UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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

                                  FORM 10-KSB/A
                                   (MARK ONE)

          [X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                   For the annual period ended April 30, 2003

        [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

              For the transition period from _________ to _________

                           COMMISSION FILE NO. 0-18980



                    HQ SUSTAINABLE MARITIME INDUSTRIES, INC.
                 (Name of Small Business Issuer in Its Charter)

                             Process Equipment, Inc.
                                  (Former Name)
Delaware                                                              62-1407522
(State or other jurisdiction of incorporation or             (I.R.S. Employer
organization)                                                Identification No.)

    Wall Street Center, 14 Wall Street, 20th Floor, New York, New York 10005
                    (Address of principal executive offices)

                                 (212) 618-1712
                (Issuer's telephone number, including area code)

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 $0.001 Per Share
                                (Title of Class)

         Check whether the issuer (1) filed all reports  required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports);  and (2)
has been subject to such filing requirements for the past 90 days.

         Yes [X]       No [ ]

         Check if there is no  disclosure  of  delinquent  filers in response to
Item 405 of  Regulation  S-B 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]

         Transitional Small Business Disclosure Format (check one):

         Yes [ ]       No [X]



<PAGE>

                                Explanatory Note

This Amendment to the Annual Report on Form 10-KSB of Process  Equipment,  Inc.,
now known as HQ Sustainable Maritime  Industries,  Inc., is being filed to amend
the  certifications  originally  filed as exhibits to our Annual  Report on Form
10-KSB filed with the  Commission on August 14, 2003,  in  compliance  with Rule
13a-14(a)/15d-14(a)  under  the  Securities  Exchange  Act of 1934,  as  amended
(Exhibits  31.1 and 31.2),  and  Section 906 of the  Sarbanes-Oxley  Act of 2002
(Exhibits  32.1 and 32.2).  We do not  consider  the amended  certifications  to
represent a material change to the disclosure previously presented in the Annual
Report as originally filed. This Amendment  continues to speak as of the date of
the  original  filing on August 14,  2003 of the Form 10-KSB for the fiscal year
ended April 30, 2003, and does not reflect any subsequent  information or events
other than the amendments  referred to above. All information  contained in this
Amendment   and  in  the  original  Form  10-KSB  is  subject  to  updating  and
supplementing  as provided  in the  periodic  reports  filed  subsequent  to the
original filing date.




<PAGE>


                                   SIGNATURES

         In  accordance  with  Section  13 or 15(d)  of the  Exchange  Act,  the
registrant  caused  this  report to be signed on its behalf by the  undersigned,
thereunto duly authorized.



                                 HQ SUSTAINABLE MARITIME INDUSTRIES, INC.

                                 By: /s/ Norbert Sporns
                                    --------------------------------------------
                                    Name: Norbert Sporns
                                    Title: Chief Executive Officer and President

                                                   Date: September 10, 2004


         In accordance  with the Exchange Act, this report has been signed below
by the following  persons on behalf of the  registrant and in the capacities and
on the dates indicated.

<TABLE>
<CAPTION>


SIGNATURE             TITLE                                         DATE
---------             -----                                         ----
<S>                   <C>                                           <C>

 /s/ Norbert Sporns   Chief Executive Officer, President            September 10, 2004
-------------------   and Director
Norbert Sporns        (Principal Executive Officer)


 /s/ Lillian Wang     Chairman of the Board of Directors and        September 10, 2004
-------------------   Acting Chief Financial Officer
Lillian Wang          (Principal Financial and Accounting Officer)



 /s/ Harry Wang      Chief Operating Officer and Director           September 10, 2004
-------------------
Harry Wang


 /s/ Jacque Vallee   Director                                       September 10, 2004
-------------------
Jacque Vallee


 /s/ Fred Bild       Director                                       September 10, 2004
-------------------
Fred Bild
</TABLE>