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, 2004

[_]  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: $5,853

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:  $ 133,985,145 as of
March 31, 2005.

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 31, 2005:              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.  Since  the  Company's
formation, it has focused on research and development and procuring patents
on  its  technology.  The  Company  released the Cablety(R) wire management
system in the fourth quarter 2003 and plans to follow with the VersaCase(R)
computer enclosure, Stable(R) power supply and Breeze power supply in 2005.

In 1998,  the  Company  formed Osborne Manufacturing, Inc. (OMI) to produce
the  Company's  products.   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.  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, Breeze 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  2005.   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, Stable power supply and Breeze 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 five people by
late 2005.

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  nine United  States patents  issued  and eight United
States  patent  applications  pending.    We  also  have  nine   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 on 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.    About 154.7 million units were
shipped worldwide 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).   In 2004,  shipments reached
177.5 million units worldwide,  up 14.7 percent from 2003 according to IDC.
IDC also reports that domestic PC shipments totaled 58.3 million in 2004, a
slight increase over 2003.

IDC expects a 9.7 percent increase in worldwide PC sales in 2005 over 2004.
Domestic  shipments  are expected  to grow to 62.7 million  in 2005,  a 7.6
percent  according to IDC.   Even though sales have slightly increased, the
Company  believes that worldwide PC  sales will continue to increase in the
coming  years  because  of  the  replacement  of  outdated  units.   Market
researcher  IDC attributes the  lower-than-expected  growth to  the delayed
economic recovery in Japan and a cautious outlook in the United States.  In
2004,  pre-Year 2000 machines  began to reach the end of their life cycles.
This  replacement  cycle appears to  be slowly 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).
"While IT buyers in the United States have indicated firm intentions to buy
in 2005, we have kept the U.S.  forecast modest because of what we see as a
host of risk factors,"  Roger Kay, vice  president  of client  computing at
IDC, said in a statement.   "These factors include a recovery that  appears
to be getting long in  the tooth,  a lack of jobs growth, rising budget and
trade deficits,  persistently high oil prices,  a Treasury-draining foreign
war, rising interest rates,  a stock market that continues to move sideways
and record-low  household savings rates."   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.
Small  and midsize  businesses are  changing  their  PC  and  server buying
habits,  choosing, for example, to purchase hardware from the manufacturer.
Slower replacement cycles are among the challenges facing vendors. Business
customers  are in the  middle of the replacement cycle that PC vendors have
been  anticipating  for  two  years,  but  consumers  have  largely  tapped
themselves  out after two  years of keeping  the PC market afloat amid slow
business  sales  (Pcworld.com 1/19/05).     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 4 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  2005  the  desktop  PC  may   undergo
transformations.  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).  It could take four to five years to implement.

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,  Stable power supply  and  Breeze
power  supply  were  designed  with  these  factors  in  mind, resulting in
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  and  interchanging  back  plane  apertures allow 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.   The Breeze  power  supply  is  based on
Stable technology.   With both,  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,  Stable
power  supply  and Breeze power  supply buys  back two  minutes of user and
technical support time.   The total cost of ownership for a  computer built
with VersaCase,  Stable power  supply and Breeze  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 stand  alone 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 were
introduced to  the market by the major drive manufacturers in 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  that  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,  Breeze 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, Breeze power supply
and  Cablety  simplify  changes  and extend  the life of computers,  saving
substantial time and money for both companies and individuals.

COMPETITION
and  Cablety  simplify  changes  and extend  the life of computers,  saving
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 large
domestic  distributors  and 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 next products to be offered will
be the Stable power supply  and the Breeze 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.
The  only  competing  company that  offers a  product  that  delivers  some
scalable  and  versatile  technology  is  Ultra  Product's X-Connect  power
supply.   The  fourth  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, Portwell, Inc.  and Antec, Inc.  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 or Breeze.   No one,
however,  has  designed  or introduced  a  model(s) that  delivers all  the
scalable and versatile technology that our technology 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:  EverCase  Technology, Inc.,  Addtronics
Enclosures, Inc.,  Lead Year Enterprises Co. Ltd.,  Evergreat Computer Tech
Corporation and Chieftec Industries Co. Ltd.

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,
three hex nuts and three 3M adhesive pads.   Kits and individual components
are  also  available  to  OEMs on  a  bulk  basis  to  fit  whatever  their
requirements may be.   The Cablety is currently available in light blue and
flame orange.  Other colors will be added in the future.   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  becomes  very  competitive  in  price  and offers numerous
features and benefits not offered by any competitor.   The target price for
the Breeze power supply is around $90.   This is  fairly  competitive  with
others  on the market.   The VersaCase  is more expensive  to purchase than
traditional  desktop computer enclosures,  with a retail price around $325,
the  price will depend on  whether the  customer chooses  the Stable  power
supply or the Breeze power supply.  The VersaCase will also include cables.
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 have experienced modest sales.   We anticipate sales
to grow as we move forward into 2005.   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,   Breeze  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, Breeze 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 began to market.
Unitrend  has  entered  into  a  contract   with  Titan   Technologies,  an
established  national  sales  and marketing group,  to market  and sell the
Cablety,  VersaCase,  Stable,  Breeze 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) and original  equipment
manufacturers (OEMs).  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.   The Breeze
will  be marketed as a  replacement  for the  standard  slim  power  supply
commonly used in mini towers.  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.   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
participated 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.  Unitrend presented to
representatives that comprise  approximately 90% of the computer industry's
manufacturers and/or  distributors.   Positive results of this show include
agreements  signed with Micro Center, Inc., TigerDirect.com and Zones, Inc.
Micro  Center, Inc.  offers  a  huge  selection  of  competitively  priced,
high-quality products,  and a  wealth of information to help customers make
informed  buying  decisions.   Micro Center  has  twenty nationwide  retail
stores along with an online retail site.   Currently,  the  Cablety  may be
purchased  at  www.microcenter.com.  TigerDirect.com  carries  the  world's
largest  selection  of computer components,  making  them the  reseller  of
choice for the "build-it-yourselfer."  Zones, Inc. and their affiliates are
single-source,   multi-vendor  direct  marketing  resellers  of  name-brand
information  technology  products  to  the  small to  medium sized business
market,  enterprise  and public  sector accounts  and sells product through
outbound and inbound call center account  executives,  specialty print  and
e-catalogs, and the Internet.   The Cablety is  available  for  purchase at
www.zones.com.  In August 2004, Unitrend exhibited at the Zones Accessories
Training Fair  where  representatives from  Unitrend showed the benefits of
using our product line.   This show was  attended by only  Zones sales  and
marketing representatives in order for them to learn about all the products
that Zones carries. In September 2004, Unitrend attended the Gartner System
Builders Summit.   This show is the leading event for the white box market.
Vendors  and  resellers meet at  this show to  explore new technologies and
build  strategic relationships.   Unitrend  established  relationships with
interested  vendors for when our  product line is  in full production.   In
early April 2005, Unitrend exhibited at the  FOSE trade show.   FOSE is the
most comprehensive technology event serving the government marketplace. The
U.S. government is the largest buyer of technology in the world, which made
this  show  the  most  efficient  way  for  Unitrend  to  reach  government
customers. At this show we introduced the Breeze power supply and the "new"
flame orange Cablety with the industrial/military safety wire capabilities.
We also exhibited the VersaCase and Cablety kits.  Many government agencies
reviewed our products and gave us positive feedback.   Many leads were made
to place beta units within the government for testing.

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 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.

      *  New version includes military/industrial safety wire capabilities
         for security seals and tagging.

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 footprint.

      *  Available in three power sizes: 400 Watts, 450 Watts and 500
         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  government  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, WiFi 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 diagnostic
         activity.

      *  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 and interchangeable back plane for simple upgrading of
         equipment.

      *  Back plane lockdown removes need for screws.

      *  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 Breeze 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.

The Breeze power supply premiered at the FOSE 2005 show.  Its features
include:

      *  Built with patented Stable technology.

      *  Independent cable sockets for rapid installation or removal of
         power supply.

      *  Reduces cable clutter by allowing use of only necessary cables.

      *  Removable external fan.

      *  Fits in standard slim power supply form factor.

      *  Available in three power sizes:  350 Watts, 400 Watts and 450
         Watts.

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 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 $1,535,757, as of December 31, 2004, 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, 2004, 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

In 2004,  Unitrend  filed a claim  for damages  in the Wayne County Circuit
Court, State of Michigan, against a third party.  Unitrend seeks $1,000,000
plus  exemplary damages,  including actual  costs and attorney's fees.   If
Unitrend is able to recover damages, it will be used to purchase additional
assets.

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,  Breeze
power  supply and  VersaCase computer enclosure system will follow in 2005.
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 2005 as we ramp up for production
and sales of our entire product line.   As of  December 31, 2004, we had an
accumulated  deficit in the development stage of approximately $13,617,000.
At December 31, 2004 we had  available net operating loss carry forwards of
approximately $8.2  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
2005.  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 five 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 $1,535,757 with an additional $1,000,000
needed  to replace a portion of our tools on an expedited basis. $4,211,203
will  also be  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
2004, we spent $28,600 on two production quality tools for the Cablety wire
management system.  In 2003, we spent $37,728 on pre-production tooling for
the Cablety.   Nothing was spent on tooling for any of our products in 2002
or 2001.   We believe tooling  costs will  increase as we move forward with
changes to our current product line and the development of new products.

The  Company has applied for seventeen patents with respect to its products
of  which nine  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  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, Stable power supply and Breeze power supply.   Obviously, as
the  Stable  power supply,  Breeze 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 2005 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 have marketed.
Sales of the Cablety began via our website in the fourth quarter 2003.  The
Cablety  has  been  marketed  through  various  channels including, but not
limited  to,   value  added  re-sellers  (VARs),   and  original  equipment
manufacturers (OEMs).   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.   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, 2004 compared to Year Ended December 31, 2003

Unitrend had no significant  revenues in  the year  ended December 31, 2004
("2004") or  in the year  ended  December 31, 2003 ("2003").  In the fourth
quarter  2003,  Unitrend  began  to  produce  and  sell  the  Cablety  wire
management  system.   Revenues  were modest in 2004 because during the year
Unitrend  had developed a new marketing program and just began to implement
it during the last half of 2004.   This program includes,  but  will not be
limited to,  trade and consumer advertising,  public  relations  and  trade
shows.   Unitrend  anticipates not being  classified as a development stage
enterprise sometime during 2005.

Unitrend  incurred  an operating  loss of $624,263 in 2004,  compared to an
operating  loss of $256,140 in 2003, an increase of $368,123.   The Company
incurred  additional  fees and interest  on a previous settlement agreement
and recorded marketing and trade show expense  in 2004 where there was zero
recorded in 2003; these are the primary reasons  behind the increase in our
operating loss for 2004 as compared to 2003.

The  Company had zero in research and development  expenses during the year
ended December 31, 2004 as compared to $36,572 for the year  ended December
31, 2003.   Mr. Jelinger  performs many internal  research and  development
functions for Unitrend of which he does not collect or accrue a salary.  We
believe  that  research  and  development  expenses with outside firms 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 was  made available to the market in the fourth quarter
of 2003 and for the final product development and  production of the Stable
power supply,  VersaCase and Breeze power supply.   There was $28,600 spent
on tooling in 2004 and $37,728 spent on tooling in 2003, we anticipate this
to  continue  to  increase  as we move forward.   The total  future tooling
commitments  that  has been  contracted  as  of  December  31, 2004 totaled
$316,420.

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  increased  to $621,078 in 2004 from
$218,641 in 2003, an increase of 184%.   This change  was due  primarily to
increases in professional fees,  litigation expense and payroll and related
employee  benefit costs of  approximately  $318,000  during  the year ended
December 31, 2004  as  compared  to  the  year  ended  December  31,  2003.
Professional  fees and litigation expense increased during 2004 compared to
2003 because of an  increase in the use of Unitrend's outside attorneys for
patent  related matters,  reviewing  contracts and general legal work.  The
Company  saw  additional increases in trade show expense, marketing expense
and stock  registration fees  of approximately $27,400, $22,500 and $11,100
respectively.   The Company  did not experience  many significant decreases
other than in repair and maintenance expense of  approximately $7,700.   We
expect that selling,  general and  administrative expenses will continue to
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 2004 and 2003,  there were no stock options granted to non-employees
under our 1999  Stock Option Plan.    As of December 31, 2004, 14,472 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 2004, 200,000 options expired and 19,000 options were exercised.

Accrued  payroll and  related taxes increased  to $863,160 at  December 31,
2004  as  compared  to  $749,310 at  December 31, 2003, respectively.   The
primary reason behind this increase is Mr. Jelinger forgiving approximately
$199,000  of his  accrued salary  in 2003,  this did  not happen  in  2004.
Unitrend  notified all  Unitrend employees  on January 1, 2001  that due to
insufficient funding,  payment of wages  would cease  for  an  undetermined
amount  of time and employees could remain,  if they should choose to, on a
voluntary basis.   In 2002,  Unitrend  decided  that  payroll expense would
resume  and has accrued wages since then.   Interest  expense  decreased to
$14,541  in 2004  compared  to $24,798  in 2003,  a decrease  of 41%.   The
decrease  in interest expense  can be attributed to  Mr. Jelinger no longer
accruing interest on funds he personally loaned the Company in 2004.

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.

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 $2,630,000 and net loans from founder received from inception
of $3,566,000.  At December 31, 2004, our cash balance was $427. 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 2004, Mr. Jelinger, our  founder,  forgave debt  of
$373,909.   The cash  requirement  needed  to complete  production tooling,
infrastructure, manufacturing development  and marketing of the  VersaCase,
Stable power supply and Breeze power supply is approximately $4,200,000, of
which $316,420  is contractual committed  to as of December 31, 2004.   The
cash   requirement   needed  for   another  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 2005  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 2004 and 2003 was
$443,122 and  $266,028, respectively.   Our net cash flow used in investing
activities was $28,600 in  2004 and relates to the launch of two production
tools for the Cablety.   In 2003,  our  net  cash  flow  used  in investing
activities was $37,958 and is attributed to the initial pre-production tool
for the Cablety. Net cash inflow from financing activities was $468,972  in
2004 and $307,112 in 2003 and relates primarily 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  and/or through  a private  placement.   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

None


Item 7.   Financial Statements

                                UNITREND, INC.
                         (A Development Stage Company)

                                BALANCE SHEETS
                          December 31, 2004 and 2003


                                   ASSETS

                                                      (unaudited)  (unaudited)
                                                          2004         2003
CURRENT ASSETS
Cash                                                    $    427     $  3,178
Accounts Receivable                                          384           -
Inventory - Finished Goods                                 3,763       10,651
                                                      ----------   ----------
Total Current Assets                                       4,574       13,829

PROPERTY AND EQUIPMENT, at cost
Land                                                      67,485       67,485
Building and improvements                                351,168      351,168
Furniture and fixtures                                    65,496       65,496
Computer equipment                                       151,055      151,055
Computer software                                         46,719       46,719
Automobiles                                               15,937       15,937
Tooling and dies under construction                      940,007    1,507,157
                                                      ----------   ----------
                                                       1,637,867    2,205,017
Less accumulated depreciation                           (312,035)    (294,261)
                                                      ----------   ----------
Net property and equipment                             1,325,831    1,910,756
                                                      ----------   ----------
OTHER ASSETS
Patent licensing costs,
   net of accumulated amortization                        20,713       22,827
                                                      ----------   ----------

TOTAL ASSETS                                          $1,351,118   $1,947,412
                                                      ==========   ==========

                    LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITES
Accounts payable                                        $707,201     $623,626
Current portion of note payable                          171,047      185,330
Accrued expenses                                       1,209,271    1,172,433
                                                      ----------   ----------
Total current liabilities                              2,087,519    1,981,390
                                                      ----------   ----------
NOTES PAYABLE - RELATED PARTIES                           99,846           -
                                                      ----------   ----------
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, no par value                             3,805,098    3,795,598
Additional paid-in capital                             8,975,592    8,601,683
Deficit accumulated in the development stage         (13,616,938) (12,431,259)
                                                      ----------   ----------
Total stockholders' equity (deficit)                    (836,248)     (33,978)
                                                      ----------   ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY(DEFICIT)   $1,351,118   $1,947,412
                                                      ==========   ==========




                                 UNITREND, INC.
                          (A Development Stage Company)

                             STATEMENTS OF OPERATIONS
    For the Years Ended December 31, 2004, 2003, 2002 and for the period from
          the inception date of September 27, 1994 to December 31, 2004

<TABLE>
<CAPTION>
                                           (unaudited)      (unaudited)      (unaudited)         (unaudited)
                                           Year Ended       Year Ended       Year Ended       September 27, 1994
                                           December 31,     December 31,     December 31,    (Date of Inception)
                                               2004            2003             2002         to December 31, 2004
                                          --------------   --------------   --------------   --------------------
<S>                                       <C>              <C>              <C>              <C>
Sales                                     $       5,853    $          84    $           -    $             6,540

Cost of Sales                                    (9,038)          (1,010)               -                (10,049)
                                          --------------   --------------   --------------   --------------------

Gross Loss                                       (3,185)            (927)               -                 (3,509)

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

Selling, general
  and administrative expenses                  (621,078)        (218,641)        (998,755)           (12,152,988)
                                          --------------   --------------   --------------   --------------------
Operating loss                                 (624,263)        (256,140)        (998,755)           (12,723,012)

Other income                                   (546,875)               -                -               (546,875)

Interest income                                       -                -                -                  1,546

Interest expense                                (14,541)         (24,798)         (52,182)              (324,629)
                                          --------------   --------------   --------------   --------------------
Net loss before cumulative
  effect of change in
  accounting principle                       (1,185,679)        (280,938)      (1,050,937)           (13,592,970)

Cumulative effect of change
  in accounting principle                             -                -                -                (23,968)
                                          --------------   --------------   --------------   --------------------
Net loss                                  $  (1,185,679)   $    (280,938)   $  (1,050,937)   $       (13,616,938)
                                          ==============   ==============   ==============   ====================
Basic and diluted loss per share:

Before cumulative effect of
  change in accounting
  principle                               $       (0.02)   $       (0.00)   $       (0.01)   $             (0.20)

Cumulative effect of change in
  accounting principle                                -                -                -                      -
                                          --------------   --------------   --------------   --------------------
Net loss                                  $       (0.02)   $       (0.00)   $       (0.01)   $             (0.20)
                                          ==============   ==============   ==============   ====================
Weighted average shares
 outstanding used to compute
 basic and diluted loss
 per share                                   70,390,770       70,371,770       70,371,770             68,279,597
                                          ==============   ==============   ==============   ====================
</TABLE>



                               UNITREND, INC.
                        (A Development Stage Company)

                 STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
               For the Years Ended December 31, 2004, 2003 and 2002
                                   (unaudited)


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

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)

Exercise of stock
  options at $0.50
  per share on
  January 14,2004         19,000      9,500                               9,500

Majority stockholder
  forgives loans on
  March 31, 2004                               136,832                  136,832

Majority stockholder
  forgives loans on
  June 30, 2004                                237,077                  237,077

Net loss - 2004                                          (1,185,679) (1,185,679)
                      ---------- ---------- ---------- ------------- -----------
BALANCE -
DECEMBER 31, 2004     70,390,770 $3,805,098 $8,975,592 $(13,616,938)  $(836,248)
                      ========== ========== ========== ============= ===========




                                  UNITREND, INC.
                           (A Development Stage Company)

                              STATEMENT OF CASH FLOWS
   For the Years Ended December 31, 2004, 2003, 2002 and for the period from the
            inception date of September 27, 1994 to December 31, 2004

<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,
                                              2004          2003          2002               2004
                                        ------------  -------------  -------------     -------------
<S>                                     <C>           <C>            <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net loss                              $(1,185,679)  $   (280,938)  $ (1,050,937)     $(13,616,938)
                                        ------------  -------------  -------------     -------------

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               19,890         22,996         27,504           354,267
    Loss on disposal of property
     and equipment                           595,750              -          8,158           608,643
    Bad debt                                       -              -              -            42,157
    Accrued interest income                        -              -              -            (3,091)
    Common stock issued for services               -              -              -            10,000
  Increase in operating assets:
    Accounts receivable                         (384)             -              -              (384)
    Inventory                                  6,888        (10,651)             -            (3,763)
    Prepaid expenses                               -              -              -                 -
  Increase in operating liabilities:
    Accounts payable                          83,575         (1,328)       121,984           707,201
    Accrued expenses                          36,838          3,893        821,377         1,424,961
                                         ------------  -------------  -------------     -------------
    Total adjustments                        742,557         14,910        979,023         8,490,948
                                         ------------  -------------  -------------     -------------
  Net cash used in operating activities     (443,122)      (266,028)       (71,914)       (5,125,990)
                                         ------------  -------------  -------------     -------------


CASH FLOWS FROM INVESTING ACTIVITIES
  Payment for patent licensing costs               -              -              -           (31,723)
  Purchase of property and equipment         (28,600)       (37,958)             -        (2,277,022)
  Proceeds from sale of property and
   equipment                                       -              -              -            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                      (28,600)       (37,958)             -        (2,367,038)
                                         ------------  -------------  -------------     -------------

CASH FLOWS FROM FINANCING ACTIVITIES
  Payment of loan costs                            -              -              -            (5,448)
  Loans from stockholder                     473,755        333,095         85,938         3,565,944
  Proceeds from note payable                       -              -              -           290,000
  Payment on note payable                    (14,283)       (25,983)       (14,207)         (118,953)
  Proceeds from sale of common stock
   and exercise of stock options               9,500              -              -         2,629,063
  Payments for stock recissions                    -              -              -          (134,170)
  Sale of stock subject to recission
   for cash                                        -              -              -         1,267,020
                                         ------------  -------------  -------------     -------------
  Net cash provided by financing
   activities                                468,972        307,112         71,731         7,493,456
                                         ------------  -------------  -------------     -------------

    Net increase (decrease) in cash           (2,751)         3,126           (183)              427

Cash - beginning of period                     3,178             52            235                 -
                                         ------------  -------------  -------------     -------------
Cash - end of period                     $       427   $      3,178   $         52      $        427
                                         ============  =============  =============     =============
SUPPLEMENTAL DISCLOSURE OF CASH
 FLOW INFORMATION:
    Cash paid during the period
     Interest                            $     7,069   $     24,798   $     13,992      $    173,682

</TABLE>

SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES:

The  President/Majority  Stockholder forgave debt of $373,909 during the
year  ended   December  31, 2004.   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.

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

None

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

            Name            Age     Position with the Company

    Conrad  A.H. Jelinger   52      President, Chief Executive Officer,
                                    Chairman, interim CFO and Director
    Kathleen M. Farley      30      Executive Vice President
    Robert J. Hayes         48      Director
    Martha A. Moloney       66      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.

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.

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      2004     $    --    $ --         --       $  --
CEO, President,           2003          --      --         --          --
Chairman, interim CFO     2002          --      --     23,810          --


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 31, 2005, 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                    43,333,045(2)           58.5%
 4665 West Bancroft St.
 Toledo, OH  43615

Eric V. Jelinger                         7,750,000              10.5%
 4665 West Bancroft
 Toledo, OH  43615

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

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


Total for Beneficial Owners
 and Management                         52,607,179              71.0%

   (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: April 13, 2005       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: April 13, 2005





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

Date:  April 13, 2005                Date: