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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-QSB

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2003

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________

Commission file number 000-32663

BIMS RENEWABLE ENERGY, INC.

(exact name of small business issuer as specified in its charter)

Florida

(State or other jurisdiction of

incorporation or organization)

65-0909206

(IRS Employer Identification No.)

38-10, Place du Commerce, Suite 230, Montreal, Quebec, Canada, H3E 1T8

(Address of principal executive offices)

(514) 578-1722

(Registrant’s telephone number)

Biomasse International, Inc.

4720, Boulevard Royal, Suite 103, Trois-Rivieres-Ouest, Quebec, Canada G9A 4N1

(Former name, former address and former fiscal year, if changed since last report)

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant filed all documents and reports required to be filed by Section l2, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes [_] No [_]

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: As of August 18, 2003 the Registrant had 87,333,793 shares of its Common Stock outstanding

Transitional Small Business Disclosure format (check one): Yes [ ] No [X]

SEC 2334 (3-03)

Potential persons who are to respond to the collection of information contained in this form are not

required to respond unless the form displays a currently valid OMB control number.

BIMS RENEWABLE ENERGY, INC.

FORM 10-QSB

For the Quarter ended June 30, 2003

Contents

Page

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

Balance Sheet as of June 30, 2003 (unaudited)

Statement of Operations for the three and nine months ended

June 30, 2003 and 2002 and from inception (March 19, 1999)

through June 30, 2003 (unaudited)

Statement of Cash Flows for the nine months ended

June 30, 2003 and 2002 and from inception (March 19, 1999)

through June 30, 2003 (unaudited)

Notes to the Financial Statements for the nine months

ended June 30, 2003 (unaudited)

Item 2. Plan of Operations

Item 3. Controls and Procedures

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Item 2. Changes in Securities

Item 3. Defaults Upon Senior Securities

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

Item 5. Other Information

Item 6. Exhibits and Reports on Form 8-K

Signature Page

Index to Exhibits

BIMS RENEWABLE ENERGY, INC.

FORM 10-QSB

For the Quarter ended June 30, 2003

PART I

FINANCIAL INFORMATION

Item 1.

Financial Statements

BIMS RENEWABLE ENERGY, INC. (A COMPANY IN THE DEVELOPMENT STAGE) BALANCE SHEET (UNAUDITED)
Assets
		June 30, 2003

Current Assets
	Cash and cash equivalents	$ 18,679
	Receivables, net	37,910
	Other current assets	-
	Total current assets	56,589
Property and equipment, net		17,590
Prepaid equipment costs		472,614
Intangibles, net		18,028
Other assets		223
	Total assets	$ 565,044

Liabilities and Shareholder's Equity

Current Liabilities
	Accounts payable and accrued expenses	653,048
	Accrued salaries and payroll related benefits	113,811
	Deferred Revenue	141,002
	Other current liabilities	134,550
	Total current liabilities	1,042,411

Convertible debenture		250,000

Shareholder's Equity
Common Stock, class A, $1.00 par value; authorized		-
5,000,000 shares; zero issued and outstanding
Common Stock, class B, $.001 par value; authorized		87,334
125,000,000 shares; issued and outstanding 87,333,793
	Paid in Capital	1,597,134
	Deficit accumulated during the development stage	(2,262,849)
	Accumulated other comprehensive income/(loss)	(148,985)
	Total Shareholder's Equity	(727,367)
	Total liabilities and shareholder's equity	$ 565,044

Read the accompanying summary of significant accounting notes to financial statements, which are an integral part of this financial statement.

BIMS RENEWABLE ENERGY, INC. (A COMPANY IN THE DEVELOPMENT STAGE) STATEMENT OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED JUNE 30, 2003 AND 2002 FROM INCEPTION (MARCH 19, 1999) THROUGH JUNE 30, 2003
					Inception
					(March 19, 1999)
	Three months ended June 30,		Nine months ended June 30,		through
	2003	2002	2003	2002	June 30, 2003
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)

Revenues:	$ -	$ 4,765	$ 1,821	$ 14,174	$ 71,771
Cost of Revenues:	-	1,811	-	1,811	60,535
Gross Profit	-	2,954	1,821	12,363	11,236

Operating Expenses:
Travel	2,658	5,307	5,086	16,593	89,961
Professional fees	1,456	31,364	31,036	38,705	235,018
Consulting fees	6,291	227,960	213,180	351,889	899,512
Salaries and payroll related benefits	-	104,430	14,406	222,216	383,093
Rent	-	2,726	1,919	9,223	42,831
Depreciation	-	1,464	2,595	4,167	10,084
Amortization	5,500	5,500	16,500	16,500	91,972
Selling, general and administrative expenses	7,353	23,263	31,243	155,520	321,772
	23,259	402,013	315,966	814,813	2,074,242

Operating Loss	(23,259)	(399,060)	(314,146)	(802,450)	(2,063,006)
Other Income/(Expense)
Interest Income - (principally related party)	-	42	-	48	872
Interest Expense	-	(189)	(588)	(605)	(1,774)
Foreign exchange	-		-		1,059
Loss on impairment of asset	-		-		(200,000)
Total Other Income	-	(146)	(588)	(557)	(199,843)
Net Loss	$ (23,259)	$ (399,206)	$ (314,734)	$ (803,007)	$ (2,262,849)

Basic weighted average common shares outstanding	87,333,793	16,560,263	80,133,401	16,457,987

Basic Loss per common share	$ (0.00)	$ (0.02)	$ (0.00)	$ (0.05)

Read the accompanying summary of significant accounting notes to financial statements, which are an integral part of this financial statement.

BIMS RENEWABLE ENERGY, INC. (A COMPANY IN THE DEVELOPMENT STAGE) STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED JUNE 30, 2003 AND 2002 FROM INCEPTION (MARCH 19, 1999) THROUGH JUNE 30, 2003
				Inception
				(March 19, 1999)
		Nine months ended June 30,		through
		2003	2002	June 30, 2003
		(Unaudited)	(Unaudited)	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)		$ (314,734)	$ (803,007)	$ (2,262,849)
Adjustments to reconcile net income (loss) to net cash
used in operating activities:
	Depreciation and amortization	19,095	2,167	102,057
	Loss on abandonment of property	-	-	1,187
	Rent expense offset to paid in capital	-	-	5,000
	Issuance of shares for consulting services	191,337	-	531,592
	Issuance of warrants for advisory services	-	-	10,000
	Issuance of options for professional services	-	239,257	6,000
	Loss on impairment of asset	-	-	200,000
Changes in Operating assets and liabilities:
	Receivables	36,077	(41,166)	(37,910)
	Other Current Assets	12,904	(21,217)	-
	Prepaid equipment costs	-	-	(472,614)
	Other Assets	3,211	(200)	(223)
	Accounts Payable and Accrued Liabilities	74,120	618,252	1,382,625
Net cash provided by/(used in) operating activities		22,009	(5,914)	(535,135)
CASH FLOWS FROM INVESTING ACTIVITIES:
	Prepaid equipment costs	-	(241,646)	-
	Purchase of property and equipment	(3,644)	-	(30,756)
Net cash provided by/(used in) investing activities		(3,644)	(241,646)	(30,756)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from:
Notes payable, principally related parties		-	-	56,566
Proceeds from convertible debenture		-	250,000	250,000
Purchase of treasury stock		-	(3,333)	(4,500)
Exercise of warrants		-	-	1,325
Sales of common stock		-	-	281,177
Net cash provided by/(used in) financing activities		-	246,667	584,569
Net increase (decrease) in cash and cash equivalents		18,365	(893)	18,678
Cash and cash equivalents, beginning of period		314	1,350	-
Cash and cash equivalents, end of period		$ 18,679	$ 457	$ 18,678

Supplemental Schedule of noncash investing and financing activities:

Issued 588,000 shares of common stock for license				110,000
rights from affiliate (recorded at predecessor basis)
Issued 306,000 shares of common stock for Equipment				200,000
from affiliate (recorded at predecessor basis)
Issuance of 56,565 shares of common stock				56,566
in settlement of note payable (related party)

Read the accompanying summary of significant accounting notes to financial statements, which are an integral part of this financial statement.

BIMS RENEWABLE ENERGY, INC.

(A COMPANY IN THE DEVELOPMENT STAGE)

NOTES TO FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED JUNE 30, 2003 AND 2002

FROM INCEPTION (MARCH 19, 1999) THROUGH JUNE 30, 2003

NOTE 1 –BASIS OF PRESENTATION

The accompanying unaudited financial statements of Biomasse International, Inc. have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Article 10 of Regulation S-X. The financial statements reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the periods shown. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

These financial statements should be read in conjunction with the audited financial statements and footnotes thereto included in BIMS Renewable Energy, Inc.’s form 10-KSB as filed with the Securities and Exchange Commission.

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 that effect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

NOTE 2 – EARNINGS (LOSS) PER SHARE

Earnings (Loss) per common share are calculated under the provisions of SFAS No. 128, “Earnings per Share,” which establishes standards for computing and presenting earnings per share. SFAS No. 128 requires the Company to report both basic earnings (loss) per share, which is based on the weighted-average number of common shares outstanding during the period, and diluted earnings (loss) per share, which is based on the weighted-average number of common shares outstanding plus all potential dilutive common shares outstanding. Options and warrants are not considered in calculating diluted earnings (loss) per share since considering such items would have an anti-dilutive effect.

NOTE 3 – GOING CONCERN

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The company reported a net loss of $314,146 for the nine months ended June 30, 2003 (unaudited) as well as reporting net losses of $2,262,849 from inception (March 19, 1999) to June 30, 2003 (unaudited). As reported on the statement of cash flows, the Company has incurred negative cash flows from operating activities of $535,135 from inception (March 19, 1999) (unaudited). Continuation of the Company as a going concern is dependent upon obtaining sufficient working capital for its planned activity. Additional capital and/or borrowings will be necessary in order for the Company to continue in existence until attaining and sustaining profitable operations. The Company is aggressively pursuing strategic alliances which will bring a cash infusion, restructuring and a forward looking business plan.

BIMS RENEWABLE ENERGY, INC.

FORM 10-QSB

For the Quarter ended June 30, 2003

Item 2.

Plan of Operations

The following discussion should be read in conjunction with the financial statements and related notes that are included under Item 1. Statements made below which are not historical facts are forward-looking statements. Forward-looking statements involve a number of risks and uncertainties including, but not limited to, general economic conditions, our ability to complete development and then market our services, competitive factors and other risk factors as stated in other of our public filings with the Securities and Exchange Commission.

Our main business purpose is to provide the pulp and paper industry with the most practical, economical and efficient way of disposing of the sludge they produce as a by-product of their operations. Our proprietary technology also allows us to give enhanced value to the waste sludge and other residues generated by their wastewater treatment systems. We own a process to convert, by combustion, in an environmentally safe manner, the waste residue produced by pulp and paper mills into steam. We intend to profit by charging mills for the disposal of their sludge by converting it to steam, which will be less than they are currently paying for shipping and storage of waste sludge. As an added benefit to the mill, it can, in turn, use the steam as energy thereby creating a low cost, clean energy source.

We signed our first agreement on April 12, 2002 with J. Ford Ltee., a pulp and paper manufacturer in Quebec, Canada. This agreement is for five years with a revenue stream of approximately $1 million US per year to Biomasse. The equipment for this projuect is in the construction phase and we anticipated the project to begin generating revenue by December 2002. Due to financing difficulties we experienced with this project, the installation has yet to take place and was scheduled to begin in the later part of the second calendar quarter of 2003. The installation has yet to commence at June 30, 2003, which postpones our revenue generation into 2004 from this project.

We intend to concentrate initially on the North American pulp and paper companies. During the past year we identified several potential customers. We completed the profitability and feasibility studies for these installation and based upon the study's very positive conclusions, we believe we are close to finalizing a ten-year contract for the sale of steam utilizing our process with one of these organizations in the near future. Once this contract is finalized, a nine to twelve month installation process will ensue. We do not expect to generate any substantial revenue until the installation is completed and the system has been tested and is operational. Our studies indicate that the cost of equipment and installation for a plant suitable approximately $9,200,000.

BIMS RENEWABLE ENERGY, INC.

FORM 10-QSB

For the Quarter ended June 30, 2003

Liquidity

As reflected in our June 30, 2003 balance sheet, we have $18,679 on hand. The Company’s operations are not generating sufficient cash to maintain its present operations. The Company had a negative working capital of approximately $985,822 at June 30, 2003. The company has reviewed all non-essential activities and expenditures and has aggressively curtailed these items to assist in reducing the cash used in operating activities. Monthly operating expenses including rent, communications, travel, consulting, and professional fees and other general and administrative are approximately $10,000. When we listed on the OTC bulletin board, the number of our employees increased to four with the addition of a Vice President of Legal Affairs as well as an administrative person. Once this happened, executive and management salaries are estimated to be approximately $20,000 per month. We have several options to fund the above monthly expenditures: In our contract with the pulp and paper manufacturers, we are requiring a deposit with the signing of the contract of approximately one months revenue. In the case of the J Ford Ltee project, that equates to approximately $83,000 US. These deposits will then contribute to the satisfying our overall monthly expenditures. Additional capital and/or borrowings will be necessary in order for the Company to continue in existence until attaining and sustaining profitable operations. The Company is aggressively pursuing strategic alliances which will bring a cash infusion, restructuring and a forward looking business plan.

ITEM 3.

Controls and Procedures

Based on their most recent evaluation, which was completed within 90 days of the filing of this Form 10-QSB, the Company’s president and principle financial officer believes the Company’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) are effective to ensure that information required to be disclosed by the Company in this report is accumulated and communicated to the Company’s management, including its principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. There were no significant changes in the Company’s internal controls or other factors that could significantly affect these controls subsequent to the date of their evaluation and there were no corrective actions with regard to significant deficiencies and material weaknesses.

BIMS RENEWABLE ENERGY, INC.

FORM 10-QSB

For the Quarter ended June 30, 2003

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 2. Changes in Securities

None

Item 3. Defaults Upon Senior Securities

None.

Item 4. Submission of Matters to Vote of Security Holders

None

Item 5. Other Information

None

Item 6. Exhibits and Reports on Form 8-K.

(a)

Exhibits

Exhibit 31.1 – Certification required by Rule 13a-14(a) or Rule 15d-14(a), Abouelouafa

Exhibit 31.2 – Certification required by Rule 13a-14(a) or Rule 15d-14(a), Renaud

Exhibit 32.1 – Certification required by Rule 13a-14(b) or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, Abouelouafa

Exhibit 32.2 – Certification required by Rule 13a-14(b) or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, Renaud

(b) Reports on Form 8K. – The company filed no Forms 8K during the period covered by this report.

SIGNATURES

In accordance with Section 13 or 15(d) of the 1934 Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

BIMS Renewable Energy, Inc.

/s/ Abdel Jabbar Abouelouafa

________________________________________________

Chief Executive Officer

/s/Yves Renaud

Yves Renaud - Director and Chief Financial Officer

Date: August 19, 2003

INDEX TO EXHIBITS

Exhibit 31.1 – Certification required by Rule 13a-14(a) or Rule 15d-14(a), Abouelouafa

Exhibit 31.2 – Certification required by Rule 13a-14(a) or Rule 15d-14(a), Renaud

Exhibit 32.1 – Certification required by Rule 13a-14(b) or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, Abouelouafa

Exhibit 32.2 – Certification required by Rule 13a-14(b) or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, Renaud