U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-KSB


             ANNUAL REPORT FILED PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


                   FOR THE FISCAL YEAR ENDED DECEMBER 31, 2003


                         COMMISSION FILE NUMBER 0-29711


                               SUBJEX CORPORATION
                 (Exact name of issuer as specified in charter)


          MINNESOTA                                      41-1596056
--------------------------------            ------------------------------------
(State or other jurisdiction of                   (IRS Employer ID Number)
        incorporation)


                5720 SMETANA DR. SUITE 325, MINNETONKA, MN 55343
                    (address of principal executive offices)


             Issuer's telephone number is            (952) 931-0501


        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              OVER-THE-COUNTER BULLETIN BOARD
----------------------------------      ----------------------------------------
        (Title of Class)                (Name of Exchange on which registered)



Check  whether  the issuer (1) filed all reports required to be filed by Section
13  or  15(d)  of  the  Securities  and  Exchange Act of 1934 during the past 12
months,  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  Issuer'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.

Transitional  Small  Business  Disclosure  Format   Yes  [ ]       No  [X]


                                          1
<PAGE>
<TABLE>
<CAPTION>
                                     SUBJEX CORPORATION
                                         FORM 10-KSB

                                YEAR ENDED DECEMBER 31, 2003

                                            INDEX


      ITEM                                                                   PAGE
---------------                                                        ---------------
<S>               <C>                                                             <C>
                                          PART I

1.                Description of Business                                            3
2.                Description of Property                                            4
3.                Legal Proceedings                                                  4
4.                Submission of Matters to a Vote of Security Holders                4

                                          PART II

5.                Market for Common Equity and Related Stockholder Matters           4
                  Management's Discussion & Analysis of Financial Condition and
6.                Results of Operations                                              4
7.                Financial Statements                                               5
                  Changes in and Disagreements with Accountants on Accounting
8.                and Financial Disclosure                                           5

                                         PART III

                  Directors, Executive Officers, Promoters and Control Persons,
9.                Compliance with Section 16(a) of the Exchange Act                  5
10.               Executive Compensation                                             6
11.               Security Ownership of Certain Beneficial Owners and Management     6
12.               Certain Relationships and Related Transactions                    20
13.               Exhibits and Reports on Form 8-K                                  20

                  Signatures                                                        22
                  Financial Statements                                             F-1
                  Articles of Incorporation                                        F-2
</TABLE>


                                        2
<PAGE>
CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE
                    SECURITIES LITIGATION REFORM ACT OF 1995


Statements  in  this discussion which are not historical facts may be considered
"forward looking statements" within the meaning of Section 21E of the Securities
Act  of  1934,  as  amended.  The  words  "believe",  "expect",  "anticipate",
"estimate",  and  similar  expressions  identify forward looking statements. Any
forward  looking  statement  involves  risks  and uncertainties that could cause
actual  events  or  results  to  differ,  perhaps  materially,  from  the events
described  in the forward looking statements. Readers are cautioned not to place
undue  reliance  on  these forward looking statements. The Company undertakes no
obligation  to  publicly update or revise any forward looking statement, whether
as a result of new information, future events or otherwise. The risks associated
with  the  Company's forward looking statements include, but are not limited to,
risks  associated  with  the  Company's  history  of  losses  and  uncertain
profitability,  sales  and  marketing  strategies, competition, general economic
conditions, reliance on key management and production people, current and future
capital  needs,  dilution,  effects  of  outstanding  notes  and  convertible
debentures,  limited  public  market  for the Company's capital Stock, low stock
price,  and  lack  of  liquidity.

The  following  discussion  and  analysis should be read in conjunction with the
Financial  Statements,  related  notes  and  other  information included in this
annual  report  on  Form  10-KSB.

ITEM  1.  DESCRIPTION  OF  BUSINESS

OVERVIEW

Subjex  Corporation  is  an  innovative provider of intelligent customer service
solutions.  Subjex Corporation has developed an Artificial Intelligence Software
platform  that  is  used  to  create  virtual personalities developed on an open
software  distribution  platform.  The  software  chats  with web site visitors,
answers  questions,  and sells products for its clients. Making complex web site
processes  simple  for  web  site visitors has become the key to rapid sales and
customer  retention.  Subjex  Corporation  is setting a new standard in customer
service  technology that is both easily deployable and astoundingly inexpensive.
The Subjex Corporation mission is to give massive value to our client base while
providing  Clear-continuous  revenue and profit growth for our investor base. We
are  committed  to  fostering a community of developers from which our customers
draw  virtual  personality's  expert  in  all  areas  of  business.


                                          3
<PAGE>
PRINCIPAL  PRODUCTS  AND  SERVICES

SubjexCSR  (Customer  Service  Representative)  is Subjex Corporation's flagship
Artificial Intelligence product. SubjexCSR is used in conjunction with SubjexOPS
(Operator Training System) which allows clients to train their implementation to
sell  their  products  and  communicate with their users on their web site. This
technology  is  used  on  the  Subjex.com  web site to sell itself by conducting
dialogue  with  business  owners  (through  text) to dynamically converse with a
normal, human-like conversation chat. SubjexCSR can lower costs dramatically for
companies  who  have  web sites, and inbound calls from users of their web site.
The  system  can converse eloquently with hundreds of simultaneous users for far
less  than  the  cost  of  one live operator, and can drastically increase sales
(closing  ratios)  by  recommending ideal products for that specific individual.
The  key  to  this  product  is its iterative "back and forth" methodology which
actually  conducts an interview conversation. The system is able to learn users'
needs  in  a  way  users  are  already  familiar  with  -  by  "talking".

Today,  Subjex  is the only customer service solution that meets all the demands
of  a  web-based  contact  center utilizing software dialogue and iteration. The
company's  Subjex  dialogue  platform supports each function of customer service
from  the  introduction  to  the  sales  process  to  post  sale  support.

TRADEMARKS  AND  PATENTS

The Company holds trademarks and patent protection for most of its business that
management  feels  are  relevant  to protect the company interests.  The Company
continues  to  maintain  a  patent  on  business  functions  of  its some of its
products.

ENVIRONMENTAL  COMPLIANCE

The  Company  believes  it  is  in compliance with all current federal and state
environmental  laws.

EMPLOYEES

The  Company  currently  has  6  full-time employees. Of the Company's full-time
employees, everyone is involved in sales, marketing and administrative functions
and  all  are  involved  in engineering, research and development. The Company's
employees  are  not  represented by any labor unions.  The Company considers its
relations  with  its  employees  to  be  very  good.

COMPETITION

The  Company  is  aware  of  other companies selling solutions that appear to be
similar  to  Subjex;  however  management is not aware of any companies that are
selling  the  same solution as we have designed. In addition management has made
the decision to focus all of our marketing efforts directly to small businesses,
which our pricing model reflects. Our competitions solutions are less effective,
extremely  complex  for the small business owner, and vastly more expensive. Our
demographic  target  - to our knowledge - has never been exposed to this type of
technology,  because no one has priced an appealing product within the budget of
small  business.  Management  believes that while some companies my have greater
resources  than  Subjex,  we  have  superior products, at a lower price, and the
experience  to take a huge part of the market before our competitors realize it.

RECENT  DEVELOPMENTS

In  2003 and early 2004 Subjex Corporation has made large sales increases and is
quickly  increasing new registered users of the technology.  Now averaging eight
new  clients  per  day, the company is reducing its reliance on selling stock to
survive.  In  2003 the company raised only as much money as it needed to execute
its  plan.  With  many  cost  saving  measures in place since 2002, and our huge
percentage  growth  in  2004,  managements  feels  that  the company will become
profitable  on  an ongoing basis in mid 2004.  In 2003 the Company has been able
to  raise  additional monies through private issuances of its stock.  Receipt of
these monies allowed the Company to significantly increase its marketing efforts
with  out  increasing  expenditures.


                                          4
<PAGE>
ITEM  2.  DESCRIPTION  OF  PROPERTY

The  Company's  principal  office  is  located  at  5720  Smetana Dr. Suite 325,
Minnetonka,  MN  55343,  occupying  approximately  1100 square feet and utilized
entirely  for  office  space.  The  lease is month to month. The space is rented
under  a  written  lease,  which  provides  for  a monthly payment of rent and a
pro-rata share of annual operating expenses. Management believes that comparable
office  space  is  readily  available  if  the  Company  were to lose its lease.

ITEM  3:  LEGAL  PROCEEDINGS

There  were  no  legal  proceedings pending or, to the Company's knowledge, that
would  be  material  to  the  financial  position  of  the  Company.

ITEM  4:  SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS

It  is  acknowledged  that  any sale or substantial restructuring of the Company
will  require  a shareholders vote. No matters were submitted to the vote of the
Company's  stockholders  in  2003.

                                     PART II

ITEM  5:   MARKET  FOR  COMMON  EQUITY  AND  RELATED  STOCKHOLDER  MATTERS

  (a)  MARKET  INFORMATION

     The Company's Common Stock is traded on the Over the Counter Bulletin Board
since  January  2000 under the symbol "PGBN". Since the commencement of trading,
the  company  has  changed  it ticker symbol in 2003 to "SBJX". Its high and low
sales  prices  of  common  stock  were $0.035 and $0.15, respectively. Since the
Company  is  not  NASDAQ qualified, these prices are inter-dealer prices and may
not  reflect  actual value or transactions.

The  estimated  aggregate  market  value on March 17, 2004, of the voting common
stock  held by non-affiliates was $1,997,991 based upon an average bid and asked
price of $.07 of such common stock at that date on the Over-The-Counter Bulletin
Board  (OTCBB:  SBJX).  The number of shares outstanding of each of the issuer's
common  stock  as  of  March  17,  2004  was  34,806,236  shares.

Price per Share - Calendar Year 2003

Quarter                                                High          Low
--------------------------------------------------  -----------  -----------
  First                                             $      0.11  $      0.04
  Second                                            $      0.10  $      0.04
  Third                                             $      0.15  $      0.04
  Fourth                                            $      0.11  $      0.035


                                        5
<PAGE>
Price per Share - Calendar Year 2002

Quarter                                                High          Low
--------------------------------------------------  -----------  -----------
  First                                             $     0.10   $     0.03
  Second                                            $     0.33   $     0.02
  Third                                             $     0.23   $     0.08
  Fourth                                            $     0.20   $     0.07

On  December  31,  2003  there  were  252  holders  of the Company's outstanding
33,694,236  shares  of  common  stock.

  (b)  DIVIDENDS

     The  Company has not paid dividends on its common stock and does not expect
to in 2004. Although it is the company intention to pay dividends in 2005, there
is  no assurance that any dividends will be paid in the future, as dividends are
dependent  upon earnings. Any earnings, for the 2004, will be utilized to invest
in  projects  intended  to  build  the  Company's  economic  base.

  (c)  RECENT SALES OF UNREGISTERED SECURITIES

     The  following  discussion  describes  all securities sold by us during the
past  year  without  registration.

In  2003  The Company sold common stock in the amount of 4,436,200 to fund basic
operations.  The  Company did not use underwriters, and all securities were sold
by the Company. The Company did not make any public offerings of any securities;
all sales were private, to accredited individuals only. The securities were sold
for  cash at .05 cents per share with a no par value. There were no underwriting
discounts  or  commissions  paid  on  these  securities.

The  Company  has relied on section 4(2) of the section of the Securities Act of
1933  under  which  the Company claimed exemption from registration. The Company
did  not  silicate  for  funds  publicly,  and  had acquired signed subscription
agreements  from  the  accredited  participants  of  the  securities  sold.  The
securities  sold  by  the  Company  are  not convertible warrants or options and
therefore  there  are no terms of conversion or exercise of the securities sold.

The net offering proceeds to the Company was $221,810 which the Company used for
the payment of employee salary, office rent; purchase of equipment; repayment of
indebtedness;  working  capital.  There  were no indirect payments to directors,
officers, or their associates; to persons owning ten (10) percent or more of any
class  of  equity  securities of the issuer; and to affiliates of the issuer; or
Direct  or  indirect  payments  to  others  for  monies  raised.


ITEM  6:  MANAGEMENT'S  DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF  OPERATIONS


The  Company  decreased  its  operating expenses to $226,996 in 2003 compared to
788,167  in  2002 and $1,705,711 in 2001. In the year 2002 the Company decreased
it  expenditures  by  47%,  and  in  2003  the  Company  further  decreased  its
expenditures  by  another 71% while increasing its revenue 99%. This operational
improvement  was  accomplished  by using the Company's own automation technology
for the Company's own operations.  The Subjex technology is designed to increase
operational  and  sales efficiency with fewer employees, and it is working. This
manifested  itself  with  the largest cost savings in 2003 with payroll expenses
decreasing  93%  and  consulting  costs  decreasing 70%. Marketing and promotion
costs  were  also  decreased  as  a  result  of  the  technology's  ability  to
autonomously  close  sales.  In  2003  the company adjusted the accounts payable
account  on the books for amounts the Company had disputed and the Company feels
that  it  does  not  owe  in  the  amount  of  $48,052.

The Company generated increased revenues of $47,276 in 2003 compared to revenues
of $23,812 in 2002.  Most of the revenue increase in 2003 was due to recognizing
previous  revenue  generated  from  the  Subjex technology, held on the books as
deferred  revenue.  Our  revenue  levels  by  themselves  were not sufficient to
sustain  the  Company's operations in 2003; therefore funds were raised from the
sale of common stock to the Company's investor base to meet its financial needs.
The  Company  has  adopted a "just-in-time" funding method, in an effort to hold
off  dilution  of  its stock, by not raising more funds than necessary while its
stock  price  is  low.

The  uncertain  nature of the market has historically made revenue prediction of
future  sales  results  difficult  for  the  Company.  The Company, however, has
increased  its  marketing  efforts significantly, and is seeing large numbers of
new  clients  using our software platform.  The Company has recently seen growth
rates  as large as 22 new clients per day. This revenue growth is being analyzed
in  an  effort to devise a predictable future revenue projections model in 2004.

For  the  first  6 months of 2004 the Company expects to continue to raise small
amounts  of  dollars from the issuance of common stock from its current investor
base.  This  funding  is  expected to bring the company into an ongoing positive
cash flow situation as a result of operations and revenues. The company does not
expect  to  experience significant negative fluctuations in its future operating
results. Due to the incremental growth of its current revenues designed into the
business  model, management expects a predictable revenue growth track to emerge
in  2004.  Factors  that  may affect the Company's operating results include the
continued  success  of marketing efforts, and potential mergers or acquisitions.
Management  does not feel that it needs additional staff, marketing or otherwise
to  bring  the  company  profitable.  To  that  end the company has used its own
technology  with  its  built-in  sales  and  post sale abilities to automate the
majority  of its operation, which is proving to be massively effective, for cost
effective  growth  and  the  retention  of  corporate  resources.


                                        6
<PAGE>
LIQUIDITY  AND  CAPITAL  RESOURCES

The  accumulated  deficit from inception to December 31, 2003 was $4,005,247. To
date most of the operations of the Company has depended on monies raised through
the issuance of common stock.  The Company is continuing to raise monies through
private  sales  of  its common stock as necessary.  The Company feels that these
issuances  will  provide  it  sufficient  monies  to  sustain  operations  until
operating  revenues  are  sufficient  to  cover  operating  expenses.

The  Company  has  and  will  continue  using its capital resources to bring the
company  profitable. Once this is accomplished the company will focus its use of
capital  resources  on  the  continued  enhancement  of  its business automation
methodology  that brought the Company profitable. After profitability is reached
management  is expects an increasing growth curve in the Company's profit margin
with  decreasing  necessary  resources.  The  Company  will  use  this profit to
further  grow  its  market  share,  start its dividend program, and additionally
start  a  stock  support  and  buy back program.  This stock buy back program is
intended  to support the stock price and build a stock reserve for future use in
acquisitions.

ITEM  7:  FINANCIAL  STATEMENTS

       The financial statements of the Company are included herein following the
signatures.

ITEM  8:  CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING AND
FINANCIAL  DISCLOSURE

             In our current report dated November 12, 2003, we reported that our
independent  auditors,  Callahan,  Johnston  &  Associates, LLC, resigned as our
independent  auditors.  In  March  2003 we engaged Carver, Moquist & Associates,
LLC  as  our  independent  auditors.


                                        7
<PAGE>
                                    PART III

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


                                   MANAGEMENT

     The executive officers and Directors of the Company are as follows:

              Name                  Age                Position
------------------------------  -----------  ------------------------------
          Andrew D. Hyder           37          Chief Executive Officer
                                                      President
                                                Chairman of the Board

       Andrew  D. Hyder has been the President and Chief Executive Officer and a
Director  since October 1999. He is the founder of the company and has served as
President  and  Chief  Executive  Officer since its inception in 1998. He brings
extensive marketing, software development, and artificial intelligence skills to
the  company.  Andrew  served as President of Interactive Host, a successful web
development,  hosting  and  search  engine,  positioning  company.  Here  Andrew
developed  a  search engine ranking and positioning expert system that was later
sold  and  netted  over  one-half  million  dollars.

       He  has founded and managed several technology and advertising companies.
He  has  expertise  in  general areas of business, including several specialized
areas  such  as,  finance, direct mail marketing, and corporate branding. Andrew
knows  five  different  computer programming languages such as C++, Java, Cobol,
the  Visual languages (Basic, C, Java), JavaScript, HTML and Perl; his technical
experiences  span  just  about  every  type  of  PC  platform in use today, from
Unix/Linux,  Mac  to  Win/NT. He began computer programming flight simulators in
1978  at  age  12.

       Andrew  has  a  firm grasp of modern technologies as applied to corporate
infrastructure  and  what  it  takes  to  build  a  successful public technology
organization.  At  Subjex, he is responsible for the vision and direction of the
corporation  and  supervision  and  leadership  of  the  company's  Artificial
Intelligence  research  and  development.

Name                     Age                          Position
------------------  -------------  ----------------------------------------
Scott Bjerstedt          24                   Chief Technology Officer
                                                    Board Member

C.T.O.  Scott  Bjerstedt  is the Chief Technology Officer at Subjex, responsible
for  managing  technical  operations.  Scott  spearheaded  the  engineering  and
development of the Subjex Platform and continues research and development of the
next  generation  Subjex  Platform. Scott has years of experience in IP security
and encryption. Scott periodically serves as an expert witness on security cases
for  the US federal government, manages Subjex's Minneapolis Data Center, and is
organizing  the  expansion  of additional Data centers in Europe and Asia. Scott
has  expertise  in all modern computer languages and on all computing platforms.


                                          8
<PAGE>
     Section (a) Beneficial Ownership Reporting Compliance

     Section  16(a)  of  the  Securities Exchange Act of 1934 requires executive
officers  and  directors  and  persons who beneficially own more than 10% of the
Company's  Common  Stock  to  file  initial  reports of ownership and reports of
changes  in  ownership  with  the  Securities  and  Exchange Commission ("SEC").
Executive  officers,  directors,  and  greater  than  10%  beneficial owners are
required  by  SEC  regulations to furnish the Company with copies of all Section
16(a)  forms  they  file.

      Based  solely  on  a  review  of the copies of such forms furnished to the
Company  and  written representations from the executive officers, directors and
holders  of 10% or more of the Company's Common Stock, the Company believes that
its executive officers, directors and 10% shareholders complied with all Section
16(a)  filing  requirements  applicable  to  them.

ITEM  10:  EXECUTIVE  COMPENSATION

SUMMARY  COMPENSATION  TABLE

      The  following  table sets forth the compensation earned in certain fiscal
years  by  the Company's Chief Executive Officer including the fiscal year ended
December  31,  2003.

<TABLE>
<CAPTION>
                       Annual Compensation
                       -------------------
Name  and  Principal                              All  Other
Position                   Year  Salary   Bonus  Compensation
-------------------------  ----  -------  -----  ------------
<S>                        <C>   <C>      <C>    <C>
                           2003  $17,083
Andrew D. Hyder            2002  $48,333      -             -
 Director, President and
 Chief Executive Officer   2001  $18,000      -             -
</TABLE>

As  authorized by the board of directors, in 2003 Andrew Hyder converted $62,500
of  his  note  with  the  Company to a restricted stock grant by the Company for
1,125,000  shares  of  common  stock.  This  was a conversion of debt to equity.

ITEM  11.  SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL  OWNERS  AND  MANAGEMENT

                             PRINCIPAL SHAREHOLDERS

The  following  table  sets forth certain information with respect to beneficial
ownership  of  the  Company's  Common  Stock  as  of March 31, 2003 by: (i) each
Director  of  the Company, (ii) each Named Executive Officer (iii) all Directors
and  executive officers of the Company as a group and (iv) each person or entity
known by the Company to own beneficially more than five percent of the Company's
Common  Stock.  The address of each of the following shareholders is the same as
the  Company.

<TABLE>
<CAPTION>
                                          Amount and
                                          Nature of      Percent of Class
Name and address of Beneficial owner   Beneficial Owner         (1)
-------------------------------------  ----------------  -----------------
<S>                                    <C>               <C>
Andrew D. Hyder (2)                           5,664,643             17.1 %
 Scott Bjerstedt                                950,000             .028 %
All Directors and Officers                    6,614,643               20 %
</TABLE>


                                        9
<PAGE>
(1)  Beneficial  ownership  is  determined  in  accordance  with  rules  of  the
Securities  and  Exchange  Commission and includes generally voting power and/or
investment  power with respect to securities.  Shares of Common Stock subject to
options or warrants currently exercisable or exercisable within 60 days of March
31,  2004 ("Currently Exercisable Options") are deemed outstanding for computing
the  beneficial  ownership percentage of the person holding such options but are
not  deemed outstanding for computing the beneficial ownership percentage of any
other  person.  Except  as indicated by footnote, the persons named in the table
above  have  the  sole voting and investment power with respect to all shares of
Common  Stock  shown  as  beneficially  owned  by  them.

(2)Includes  25,000  shares  held  by Mr. Hyder's daughter, and includes 398,600
shares  issuable  pursuant  to  Currently  Exercisable  Options.

(3)Mr.  Bjerstedt  received  500,000  shares  as  a  compensation  for  services
rendered.

Securities  Authorized  Under  Equity  Compensation  Plans

The  following  table  lists  the  securities  authorized for issuance under any
equity  compensation  plans  approved  by  our  shareholders  and  any  equity
compensation  plans  not approved by our shareholders.  This chart also includes
individual  compensation  arrangements. Descriptions of these plans are provided
below.


ITEM  12.  CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS

     In  October  1999,  the  Company  amended  its Articles of Incorporation to
increase  the  authorized  shares  of  the Company from 25,000,000 to 50,000,000
shares,  of  which  40,000,000  shares  have been designated as Common Stock and
10,000,000  are  Undesignated.

Mr.  Hyder  advanced  in  the  form  of  6% notes, approximately $230,000 to the
Company  since  its  inception.  A portion of these loans ($150,000) was used to
purchase  intellectual property from Commission Junction, Inc., located in Santa
Barbara,  CA.  At  December  31,  2003,  indebtedness  owed  to Mr. Hyder, after
repayments  or  other  reductions  during  the  course  of  2003,  was  $0.


ITEM  13.  EXHIBITS  AND  REPORTS  ON  FORM  8-K


     (A)  EXHIBITS.

          None.

     (B)  REPORTS  ON  FORM  8-K  .

     On November 12, 2003 we filed a current report on Form 8-K/A, dated October
27,  2003,  under  Item  4  related  to  a  change  in  our independent auditor.


                                          10
<PAGE>
     (C)  Exhibits

      Copies  of the following documents are included as exhibits to this report
pursuant  to  Item  601  of  Regulation  S-B.

       SEC Ref. No.             Title of Document                    Location
----------------------  ------------------------------------  ------------------
         9E-411          Amended Articles of Incorporation             F-2


     (C)  Exhibits


      Copies  of the following documents are included as exhibits to this report
pursuant  to  Item  601  of  Regulation  S-B.


       SEC Ref. No.             Title of Document                    Location
----------------------  ------------------------------------  ------------------
         9E-411          Amended Articles of Incorporation             F-2

ITEM  14.  PRINCIPAL  ACCOUNTANT  FEES  AND  SERVICES

Our  independent  auditor, Carver Moquist & Associates, LLC, billed an aggregate
of $10,500 for the 2003 year for professional services rendered for the audit of
our  annual  financial statements.  Caver Moquist & Assoicates, LLC did not bill
us  for  any audit-related fees, tax fees or other fees for the year then ended.

Our  former independent auditor, Callahan, Johnston & Associates, LLC, billed an
aggregate  of  $12,693  for  the  2003  year  and  $10,543 for the 2002 year for
professional  services rendered for the audit of our annual financial statements
and  review  of  the  financial  statements  including  our  quarterly  reports.
Callahan, Johnston & Associates, LLC, did not bill us for any audit-related fees
or  other  fees  for  the  past  two  fiscal  years.

We  do not have an audit committee and as a result our entire board of directors
performs the duties of an audit committee.  Our board of directors evaluates the
scope  and cost of the engagement of an auditor before the auditor renders audit
and non-audit services.  As a result, we do not rely on established pre-approval
policies  and  procedures.


                                   SIGNATURES


     Pursuant  to  the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the Issuer has duly caused this report to be signed on its
behalf by the undersigned officers and/or Directors, there unto duly authorized.


SUBJEX  CORPORATION



Date:  April 13, 2004

NAME                                      TITLE

/s/  Andrew  D.  Hyder                    President and Chief Executive Officer,
------------------------------------
Andrew  D.  Hyder                         Chief Financial Officer (and Principal
                                          Financial Officer)  and  Director


                                          11
<PAGE>
                                  Exhibit Index


Exhibit  31.1            Certificate  pursuant  to  Section  302  of  the
                         Sarbanes-Oxley Act of 2002
Exhibit  32.1            Certificate  pursuant  to  Section  906  of  the
                         Sarbanes-Oxley Act of 2002



<PAGE>
ITEM  7.  FINANCIAL  STATEMENTS

                               SUBJEX CORPORATION


                              FINANCIAL STATEMENTS


                     YEARS ENDED DECEMBER 31, 2003 AND 2002



<PAGE>
                               SUBJEX CORPORATION
                          (F/K/A PAGELAB NETWORK, INC.)

                              FINANCIAL STATEMENTS

                     YEARS ENDED DECEMBER 31, 2003 AND 2002

                                TABLE OF CONTENTS
                                -----------------


                                                                            Page
                                                                            ----

Independent Auditors' Report                                                 1

Financial  Statements:

Balance Sheets                                                               2

Statements of Operations                                                     3

Statements of Stockholders' Equity (Deficit)                                 4

Statements of Cash Flows                                                     5

Notes to Financial Statements                                                8


<PAGE>
                        CARVER MOQUIST & ASSOCIATES, LLC
                  CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS

--------------------------------------------------------------------------------

                          INDEPENDENT AUDITORS' REPORT
                          ----------------------------


To The Board of Directors
Subjex Corporation

Minnetonka, Minnesota

We  have  audited  the  accompanying  balance sheet of Subjex Corporation, as of
December  31,  2003,  and  the  related  statements of operations, stockholders'
equity  (deficit)  and  cash  flows  for  the  year then ended.  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 of the financial
statements  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 Subjex Corporation, as of
December  31, 2003, and the results of its operations and its cash flows for the
years  then ended in conformity with accounting principles generally accepted in
the  United  States  of  America.

The  accompanying  financial  statements  have  been  prepared assuming that the
Company  will  continue as a going concern.  As described in Note 2, the Company
incurred a net loss of $184,524 during the year ended December 31, 2003, and, as
of  that  date,  had  an  excess  of liabilities over assets of $309,404.  Those
conditions  raise substantial doubt about the Company's ability to continue as a
going  concern.  The  financial  statements  do not include any adjustments that
might  result  from  the  outcome  of  this  matter.

/s/  Carver Moquist & Associates, LLC




CARVER MOQUIST & ASSOCIATES, LLC
Minneapolis, Minnesota
March 19, 2004


--------------------------------------------------------------------------------
            1550 American Blvd. E, Suite 680, Minneapolis,  MN 55423
               Telephone: (952)854-5700        Fax: (952)854-1163


<PAGE>
<TABLE>
<CAPTION>
                               SUBJEX CORPORATION

                                BALANCE  SHEETS

                                                              December 31,
                                                           2003          2002
                                                        -----------  -----------
<S>                                                     <C>          <C>
                       ASSETS
                       ------
Current Assets:
  Cash                                                       3,753       28,842
  Accounts receivable, net                                     300          - -
  Prepaid expenses                                           2,000        4,630

                                                        -----------  -----------
      Total current assets                                   6,053       33,472

Fixed assets, net                                            5,937        5,330
Other assets                                                   - -          - -
Intangibles, net                                               - -          - -

                                                        -----------  -----------

      Total assets                                          11,990       38,802

                                                        -----------  -----------

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
----------------------------------------------

Current Liabilities:
  Subordinated convertible notes payable                    23,000       23,000
  Demand notes payable                                      20,000       20,000
  Current maturities of notes payable - related party          - -       51,002
  Accounts payable                                          91,637      129,469
  Accrued expenses:
    Payroll and payroll taxes                              153,303      167,081
    Other                                                   27,517       80,584
  Subscribed stock                                             - -      133,100

    Total current liabilities                              315,457      604,236
                                                        -----------  -----------

Long-term debt:
  Notes payable - related party                              5,274       11,529

                                                        -----------  -----------
    Total liabilities                                      320,731      615,765

                                                        -----------  -----------

Stockholders' equity (deficit):
  Undesignated stock, no par or stated value;
    10,000,000 shares authorized: none issued
    or outstanding                                             - -          - -
  Common stock, no par or stated value;
    40,000,000 shares authorized: 33,215,481 and
    24,611,888 shares issued and outstanding in
    2003 and 2002                                        3,796,285    3,243,760
  Note receivable - officer                                (49,779)           -
  Accumulated deficit                                   (4,055,247)  (3,820,723)

                                                        -----------  -----------

Stockholders' equity (deficit)                            (308,741)    (576,963)

                                                        -----------  -----------

  Total liabilities and
    Stockholders' equity (deficit)                          11,990       38,802

                                                        -----------  -----------
</TABLE>

   The accompanying notes are an integral part of these financial statements.


<PAGE>
<TABLE>
<CAPTION>
                                SUBJEX CORPORATION

                             STATEMENTS  OF  OPERATIONS


                                                 Years Ended December 31,
                                                  2003           2,002
                                              -------------  --------------
<S>                                           <C>            <C>
Revenues                                      $     47,276   $      23,812

Expenses:
  Selling, general and administrative              276,966         783,422

  Asset impairment                                     - -           4,745

                                              -------------  --------------
    Total operating expense                        276,966         788,167

                                              -------------  --------------

    Operating loss                                (229,690)       (764,355)

Other income (expense)
  Interest expense                                  (5,084)        (13,954)
  Other                                                250             - -

                                              -------------  --------------

Net loss                                      $   (234,524)  $    (778,309)

                                              -------------  --------------

Net loss per basic and diluted common share   $      (0.01)  $       (0.04)

                                              -------------  --------------

Weighted average common shares
  outstanding - basic and dilutes               28,928,685      17,551,684

                                              -------------  --------------
</TABLE>


   The accompanying notes are an integral part of these financial statements.


<PAGE>
<TABLE>
<CAPTION>
                               SUBJEX CORPORATION

                  STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

                     YEARS ENDED DECEMBER 31, 2003 AND 2002


                                                                   Common Stock          Note                 Stockholders'
                                                               ----------------------  Receivable Accumulated     Equity
                                                                 Shares      Amount     Officer     Deficit     (Deficit)
                                                               ----------  ----------  ---------  ------------  ----------
<S>                                                            <C>         <C>         <C>        <C>           <C>
BALANCE, January 1, 2002                                       11,980,064  $2,349,283  $      -   $(3,042,414)  $(693,131)
  Stock issued for consulting services at $.10 per share          280,000      28,000         -           - -      28,000
  Stock issued to purchase furniture at $.08 per share             22,000       1,760         -           - -       1,760
  Stock issued to settle liability at $.03 to $.35 per share    2,067,378     278,922         -           - -     278,922
  Stock issued to employees at $.06 to $.35 per share           2,832,521     263,160         -                   263,160

  Stock issued for cash at $.10 to $.23 per share               7,459,925     322,635         -           - -     322,635
  Net loss                                                            - -         - -         -      (778,309)   (778,309)
                                                               ----------  ----------  ---------  ------------  ----------


BALANCE, December 31, 2002                                     24,641,888   3,243,760         -    (3,820,723)   (576,963)

  Stock  Subscription at $.10 per share                         1,331,000     133,100         -                   133,100

  Non cash stock compensation expense                             500,000      58,500         -           - -      58,500

  Stock issued for conversion of note at $.05 per share         1,125,000      56,250         -           - -      56,250

  Common stock issuance at $.05 per share                       4,436,200     221,810         -           - -     221,810

  Subordinated convertible note at $.10 per share                 100,000      10,000         -           - -      10,000

  Stock issued  to settle liability at $.03 to $.10 per share     315,559      23,086         -           - -      23,086

  Shares issued to officer                                        765,834      49,779   (49,779)            -           -

  Net loss                                                            - -         - -         -      (234,524)   (234,524)

                                                               ----------  ----------  ---------  ------------  ----------

BALANCE, December 31, 2003                                     33,215,481  $3,796,285  $          $(4,055,247)  $(308,741)
                                                               ----------  ----------  ---------  ------------  ----------
</TABLE>


   The accompanying notes are an integral part of these financial statements.


<PAGE>
<TABLE>
<CAPTION>
                               SUBJEX CORPORATION

                             STATEMENTS OF CASH FLOW

                                                           Years Ended December 31,
                                                           ------------------------
                                                                2003        2002
                                                             ----------  ----------
<S>                                                          <C>         <C>
Cash flow from operating activities:
  Net loss                                                   $(234,524)  $(778,309)
  Adjustments to reconcile net loss to
  net cash from operating activities:
  Depreciation and amortization                                  4,761      26,893
  Non cash stock compensation expense                           58,500         - -
   Allowance for doubtful accounts                                 - -       2,000
  Loss on asset impairment                                         - -       4,745
  Compensation expense for issuance of common stock options                263,160
  Payroll  and payroll taxes payable                           (13,778)        - -
  Service fees paid in common stock                                - -      28,000

Changes in operating assets and liabilities:
  Accounts receivable                                             (300)     (2,000)
  Prepaid expenses                                               2,629      (4,629)

  Accounts payable                                             (20,746)    122,682
  Other accrued expenses                                       (47,067)    (33,074)
                                                             ----------  ----------

Net cash used by operating activities                         (250,525)   (370,532)

                                                             ----------  ----------

Cash flow from investing activities:
  Purchase of property and equipment                               112      (9,208)

                                                             ----------  ----------
Net cash flows used in investing activities                        112      (9,208)

                                                             ----------  ----------

Cash flow from financing activities:
  Proceeds from issuance of capital stock                      221,810     322,635
  Proceeds from stock subscriptions                                - -     133,100
  Proceeds from subordinated note payable                       10,000         - -
  Proceeds from notes from stockholder                             - -         250
  Principal payments on long-term debt                            (205)    (47,473)
  Principal payments on note payable  - related party           (6,281)        - -

                                                             ----------  ----------
Net cash provided by financing activities                      225,324     408,512

                                                             ----------  ----------

Increase (decrease) in cash position                           (25,089)     28,772
Cash at beginning of year                                       28,842          70

                                                             ----------  ----------
Cash at end of year                                          $   3,753   $  28,842

                                                             ----------  ----------
</TABLE>


   The accompanying notes are an integral part of these financial statements.


<PAGE>
                               SUBJEX CORPORATION

                        NOTES TO THE FINANCIAL STATEMENTS

                     YEARS ENDED DECEMBER 31, 2003 AND 2002


NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

Nature  of  Business
--------------------

Subjex  Corporation  (formerly  known  as  Pagelab  Network,  Inc.)  Provides  a
software  service,  Subject CSR, in an ASP (application service provider) model.
Customers  can  use the software online or by downloading it, and do not need to
install  in  on there server. This software service is wrapped in a subscription
model,  and  is  billed  monthly  until  customer  cancellation.


Revenue  Recognition
--------------------

Revenue  from  the  sale  of  software  and other products is recognized when an
agreement  is  made,  delivery  is  complete,  no significant obligations remain
unfulfilled,  and  collection  of  the  resulting  receivable  is  probable.  In
instances  where a significant obligation exists, revenue recognition is delayed
until  the  obligation  has  been  satisfied.  Revenue  from services, including
training  and  consulting  are  recognized  as  the  services  are  performed.


                                     (Continued)
<PAGE>
                                SUBJEX CORPORATION

                        NOTES TO THE FINANCIAL STATEMENTS

                      YEARS ENDED DECEMBER 31, 2003 AND 2002


NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (Continued)

Cash  Equivalents
-----------------

For  purposes  of  reporting  cash  flows,  cash  equivalents include investment
instruments  purchased  with  a maturity of three months or less.  There were no
cash  equivalents  in  2003  or  2002.

Fixed  Assets
-------------

Fixed  assets  are  stated  at  cost.  Depreciation  is  computed  using  the
straight-line  method  over  the  estimated  useful lives of the related assets.
When  assets  are  retired  or  otherwise  disposed  of,  the  cost  and related
accumulate  depreciation are removed from the accounts and the resulting gain or
loss  is  recognized  in  income  for  the  period.  The cost of maintenance and
repairs  is  expensed  as  incurred;  significant  renewals  and betterments are
capitalized.  Deduction  is  made  for  retirements  resulting from renewals and
betterments.

                                                                    Useful Lives

Computers and equipment                                             3 to 5 years
Furniture                                                           5 to 7 years
Operations equipment                                                     5 years


                                     (Continued)
<PAGE>
                                SUBJEX CORPORATION

                        NOTES TO THE FINANCIAL STATEMENTS

                      YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (Continued)

Impairment  of  Long-Lived  Assets
----------------------------------

The  Company  evaluates the carrying value of its long-lived assets periodically
to  determine  potential  impairment  by  comparing  the  carrying  value of the
long-lived  assets  with the estimated future cash flows expected to result from
the use of the assets, including cash flows from disposition.  Should the sum of
the  expected  future  cash  flows  be less than the carrying value, the Company
would  recognize  an  impairment  loss.  An impairment loss would be measured by
comparing  the  amount by which the carrying value exceeds the fair value of the
long-lived  assets  and  intangibles.

During  2002,  fixed assets and intangible assets were deemed to be impaired and
written down to their fair value.  Fair value, which was determined by reference
to  the  present  value  of  the  estimated  future cash inflows of such assets,
exceeded  their carrying value by $4,745.  An impairment loss has been charge to
operations  in  2002.

Financial  Instruments
----------------------

Short-Term Assets and Liabilities:  The fair value of cash and cash equivalents,
accounts receivable, accounts payable, accrued expenses, stock subscriptions and
short-term  debt  approximate their carrying values due to the short-term nature
of  these  financial  instruments.

Research  and  Development
--------------------------

Research  and  development costs, whether performed by the Company or by outside
parties  under  contract,  are  charged  to  operations  as  incurred.

Software  Development  Costs
----------------------------

The  Company  capitalizes certain software development and production costs once
technological  feasibility  has  been  achieved.  Software  development  costs
incurred  prior to achieving technological feasibility are expensed as incurred.


                                     (Continued)
<PAGE>
                                SUBJEX CORPORATION

                        NOTES TO THE FINANCIAL STATEMENTS

                      YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (Continued)

Software  Development  Costs  (Continued)
----------------------------

Management  has  determined  that technological feasibility occurred at the time
the  Company's  software  was  available  for  general  release  to  customers.
Accordingly, no computer software development costs have been capitalized in the
accompanying  financial  statements.  In  accordance  with SFAS No. 86, costs of
software  maintenance  and  customer support since the software became available
for  general release have been charged to expense as incurred.  Amounts expensed
for ongoing software maintenance in the accompanying financial statements are as
follows:

      2003                                                          $     10,000
      2002                                                          $     50,000

Basic  and  Diluted  Net  Loss  Per  Share
------------------------------------------

Basic  per-share amounts are computed, generally, by dividing net income or loss
by  the weighted-average number of common shares outstanding.  Diluted per-share
amounts  assume  the  conversion,  exercise, or issuance of all potential common
stock  instruments,  unless  their  effect is antidilutive, thereby reducing the
loss  or  increasing  the  income  per  common  share.

The  Company has granted options and warrants to purchase shares of common stock
at  various amounts per share (see Note 6).  Those options and warrants were not
included  in  the  computation of diluted earnings per share because the Company
incurred  losses in both years.  The inclusion of potential common shares in the
calculation  of  dilutes  loss  per  share  would  have  an antidilutive effect.
Therefore,  basic  and  diluted loss per share amounts are the same in each year
presented.

Stock-Based  Consideration
--------------------------

The  Company  has applied the fair value-based method of accounting for employee
and  nonemployee  stock-based  compensation  or consideration in accordance with
FASB  Statement  123.


                                     (Continued)
<PAGE>
                                SUBJEX CORPORATION

                        NOTES TO THE FINANCIAL STATEMENTS

                      YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (Continued)

Concentrations,  Risks  and  Uncertainties
------------------------------------------

Use  of  Estimates
------------------

The  preparation  of  financial statements in conformity with 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
reported  amounts  of revenues and expenses during the reporting period.  Actual
results  could  differ  from  those  estimates.

Accounts  Receivable
--------------------

The  Company  sells to companies worldwide.  The Company grants uncollateralized
credit  to  customers,  but  requires  deposits  on  unique  orders.   While the
ultimate  collectibility may differ, management does not feel any variance would
materially  effect  its  financial  statements.

                                              2003                2002
                                         -----------------  ------------------
Accounts receivable                      $          2,300   $           2,000
Allowance for doubtful accounts                    (2,000)             (2,000)
                                         -----------------  ------------------

Accounts receivable, net                 $            300   $             - -
                                         -----------------  ------------------

Disputed  Liabilities
---------------------

The  Company has disputed liabilities as disclosed in Note 10.  During 2003, the
Company  reversed $48,052 of disputed liabilities as the Company determined that
the  likelihood  of  payment  was  remote.  As of December 31, 2003 there are no
amounts  reflected  in  the  accompanying  financial  statements  for  disputed
liabilities.  Management  feels  that  no  amounts will ever have to be paid for
known  disputed  liabilities.  Due  to  uncertainties,  however,  it is at least
reasonably possible that management's estimate will change during the next year.
That  amount  can  not  be  estimated.


                                     (Continued)
<PAGE>
                                SUBJEX CORPORATION

                        NOTES TO THE FINANCIAL STATEMENTS

                      YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (Continued)

Comprehensive  Income
---------------------

SFAS  No.  130  establishes  standards  for  the  reporting  and  disclosure  of
comprehensive  income  and its components which will be presented in association
with the Company's financial statements.  Comprehensive income is defined as the
change  in  a  business  enterprise's  equity  during  a  period  arising  from
transactions,  events  or  circumstances  relating  to nonowner sources, such as
foreign  currency  translation  adjustments  and  unrealized  gains or losses on
available-for-sale  securities.  It  includes  all  changes  in  equity during a
period  except  those  resulting from investments by or distributions to owners.
For  the  years  ended  December 31, 2003 and 2002, net income and comprehensive
income  were  equivalent.

Income  Taxes
-------------

The  Company accounts for income taxes in accordance with Statement of Financial
Accounting Standards No. 109, Accounting for Income Taxes which requires the use
of  the  liability  method  of  accounting  for income taxes.  The Company's net
operating  loss  carry forwards are fully allowed for due to questions regarding
the  Company's  ability  to  utilize  these  losses  before  they  expire.

Reclassifications
-----------------

Certain  reclassifications  have  been  made to the 2002 financial statements to
conform  to  the  2003  presentation.  These reclassifications had no net income
effect.

NOTE  2  -  BASIS  OF  PRESENTATION

The  financial  statements  have  been  prepared on a going-concern basis, which
contemplates  the  realization of assets and the satisfaction of liabilities and
commitments  in  the  normal course of business.  The Company has incurred a net
loss of $184,524 in the year ended December 31, 2003 and has incurred net losses
of  $4,005,247  inception  to  date.  In  addition, as of December 31, 2003, the
Company  had  a  stockholders'  deficit  of  $308,741.


                                     (Continued)
<PAGE>
                                SUBJEX CORPORATION

                        NOTES TO THE FINANCIAL STATEMENTS

                      YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE  2  -  BASIS  OF  PRESENTATION  (Continued)

These  factors,  among  others,  indicate  that  the  Company may not be able to
continue  as  a  going  concern  for  a reasonable period of time.  In 2003, the
Company raised working capital through the issuance of common stock, exercise of
warrants  and  receipt  of  proceeds for subscribed stock totaling $221,810.  In
2002,  sufficient working capital could not be raised and the Company was forced
to  terminate  employees.  At present the Company is fully dependent upon equity
financing  as  cash  flows from operating activities are not sufficient to cover
operating  expenses.

The  Company  continues  to  seek  debt and equity financing to fund its working
capital  needs.  Failure  of  the  Company  raise  additional  debt  and  equity
financing  in the near future and achieve profitable operations in the long-term
could  result  in  the  Company being unable to continue as a going concern.  No
estimate can be made of the range of loss that is reasonably possible should the
Company  be  unsuccessful.

NOTE  3  -  PROPERTY  AND  EQUIPMENT

Property and equipment consisted of the following at December 31:

                                                  2003          2002
                                              ----------     ----------
Office and computer equipment                 $  25,219      $  19,852
Accumulated depreciation                        (19,283)       (14,522)
                                              ----------     ----------
                                              $   5,936      $   5,530
                                              ----------     ----------

Depreciation expense was $4,761 in 2003 and $6,316 in 2002.

NOTE  4  -  INTANGIBLE  ASSETS

Intangible assets consisted of the following at December 31:

                                                2003           2002
                                              ----------     ----------
Technology                                    $  165,760     $  165,760
Trademarks                                         1,715          1,715
                                              ----------     ----------

           Accumulated amortization             (167,475)      (167,475)
                                              ----------     ----------

                                              $      - -     $      - -
                                              ----------     ----------


                                     (Continued)
<PAGE>
                                SUBJEX CORPORATION

                        NOTES TO THE FINANCIAL STATEMENTS

                      YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE  5  -  DEBT

Long-term  debt  consisted  of  the  following  at  December  31:

Notes  Payable  -  Due  on  Demand
----------------------------------

The  notes payable - due on demand, represent short-term operating loans granted
the Company in 2001 and 2000.  These notes are unsecured, due on demand and bear
interest  at  12%.  Due to cash flow difficulties the Company has been unable to
repay  these  amounts.  A  summary  of  activity  is  as  follows:

                                                  2003          2002
                                              ----------     ----------
Beginning of year                             $  20,000      $   41,500

Stock issued in repayment                     $     - -         (21,500)
                                              ----------     ----------

End of year                                   $  20,000      $   20,000
                                              ----------     ----------


Convertible  Notes  Payable
---------------------------

The  convertible  notes payable are unsecured, bear interest at 10% and were due
at  various  dates, with all currently being due.  Due to cash flow difficulties
the Company has been unable to repay these amounts.  A summary of activity is as
follows:

                                                 2003          2002
                                              ----------     ----------
Beginning of year                             $   23,000     $   94,000

Repayments:
Proceeds from issuance of new note payable        10,000            - -
Stock issued in repayment                        (10,000)       (71,000)
                                              ----------     ----------

End of year                                   $   23,000     $   23,000
                                              ----------     ----------


                                     (Continued)
<PAGE>
                                SUBJEX CORPORATION

                        NOTES TO THE FINANCIAL STATEMENTS

                      YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE  5  -  DEBT  (Continued)

Convertible  Notes  Payable  (Continued)
---------------------------

The  holders  of  these  notes  have  the right to convert each dollar of unpaid
principal  to  one  share of common stock.  As additional incentive, the Company
also  granted  warrants  to purchase 94,000 shares of the Company's common stock
for  $1.00  per  share.  These warrants were immediately exercisable and expired
December  31,  2002.  The value ascribed to these warrants was nominal using the
Black-Scholes option pricing model.  In 2002 $71,000 shares of this indebtedness
was  converted  into  the  Company's  common  stock  at  $.04  per  share.

Notes  Payable  -  Related  Party
---------------------------------

                                                   2003           2002
                                                 ----------     ----------
6% note payable to majority stockholder,
  payable in monthly installments of
  $2,915, including interest, to April 1,
  2004, unsecured.                               $      --      $   42,531

6% note payable to majority stockholder,
  payable in full, including interest,
  on September 1, 2003, unsecured.                     - -          20,000

                                                 ----------     ----------
                                                       - -          62,531
Less  current  maturities                               --         (51,002)
                                                 ----------     ----------

                                                 $     - -      $   11,529
                                                 ----------     ----------

Interest on the notes payable - related party totaled $16,651 in 2003 and $6,085
in  2002.

                                     (Continued)
<PAGE>
                                SUBJEX CORPORATION

                        NOTES TO THE FINANCIAL STATEMENTS

                      YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE  6  -  STOCKHOLDERS  EQUITY

Subscribed  Stock:
-----------------

In  November  and  December  2002, the Company collected stock proceeds totaling
$133,100  towards the purchase of 1,331,000 shares of the Company's common stock
at  $.10  per  share.  On  January  31,  2003,  the  Company issued 1,331,000 in
satisfaction  of  this  obligation.

Stock  Options:
--------------

During  1999,  the  Company  adopted  the Pagelab Network, Inc. Stock Option and
Stock  Award  Plan (the Plan).  The Plan permits the granting of incentive stock
options  meeting the requirements of Section 422 of the Internal Revenue Code of
1986,  as  amended, and nonqualified options, which do not meet the requirements
of  Section  422.  A total of 2,500,000 shares have been reserved under the Plan
through  the period ending December 31, 2002.  All options will be granted at an
exercise  price  not  less than the fair market value of the common stock on the
grant  date  according  to  the  plan  provisions.  The  options  granted  to
participants  owning  more  than  10 percent of the Company's outstanding voting
stock  must  be  granted  at an exercise price not less than 110 percent of fair
market  value of the common stock on that date.  The options shall expire on the
date  determined  by  the Board of Directors, but not greater than 10 years from
the  grant  date.

Grants  under  that  Plan  are  accounted  for  following APB Opinion No. 25 and
related  interpretations.  The  fair  value of each option grant is estimated on
the  date  of  the  grant  using the Black-Scholes option pricing model with the
following  weighted-average  assumptions:

     Expected dividend yield                                             - -
     Expected  stock  price  volatility                                   20%
     Risk-free  interest  rate                                          5.20%
     Expected life of options                                           2 - 3
                                                                        years


                                     (Continued)
<PAGE>
                                SUBJEX CORPORATION

                        NOTES TO THE FINANCIAL STATEMENTS

                      YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE  6  -  STOCKHOLDERS  EQUITY  -  (Continued)

A summary of outstanding options under the Plan is as follows:

<TABLE>
<CAPTION>
                               2003                     2002
                       ----------------------  ------------------------
                                    Weighted-               Weighted-
                                    Average                 Average
                                    Exercise                Exercise
                         Shares       Price      Shares      Price
                       ---------  -----------  --------  --------------
<S>                    <C>        <C>          <C>       <C>
Outstanding at
  beginning of period    817,970  $.20 to .50  828,970   $.20  to .50
  Granted                    - -          - -      - -            - -
  Exercised                  - -          - -   (9,000)            10
  Canceled                   - -          - -      - -            - -
                       ---------  -----------  --------  --------------

Outstanding at
  end of period          817,970  $.20 to .50  817,970   $ .20 to .50
                       ---------  -----------  --------  --------------
</TABLE>

Warrants:

The  Company  issued  warrants  to some of the purchasers of its common stock in
2002.  These  warrants  provide  for  the  purchase  of a share of the Company's
common  stock  as  follows:

<TABLE>
<CAPTION>
                                        Price Target
                      Exercise          To  Validate
Shares Under Warrant  Price      Date     Option
--------------------  ------  ----------  ----------
<S>                   <C>     <C>         <C>
             300,000  $  .10      6/2/04     N/A
             354,800  $  .25  6/18/05 to    1.00
                                 6/7/17
</TABLE>


                                     (Continued)
<PAGE>
                                SUBJEX CORPORATION

                        NOTES TO THE FINANCIAL STATEMENTS

                      YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE  7  -  INCOME  TAXES

The  Company's  net  operating  loss  carryforwards are fully allowed for due to
questions  regarding  the  Company's ability to utilize these losses before they
expire.

                                                    2003          2002
                                                 ----------     ----------
Deferred  tax  asset  relating  to  net
operating loss carryforwards                     $ 927,000      $ 860,000
Valuation  allowance                              (927,000)      (860,000)
                                                 ----------     ----------
Net deferred tax asset                           $     - -      $     - -
                                                 ----------     ----------

At December 31, 2003, the Company has carryforwards as follows:

                                                   Federal        State
                                                 ----------     ----------
2014                                                 49,000         49,000
2015                                            $ 1,010,000     $1,010,000
2016                                              1,051,000      1,051,000
2017                                                778,000        778,000
2018                                                200,000        200,000
                                                 ----------     ----------
                                                $ 3,088,000     $3,088,000
                                                 ----------     ----------

NOTE  8  -  SUPPLEMENTAL  INFORMATION

                                                      2003           2002
                                                   ----------     ----------
Supplemental  disclosure  of
cash  flow  information:
    Cash  paid  during  the  year  for  interest   $   17,320     $    4,689
                                                   ----------     ----------
Supplemental disclosure of non-cash investing
and  activities:


    Common  stock  issued  for  fixed assets       $      - -     $    1,760
                                                   ----------     ----------

    Common  stock  issued  and  warrants  and
    options  exercised  to  settle:
    Liabilities                                    $  315,557     $  257,757
                                                   ----------     ----------
    Note  payable  -  related  party               $   56,250     $   21,164
                                                   ----------     ----------


                                     (Continued)
<PAGE>
                                SUBJEX CORPORATION

                        NOTES TO THE FINANCIAL STATEMENTS

                      YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE  9  -  LEASE

The  Company  leases  its  offices under a month-to-month operating lease.  Rent
expense  was  $14,733 in 2003 and $9,335 in 2002. In February 2004 , the Company
signed  a  lease  to  rent  its  office  space  under a two-year lease agreement
expiring February 2006. The lease requires monthly lease payments of $921 plus a
proportionate  share  of  real  estate  taxes,  maintenance  and  insurance.

Future minimum rental commitments for this lease are as follows:

2004 - $10,129   2005 - $11,050   2006 - $921


<PAGE>