SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

[x]     Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange
 Act of 1934 [Fee Required]

For the fiscal year ended June 30, 2003

[ ]     Transition Report Pursuant to Section 13 or 15(d) of the Securities
 Exchange Act of 1934 [No Fee Required]

For the transition period from                          to

Commission File Number 0-30595
CIK Number 0001092791

                       PACIFIC LAND AND COFFEE CORPORATION
              (Exact name of small business issuer in its charter)

                 DELAWARE                                   33-0619256
 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer
                                                       Identification No.)

             1650 Ala Moana, Suite 507
                 Honolulu, Hawaii                                         96815
           (Address of principal executive offices)                   (Zip Code)

Registrant's telephone number, including area code:               (808) 371-4266
                                                             -------------------

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

Securities registered pursuant to Section 12(g) of the Act:  Common Stock, par
 value $.001


           Indicate  by check  mark  whether  the  registrant  (1) has filed all
reports  required to be filed by Section 13 or 15(d) of the Securities  Exchange
Act of 1934 during the preceding 12 months (or for such shorter  period that the
registrant  was required to file such  reports) and (2) has been subject to such
filing requirements for the past 90 days.
                                           YES   X        NO

           Check if there is no 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. [ X ]

           State issuer's revenues for its most recent fiscal year: None

           The aggregate market value of the voting stock held by non-affiliates
of the  registrant  as of June 30,  2003 was not  determinable  since the Common
Stock was not traded.

           The number of shares  outstanding  of the issuer's  classes of Common
Stock as of June 30, 2003:

Common Stock, $.001 Par Value - 10,000,000 shares

Transitional Small Business Format     Yes [      ]   No [  X  ]

                    DOCUMENTS INCORPORATED BY REFERENCE: NONE


<PAGE>


                                     PART I

Item 1.   DESCRIPTION OF BUSINESS

Background

         On May 20, 2003, Pacific Land and Coffee Corporation, formerly known as
Back Channel Investments, Inc., a publicly reporting Delaware corporation formed
in  April  1994  solely  to seek for and make an  acquisition,  entered  into an
acquisition  agreement  whereby it acquired  all of the common  stock of Pacific
Land and Coffee  Corporation,  a Hawaii corporation formed on February 14, 2003.
There were two officers  directors and  shareholders of the Hawaii  corporation.
The  acquisition  was  effected  as a tax  free  share  exchange,  with  the two
shareholders of Pacific Land and Coffee Corporation (Hawaii) receiving 7,000,000
new shares of common stock and the existing  shareholders of the Delaware parent
retaining  all of their  3,000,000  shares  (after  giving  effect  to a 3-for-1
forward stock split) of common stock, which were originally issued in April 1994
for total  consideration  of $1,015  ($.0003 per  share).  The  stockholders  of
Pacific Land and Coffee Corporation (Hawaii) believed that the acquisition would
enable their company to benefit from being part of a reporting company, that the
combined  entity would likely be able to become  publicly  trading,  and that it
would be better able to attract debt or equity  financing for its  business.  No
promoter or any other  person was paid or  compensated  in  connection  with the
acquisition.  Jehu Hand,  the founder and former  President  of Back  Channel is
currently Pacific Land's counsel and a principal stockholder.  There was no
particular  value assigned to the shares of either company since neither had any
appreciable  assets or  history  of  operations.  The  Hawaii  corporation  is a
wholly-owned   subsidiary  and  all  operations  are  conducted  by  the  Hawaii
subsidiary.  The Delaware  corporation  subsequently  changed its name from Back
Channel  Investments,  Inc. to Pacific  Land and Coffee  Corporation.  Unless we
state otherwise, all references to Pacific Land and Coffee refer to the combined
entity.

         The  executive  offices of the  Company  are located at 1650 Ala Moana,
Suite 507, Honolulu, Hawaii 96815. Its telephone number is (808) 371-4266.

Risk Factors

         The  securities of Pacific Land and Coffee are highly  speculative  and
very risky.  Before you buy consider the following  risk factors and the rest of
this report.

We are still in the development stage and may never be successful.

         Pacific Land and Coffee's  activities  have been limited.  We have only
one customer to date, to whom the first orders were shipped in the quarter ended
September,  2003. Our cumulative losses since inception are $2,080. There can be
no assurance  that Pacific Land and Coffee will be able to market its coffee and
coffee  related  products,  achieve  a  significant  level of  sales  or  attain
profitability.  Pacific Land and Coffee is in need of approximately  $300,000 in
funding  to carry out its  business  plan for the next 12 months  for  marketing
costs and general and administrative  expenses. We might never be able to attain
significant  sales or income.  Because of our lack of history of operations  and
limited  sales,  the lack of sales in a short  period of time would  cause us to
suspend operations.

Fluctuating Coffee Prices Can Cause Losses

      The supply and price of coffee  beans are  subject to  volatility  and are
influenced by numerous  factors  which are beyond our control.  We intend to use
short-term  coffee  futures and options  contracts  primarily for the purpose of
partially  hedging and  minimizing  the effects of changing  green coffee prices
once we have  sufficient  sales to  justify  the  transaction  costs of  futures
trading.  In the meantime we will be exposed to potential losses in the event of
unforeseen  price increases in green coffee prices.  The use of these derivative
financial  instruments  can  enable us to  attempt  to  mitigate  the  effect of
changing  prices  although  it  generally  remains  exposed to loss when  prices
decline  significantly  in a short  period of time and remain at higher  levels,
preventing us from obtaining inventory at favorable prices. We expect to be able
to pass green coffee price increases through to customers,  thereby  maintaining
our gross profits.  However,  we cannot predict  whether we will be able to pass
inventory price increases through to our customers.

                                        2
<PAGE>

Our Intended Operations

         Pacific  Land and Coffee  Corporation's  products  can be divided  into
these categories:

o     Branded Coffee;

o     Private Label Coffee;

o     Wholesale Green Coffee;

o        Coffee dyed wearing apparel;  Compact commercial espresso machines. Hot
         and cold coffee  beverages,  dried vanilla  beans for coffee  flavoring
         extracts, and other coffee products.

         We intend to conduct  wholesale  coffee  operations in accordance  with
strict  freshness  and quality  standards.  Our primary  business  focus will be
roasting,  blending,  packaging and  distributing  coffee for sale under private
labels for companies  throughout the world.  We also intend to sell  unprocessed
green coffee to  specialty  gourmet  roasters,  and to  distribute  the espresso
machines and other coffee related products to cafes and specialty retail stores.

         We have no website at present  but we intend to develop one in the near
future.

Industry Overview

          Almost 52% of  adult-aged  Americans  drink some type of coffee and on
average  they  drink  3.2  cups  per  day,  according  to  the  National  Coffee
Association's  2001 study.  The United States  coffee  market  consists of three
distinct product categories:

         o     commercial ground roast, mass-merchandised coffee; and

         o specialty  coffees,  which include  gourmet  coffees  (premium  grade
arabica coffees sold in whole bean and ground form) and premium coffees (upscale
coffees mass-marketed by the leading coffee companies).

         o     instant or freeze dried coffee.

         Specialty coffee, or what is sometimes called gourmet coffee, is coffee
roasted  using mainly high  quality  Arabica  beans.  The Arabica bean is widely
considered in the industry to be superior to its counterpart,  the Robusta bean,
which is used mainly in non-specialty coffee. High quality Arabica beans usually
grow at high elevations, absorb little moisture and mature slowly. These factors
result in beans with a mild aroma and a bright, pleasing flavor that is suitable
for specialty coffee.

         Based on estimates  supplied by the  Specialty  Coffee  Association  of
America,  sales of  brewed,  whole  bean and  ground  specialty  coffee  totaled
approximately  $10.7 billion in 2001 as compared to $7.5 billion in 1999. Aiding
this  growth has been the  increase  in the number of  specialty  coffee  retail
outlets, which grew from 1,650 units in 1991 to over 13,500 in 2001, as reported
by the Specialty Coffee Association of America.

         We believe that several  factors  have  contributed  to the increase in
demand for gourmet and specialty coffee including:

         o     greater consumer awareness of gourmet and specialty coffee as a
result of its
                  increasing availability;
                                             3
<PAGE>

         o    increased quality differentiation over commercial grade coffees by
                  consumers;

         o        increasing  demand for all premium  food  products,  including
                  gourmet and specialty coffee,  where the differential in price
                  from the commercial  brands is small compared to the perceived
                  improvement in product quality and taste;

         o     the overall low price of Arabica coffee beans, which has allowed
                  consumers to afford higher end specialty 100% Arabica coffees;
 and

         o        ease of preparation of gourmet and specialty coffees resulting
                  from the  increased  use of automatic  drip coffee  makers and
                  home espresso machines.

         Although the overall  coffee  industry is mature,  the specialty  green
coffee market represents the fastest growing segment of the coffee industry,  as
the number of gourmet  coffee  houses have been  increasing  in all areas of the
United States.  According to the Specialty  Coffee  Association of America,  the
number of gourmet  coffee  houses has grown from 1,650 in 1991 to  approximately
13,500 in 2001 and is projected to increase to 18,000 by 2015.

Products

         Our products can be divided into four categories:

         o     Branded Coffee;

         o     Private Label Coffee;

         o     Wholesale Green Coffee; and

         o     Coffee machines, coffee apparel and other related beverages and
products.

         Branded Coffee. We will roast,  grind and blend coffee according to our
own recipes and package the coffee at a roaster  sub-leased  from an  affiliated
party, Coscina Brothers in Honolulu, Hawaii. The sublease ends December 31, 2007
and  provides  for a payment  of $.75 per  pound,  minimum  $750 per  month.  We
subleased  the  roaster on October 1, 2003.  We have not yet  developed  our own
recipes.  We then will sell the  packaged  coffee  under our  proprietary  brand
labels to supermarkets, wholesalers and individually owned stores throughout the
United States, shipping directly from our factory or bonded warehouses.

         Each of our name brands will be directed at a particular segment of the
consumer  coffee market.  Our initial  branded  coffees will be Kona Wave Hawaii
Coffee and Coffee Works.

         Private label coffee.  From our leased roaster in Honolulu,  Hawaii, we
intend to roast,  blend,  package and distribute coffee under private labels for
companies  worldwide.  Our private label coffee will be distributed in foil bags
and brick packs in a variety of sizes. We intend to produce private label coffee
for customers  primarily  hotels,  restaurants,  and retail stores who desire to
sell coffee under their own name but do not want to engage in the  manufacturing
process.  Sellers of private label coffee seek to achieve a similar quality at a
lower cost to the national brands  representing a better value for the consumer.
We have received an order to produce  private label roasted coffee to a Japanese
customer,  Jungle  Coffee.  We estimate  the order value to be about  $8,000 per
month.  The first orders were shipped in the quarter  ended  September  30, 2003
totaling about  $12,000.  For larger orders that require  additional  production
capacity,  we intend to arrange for  subcontractors in strategic  locations (but
have  not  yet  made  any  agreements)  to  produce  product  according  to  our
specifications.

         Wholesale Green Coffee. The number of specialty coffee outlets, such as
Starbucks,  Deidrichs and Seattle's Best have been increasing in the United
States.  Although  we do not plan to sell to these large  chains,  the growth in
specialty  coffee  sales has  created  a  marketplace  for  higher  quality  and
differentiated products which can be priced at a premium. As a roaster/dealer of
green coffee located in Hawaii,  we believe we will be favorably  positioned for
our specialty coffee sales of Hawaiian green coffee.

         Green  gourmet  coffee  beans are sold as markets  for  Hawaiian  green
coffee are growing  rapidly,  direct from  warehouses to the small  roasters and
gourmet coffee shop operators which then roast the beans themselves.
                                        4
<PAGE>
Raw Materials

          Coffee is a commodity traded on the Commodities and Futures  Exchange.
Coffee prices are subject to fluctuation.  Over the past five years, the average
price per pound of coffee beans  ranged from  approximately  $.42 to $3.18.  The
price for coffee  beans on the New York  Exchange  as of March 20, 2003 was $.63
per pound.

         We intend to purchase our green coffee primarily from Hawaiian growers,
but we may also  purchase  from  dealers  located  within and without the United
States for coffees from around the world.

         The supply and price of coffee beans are subject to volatility  and are
influenced by numerous  factors  which are beyond our control.  Supply and price
can be affected by many factors such as weather,  politics and  economics in the
coffee  exporting  countries.  Increases  in the cost of coffee  beans can, to a
certain  extent,  be passed on to our customers in the form of higher prices for
coffee beans and processed  coffee.  However,  there can be no assurance that we
will be successful in passing coffee price increases to customers without losses
in sales volume or margin. Drastic or prolonged increases in coffee prices could
also  adversely  impact  our  business  as it could lead to a decline in overall
consumption of coffee.

         Similarly,  rapid  decreases in the cost of coffee beans could force us
to lower our sales prices before realizing cost reductions in our purchases.  In
addition,  a worldwide  supply  shortage of gourmet  coffee  beans could have an
adverse impact on us.

         Gourmet green coffee,  unlike most coffee,  does not trade  directly to
commodities  markets.  Instead,  it tends to  trade on a  negotiated  basis at a
substantial  premium over  commodity  coffee  pricing,  depending on the origin,
supply and demand at the time of purchase.

         From time to time,  we might  engage in the purchase and sale of coffee
futures and option contracts to guard against the effects of fluctuations in the
price of  green  coffee  beans  and to  supplement  our  supply  of  coffee,  if
necessary.  Management  has no experience  in the coffee  futures  business.  We
intend to use the  services of a licensed  commodities  broker  specializing  in
coffee futures.

Trademarks

         We hold a license to the common law trademark  Coscina Brothers Coffee.
We believe that this brand is  recognizable  in the  marketplace  and that brand
recognition will be important to the success of our branded coffee business.
                                        5
<PAGE>
Marketing

         We intend to market our  private  label and  wholesale  coffee  through
trade shows, industry publications,  face to face contact and through the use of
non-exclusive independent food and beverage sales brokers.

         For our private label and brand coffees,  we will, from time to time in
conjunction with retailers and with  wholesalers,  conduct in-store  promotions,
such as product demonstrations, coupons, price reductions and two-for-one.

         We believe that our unique and  specialized  product mix will enable us
to profitably grow and endure potential  commodity price volatility  inherent in
the coffee futures market. We seek to achieve  conservative  growth by enhancing
and  developing  long-term  relationships  with our  customers by expanding  our
product lines to satisfy changing  consumer tastes and  preferences.  We hope to
capitalize  on our  commitment  to quality and service and our personal  contact
with our customers.  We do not intend to compete on price alone nor do we intend
to grow sales at the  expense of  profitability.  We will  continue  to evaluate
opportunities for growth consistent with our business strategy.

         Because we have only  recently  commenced  operations  and have limited
sources of  operating  capital,  we believe  that  unless we obtain  substantial
funding  as set  forth  under  "Plan  of  Operations"  it will  take a
significant  amount  of time,  at least  several  years,  before we can meet our
growth goals.

Competition

         The coffee  market is highly  competitive.  We will  compete with other
suppliers  and  distributors  of green  coffee  beans and roasted  coffees.  Our
products will compete directly against  specialty coffees sold at retail through
supermarkets  and a growing  number of  specialty  coffee  stores.  We  believe,
however,  that we compete primarily across product lines and that competition in
regions in which we do not currently have  significant  market presence does not
differ  significantly from competition in those markets in which we currently do
business.

         Brand Competition. Our proprietary brand coffees will compete with many
other branded  coffees  which are sold in  supermarkets  and  specialty  stores,
primarily in the United  States.  The branded coffee is dominated by three large
companies:  Kraft General  Foods,  Inc.,  Proctor & Gamble Co. and Sara Lee, who
also  market  gourmet  coffee  in  addition  to  non-gourmet  coffee.  Our large
competitors have greater access to capital than us and have a greater ability to
conduct marketing and promotions.

         Private Label Competition. There are approximately four major producers
of coffee for  private  label sale in the United  States.  Many other  companies
produce coffee for sale on a regional  basis.  The principal  competitors are E.
Govina & Sons,  Kroger and the coffee division of Sara Lee. Both Kroger and Sara
Lee are larger and have more  financing and  resources  than we do and therefore
are able to devote more resources to product development and marketing. However,
because  Kroger owns the stores in which it sells coffee and therefore  competes
directly with potential  purchasers of its private label coffee,  many customers
will  not  purchase  private  label  coffee  from  Kroger.  Competition  for the
specialty  types of coffees we will sell is at the same cost level as our larger
competitors. Our ability to provide the special handling and meet the order size
of customers  that buy this product can be better served,  in our opinion,  by a
company which in our opinion is more highly focused.

         We believe that we can compete by providing a high level of quality and
customer  service.  This service includes  ensuring that the coffee produced for
each label maintains a consistent taste and delivering the coffee on time in the
proper  quantities.  We also intend to provide our private label  customers with
information on the coffee market on a regular  basis.  Private label coffee also
competes  with all of the branded  coffee on the market.  Sara Lee also produces
branded coffees which compete directly with their private label products.

                                        6
<PAGE>
         Wholesale Green Coffee Competition. There are many green coffee dealers
throughout  the United  States.  Many of these  dealers have  greater  financial
resources than us.  However,  we believe that our location in Hawaii will assist
in locating  good supply of  Hawaiian  beans.  Because we are also a roaster and
packaging  facility  as well as a seller of green  coffee,  we can  provide  our
roasting  facility as a value added  service to our gourmet  roaster  customers.
Because the gourmet green coffee beans are sold  unroasted to small coffee shops
and roasters that market their  products to local gourmet  customers,  we do not
believe that our gourmet green coffee  customers  compete with our private label
or branded  coffee lines of  business.  We believe it helps to have this type of
business to increase the awareness level and maintain prices.

Government Regulation

         Our coffee roasting operations will be subject to various  governmental
laws, regulations, and licenses relating to customs, health and safety, building
and land use, and environmental protection.  Our roasting facility is subject to
state  and  local  air-quality  and  emissions   regulation.   If  we  encounter
difficulties  in obtaining any necessary  licenses or complying  with these laws
and regulations, then our product offerings could be limited.

         We believe that we will be in compliance in all material  respects with
all such laws and  regulations  and that we have obtained all material  licenses
and permits  that are required for the  operation  of our  business.  We are not
aware of any environmental  regulations that have or that we believe will have a
material adverse effect on our operations.

Employees

         We have no employees  other than our officers.  Upon receipt of funding
we plan to hire two persons in marketing and one in  administration.  All of our
employees are full time.


Item 2.   DESCRIPTION OF PROPERTY

          We are currently  using a limited amount of office space of an officer
and director.  We think our existing  office space will be adequate for the next
year. We also lease a roasting facility from the officer and director as needed.

Item 3.   LEGAL PROCEEDINGS

          Pacific  Land  and  Coffee  is  not  a  party  to  any  pending  legal
proceeding.

                                             7
<PAGE>
Item 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

          No matters  were  submitted to a vote of security  holders  during the
fourth quarter of the fiscal year ended June 30, 2003.

         The Company issued  7,000,000  newly issued shares on April 25, 2003 in
exchange for the shares of Pacific Land and Coffee, a Hawaii corporation,  to Al
Coscina and Dale G. Nielsen,  comprising all of the shareholders of Pacific Land
and  Coffee.  The  business  reason for the  issuance  was to acquire all of the
shares of Pacific Land and Coffee  (Hawaii).  No underwriter  was involved.  The
transaction  is exempt under Section 4(2) of the  Securities  Act of 1933 as one
not involving any public offering. No public solicitation was made. The value of
the shares issued was set at the par value at $.001. Both of the purchasers were
directors  and  officers  of  Pacific  Land  and  Coffee  (Hawaii)  and  believe
themselves to be experienced in business and financial transactions. Mr. Nielson
is a  professional  business  consultant.  Mr.  Coscina  has owned and  operated
businesses since 1973.



                                     PART II


Item 5.   MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

         Our common stock has never been traded. As of June 30, 2003, there were
approximately 120 record holders of common stock.

         There are no warrants or options outstanding and no registration rights
have been  granted.  At the  present  time  10,000,000  shares are  outstanding,
including  3,000,000 which were outstanding  prior to the acquisition of Pacific
Land and Coffee  (Hawaii).  These 3,000,000 shares are eligible for resale under
Rule 144(k).

Item 6.      MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

         We did not receive  revenues  from  operations  until the quarter ended
September 30, 2003. Our initial  product  offered is a special  roasted blend to
one customer in Japan,  commencing in September,  2003, and the brokerage of two
green  bean  orders  in  the  quarter  ended  December  31,  2003.  Management's
experience  in the coffee  industry is that as typical for coffee  brokerage and
small  specialty  coffee  sales,  we do not have long term sales  contracts.  We
produce and ship as purchase  orders are  received.  Because  coffee  prices are
variable  and demand can also be variable,  we believe  that selling  under long
term contracts would not be practicable in our industry. Our purchase orders are
payable net 30 days,  but  currently we are  receiving  payment  immediately  on
shipment.  The sales in the September  quarter were about $12,000.  The Japanese
orders are expected to be recurring orders for approximately $8,000 per month.

                                        8
<PAGE>
         Our plan of operation  for calendar  2004 will depend to some extent on
whether we obtain outside  funding.  If we do not receive outside  funding,  our
plan of operations will be simple. We will continue to achieve the current level
of sales without any significant marketing expenditures. Management is confident
that Pacific Land and Coffee can continue to enjoy at least its limited level of
sales.  Management will use its current business  contacts to attempt to achieve
additional  sales.  In particular,  Mr.  Coscina has 25 years  experience in the
coffee industry.  We expect to obtain similar contracts with other purchasers in
the  remainder  of our  fiscal  year which  ends  March 31,  2004.  There are no
contingencies or conditions to the above sales other than our performance  under
sales  contracts.  We will not require any outside  funding to accomplish  these
sales,  nor will we need to make any capital  expenditures or hire employees and
expect that we will slowly obtain  additional  specialty coffee orders and green
bean brokerage transactions. Business expenses will be advanced by the officers,
who will accrue  salaries until the receipt of significant  revenues.  It's very
difficult for  management  to project our sales for 2004.  Management is hopeful
that sales will gradually increase but cannot guarantee any increase will occur.

         We  hope  to be  able  to  expand  our  operations  if we  can  receive
significant outside funding. We are seeking $300,000 in funding for 12 months of
our business plan as follows:

                  Marketing                          $100,000
                  General and Administration$180,000
                  Research and Development  $ 20,000

         Upon receipt of funding Pacific Land and Coffee will commence marketing
primarily of our specialty  coffee and green bean  brokerage  services.  We will
develop  proprietary  coffee  blends from  research and  development  funds.  We
believe we can develop several blends and attractive packaging with such amount.
Marketing  expenses  will be comprised of printing of  marketing  materials  and
media costs, and salaries for sales representatives or sales associates. General
and  administrative  costs include salaries estimated at an aggregate of $10,000
per month for 12 months,  lease expense,  telephone and travel  expense.  In the
event we obtain  such  funding  we  believe  that lead time of 2-3  months  from
funding until the commencement of increased sales.  With funding we will be able
to  hire  sales  assistants  and  to  undertake  marketing  via  tradeshows  and
advertisements in industry publications.

         We do not have any agreements or understandings with respect to sources
of capital.  We have not  identified  any potential  sources.  Investors  cannot
expect that we will be able to raise any funds  whatsoever.  Even if we are able
to find one or more  sources of capital,  its likely that we will not be able to
raise the entire amount required  initially,  in which case our development time
will  be  extended  until  such  full  amount  can be  obtained.  Even if we are
successful  in obtaining  the required  funding,  we probably will need to raise
additional funds at the end of 12 months.

         Information   included  in  this  report   includes   forward   looking
statements,  which can be identified by the use of  forward-looking  terminology
such as may, will, expect,  anticipate,  believe,  estimate, or continue, or the
negative  thereof or other  variations  thereon or comparable  terminology.  The
statements in "Risk Factors" and other statements and disclaimers in this report
constitute cautionary statements identifying important factors,  including risks
and uncertainties,  relating to the forward-looking  statements that could cause
actual results to differ materially from those reflected in the  forward-looking
statements.

         Since we have not yet  generated  any  revenues,  we are a  development
stage  company as that term is defined in  paragraphs 8 and 9 of SFAS No. 7. Our
activities  to date  have  been  limited  to  seeking  capital;  seeking  supply
contracts  and  development  of a business  plan.  Our auditors have included an
explanatory paragraph in their report on our financial  statements,  relating to
the uncertainty of our business as a going concern, due to our lack of operating
history or current  revenues,  its nature as a start up  business,  management's
limited  experience  and  limited  funds.  We do not believe  that  conventional
financing,  such as bank loans, is available to us due to these factors. We have
no bank line of credit available to us. Management believes that it will be able
to raise the required funds for operations from one or more future offerings, in
order to effect our business plan.
                                        9
<PAGE>
Forward looking information

         Our future operating results are subject to many factors, including:

         o     the impact of rapid and persistent fluctuations in the price of
coffee beans;

         o     fluctuations in the supply of coffee beans;

         o     general economic conditions and conditions which affect the
 market for coffee;

         o     our success in implementing our business strategy or introducing
 new
            products;

         o     our ability to attract and retain customers;

         o     the effects of competition from other coffee manufacturers and
other
            beverage alternatives;

         o     changes in tastes and preferences for, or the consumption of,
            coffee;

         o     our ability to obtain additional financing; and

         o     other risks which we identify in future filings with the SEC.

             In some  cases,  you can  identify  forward-looking  statements  by
terminology  such  as  "may,"   "should,"   "could,"   "predict,"   "potential,"
"continue,"  "expect,"  "anticipate,"  "future,"  "intend,"  "plan,"  "believe,"
"estimate" and similar expressions (or the negative of such expressions). Any or
all of our forward  looking  statements  in this annual  report and in any other
public  statements  we make may turn out to be wrong.  They can be  affected  by
inaccurate  assumptions  we  might  make  or  by  known  or  unknown  risks  and
uncertainties.  Consequently, no forward looking statement can be guaranteed. In
addition, we undertake no responsibility to update any forward-looking statement
to reflect events or circumstances which occur after the date of this report.

Item 7.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

            The consolidated  financial statements of the Company required to be
            included in Item 7 are set forth in the Financial Statements Index.
                                        10
<PAGE>


Item 8.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

          David T. Thomson,  PC. ("Thomson")  resigned as independent auditor of
the Registrant's  Pacific Land and Coffee Corporation  (Hawaii) subsidiary ("PLC
Hawaii") on September 8, 2003. The report by Thomson on the financial statements
of PLC Hawaii  dated April 17, 2003,  including a balance  sheet as of March 31,
2003 and the statements of operations, cash flows and statement of stockholders'
equity for the period  inception  (February  14, 2003) to March 31, 2003 did not
contain an adverse  opinion or a  disclaimer  of opinion,  or was  qualified  or
modified as to  uncertainty,  audit scope or accounting  principles.  During the
period  covered by the financial  statements  through the date of resignation of
the former accountant, there were no disagreements with the former accountant on
any  matter  of  accounting   principles  or  practices,   financial   statement
disclosure,  or  auditing  scope  or  procedure.  Thomson  was  provided  by the
disclosure  set forth above and  provided  the  Registrant  with a letter to the
effect that it did not disagree with the above statements as far as they related
to  Thomson.  A copy of  Thomson's  letter is filed as an exhibit to our Current
Report on Form 8-K dated September 8, 2003.

         On October 15, 2003 the Registrant engaged Mantyla  McReynolds,  LLC as
its new independent accountants.  Prior to the engagement of Mantyla McReynolds,
LLC  the  Registrant  did  not  consult  with  Mantyla  McReynolds,  LLC  on the
application of accounting principles to any specific transaction nor the type of
audit opinion that might be rendered on the Registrant's financial statements.







                                                  11
<PAGE>


                                    PART III

Item 9.     DIRECTORS,  EXECUTIVE  OFFICERS,  PROMOTERS AND CONTROL  PERSONS;
 COMPLIANCE WITH SECTION 16(a) OF THE
            EXCHANGE ACT.

Directors and Executive Officers

         The members of the Board of  Directors of Pacific Land and Coffee serve
until the next annual meeting of  stockholders,  or until their  successors have
been elected. The officers serve at the pleasure of the Board of Directors.  The
following are the  directors  and executive  officers of Pacific Land and Coffee
since its inception on February 14, 2003. They devote substantially full time to
Pacific Land and Coffee.

         Dale G. Nielsen                    Chief Executive Officer and Director
         Al Coscina                         Chief Financial Officer, Secretary
                                         and Director


         Dale G.  Nielsen,  58, has been  president of General  Pacific,  Inc.,
  for more than the past five years.
General Pacific, Inc. consults on real estate, retailing and telecommunications.

         Al Coscina, 65, has been founder and president of Daga Restaurant Ware,
Coscina  Brothers Coffee Company and Kona Wave Coffee Company since 1978.  Prior
to 1973 he was owner of Boston  Insulated Wire and Cable and Rockbestos Wire and
Cable.  He graduated with a degree in psychology  from Alfred  University and he
attended  graduate  courses in pyschology  at the  University of Buffalo and the
University of New Mexico.

Item 10. EXECUTIVE COMPENSATION

         The following  table sets forth the cash and all other  compensation of
Pacific Land and Coffee's  executive  officers and directors  during each of the
last three fiscal years.  The  remuneration  described in the table includes the
cost to Pacific  Land and Coffee of any  benefits  which may be furnished to the
named  executive  officers,  including  premiums for health  insurance and other
benefits  provided to such  individual  that are extended in connection with the
conduct of Pacific Land and Coffee's  business.  The  executive  officers  named
below did not receive any manner of compensation in the years set forth below.

         Until we obtain  funding,  officers are devoting  most of their time to
other  employment and are serving  without  compensation.  Following  funding we
expect that the aggregate monthly compensation for management will be $10,000.
                                                  12
<PAGE>
<TABLE>
<CAPTION>
                           Summary Compensation Table

                       ANNUAL COMPENSATION                                        LONG TERM COMPENSATION


    Name and                                                   Other Annual          Awards     Payouts         All
    Principal Position              Year         Salary                 Bonus                   Compensation
Other
                                                                              RestrictedSecurities           LTIP
Compensation
                                                                              Stock   Underlying Payouts ($)
                                                                              Awards ($)Options SARs(#)

<S>                        <C>      <C>               <C>           <C>            <C>      <C>         <C>       <C>
 Dale G. Nielsen           2002     $      0          0             0              0        0           0         0
 CEO                       2001           0          0             0              0        0           0
                           2000            0          0             0              0        0           0         0

Al Coscina                 2002     $      0          0             0              0        0           0         0
 CFO                       2001           0          0             0              0        0           0
                           2000            0          0             0              0        0           0         0



</TABLE>


         Pacific  Land and Coffee  Corporation,  by  resolution  of its Board of
Directors  and  stockholders,  adopted a 1994 Stock  Option Plan (the "Plan") on
April 20,  1994.  The Plan  enables  the  Company  to offer an  incentive  based
compensation  system to  employees,  officers and  directors and to employees of
companies who do business with the Company.

         In the discretion of a committee  comprised of  non-employee  directors
(the  "Committee"),  directors,  officers,  and key  employees  or  employees of
companies  with  which we do  business  become  participants  in the  Plan  upon
receiving  grants in the form of stock options or restricted  stock.  A total of
2,000,000  shares are authorized for issuance under the Plan, of which no shares
are  issued.  The  Company  may  increase  the number of shares  authorized  for
issuance  under the Plan or may make other  material  modifications  to the Plan
without  shareholder  approval.  However,  no amendment  may change the existing
rights of any option holder.

         Any shares  which are subject to an award but are not used  because the
terms and  conditions  of the award are not met, or any shares which are used by
participants to pay all or part of the purchase price of any option may again be
used for awards  under the Plan.  However,  shares with respect to which a stock
appreciation right has been exercised may not again be made subject to an award.

         Stock  options  may  be  granted  as  non-qualified  stock  options  or
incentive  stock  options,  but incentive  stock options may not be granted at a
price  less  than 100% of the fair  market  value of the stock as of the date of
grant (110% as to any 10% shareholder at the time of grant); non-qualified stock
options may not be granted at a price less than 85% of fair market  value of the
stock as of the date of grant.  Restricted  stock may not be  granted  under the
Plan in connection with incentive stock options.

         Stock  options  may be  exercised  during a period of time fixed by the
Committee except that no stock option may be exercised more than ten years after
the date of grant or three years after death or disability,  whichever is later.
In the discretion of the Committee, payment of the purchase price for the shares
of stock  acquired  through the  exercise of a stock option may be made in cash,
shares  of  Common  Stock  or by  delivery  or  recourse  promissory  notes or a
combination  of  notes,  cash and  shares  of the  Company's  common  stock or a
combination  thereof.  Incentive  stock options may only be issued to directors,
officers and employees.

         Stock  options  may be granted  under the Plan may include the right to
acquire an Accelerated Ownership Non-Qualified Stock Option ("AO"). If an option
grant  contains  the AO  feature  and if a  participant  pays all or part of the
purchase price of the option with shares of common stock,  then upon exercise of
the option the  participant  is granted an AO to  purchase,  at the fair  market
value as of the date of the AO grant, the number of shares of common stock equal
to the sum of the number of whole shares used by the  participant  in payment of
the purchase price and the number of whole shares,  if any,  withheld as payment
for withholding  taxes. An AO may be exercised between the date of grant and the
date of  expiration,  which  will be the same as the date of  expiration  of the
option to which the AO is related.
                                             13
<PAGE>

         Stock  appreciation  rights and/or  restricted  stock may be granted in
conjunction  with, or may be unrelated to stock  options.  A stock  appreciation
right entitles a participant to receive a payment,  in cash or common stock or a
combination  thereof,  in an amount equal to the excess of the fair market value
of the stock at the time of exercise  over the fair market  value as of the date
of grant.  Stock  appreciation  rights may be exercised  during a period of time
fixed by the  Committee not to exceed ten years after the date of grant or three
years after death or disability,  whichever is later.  Restricted stock requires
the  recipient  to  continue  in service as an  officer,  director,  employee or
consultant  for a fixed period of time for  ownership of the shares to vest.  If
restricted  shares or stock  appreciation  rights  are  issued  in  tandem  with
options,  the  restricted  stock or stock  appreciation  right is canceled  upon
exercise of the option and the option will  likewise  terminate  upon vesting of
the restricted shares.

Item 11.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         The following table sets forth  information  relating to the beneficial
ownership  of Company  common  stock as of December  31, 2003 by (i) each person
known by Pacific Land and Coffee to be the  beneficial  owner of more than 5% of
the  outstanding  shares of  common  stock  and (ii)  each of  Pacific  Land and
Coffee's directors and executive officers. Unless otherwise noted below, Pacific
Land and Coffee  believes  that all persons  named in the table have sole voting
and  investment  power with respect to all shares of common  stock  beneficially
owned by them.  For  purposes  hereof,  a person is deemed to be the  beneficial
owner of securities  that can be acquired by such person within 60 days from the
date hereof  upon the  exercise  of  warrants  or options or the  conversion  of
convertible   securities.   Each  beneficial  owner's  percentage  ownership  is
determined by assuming that any warrants, options or convertible securities that
are held by such person  (but not those held by any other  person) and which are
exercisable within 60 days from the date hereof, have been exercised.


    Name and Address                           Common Stock           Percentage


Dale G. Nielsen(1)                               4,662,000                 46.6%

Albert Coscina(1)                                2,338,000                 23.4

Jehu Hand(2)                                     2,400,000                   24%
24351 Pasto Road, Suite B
Dana Point, California 92629
All officers and directors
  as a group (2 persons)                         7,000,000                  70%

(1)      The address of this person is c/o the Company.
(2)      Includes  2,400,000 shares held by Ecco Petroleum Family Limited
 Partnership  which Mr. Hand controls and
of which the beneficial owner is a family irrevocable trust for the benefit
of his children.
                                        14
<PAGE>
Item 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         Back Channel  Investments,  Inc. was organized as a Delaware
corporation on April 21, 1994 to seek out an
advantageous  acquisition.  On May 20, 2003, Back Channel  Investments,  Inc
..  acquired all of the capital stock of
Pacific  Land and Coffee  Corporation,  a Hawaii  corporation,  in exchange
 for  7,000,000  shares of newly issued
common  stock of Back  Channel  Investments,  Inc..  Prior to the  exchange
  Back  Channel  Investments,  Inc.  had
3,000,000  shares  outstanding  (after giving effect to a three-for-one
forward stock split).  As a result,  there
are 10,000,000 shares  outstanding.  Back Channel  Investments,  Inc. has
subsequently  changed its name to Pacific
Land &  Coffee  Corporation,  the same  name as its  Hawaii  subsidiary.
References  to  Pacific  Land and  Coffee
Corporation  in this  report are to the  combined  entity  unless  otherwise
  noted.  Prior to the  exchange,  Back
Channel  Investments,  Inc. and Pacific Land and Coffee Corporation had no
 affiliation or prior  relationship.  The
terms of the share exchange were negotiated at arm's length.

            We sublease a roaster  facility  in Hawaii from a limited  liability
company owned by Al Coscina, an officer and director. Through September 30, 2003
no usage had occurred under this lease.



                                        15
<PAGE>


                                     PART IV


Item 13.    EXHIBITS AND REPORTS ON FORM 8-K

            (a) Exhibits.  The following exhibits of the Company are included
herein.

    Exhibit No.            Document Description

2.                         Agreement  and  Plan of  Reorganization  between
Back  Channel  Investments,  Inc.  and
                  Pacific Land and Coffee Corporation (2)

3.       Certificate of Incorporation and Bylaws

         3.1.     Articles of Incorporation(1)
         3.2      Articles of Amendment(2)
         3.3      Bylaws(1)

10.      Material Contracts

         10.1 Stock Option Plan.(1)
         10.2 Sublease of Roaster Facilities(4)

16.1     Letter regarding change in certifying accountant(3)

(1)      Filed with the Company's original Form 10-SB.
(2)      Filed with Registration Statement on Form SB-2, file no. 333-105564
and incorporated by reference.
(3)      Incorporated by reference to the Current Report on Form 8-K dated
 September 8, 2003.
(4)      Filed with Amendment No. 1 to Registration Statement 333-105564 and
incorporated by reference(5)
                                             16

 <PAGE>
        (b)                Reports on Form 8-K.

                           The  registrant  filed a  Current  Report on Form 8-K
dated May 20, 2003 to report that it
had acquired Pacific Land and Coffee  Corporation,  a Hawaii  corporation  ("PLC
Hawaii") pursuant to an Agreement and Plan of Reorganization  (the "Agreement"),
dated May 20, 2003. The  Registrant  acquired all of the  outstanding  shares of
Common Stock of PLC Hawaii, in exchange for 7,000,000 shares of the Registrant's
Common  Stock.  Pursuant  to the  Agreement,  the  officer  and  director of the
Registrant,  Jehu Hand,  resigned and was replaced by the officers and directors
set forth in the table below.  The name of the Registrant was changed to Pacific
Land and  Coffee  Corporation.  Control  was  assumed  from Jehu  Hand.  Audited
financial  statements for the period inception  (February 14, 2002) to March 31,
2003 were filed with the Current Report.

Item 14. Controls and Procedures.  The Company's principal executive officer and
its  principal  financial  officer,  based on their  evaluation of the Company's
disclosure  controls and procedures (as defined in Exchange Act Rules  13a-14(c)
and 15d -14 (c) as of a date  within 90 days prior to the filing of this  Annual
Report on Form 10-KSB, have concluded that the Company's disclosure controls and
procedures  are  adequate  and  effective  for the  purposes  set  forth  in the
definition in Exchange Act rules as of June 30, 2003.  There were no significant
changes  in the  Company's  internal  controls  or in other  factors  that could
significantly  affect the Company's internal controls  subsequent to the date of
their evaluation.




                                   SIGNATURES

        Pursuant to the  requirements  of Section 13 or 15(d) of the  Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized on March 22, 2004.


                                         PACIFIC LAND AND COFFEE CORPORATION


                                                      By:    /s/ Dale G. Nielsen
                                                                 Dale G. Nielsen
                                                         Chief Executive Officer

        Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
Registrant and in the capacities on March 22, 2004.

By:     /s/ Dale G. Nielsen                Chief Executive Officer and Director
        Dale G. Nielsen                            (principal executive officer)


By:     /s/ Al Coscina                  Chief Financial Officer and Director
        Al Coscina                         (principal financial and accounting




                                             17
<PAGE>
                                         PACIFIC LAND AND COFFEE CORPORATION
                                           [A Development Stage Company]

                                               FINANCIAL STATEMENTS

                            FROM INCEPTION [FEBRUARY 14, 2003] TO June 30, 2003


                                     [WITH INDEPENDENT AUDITORS' REPORT]
























                                                       18

<PAGE>


<TABLE>
<CAPTION>


                                         PACIFIC LAND AND COFFEE CORPORATION
                                           [A Development Stage Company]


                                                  TABLE OF CONTENTS






                                                                                                        Page
<S>                                                                                                        <C>
Independent Auditors' Report                                                                               1

Balance Sheet -- June 30, 2003                                                                           2
Statement of Operations from Inception [February 14, 2003] through June 30, 2003                         3

Statement of Stockholders' Equity for the period from Inception [February 14, 2003] through
June 30, 2003                                                                                            4

Statement of Cash Flows for the period from Inception [February 14, 2003] through June 30, 2003
                                                                                                         5


Notes to Financial Statements                                                                           6 - 8




</TABLE>
                                                  19
<PAGE>







                                           Independent Auditors' Report


The Board of Directors and Shareholders
Pacific Land and Coffee Corporation [a development stage company]:


We have  audited  the  accompanying  balance  sheet of  Pacific  Land and Coffee
Corporation [a  development  stage company] as of June 30, 2003, and the related
statements of operations,  stockholders'  equity,  and cash flows from inception
[February 14, 2003] through June 30, 2003.  These  financial  statements are the
responsibility of the Company's management.  Our responsibility is to express an
opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position  of  Pacific  Land and Coffee
Corporation [a  development  stage company] as of June 30, 2003, and the results
of its operations and cash flows from inception  [February 14, 2003] to June 30,
2003 in conformity with accounting  principles  generally accepted in the United
States of America.

The accompanying  financial  statements have been prepared assuming that Pacific
Land and Coffee  Corporation  will continue as a going concern.  As discussed in
Note 2 to the financial  statements,  the Company has limited  operating capital
with no revenue from operations. Realization of a major portion of the assets is
dependent  upon  the  Company's   ability  to  meet  its  future  financing
requirements,  and  the  success  of  future  operations.  These  factors  raise
substantial  doubt  about the  Company's  ability  to  continue  as a going
concern.  The  financial  statements  do not include any  adjustment  that might
result from the outcome of this uncertainty.


Mantyla McReynolds
Salt Lake City, Utah
March 16, 2004


<PAGE>

                                                  20
<TABLE>
<CAPTION>


                                           PACIFIC LAND AND COFFEE COMPANY
                                           [A Development Stage Company]
                                                    Balance Sheet
                                                    June 30, 2003





ASSETS



Current Assets:

<S>                                                                                        <C>
    Cash in bank                                                                           $                      0

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

LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)


Liabilities:

  Current Liabilities:

  Check issued in excess of bank balance                                                   $                    657
                                                                                                              --------

      Total Current Liabilities                                                                                 657
                                                                                                              ---------

           Total Liabilities                                                                                    657
                                                                                                              ------




Stockholders' Equity/(Deficit):

  Common Stock -- 20,000,000  shares  authorized having a par value of $.001 per
   share; 10,000,000 shares issued
   and outstanding - Note 3                                                                                  10,000

  Additional Paid-in Capital                                                                                (6,798)


  Deficit accumulated during the development stage                                                          (3,859)

                  Total Stockholders' Deficit                                                                (657)

      Total Liabilities and Stockholders' Equity/(Deficit)                                   $                   0




</TABLE>

                                 See accompanying notes to financial statements

                                                            21
<PAGE>

<TABLE>
<CAPTION>

                                         PACIFIC LAND AND COFFEE CORPORATION
                                           [A Development Stage Company]
                                               Statement of Operations
                             From Inception [February 14, 2003] through June 30, 2003




<S>                                                                                     <C>
Revenues                                                                                $                        0



General & Administrative Expenses                                                                            3,859

                           Operating Loss                                                                   (3,859)
                                                                                                              --------


                    Net Loss Before Income Taxes                                                            (3,859)

-

Provision for Income Taxes                                                                                       0


Net Loss                                                                                $                   (3,859)

Loss Per Share                                                                          $                    (0.01)


Weighted Average Shares Outstanding-Note 1                                                              10,000,000











</TABLE>



                                  See accompanying notes to financial statements
                                                    22

<PAGE>


<TABLE>
<CAPTION>



                                          PACIFIC LAND AND COFFEE CORPORATION
                                             [A Development Stage Company]
                                           Statement of Stockholders' Equity
                        For the period from Inception [February 14, 2003] through June 30, 2003




                                                              Additional                           Net
                             Common          Common           Paid-in           Accumulated       Stockholders'
                             Shares          Stock            Capital           Deficit           Equity


<S>               <C> <C>                <C> <C>              <C>               <C>               <C>
Balance, February 14, 2003               0   $   0            $   0             $   0             $     0


Shares issued to initial
stockholders for cash at
inception at
approximately $1.00 per              1,000                0            1,002                                 1,002
share

Contributed
Capital-Corporate
organization and start-up
costs, at inception,
services and costs at                                                  1,000                                 1,000
estimated fair market
value

Issued shares as part of
recapitalization                 9,999,000           10,000         (10,000)                                     0

Cash contributed for
working capital                                                        1,200                                 1,200


Net loss from February
14, 2003 (inception) to
June 30, 2003                                                                           (3,859)            (3,859)

Balance, June 30, 2003          10,000,000   $10,000          $(6,798)          $(3,859)          $ (657)



</TABLE>














                                 See accompanying notes to financial statements
                                                            23

<PAGE>




<TABLE>
<CAPTION>

                                          PACIFIC LAND AND COFFEE CORPORATION
                          [A Development Stage Company]
                                                Statement of Cash Flows
          For the period from Inception [February 14, 2003] through June 30, 2003


Cash Flows from Operating Activities

<S>                                                                       <C>
Net Loss                                                                  $               (3,859)

Adjustments to reconcile net loss to net cash provided by operating activities:

    Contributed Capital-noncash fair market value
of                start-up and organization services and costs                              1,000

    Increase in current liabilities                                                           657

            Net Cash Used for Operating Activities                                        (2,202)


Cash Flow from Financing Activities:

 Proceeds from the sale of stock                                                            1,002

 Additional capital paid in                                                                 1,200

             Net Cash provided by Financing activities                                      2,202

                     Net Increase in Cash                                                       0


Beginning Cash Balance                                                                          0



Ending Cash Balance                                                       $                     0

Supplemental Disclosure of Cash Flow Information:
  Cash paid during the year for interest                                  $                     0

  Cash paid during the year for income taxes                                                    0



</TABLE>











                 See accompanying notes to financial statements
                                             24

<PAGE>


                       PACIFIC LAND AND COFFEE CORPORATION
                          [A Development Stage Company]
                          Notes to Financial Statements
                                  June 30, 2003
Note 1            Organization and Summary of Significant Accounting Policies
                  -----------------------------------------------------------

                  (a) Organization

         Pacific Land and Coffee  Corporation  (the Company) was organized under
         the laws of the State of Hawaii on February 14,  2003.  The Company was
         organized for the purpose of the research and  development  of tropical
         plantation  plants,  to own and sell real and personal  property and to
         sell products.

         On May 20, 2003,  the Company  combined with Back Channel  Investments,
         Inc.,  in a  reverse  merge  pursuant  to  an  Agreement  and  Plan  of
         Reorganization.  Back Channel acquired all of the outstanding shares of
         common  stock of the Company in exchange for  7,000,000  shares of Back
         Channel's common stock. Prior to the combination, Back Channel had
         1,000,000 shares of common stock  outstanding  which were forward split
         on the basis of three for one. The surviving entity is Pacific Land and
         Coffee  Corporation.  Upon  completion of the  agreement,  the combined
         Company   essentially   re-capitalized   to  have   10,000,000   shares
         outstanding.

         The Company is considered to be a development  stage company as defined
         in Statement of Financial  Accounting  Standards No. 7. The Company has
         at the present time,  not paid any dividends and any dividends that may
         be paid in the future will depend upon the  financial  requirements  of
         the Company and other relevant factors.

         (b) Income Taxes

         The Company applies the provisions of Statement of Financial Accounting
         Standards No. 109 [the  Statement],  Accounting  for Income Taxes.  The
         Statement  requires  an asset  and  liability  approach  for  financial
         accounting  and  reporting  for income taxes,  and the  recognition  of
         deferred  tax  assets and  liabilities  for the  temporary  differences
         between   the   financial   reporting   basis  and  tax  basis  of  the
         Company's  assets and liabilities at enacted tax rates expected to
         be in effect when such amounts are  realized or settled.  Due to a loss
         from  inception,  the  Company has no tax  liability.  At this time the
         Company  has no  deferred  taxes  arising  from  temporary  differences
         between income for financial reporting and income tax purposes.

                  (c) Net Loss Per Common Share

         Loss per common share is based on the weighted-average number of shares
         outstanding.  There are no common stock equivalents outstanding,  thus,
         basic and diluted loss per share calculations are the same.


                  (d) Cash and Cash Equivalents

         For purposes of the statement of cash flows, the Company  considers all
         highly  liquid  debt  instruments  purchased  with a maturity  of three
         months or less to be cash  equivalents.  During the period  ending June
         30, 2003 the  Company  did not have  non-cash  investing  or  financing
         activities.

                                             25
<PAGE>



                       PACIFIC LAND AND COFFEE CORPORATION
                          [A Development Stage Company]
                          Notes to Financial Statements
                                  June 30, 2003

Note 1            Organization and Summary of Significant Accounting Policies
[continued]
                  -------------------------------------------------------


                  (e) Use of Estimates in Preparation of Financial Statements

         The  preparation  of  financial  statements  in  conformity  with U. S.
         generally accepted  accounting  principles  requires management to make
         estimates and  assumptions  that affect the reported  amounts of assets
         and liabilities and disclosure of contingent  assets and liabilities at
         the  date of the  financial  statements  and the  reported  amounts  of
         revenues and expenses during the reporting period. Actual results could
         differ from those estimates.

Note 2            Going Concern

         The Company has accumulated losses since inception totaling $3,859, and
         had  no   operations   through  June  30,  2003.   Financing   for  the
         Company's  limited  activities to date has been provided primarily
         by the  issuance  of stock  and by  advances  from a  stockholder.  The
         Company's  ability  to  achieve a level of  profitable  operations
         and/or  additional  financing  impacts  the  Company's  ability to
         continue as it is presently organized.  Management continues to develop
         its planned principal operations.  Should management be unsuccessful in
         its operating  activities,  the Company may experience material adverse
         effects.  The financial  statements do not include any adjustment  that
         might result from the outcome of this uncertainty.

Note 3            Common Stock

         The Company,  at inception,  issued 1,000 shares of common stock to two
         initial  stockholders  at  approximately  $1.00  per  share for a total
         amount of $1,002.  One  individual  was issued 666 shares and the other
         was issued 334 shares of the common stock.  Additional capital has been
         contributed  in the form of cash of $1,200 to pay  operating  expenses,
         and approximately $1,000 of start-up costs.

         As indicated in Note 1, the Company entered a reorganization  agreement
         with Back Channel Investments,  Inc. on May 20, 2003. Back Channel is a
         publicly  held entity;  by merging into it the Company has  effectively
         become a publicly  held  company and is subject to filing  requirements
         with  the  Securities   and  Exchange   Commission.   The   combination
         essentially became a recapitalization  transaction for the Company.  In
         this  recapitalization,  the  Company  converted  its prior  issued and
         outstanding  1,000 shares of common stock into  7,000,000 new shares of
         Back Channel.  Formerly,  Back Channel had  1,000,000  shares of common
         stock  outstanding.  Prior to the  combination  with  Pacific  Land and
         Coffee  Corporation,  Back Channel  forward split the 1,000,000  shares
         into  3,000,000.  Thus, as of June 30, 2003,  the combined  company has
         10,000,000 shares of common stock outstanding.

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<PAGE>



                       PACIFIC LAND AND COFFEE CORPORATION
                          [A Development Stage Company]
                          Notes to Financial Statements
                                  June 30, 2003


Note 4            Income Taxes

         Below is a summary of deferred tax asset  calculations on net operating
         loss carry forward amounts.  Loss carry forward amounts expire in 2023.
         Currently  there is no  reasonable  assurance  that the Company will be
         able to take  advantage of a deferred tax asset,  thus,  an  offsetting
         allowance has been established for the deferred asset.
                                              NOL
                   Description             Balance            Tax           Rate
                      Federal Income Tax    $3,859           $579          15%

                      Valuation allowance                       (579)

                   Deferred tax asset 3/31/03                    $0

Note 5            Related Party Transactions

                  An officer of the Company is  providing  a mailing  address to
                  the Company without  charge.  This service has been determined
                  by the Company to have only nominal value. As of June 30, 2003
                  no  compensation  has been paid or accrued to any  officers or
                  directors of the  Corporation.  An officer and director of the
                  Company prepared initial corporate documents and forms related
                  to the incorporation of the Company at no cost to the Company.
                  The fair  market  value  of the  start-up  and  organizational
                  services  and costs were  estimated to be $1,000 and have been
                  treated as contributed capital in these financial statements.

                  On March 3, 2003 the Company entered into a license  agreement
                  with a company,  whose  President  is also a  director  of the
                  Company, to exclusively use, sell and distribute, all of their
                  Hawaiian specialty coffee products.  The Company agrees to pay
                  a royalty of ten percent of net sales price for each  licensed
                  product sold.


Note 6                     Subsequent Events

                  On September 11, 2003, the Company  changed its fiscal year to
                  March 31.  This was the fiscal year of the  Company,  prior to
                  combining  with Back Channel.  Back Channel had been reporting
                  on a fiscal year ending June 30.

                  In January 2004,  the Company filed a  registration  statement
                  with the Securities and Exchange  Commission on Form SB-2. The
                  offering includes  3,000,000 shares of common stock of Pacific
                  Land and Coffee Corporation,  which are offered by the selling
                  stockholders.  The  expenses  of the  offering,  estimated  at
                  $8,000, are paid by Pacific Land and Coffee.  Pacific Land and
                  Coffee will not receive any  proceeds  from the sale of shares
                  by the selling  stockholders.  There is  currently  no trading
                  market  for  the  common   stock.   Certain  of  the   selling
                  stockholders  which were  promoters or  affiliates  of Pacific
                  Land and Coffee are deemed underwriters.


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