Latin America as opportunity arises.   The  data
presented at the beginning of the business section  illustrates the size of
these market segments.


PRODUCTS

The  Cablety wire management system is the latest product from Unitrend and
has been available since the fourth quarter 2003.

The Cablety features include:

      *  Made of "Static Resistant" GE Plastics(R).

      *  Lifts internal cables and wires off the electronic system(s)
         board(s) and their microchips by holding them in a vertical
         and/or horizontal position.  This allows heat that would
         otherwise be trapped in and around the computer's critical
         devices to escape and be vented out of the computer case.

      *  Increased airflow allows for a proper cooling environment
         making the system more stable and reducing heat induced
         failures.

      *  Wire management increases airflow thus reducing dust and dirt
         build-up.

The  Stable  power supply is a two stage modular design that allows the user
to rapidly remove the unit by simply lifting it out of its base for repairs,
maintenance or upgrades.

The Stable power supply features include:

      *  Snap-in upper power module for ultra fast power supply
         replacement.

      *  Two high quality plug-in cooling fans pitched at fifteen degrees
         for smooth, efficient airflow and rapid replacement in case of
         failure.

      *  RPM sensors on cooling fans send signal to front panel LEDs to
         warn of eminent failure.

      *  Internal temperature sensors to warn of excessive heat
         conditions.

      *  Self diagnosing power distribution base with audible and visual
         alarms.

      *  Sixteen power take-off connectors for even power delivery to
         individual internal peripheral drives and devices.  Also allows
         for removal of the power module while leaving power connections
         intact.

      *  Dual redundant power supply options connector.

      *  Emergency "Kill Switch" connector.

      *  Standard "Slim" power supply geometry.

      *  Available in three power sizes: 230 Watts, 300 Watts and 400
         Watts.

      *  Optional battery pack option allows for repairs, maintenance, or
         upgrades with the power on.

VersaCase is our  first patented  product.   The VersaCase has undergone an
extensive development process. Five developmental VersaCase prototypes have
been developed,  including the  yet to be  released  production-level  beta
units. These units will undergo rigorous in-house  testing as well as field
placement  at selected  sites, which will mirror our more  prominent market
segments.

The VersaCase is comprised of a number of characteristics and features,
such as:

      *  Chassis and outer shell are made of 16-gauge steel.

      *  Up to fifteen 3 1/2" drives can be mounted internally onto three
         independent universal mounting racks.

      *  Or six 5 1/4" drives can be mounted onto two independent
         universal mounting racks.

      *  Or twenty 2 1/2" drives can be mounted onto four independent
         universal mounting racks.

      *  Removable drive bay panels allow for any combination of drive
         sizes to be installed.

      *  Front mounted DB connector for easy laptop docking or serial,
         SCSI, USB and parallel connections.

      *  Front DB connector can be swapped with a wireless infrared
         connecting port.

      *  High-security tumbler lock to protect against unauthorized entry
         into the computer's interior.

      *  Easy to read control panel with LED readouts for Power, Turbo,
         HHD1 activity, HDD2 activity, Power supply cooling fan failure
         warning, and Processor cooling fan failure warning, as well as
         a System Reset switch and Turbo speed switch.

      *  19" Rack-Mount ready chassis with invertible outer shell to
         maintain EMI/RFI shielding.

      *  Ultra-strong construction to allow units to be stacked up to
         six high with docking pin accessory.

      *  Rugged design allows even the heaviest CAD Monitors to be placed
         on top of unit.

      *  Ball bearing drawer sliders with heavy duty 100lb weight
         capacities, for smooth opening and closing.

      *  Removable back plane with 25-pin, 9-pin DB connector ports and
         RJ port.

      *  Optional 10, 12, or 16 slot back planes available for AT,ATX,
         BTX,Passive back plane and other designs.

      *  Includes Stable Power Supply (when available) or allows the use
         of standard Slim power supplies mounted in either a horizontal
         or vertical position.

      *  Rear mounted cable transom to facilitate moving wires when
         opening and closing chassis drawer.

      *  Quick-release power supply base unit used to distribute power to
         electrical components which accepts optional battery pack for
         uninterrupted power in case of power supply failure.

      *  Removable thread-mounted feet allow unit to be bolted down on
         or under table, desk, wall, rack, etc.

OPERATIONS

For the design and development of our products, we rely on our founder, Mr.
Conrad Jelinger, our project coordinator, Mr. Jon Osborne, and  New Product
Innovations, Inc. (NPI).   In  addition,  NPI and  Mr. Osborne  will select
principal suppliers based on experience and pricing considerations.

New  Product  Innovations, Inc. (NPI).    NPI is a joint venture between GE
Plastics,  a division  of General  Electric, Inc.  (GE) and  Fitch, Inc., a
Cordiant  company.    NPI,  along  with  Fitch,   will   complete   product
development, obtain agency approvals (UL, FCC, CE, CI, etc.),  Mil-Spec the
products  for  Military/Government  use and  engage in product branding and
positioning.   Furthermore,  NPI  will  design the manufacturing processes,
establish ISO 9002 and Six Sigma procedures and build the necessary tooling
to develop a flexible, high volume output capability for Unitrend's product
lines.  Upon completion of the manufacturing development process,  NPI will
utilize GE's "Global Network" to produce our products and deliver completed
units ready for resale and shipment.


RESEARCH AND DEVELOPMENT

Apart  from  tooling  costs of $1,507,157, as of December 31, 2003, we have
invested $566,515 in research and development.  To date, our primary  focus
had been the development  of the  VersaCase.   In  January 2003,  our focus
shifted to the Cablety wire management system.   The Cablety can be used in
any standard computer as well as an accessory for the VersaCase.   We began
selling product in the fourth quarter 2003.   We  are continuing to develop
accessories, like the Cablety, that will further enhance the VersaCase, and
allow for further customization.   It is our intent to continue to innovate
by  developing similar products  that will  enable a  computer user to save
time  and money while  upgrading and repairing his or her computer.   Other
product designs are also on the drawing board.   There is no guarantee that
any of these products will become viable revenue sources.

We  believe  timely  introduction  of  new and  enhanced  products  will be
essential  to  maintaining  a  competitive  edge.    However,  we  make  no
representation or guarantee that we will be able to establish or maintain a
competitive edge in the marketplace.  Consequently, the human and financial
commitment  to  research  and development  will increase proportionately to
meet these demands.

At December 31, 2003, we had a total of three full-time employees.  None of
the  Company's employees  are  represented  by  a labor union or bound by a
collective bargaining agreement.   We consider our employee relations to be
good.

Item 2.   Properties

Unitrend's headquarters comprise approximately 10,000 square feet of  space
in  an  office building owned by the Company at 4665 West Bancroft  Street,
Toledo,  Ohio 43615.  The building houses the Company's principal executive
offices, as well as limited laboratory and technical development space.

Item 3.   Legal Proceedings

None

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

None

                                    PART II

Item 5.   Market for Common Equity and Related Stockholder Matters.

None

Item 6.   Management's Discussion and Analysis or Plan of Operation

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

The  following  discussion  should  be read  together  with  our  "Selected
Consolidated  Financial Data" and our financial statements and accompanying
notes.   This  document  contains forward-looking statements  that  involve
risks  and uncertainties.  The cautionary statements made in this  document
should   be  read  as  being  applicable  to  all  related  forward-looking
statements  wherever  they  appear in this document.   Actual  results  may
differ materially from those indicated in forward-looking statements.

OVERVIEW

We  invent and market computer-related products designed to make technology
simple, accessible and affordable through modularity.   We  have  exclusive
rights  to  patented and patent pending products and technology for certain
computer-related products.  Our Cablety wire management system was released
to the marketplace fourth  quarter  2003.   The  Stable  power  supply  and
VersaCase  computer  enclosure  system  will follow in 2004.  Our VersaCase
computer   enclosure   system  allows  users  to  quickly  access  computer
components  by incorporating a pull-drawer design of high  modularity, thus
reducing downtime and extending the service life of information technology.

We  are a development stage company that commenced operations in April 1996
and has incurred significant losses since that date.   In 1998, we acquired
Server Systems Technology, Inc.  (SSTI), a related  Ohio corporation formed
September 27, 1994.   SSTI  held  the  patent  on technology crucial to the
VersaCase line of products. We acquired SSTI in a stock-for-stock exchange.
Also in 1998,  we incorporated  Osborne Manufacturing Inc. (OMI) as an Ohio
Corporation to function as the business entity for a joint  venture between
our Company and one of our employees.   In  2002  OMI was dissolved because
management  believed  that it could  save time and money by entering into a
contract  with  New  Product  Innovations, Inc.  (NPI)  to  provide turnkey
manufacturing of its product line.   To date,  we have had minimal revenues
from sales of our patented and patent pending products,  but have relied on
private financing and loans from our founder.  Furthermore, we have not yet
been  profitable  since  our  inception  and  expect  to  incur  additional
operating  losses  in 2004  as we  ramp up for production and sales of  our
Cablety  wire management system, Stable power supply and VersaCase computer
enclosure.   As of December 31, 2003,  we had an accumulated deficit in the
development  stage of approximately  $12,431,000.   At December 31, 2003 we
had available net operating loss carry forwards of approximately $7 million
for federal income tax reporting purposes that begin to expire in 2011. Due
to uncertainty as  to the ability of the  Company to be utilizing,  the net
operating loss has been  fully reserved.    To  date  our  operations  have
consisted  predominately  of  sales  of the Cablety and incidental sales of
computer  components  while  we  have   principally  concentrated  on   the
progression of the VersaCase enclosure and related products.   We  have not
achieved  profitability  on  a quarterly  or an annual basis and anticipate
that we will continue to incur net losses through 2004.   Expenses incurred
have been primarily for development of the Cablety  wire management system,
Stable  power  supply   and  VersaCase  enclosure   system,   tooling   and
administrative  support.   We  expect  to  incur  significant  engineering,
pre-production,  sales,  general  and  administrative expenses,  and  as  a
result,  we  will  need   to  generate   significant  revenue  to   achieve
profitability.   Additionally,  our  lack  of  operating  history  makes it
difficult  for  us  to  predict  future operating results and, accordingly,
there  can be no  assurance that we  will sustain revenue growth or achieve
profitability in future quarters.   Although  our core  management team has
worked  together  for  several  years,  none  of  the  present  members  of
management  has extensive experience in managing a large public business in
the computer industry.   We intend to  hire accomplished individuals in the
industry to supplement  our current management team.   However,  we  cannot
assure that we will be able to attract and retain such persons.

The  Company  has  conducted  extensive research and development activities
since its inception at a variety of levels.  Such activities have primarily
focused  on  market  research,  marketing,  sales and distribution, current
technologies,  emerging  technologies,  manufacturing,  tool production and
analysis,  engineering  (structural, mechanical, and electronic/electrical)
and product  development.   The Company  has engaged various consultants to
assist in some of these matters.   The Company initially had a two to three
year  time  line for  developing  and placing its initial products into the
market.  However early in 1998,  toward  the end  of  the  initial  product
development cycle,  the computer industry announced sweeping changes to its
20-year old standard in internal design layouts.   These changes caused the
computer industry to  adopt a new standard.   Substantial  changes  in  the
future  are  not  to  be expected for at least ten years, but this is not a
certainty.  These changes caused the Company to redesign its products prior
to commencement of the development of tooling and dies.  The changes caused
delays and deviations  from the initial timeline.   An additional delay was
caused by the Company's  underestimation of  the complications  involved in
developing  the  tools and dies necessary to produce the Company's products
(up to six months may be required per tool).   Additionally,  a significant
number of these tools cannot be built concurrently with one another because
the  parts  produced by the  core tool must be compared and checked against
industry  standards  before  other  tools  based  upon  that  part  may  be
engineered.  The VersaCase product alone has more than 200 parts, with most
of those components  having been  invented by the Company.   To  build  the
VersaCase  more than 40 tools have to be designed, machined and built.  The
total cost for tooling to date is $1,507,157 with an additional  $4,211,203
needed to complete tooling,  and  for various marketing activities provided
by New Product Innovations, Inc.  including but not limited to developing a
selling proposition,  conduct naming  and nomenclature, developing branding
elements  and  launch material formats,  design a trade show exhibit booth,
and  further  develop the  web site  prior  to full-scale production of the
Stable power supply and VersaCase.   In 2003,  we spent  $37,728 on tooling
for  the Cablety wire management system.   Nothing was spent on tooling for
any  of  our  products  in  2002  or  2001.  We  believe tooling costs will
increase as we move forward.

The  Company has  applied  for  14 patents with  respect to its products of
which seven have been granted to date.  Patent prosecution is also a source
of  delay  and  considerable expense for the Company.  To fully prosecute a
patent  may take  several years,  depending on the type  of patent  and the
number of competing or similar patents.  However, the Company believes that
patenting its products is key to protecting the value of its ideas and  its
business plans.   In  addition  to hiring  patent attorneys,  engineers and
designers  as  consultants  to  help  develop  the  Company's products, the
Company  has  also  hired  consultants  to help with the  marketing  of its
products.   In 2003,  the design of the Cablety  was finalized, the initial
production tool was completed and production of the Cablety began.   At the
present  time,  the  re-design of the VersaCase and Stable power supply are
near  completion  and  the  Company  has produced several working VersaCase
prototypes.   The tools  and dies  necessary  to manufacture these products
have been designed and  engineered  and "soft" tools  have been produced in
order to enable the Company  to produce the prototypes.   Funds  are  still
required  in  order  to  finish  product development, position the product,
develop   manufacturing  and  assembly  operations  and  purchase  the  raw
materials which will enable the Company to go into full-scale production of
the VersaCase and Stable power supply.   Obviously,  as  the  Stable  power
supply and VersaCase products near completion, it will be necessary for the
Company  to  hire  additional  staff  in  order  to  ramp up its ability to
produce,  market  and  distribute  this product.   The Company  expects  to
continue  to  hire  additional  staff to meet its business challenges as it
gets closer to full-scale operations.

We  expect that  our initial revenues will primarily be derived from direct
sales of our Cablety  wire management  system  to major  original equipment
manufacturers (OEMs).   We  expect  that  substantially  all of our revenue
through the fourth quarter  of 2004 will be derived from customers based in
the United States.  We expect that revenue from customers based outside the
United  States  will  increase  in  future periods.  In addition to revenue
derived  from  direct  sales,  we  expect  that  revenue  through  indirect
distribution channels will increase in future periods.  Where strategically
beneficial,  we  believe  that  we  will  be  able  to enter into strategic
alliances   with   companies  focusing  on  the  development  of   computer
peripherals, logic boards and power supplies.  To date, we have not entered
into  any  such  alliances,  and  the  creation of such alliances cannot be
guaranteed.

The  Cablety wire  management  system  is  the  first  product  we  will be
marketing.    The  Cablety  will  be  marketed  through  various   channels
including,  but  not  limited  to,  value added re-sellers (VARs), original
equipment manufacturers (OEMs) and internet sales.   We  intend  to  target
organizations  such  as  the  government  and the military.   VersaCase and
Stable power supply will be marketed to, and  sold  for,  two  specific  PC
applications: high-end PC users, such as automated manufacturing functions,
and  entry-level  servers.   We  intend  to market and sell our products to
non-profit and commercial organizations, individuals, and OEMs.   OEM sales
and licensing, large corporate and government  accounts,  and  large-volume
VAR sales will be managed by Unitrend's direct  sales organization.   Sales
to all  other  organizations  will  be through  distributors.   We  plan to
establish  a  multi-channel  distribution  network  that  will  allow us to
leverage the distributors who are strategically focused  on offering  value
added products and services to the computer industry.  Lastly, we will sell
the  VersaCase,  Stable  power  supply  and  future  products  directly  to
end-users through our Internet site.   Sales  of  the Cablety began via our
website  in  the  fourth  quarter  2003.    However,  we  will  modify  our
distribution  plans  as  demanded  by  the  markets  we  serve  in order to
maximize efficiency throughout all channels of distribution.   We intend to
promote  end-user  demand,  and  will  support  our sales efforts through a
variety of  marketing  programs  including but not  limited to:  trade  and
consumer advertising, public relations, and trade shows.

While  our initial focus is the North American market, we plan to expand to
Europe,  Asia/Pacific,  and Latin America as opportunity arises.   The data
presented at the beginning of the business section  illustrates the size of
these market segments.

RESULTS OF OPERATIONS

Year Ended December 31, 2003 compared to Year Ended December 31, 2002

We  had  no  significant  revenues  in  the year  ended  December  31, 2003
("2003") or in  the year ended  December 31, 2002 ("2002").   In the fourth
quarter 2003, we  began  to produce and  sell the Cablety  wire  management
system.    We  anticipate  not  being  classified  as  a  development stage
enterprise sometime during 2004.

We incurred an operating loss of $256,140 in 2003, compared to an operating
loss of $998,755 in 2002,  a decrease  of $742,615.   The Company reached a
settlement agreement  in a  lawsuit  and recorded  a significant  amount of
accrued payroll expense in 2002 where a modest amount was recorded in 2003;
these are the primary reasons behind the decrease in our operating loss for
2003 as compared to 2002.

The  Company  had  $36,572 in research  and development expenses during the
year ended  December  31, 2003  as  compared  to  zero for  the year  ended
December 31, 2002.   We believe that research and development expenses will
increase  as  we go  forward  due  to the contract entered into with NPI to
provide turnkey manufacturing of our product line.   NPI  along with Fitch,
Inc. will complete product development, obtain agency approvals,  engage in
product positioning and  manufacturing  development.   We  anticipate  this
spending to continue to increase as we continue to produce the Cablety, our
first product that has now been  made available to the market in the fourth
quarter of 2003 and for the final product development and production of the
Stable power supply and VersaCase.   There  was $37,728 spent on tooling in
2003  and nothing  spent on tooling and dies in 2002, we anticipate this to
continue  to  increase  as  we  move  forward.   The  total  future tooling
commitments that has been  contracted  as  of  December  31,  2003  totaled
$365,295.

Selling,  general and administrative expenses consist primarily of salaries
and  related  costs  of  marketing  and customer  support activities, legal
services,   and   accounting  services,  information  technologies,   human
resources,  and  executive expenses, as well as costs associated with trade
shows, promotional activities, advertising  and  public  relations.   Legal
services  for  the  company  consisted  of  salaries, filing fees, dues and
subscriptions  and  new  and  ongoing  patent  and  trademark  filings  and
prosecution costs. Prosecution costs  include  those  legal  fees  directly
associated  with  the  process of obtaining patents on inventions under the
control of or otherwise originating from the Company.  Finance, information
technologies,  human resources and executive expenses consisted of expenses
relating  to  salaries,  information  systems expansion, professional fees,
facilities expenses and other general  corporate  expenses.   Our  selling,
general  and  administrative  expenses  decreased  to $218,641 in 2003 from
$998,755 in 2002, a decrease of 78%.   This  change  was due primarily to a
decrease  in  payroll  and  related employee benefit costs of approximately
$424,000 during the year ended December 31, 2003  as  compared  to the year
ended December 31, 2002.   In 2003, Mr. Jelinger decided that it was in the
Company's  best interests  if he no longer accrued a salary and forgave his
prior years' accrued wages.   Another significant decrease in 2003 compared
to 2002  was in  litigation  settlement expense.   This expense was zero in
2003 as compared to  approximately  $307,500  in  2002.   The  Company  saw
increases  in key man insurance expense, repair and maintenance expense and
membership  fees  of approximately $14,860, $7,900 and $2,040 respectively.
The  Company  saw significant decreases in consulting expense, professional
fees,  telephone  expense  and  contract  labor  expense  of  approximately
$40,000,  $7,000,  $4,000 and $2,200, respectively as the Company continued
its efforts to cut costs to decrease the Company's need for cash. We expect
that  selling,  general  and  administrative  expenses will increase in the
future as we hire additional personnel, expand our operations domestically,
initiate  additional  marketing programs, establish sales relationships and
incur  additional  costs  related  to  the  growth  of our business and our
operations as a public company.

During 2003 and 2002,  there were no stock options granted to non-employees
under our 1999 Stock Option Plan.    As of December 31, 2003, 214,472 total
options remain exercisable by non-employee consultants at a strike price of
$0.50 each. Options to non-employee consultants were recorded as consulting
expenses  and disclosed as  selling, general and administrative expenses in
the Company's accompanying financial statement, using the fair market value
of  the  services rendered  or the options granted on the date of issuance.
During 2003, 4,895,033 options expired and no options were exercised.

Accrued  payroll  and  related  taxes decreased to $749,310 at December 31,
2003 as compared to $982,808  at  December  31,  2002,  respectively.   The
primary reason behind this decrease is Mr. Jelinger forgiving approximately
$199,000  of  his accrued salary.  Interest expense decreased to $24,798 in
2003  compared to $52,182 in 2002, a decrease of 52%.   A  portion  of  our
decrease  in interest  expense can  be attributed to Mr. Jelinger forgiving
approximately $7,800 of interest incurred on funds he personally loaned the
Company in 2003.


Year Ended December 31, 2002 compared to Year Ended December 31, 2001

We had no net revenues  in the year ended December 31, 2002  ("2002") or in
the year ended December 31, 2001 ("2001").  Consequently, there was no cost
of revenues or gross profit in 2002 or 2001.

We incurred an operating loss of $998,775 in 2002, compared to an operating
loss of $396,542 in 2001, an increase  of $602,233.   The Company reached a
settlement agreement  in a  lawsuit and accrued payroll expense;  these are
the primary  reasons behind  the increase in our operating loss for 2002 as
compared to 2001.

The Company did not have research and development expenses  during 2002  or
2001.   We believe that  research and development expenses will increase as
we go forward due to a contract entered into with  New Product Innovations,
Inc. (NPI) to provide turnkey manufacturing of our product line.  NPI along
with  Fitch,  Inc.   will  complete  product  development,  obtain   agency
approvals, engage in product positioning and manufacturing development.  We
anticipate this spending to increase beginning in the first quarter of 2003
as we prepare  for the  final  product  development  and  production of the
Cablety, our first product due to reach the market in the second quarter of
2003.   There was no monies spent on tooling and dies in 2002 and 2001,  we
anticipate this to  increase as we move forward.   The total future tooling
commitments remaining as of December 31, 2002 totaled $365,295.

Selling, general and administrative expenses consist primarily of  salaries
and  related  costs  of  marketing  and  customer support activities, legal
services,   and  accounting  services,   information  technologies,   human
resources,  and executive expenses,  as well as costs associated with trade
shows, promotional activities,  advertising  and  public relations.   Legal
services  for  the  company  consisted  of  outside  attorney costs, filing
fees, dues and subscriptions and  new  and  ongoing  patent  and  trademark
filings  and prosecution costs.  Prosecution costs include those legal fees
directly associated  with the  process of obtaining patents  on  inventions
under the  control of  or  otherwise originating from the Company. Finance,
information technologies, human resources and  executive expenses consisted
of  expenses  relating  to   salaries,   information   systems   expansion,
professional  fees,   facilities   expenses  and  other  general  corporate
expenses.   Our  selling,  general and administrative expenses increased to
$998,755 in 2002 from $396,542 in 2001, an increase of 152%.    This change
was due primarily to an increase in payroll and  related  employee  benefit
costs of approximately $526,000 during the year  ended December 31, 2002 as
compared  to the  year ended  December 31, 2001.   The Company notified its
employees  on  January 1, 2001 that due to its financial condition, payroll
would  cease for an undetermined  amount  of time.    In 2002, the  Company
decided  that  payroll would   resume.    Another  increase   in  2002   of
approximately $307,500 in litigation settlement expense as compared to zero
in 2001 contributed to the increase in  selling, general and administrative
expenses.  The Company saw an increase in consulting expense of $25,000 due
to a contract the Company  entered into with an  outside firm that will use
its best efforts to  secure  necessary funding needed to meet the Company's
future financial obligations.    The  Company saw  significant decreases in
contract  labor,  professional  fees,  advertising  expense, rent  expense,
utilities expense and telephone expense of approximately  $88,000, $54,200,
$50,300, $57,600, $10,100 and $8,500, respectively as the Company continued
its efforts to cut costs to decrease the Company's need for cash. We expect
that selling,  general  and  administrative  expenses will increase in  the
future as we hire additional personnel, expand our operations domestically,
initiate  additional  marketing programs,  establish  sales offices in  new
locations and incur additional costs related to the growth of our  business
and our operations as a public company.

During 2002 and 2001, there were no stock options granted to  non-employees
under our 1999 Stock Option Plan.  As of December 31, 2002, 3,792,102 total
options remain exercisable by non-employee consultants at a strike price of
$0.50 each. Options to non-employee consultants were recorded as consulting
expenses and disclosed as selling,  general and administrative  expenses in
the Company's accompanying consolidated financial statement, using the fair
market value of the services rendered or the options granted on the date of
issuance.

Accrued payroll and related taxes  increased to  $982,808  at December  31,
2002  as compared to  $492,911 at December 31,  2001,  respectively.    The
Company notified its employees on January 1, 2001 that due to its financial
condition, payroll would cease for an undetermined amount of time. In 2002,
the Company decided that payroll would  resume.  Interest expense increased
to $52,182 in 2002 compared  to  $35,447 in 2001, an increase of 47%.   Our
increase  in  interest  expense  can  be attributed to interest incurred on
accounts payable.

Year Ended December 31, 2001 compared to Year Ended December 31, 2000

We  had no net revenues in the year ended December 31, 2001 ("2001") or  in
the  year ended December 31, 2000 ("2000"). Consequently, there was no cost
of revenues or gross profit in 2001 or 2000.

We incurred an operating loss of $396,542 in 2001, compared to an operating
loss  of  $1,239,727 in 2000, a decrease of $843,185.  The Company notified
its  employees  on  January  1, 2001 that due to its  financial  condition,
payroll would cease; this is the primary reason behind the decline  in  our
operating loss for 2001 as compared to 2000.

Research  and  development  expenses, which  were  expensed  as  they  were
incurred,  consist primarily of salaries and related expenses for personnel
engaged  in  engineering  and  development,  fees  paid  to  research   and
engineering consultants and outside service providers, costs for prototypes
and  test  units,  and  other expenses related to the design,  development,
testing and enhancements of VersaCase and our future products. Our research
and development expenses decreased to zero in 2001 from $21,035 in 2000,  a
decrease  of  100%.  This decrease was due to a consulting fee paid  during
2000 to an international product design and consulting firm to examine  the
Company's  products  for  possible improvement  suggestions  prior  to  the
commencement of full-scale production.

There  was a decline from $40,000 in 2000 to zero in 2001 spent on  tooling
and  dies  for  the  VersaCase.  This decrease is due  to  one  tool  being
launched in 2000 as opposed to no tools in 2001.  The total future  tooling
commitments remaining as of December 31, 2001 totaled $365,295.

Selling,  general and administrative expenses consist primarily of salaries
and  related  costs  of  marketing and customer support  activities,  legal
services,   and   accounting  services,  information  technologies,   human
resources,  and executive expenses, as well as costs associated with  trade
shows,  promotional  activities, advertising and  public  relations.  Legal
services  for  the  company consisted of salaries, filing  fees,  dues  and
subscriptions  and  new  and  ongoing  patent  and  trademark  filings  and
prosecution  costs.  Prosecution costs include those  legal  fees  directly
associated  with the process of obtaining patents on inventions  under  the
control  of or otherwise originating from the Company. Finance, information
technologies, human resources and executive expenses consisted of  expenses
relating  to  salaries, information systems expansion,  professional  fees,
facilities  expenses  and other general corporate expenses.   Our  selling,
general  and  administrative expenses decreased to $396,542  in  2001  from
$1,218,692 in 2000, a decrease of 67%.  This change was due primarily to  a
decrease  in  payroll and related employee benefit costs  of  approximately
$778,067  during the year ended December 31, 2001 as compared to  the  year
ended December 31, 2000.  The Company notified its employees on January  1,
2001  that  due  to  its financial condition, payroll would  cease.   Other
decreases  in professional fees, consulting expenses, officers'  insurance,
travel  expenses and computer supplies were approximately $31,000, $20,400,
$15,500,  10,900  and  $8,700, respectively as the  Company  continued  its
efforts  to cut costs to decrease the Company's need for cash.  During  the
year  ended  December 31, 2001 as compared to the year ended  December  31,
2000,  the  Company  incurred significant increases in contract  labor  and
advertising  of  $84,000 and $49,000, respectively.  These  increases  were
directly  related to the printing of prospectuses and publicity  affiliated
with the Company's SB-2 registration with the United States Securities  and
Exchange  Commission.  We expect that selling, general  and  administrative
expenses  will  increase  in  the future as we hire  additional  personnel,
expand our operations domestically, initiate additional marketing programs,
establish sales offices in new locations and incur additional costs related
to the growth of our business and our operations as a public company.

During 2001, there were no stock options granted to non-employees under our
1999 Stock Option Plan.    As of December 31, 2001, 3,792,102 total options
remain  exercisable by non-employee consultants at a strike price of  $0.50
each.  Options  to  non-employee consultants were  recorded  as  consulting
expenses  and disclosed as selling, general and administrative expenses  in
the Company's accompanying consolidated financial statement, using the fair
market value of the services rendered or the options granted on the date of
issuance.   During  2000, 218,270 options were cancelled  and  12,000  were
exercised.  We recognized no compensation expense to non-employees relating
to  options during 2001, compared to $11,844 in 2000, a decrease  of  100%.
We determined that the per share weighted average fair value of post-splits
stock options granted during 2000 was $0.50 on the date of grant.

Accrued  payroll  and related taxes decreased to $492,911 at  December  31,
2001  as  compared  to  $517,755 at December 31, 2000,  respectively.   The
Company notified its employees on January 1, 2001 that due to its financial
condition,  payroll would cease.  Interest expense decreased to $35,447  in
2001  compared to $39,006 in 2000, a decrease of 9%.  Our interest  expense
for 2001 was consistent with 2000.

LIQUIDITY AND CAPITAL RESOURCES

From  inception,  we have financed our operations primarily through private
placements of equity securities,  which provided aggregate net proceeds  of
approximately $2,620,000 and net loans from founder received from inception
of $3,093,000.   At December 31, 2003, our  cash balance was $3,178.  Since
that  date, we have received additional  proceeds from founder's  loans and
the  Company's cash position fluctuates.   The  Company  expects  founder's
loans to continue funding the Company's operations until the time that such
loans are not necessary.  In 2003, Mr. Jelinger, our founder,  forgave debt
of $432,240,  accrued  interest  of $22,280 and accrued salary of $199,352.
The cash requirement needed to complete production tooling, infrastructure,
manufacturing  development  and marketing of the VersaCase and Stable power
supply  is  approximately  $4,200,000,  of  which  $365,295  is contractual
committed to as of December 31, 2003.   The  cash  requirement needed for a
second   round   of   production   tooling,  infrastructure,  manufacturing
development and marketing of the Cablety is approximately $112,000.   Final
product  development  of  the  Cablety began in January 2003 and production
began  in  the fourth quarter 2003.   Production of the Stable power supply
and VersaCase  could  feasibly  start in mid to late 2004 and would require
approximately  $5,000,000 to begin initial  ramp-up production for a 90 day
period.

Net cash used in operating activities for the years ended 2003 and 2002 was
$266,028 and $71,914, respectively.   Our  net cash flow  used in investing
activities was $37,958  in  2003  and  relates  primarily  to  the  initial
production  tool  for  the  Cablety  and  the  cash  flow used in investing
activities in 2002 was zero.  Net cash inflow from financing activities was
$307,112  in  2003  and $71,731 in 2002 and relates to funds contributed to
the Company by Mr. Jelinger.

Our   future  capital  requirements  will  depend  upon  numerous  factors,
including the amount of revenues generated from operations, the cost of our
sales  and  marketing  activities  and  the  progress  of  our research and
development activities, none of which can be predicted with certainty.   In
December,  2000,  the company filed an SB-2 registration statement with the
Securities  and Exchange  Commission to register 4,000,000 shares of common
stock,  at $10.00  per share in a "Best Efforts" offering.   The filing was
declared effective  on December 28, 2000.   The purpose of the offering was
to raise  sufficient funds  to enable the company to commence manufacturing
of  its  VersaCase  product.   Ultimately,  the  company  did  not  receive
sufficient subscriptions to enable to commence manufacturing operations and
the offering terminated with all funds returned to subscribers.  Currently,
the company  plans  to  raise  sufficient  funds through the advancement of
monies by its founder.   While  funds  advanced and raised from the founder
may  enable  the company  to  continue  product  development  and  commence
out-source  manufacturing,  we  cannot  be  certain  that  the founder will
continue to fund our capital needs.   Consequently,  we may seek additional
funding  during  the  next  24 months through a post effective amendment to
the SB-2  registration  statement.  There  can  be  no  assurance  that any
additional financing will be available on acceptable  terms,  if  required.
Moreover, if additional financing is not available, we could be required to
reduce  or  suspend  our  operations,  seek  an acquisition partner or sell
securities  on   terms  that  may   be   highly   dilutive   or   otherwise
disadvantageous  to  existing  investors,  or  investors  purchasing  stock
offered in the anticipated secondary offering. In the event that neither of
the capital-raising mechanisms  described above  result  in  timely  usable
proceeds  to  the Company,  we may  have a  serious  shortfall  of  working
capital.   We have experienced in the past, and may continue to experience,
operational  difficulties and  delays in product development due to working
capital constraints. Any such difficulties or delays could have  a material
adverse  effect  on  our  business,  financial  condition  and  results  of
operations.

NEW ACCOUNTING PRONOUNCEMENTS

In December 2003, the Financial Accounting Standards Board issued a revised
Statement  132,   Employers'   Disclosures   about   Pensions   and   Other
Postretirement  Benefits.   This  Statement revises  employers' disclosures
about pension plans and  other postretirement benefit plans.  It  does  not
change  the  measurement  or  recognition  of those  plans required by FASB
Statements  No.  87, Employers' Accounting for Pensions, No. 88, Employers'
Accounting  for  Settlements and  Curtailments  of Defined  Benefit Pension
Plans and for Termination Benefits, and No. 106, Employers'  Accounting for
Postretirement Benefits Other Than Pensions.  This  Statement  retains  the
disclosure  requirements  contained  in FASB  Statement No. 132, Employers'
Disclosures  about  Pensions  and Other  Postretirement  Benefits, which it
replaces.  It  requires  additional  disclosures  to  those in the original
Statement  132  about the assets, obligations, cash flows, and net periodic
benefit  cost of  defined benefit  pension plans  and other defined benefit
postretirement  plans.   The  required  information  should   be   provided
separately  for  pension  plans and for other postretirement benefit plans.
The Statement is generally effective for fiscal years ending after June 15,
2004.   Management  believes that this statement will have no effect to the
Company.


Item 7.   Financial Statements

                                UNITREND, INC.
                         (A Development Stage Company)

                                BALANCE SHEETS
                          December 31, 2003 and 2002


                                   ASSETS

                                                      (unaudited)  (unaudited)
                                                          2003         2002
CURRENT ASSETS
Cash                                                      $3,178          $52
Inventory - Finished Goods                                10,651           -
                                                      ----------   ----------
Total Current Assets                                      13,829           52

PROPERTY AND EQUIPMENT, at cost
Land                                                      67,485       67,485
Building and improvements                                351,168      351,168
Furniture and fixtures                                    65,496       65,266
Computer equipment                                       151,055      151,055
Computer software                                         46,719       46,719
Automobiles                                               15,937       15,937
Tooling and dies under construction                    1,507,157    1,469,429
                                                      ----------   ----------
                                                       2,205,017    2,167,059
Less accumulated depreciation                           (294,261)    (273,925)
                                                      ----------   ----------
Net property and equipment                             1,910,756    1,893,134
                                                      ----------   ----------
OTHER ASSETS
Patent licensing costs,
   net of accumulated amortization                        22,827       24,942
Loan costs,
   net of accumulated amortization                             -          545
                                                      ----------   ----------
Total other assets                                        22,827       25,487
                                                      ----------   ----------
TOTAL ASSETS                                          $1,947,412   $1,918,673
                                                      ==========   ==========

                    LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITES
Accounts payable                                        $623,626     $624,954
Current portion of note payable                          185,330      211,313
Accrued expenses                                       1,172,433    1,314,288
                                                      ----------   ----------
Total current liabilities                              1,981,390    2,150,555
                                                      ----------   ----------
NOTES PAYABLE - RELATED PARTIES                                -       99,145
                                                      ----------   ----------
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, no par value                             3,795,598    3,795,598
Additional paid-in capital                             8,601,683    8,023,695
Deficit accumulated in the development stage         (12,431,259) (12,150,321)
                                                      ----------   ----------
Total stockholders' equity (deficit)                     (33,978)    (331,028)
                                                      ----------   ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY(DEFICIT)   $1,947,412   $1,918,673
                                                      ==========   ==========




                                 UNITREND, INC.
                          (A Development Stage Company)

                             STATEMENTS OF OPERATIONS
    For the Years Ended December 31, 2003, 2002, 2001 and for the period from
          the inception date of September 27, 1994 to December 31, 2003

<TABLE>
<CAPTION>
                                           (unaudited)      (unaudited)        (audited)          (unaudited)
                                           Year Ended       Year Ended       Year Ended       September 27, 1994
                                           December 31,     December 31,     December 31,    (Date of Inception)
                                               2003            2002             2001         to December 31, 2003
                                          --------------   --------------   --------------   --------------------
<S>                                       <C>              <C>              <C>              <C>
Sales                                     $          84    $           -    $           -    $               687

Cost of Sales                                    (1,010)               -                -                 (1,010)
                                          --------------   --------------   --------------   --------------------

Gross Loss                                         (927)               -                -                   (324)

Research and
  development expenses                          (36,572)               -                -               (566,515)

Selling, general
  and administrative expenses                  (218,641)        (998,755)        (396,542)           (11,531,910)
                                          --------------   --------------   --------------   --------------------
Operating loss                                 (256,140)        (998,755)        (396,542)           (12,098,749)

Interest income                                       -              -                  -                  1,546

Interest expense                                (24,798)         (52,182)         (35,447)              (310,088)
                                          --------------   --------------   --------------   --------------------
Net loss before cumulative
  effect of change in
  accounting principle                         (280,938)      (1,050,937)        (431,989)           (12,407,291)

Cumulative effect of change
  in accounting principle                             -               -                 -                (23,968)
                                          --------------   --------------   --------------   --------------------
Net loss                                  $    (280,938)   $  (1,050,937)   $    (431,989)   $       (12,431,259)
                                          ==============   ==============   ==============   ====================
Basic and diluted loss per share:

Before cumulative effect of
  change in accounting
  principle                               $       (0.00)   $       (0.01)   $       (0.01)   $             (0.18)

Cumulative effect of change in
  accounting principle                                -                -                -                      -
                                          --------------   --------------   --------------   --------------------
Net loss                                  $       (0.00)   $       (0.01)   $       (0.01)   $             (0.18)
                                          ==============   ==============   ==============   ====================
Weighted average shares
 outstanding used to compute
 basic and diluted loss
 per share                                   70,371,770       70,371,770       69,895,580             68,006,490
                                          ==============   ==============   ==============   ====================
</TABLE>



                               UNITREND, INC.
                        (A Development Stage Company)

                 STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
               For the Years Ended December 31, 2003, 2002 and 2001
                                   (unaudited)


                                                           Deficit
                                                         Accumulated
                           Common Stock     Additional    During the
                         ----------------     Paid-in    Development
                        Shares      Amount    Capital       Stage      Total
                      ---------- ---------- ---------- ------------- ----------

BALANCE -
DECEMBER 31, 2000     69,895,580  3,557,503  8,023,695  (10,667,395)    913,803

Net loss - 2001                -          -          -     (431,989)   (431,989)
                      ---------- ---------- ---------- ------------- -----------
BALANCE -
DECEMBER 31, 2001     69,895,580  3,557,503  8,023,695  (11,099,384)    481,814

Majority stockholder
  exercised options
  at $0.50 per share
  on January 22, 2002    476,190    238,095          -             -    238,095

Net loss - 2002                -          -          -   (1,050,937) (1,050,937)
                      ---------- ---------- ---------- ------------- -----------
BALANCE -
DECEMBER 31, 2002     70,371,770  3,795,598  8,023,695  (12,150,321)   (331,028)

Majority stockholder
  forgives loans and
  accrued salary on
  December 31, 2003            -          -    577,988             -    577,988

Net loss - 2003                -          -          -     (280,938)   (280,938)
                      ---------- ---------- ---------- ------------- -----------
BALANCE -
DECEMBER 31, 2003     70,371,770 $3,795,598 $8,601,683 $(12,431,259) $  (33,978)
                      ========== ========== ========== ============= ===========




                                  UNITREND, INC.
                           (A Development Stage Company)

                              STATEMENT OF CASH FLOWS
   For the Years Ended December 31, 2003, 2002, 2001 and for the period from the
            inception date of September 27, 1994 to December 31, 2003

<TABLE>
<CAPTION>
                                          (unaudited)   (unaudited)    (audited)        (unaudited)
                                                                                     September 27, 1994
                                          Year Ended    Year Ended    Year Ended     (Date Of Inception)
                                          December 31,  December 31,  December 31,      to December 31,
                                              2003          2002          2001               2003
                                        ------------  -------------  -------------     -------------
<S>                                     <C>           <C>            <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net loss                              $  (280,938)  $ (1,050,937)  $   (431,989)     $(12,431,259)
                                        ------------  -------------  -------------     -------------

Adjustments to reconcile net loss to
   net cash used in operating activities:
    Change in accounting principle                 -              -              -            23,968
    Options issued for services                    -              -              -         5,326,989
    Depreciation & amortization               22,996         27,504         36,906           334,377
    Loss on disposal of property
     and equipment                                 -          8,158          4,735            12,893
    Bad debt                                       -              -              -            42,157
    Accrued interest income                        -              -              -            (3,091)
    Common stock issued for services               -              -              -            10,000
  Increase in operating assets:
    Inventory                                (10,651)             -              -           (10,651)
    Prepaid expenses                               -              -              -                 -
  Increase in operating liabilities:
    Accounts payable                          (1,328)       121,984        164,794           623,626
    Accrued expenses                           3,893        821,377        (24,844)        1,388,123
                                         ------------  -------------  -------------     -------------
    Total adjustments                         14,910        979,023        181,591         7,748,391
                                         ------------  -------------  -------------     -------------
  Net cash used in operating activities     (266,028)       (71,914)      (250,398)       (4,682,868)
                                         ------------  -------------  -------------     -------------


CASH FLOWS FROM INVESTING ACTIVITIES
  Payment for patent licensing costs               -              -              -           (31,723)
  Purchase of property and equipment         (37,958)             -           (330)       (2,248,422)
  Proceeds from sale of property and
   equipment                                       -              -         10,941            10,941
  Loans to related parties                         -              -              -           (18,191)
  Loans to other entities                          -              -              -           (23,916)
  Repayment from employee                          -              -              -             3,041
  Payment of organizational cost                   -              -              -           (30,168)
                                         ------------  -------------  -------------     -------------
  Net cash provided by (used in )
   investing activities                      (37,958)             -         10,611        (2,338,438)
                                         ------------  -------------  -------------     -------------

CASH FLOWS FROM FINANCING ACTIVITIES
  Payment of loan costs                            -              -              -            (5,448)
  Loans from stockholder                     333,095         85,938        218,836         3,092,189
  Proceeds from note payable                       -              -              -           290,000
  Payment on note payable                    (25,983)       (14,207)       (22,553)         (104,670)
  Proceeds from sale of common stock
   and exercise of stock options                   -              -              -         2,619,563
  Payments for stock recissions                    -              -              -          (134,170)
  Sale of stock subject to recission
   for cash                                        -              -              -         1,267,020
                                         ------------  -------------  -------------     -------------
  Net cash provided by financing
   activities                                307,112         71,731        196,283         7,024,484
                                         ------------  -------------  -------------     -------------

    Net increase (decrease) in cash            3,126           (183)       (43,504)            3,178

Cash - beginning of period                        52            235         43,739                 -
                                         ------------  -------------  -------------     -------------
Cash - end of period                     $     3,178   $         52   $        235      $      3,178
                                         ============  =============  =============     =============
SUPPLEMENTAL DISCLOSURE OF CASH
 FLOW INFORMATION:
    Cash paid during the period
     Interest                            $    24,798   $     13,992   $     32,717      $    166,613

</TABLE>

SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES:

The President/Majority Stockholder forgave debt of $432,240, accrued interest
of $22,280 and accrued salary of $199,352  during the year ended December 31,
2003.   The President/Majority  Stockholder also exercised 476,190 options to
purchase stock, during the year ended December 31, 2002, at a price of  $0.50
per share by forgiving debt of $238,095.

Item 8.   Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.

On  October 16, 2003,  GBQ Partners LLC, formerly known as GBQ Partners, LLP
("GBQ"),  resigned  as  the  Registrant's  independent  public  accountants.
During  the  fiscal  years ended December 31, 2000,  1999,   1998 and  1997,
there   were  no  disagreements  with  GBQ  on   any  matter  of  accounting
principle or  practice,  financial  statement disclosure,  or auditing scope
or procedure.  The Board of Directors is currently in the process of seeking
other  independent  public  accountants  to perform its annual audit for the
2001, 2002 and 2003 fiscal years.

                                 PART III
Item 9.   Directors, Executive Officers and Key Employees

            Name            Age     Position with the Company

    Conrad  A.H. Jelinger   51      President, Chief Executive Officer,
                                    Chairman, interim CFO and Director
    Kathleen M. Farley      29      Executive Vice President
    Eric V. Jelinger        50      Director
    K. Dale Boley           34      Director
    Robert J. Hayes         47      Director
    Martha A. Moloney       65      Director
    Darryl Stolper          62      Director


Conrad A. H. Jelinger.

Conrad  A.H.  Jelinger is the founder of Unitrend and  has  been  Chairman,
President and CEO of the Company since its inception in 1996.  Mr. Jelinger
has  over  25  years of experience in the technical and computer  industry.
This  includes serving as President and CEO of Server Systems  Technologies
from September 1994 to April 1996.  Mr. Jelinger attended the University of
Toledo, where he studied Business Administration and International Finance.
He  also completed technical and electronics training while serving in  the
United States Navy.  Mr. Jelinger is one of our executive officers.

Kathleen M. Farley.

Kathleen  M.  Farley joined Unitrend in December 1996 as Marketing  Analyst
after  graduating  with a  Bachelor in Business Administration and majoring
in  Finance  and  Marketing  from  Ohio University.   In 1997, as  Director
of  Marketing,  Mrs. Farley brought Unitrend to Fall COMDEX.  Additionally,
in 1997, Mrs. Farley was appointed Investor Relations Specialist. In August
1999, Mrs. Farley was appointed Director of  Administration and in February
2000,  she  was  promoted  to Executive Vice President.  Mrs. Farley is one
of our executive officers.

Eric V. Jelinger.

Eric  V.  Jelinger has been a member of the Board of Directors  since  July
1999  and  was elected as Assistant Secretary of the Company in July  1999.
Eric  Jelinger is the brother of Conrad Jelinger.  Since June of 1994, Eric
Jelinger  has  been  a  vascular interventional radiologist  at  the  Joint
Township District Memorial Hospital in St. Mary's, Ohio.   In addition,  he
was  Vice  President and member of the Board of Server Systems Technologies
from  1994  to 1996.  Since January of 1999, he has also held the following
additional  business  positions: Managing  Member  of  Van  Hague  Elevator
Company  (a  business holding company), Managing Director of  Golden  Apple
Limited  (a real estate development company), and Managing Director  of  AP
Net Limited (an on-line tutorial company).  Since June of 1998, he has been
President  of  5171 CRA, Inc. (an aircraft rental company).  Eric  Jelinger
received  a B.A. from the University of Toledo in 1980 and a M.D. from  the
Medical  College of Ohio in 1985.  He completed his fellowship in  vascular
interventional radiology in 1991 at Georgetown University Hospital.

K. Dale Boley.

Dale  Boley  has been a member of the Board of Directors since  July  1999.
From  1992  to  October  of 1996, Mr. Boley was a  production  operator  at
Teleflex Automotive in Van Wert, Ohio.  From 1996 to 1997, Mr. Boley was  a
sales agent with Sharron Realty Associates in Van Wert, Ohio.  In addition,
since  January of 1999, Mr. Boley has been a Manager of Van Hague  Elevator
Company.   Mr. Boley attended Lima Technical College focusing on  computers
and received a P.C. in Microcomputers Sales and Marketing in 1991.

Robert J. Hayes.

Robert  J.  Hayes became a member of the Board of Directors in March  2000.
Mr. Hayes joined NPI in 2002 to enhance design efforts by ensuring seamless
integrations  of capabilities, expertise and resources with  manufacturers.
He  is  involved  in all phases of the NPI Process - from conceptualization
through   production  -  contributing  a  unique,  creative   approach   to
engineering  alternatives and solutions.  Prior to joining NPI,  Mr.  Hayes
directed  the  Product  Development  Group  including  Industrial   Design,
Mechanical  and  Electrical Engineering, for Fitch USA  where  his  project
involvement  included work for such companies as Amway, BioImage  (a  Kodak
company),  Ciba  Corning Diagnostics Corp., Compaq, Diebold,  Lear  Siegler
Seymour, Rubbermaid and Lionel.  He is named on numerous design and utility
patents.   Mr. Hayes holds a B.S. in Mechanical Engineering from  Cleveland
State University.

Martha A. Moloney.

Martha A. Moloney became a member of the Board of Directors in March  2000.
From  1972  to  1977, Ms. Moloney was Vice President and  Board  member  at
Steger Schowel, a restaurant supply distribution company.  Since 1990,  Ms.
Moloney  has  been  in  private practice while concurrently  serving  as  a
Counselor with Catholic Charities at numerous area hospitals.  Ms.  Moloney
holds  a B.A. in Psychology from Maryville University and a M.SW. From  St.
Louis University.

Darryl Stolper.

Darryl  Stolper  became a member of the Board of Directors in  March  2000.
From  1980  to the present, Mr. Stolper has worked at Paul Revere Secondary
School  where  he  is  department Chairman for, and  Teacher  of,  American
History.   A  historian  and  writer, Mr. Stolper  has  been  published  in
numerous periodicals including Reel West and Blues Unlimited.  Mr.  Stolper
is recognized as an authority in music recording history, and has served as
a  consultant  to Rhino Records and provided expert testimony  in  numerous
legal  cases.  Since 1985, Mr. Stolper has served as an elected  member  of
the Pacific Palisades, California Board of Governors.  Mr. Stolper holds  a
B.A.  in  Physical Anthropology and American History from California  State
University,  Northridge  and  M.A.  in  American  Studies  from  Pepperdine
University.

Item 10.  Executive Compensation

The following table shows compensation for each person who served in the
capacity of Chief Executive Officer during the years set forth and any
other executive who earned a total of more than $100,000 in compensation in
such years.

                                                       Number
                                                     of shares
Name and                                             Underlying  Other Annual
Principal Position        Year     Salary     Bonus   Options    Compensation
------------------------------------------------------------------------------
Conrad A.H. Jelinger      2003     $    --    $ --         --       $  --
CEO, President,           2002          --      --     23,810          --
Chairman, interim CFO     2001          --      --         --          --


Item 11.  Security Ownership of Certain Beneficial Owners and Management

The following table sets forth certain information regarding the ownership
of  the Company's shares of  common stock as of March 29, 2004, by (i) all
those known by  the Company to be beneficial owners of more than 5% of its
common stock; (ii) all Directors; and (iii)  all Officers and Directors of
the Company as a group.  Unless otherwise indicated, each of the
stockholders has sole voting and investment power with respect to the
common stock beneficially owned.

                                            Beneficial Ownership
                                            --------------------
Stockholder                           Number of shares       Percent (1)
-----------                           ----------------       -----------

Conrad A.H. Jelinger                    45,367,740(2)           61.0%
 4665 West Bancroft St.
 Toledo, OH  43615

Eric V. Jelinger                         7,750,000              10.4%
 4665 West Bancroft
 Toledo, OH  43615

K. Dale Boley                              230,000               0.3%
 4665 West Bancroft
 Toledo, OH  43615

Martha Moloney                              95,800               0.1%
 4665 West Bancroft
 Toledo, OH  43615

Darryl Stolper                               5,200                 *
 4665 West Bancroft
 Toledo, OH  43615

Kathleen M. Farley                       1,428,334(3)            1.9%
 4665 West Bancroft
 Toledo, OH  43615


Total for Officers and Directors        54,877,074              73.8%

   (1)  Percentages are calculated to include all outstanding securities and
        securities deemed outstanding pursuant to Rule 13d-3 (d)(1) under the
        Securities Exchange Act of 1934.

   (2)  Total includes 23,810 options that are fully vested and subject to
        exercise.

   (3)  Total includes 1,333,334 options that are fully vested and subject to
        exercise.

Item 12.  Certain Relationships and Related Transactions

None

Item 13.  Exhibits and Reports on Form 8-K

     (a)  List of Exhibits
          99.  Additional Exhibits
          Exhibit 99.1  Certification Under Section 906 of Sarbanes-Oxley
                        Act of 2002

Exhibit
Number                                Document
--------------------------------------------------------------------------------
2.1     Articles of Merger for the Merger of Unitrend, Inc., and Server
        Systems Technologies, Inc.  (incorporated by reference from the
        Company's Form 10-12B filed March 30, 2000)
2.2     Articles of Merger for the Merger of Unitrend, Inc., an Ohio
        corporation, and Unitrend, Inc., a Nevada corporation.
        (incorporated by reference from the Company's Form 10-12B filed
        March 30, 2000)
3.1     Articles of Incorporation of Unitrend, Inc. and Amendments.
        (incorporated by reference from the Company's Form 10-12B filed
        March 30, 2000)
3.2     By-Laws of Unitrend, Inc..  (incorporated by reference from the
        Company's Form 10-12B filed March 30, 2000)
4.1     Lock-up Agreement between Unitrend, Inc. and Eric Jelinger.
        (incorporated by reference from the Company's Form 10-12B filed
        March 30, 2000)
10.1    1999 Equity Incentive Plan.  (incorporated by reference from the
        Company's Form 10-12B filed March 30, 2000)
10.2    Form Stock Option Agreement (Employee).  (incorporated by
        reference from the Company's Form 10-12B filed March 30, 2000)
10.3    Form Stock Option Agreement (Non-Employee/Non-Qualified).
        (incorporated by reference from the Company's Form 10-12B filed
        March 30, 2000)
10.4    Cash Incentive Plan.  (incorporated by reference from the
        Company's Form 10-12B filed March 30, 2000)
10.5    Employment Agreement, Non-compete Agreement and Trade Secret
        Agreement  between the Company and Conrad A.H. Jelinger
        (incorporated by reference from the Company's Form 10-12B filed
        March 30, 2000)
10.6    Employment Agreement, Non-compete Agreement and Trade Secret
        Agreement  between the Company and Kathleen M. Novak
        (incorporated by reference from the Company's Form 10-12B filed
        March 30, 2000)
10.8    Option Agreements between the Company and Kathleen M. Novak
        (incorporated by reference from the Company's Form 10-12B filed
        March 30, 2000)
10.10   Option Agreements between the Company and Martha Moloney
        (incorporated by reference from the Company's Form 10-12B filed
        March 30, 2000)
10.11   Promissory Note for the purchase of the property located at 4665
        W. Bancroft, Toledo, Ohio  (incorporated by reference from the
        Company's Form 10-12B filed March 30, 2000)
10.12   Mortgage for the property located at 4665 W. Bancroft, Toledo,
        Ohio  (incorporated by reference from the Company's Form 10-12B
        filed March 30, 2000)
10.13   Promissory Note from the Company given to Conrad Jelinger for the
        year ending 1998  (incorporated by reference from the Company's
        Form 10-12B filed March 30, 2000)
10.14   Promissory Note from the Company given to Conrad Jelinger for the
        year ending 1999  (incorporated by reference from the Company's
        Form 10-12B filed March 30, 2000)
10.15   Joint Venture Agreement between Unitrend, Inc., and Jon
        Osborne(incorporated by reference from the Company's Form 10-12B
        filed March 30, 2000)
10.16   Promissory Note given to the Company from Osborne Manufacturing,
        for the year ending 1998  (incorporated by reference from the
        Company's Form 10-12B filed March 30, 2000)
10.17   Promissory Note given to the Company from Osborne Manufacturing,
        for the year ending 1999  (incorporated by reference from the
        Company's Form 10-12B filed March 30, 2000)


                                SIGNATURES

Pursuant to the requirements of Section 15(d) of the Securities Exchanges
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.



                              UNITREND, INC.


Date: March 29,2004       By:   /s/ Conrad A.H. Jelinger
                               ________________________________________
                               Conrad A.H. Jelinger, President,
                               Chief Executive Officer, Chairman,
                               interim CFO and Director
                              (Duly Authorized representative)

Pursuant to the requirements of the Securities Exchange Act of 1934,this
report has been signed below by the following persons in the capacities
and on the dates indicated.


/s/ Conrad A.H. Jelinger
_____________________________
Conrad A.H. Jelinger,
President, Chief Executive Officer,
Chairman, interim CFO and Director
(Principal Executive and Financial Officer)

Date: March 29, 2004


/s/ Eric V. Jelinger                 /s/ K. Dale Boley
_____________________________        _____________________________
Eric V. Jelinger,                    K. Dale Boley,
Director                             Director

Date: March 29, 2004                 Date: March 29, 2004


                                     /s/ Martha A. Moloney
_____________________________        _____________________________
Robert J. Hayes,                     Martha A. Moloney,
Director                             Director

Date:                                Date: March 29, 2004


/s/ Darryl Stolper
_____________________________
Darryl Stolper,
Director

Date: March 30, 2004