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

FORM 10-QSB

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

For the quarterly period ended March 31, 2004.

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

For the transition period from _______ to ________

COMMISSION FILE NUMBER: 000-31507

INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC.
(Name of small business issuer in its charter)

FLORIDA 06-1588136
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

9103 EMMOTT ROAD, BUILDING 6, SUITE A, 77040
HOUSTON, TEXAS
(Address of principal executive offices)

(713) 466-6585
(Issuer's telephone number)

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
[_]

State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: As of March 31, 2004 we had
35,464,901 shares of common stock outstanding.

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

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION. . . . . . . . . . . . . . . . . . . . . 3
Item 1. Financial Statements . . . . . . . . . . . . . . . . . . . . 3
Balance Sheet as of . . . . . . . . . . . . . . . . . . . . . . . 3
Statement of Operations as of . . . . . . . . . . . . . . . . . . 4
Statement of Cash Flows as of . . . . . . . . . . . . . . . . . . 5
Statement of Changes in Stockholders' Equity as . . . . . . . . . 6
Notes to Financial Statements . . . . . . . . . . . . . . . . . . 7
Item 2. Management's Discussion and Analysis or Plan of Operation. . 10
Item 3. Controls and Procedures. . . . . . . . . . . . . . . . . . . 11
PART II - OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . 12
Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . 12
Item 2. Changes in Securities . . . . . . . . . . . . . . . . . . . 12
Item 3. Defaults Upon Senior Securities . . . . . . . . . . . . . . 12
Item 4. Submission of Matters to a Vote of Security Holders . . . . 12
Item 5. Other Information . . . . . . . . . . . . . . . . . . . . . 12
Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . 12
SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 14
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 15
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 16
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 17

INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
MARCH 31, 2004
(UNAUDITED)

ASSETS
Current Assets
Cash $ 973
============

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current Liabilities
Accounts payable - related parties $ 17,232
Notes payable - shareholder 1,000
------------
18,232
------------

STOCKHOLDERS' DEFICIT:
Preferred stock, Series A, no par value, 10,000,000 shares
authorized, 2,870,000 shares issued and outstanding 147,669
Common stock, .001 par value, 50,000,000 shares
authorized, 35,464,901 shares issued and outstanding 35,465
Additional paid in capital 1,643,515
Deficit accumulated during the development stage (1,843,908)
------------
Total Stockholders' Deficit (17,259)
------------

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 973
============

F-1

INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2004 AND 2003
AND PERIOD FROM SEPTEMBER 1, 1996 (INCEPTION) THROUGH MARCH 31, 2004
(UNAUDITED)

Inception
Three Months Ended through
March 31, March 31,
2004 2003 2004
------------ ------------ ------------

General and administrative $ 806,559 $ 11,706 $ 1,231,765
Development costs - - 466,361
Bad debt expense - - 150,677
Debt forgiveness - - (6,768)
Depreciation - 469 1,873
------------ ------------ ------------

Net loss $ (806,559) $ (12,175) $(1,843,908)
============ ============ ============

Net loss per share:
Basic and diluted $ (0.02) $ (0.00)
============ ============

Weighted average shares
outstanding:
Basic and diluted 33,600,210 24,389,916
============ ============

F-2

INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC,
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2004 AND 2003
AND PERIOD FROM SEPTEMBER 1, 1996 (INCEPTION) THROUGH MARCH 31, 2004
(UNAUDITED)

Inception
Three Months Ended through
March 31, March 31,
2004 2003 2004
----------- ----------- ------------

CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss $ (806,559) $ (12,175) $(1,843,908)
Adjustments to reconcile net deficit to
cash used by operating activities:
Stock issued for merger expenses - - 14,179
Debt forgiveness - (6,758)
Stock issued for services 789,300 - 1,162,453
Impairment - - 7,473
Depreciation - 469 1,873
Changes in operating assets and
liabilities:
Accounts payable - 1,940 6,758
Accounts payable-related parties 17,232 - 17,232
----------- ----------- ------------
CASH FLOWS USED IN OPERATING
ACTIVITIES (27) (9,766) (640,698)
----------- ----------- ------------

CASH FLOWS FROM IN INVESTING
ACTIVITIES
Purchase of property and equipment - - (9,346)
----------- ----------- ------------

CASH FLOWS FROM FINANCING
ACTIVITIES
Proceed from issuance of common stock - - 650,017
Advances by officers 1,000 9,600 1,000
----------- ----------- ------------

CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 1,000 9,600 651,017
----------- ----------- ------------

NET INCREASE (DECREASE) IN CASH 973 (166) 973
Cash, beginning of period - 354 -
----------- ----------- ------------
Cash, end of period $ 973 $ 188 $ 973
=========== =========== ============

F-3

INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited interim financial statements of International Trust &
Financial Systems, Inc. ("International Trust") have been prepared in accordance
with accounting principles generally accepted in the United States of America
and the rules of the Securities and Exchange Commission ("SEC"), and should be
read in conjunction with the audited financial statements and notes thereto
contained in the Company's registration statement filed with the SEC on Form
10-KSB. In the opinion of management, all adjustments, consisting of normal
recurring adjustments, necessary for a fair presentation of financial position
and the results of operations for the interim periods presented have been
reflected herein. The results of operations for interim periods are not
necessarily indicative of the results to be expected for the full year. Notes
to the financial statements which would substantially duplicate the disclosure
contained in the audited financial statements for the most recent fiscal year
2003 as reported in Form 10-KSB, have been omitted.

NOTE 2 - EQUITY

On January 19, 2004, a change in control occurred as the result of the
acquisition of our capital stock of International Trust by Wilbert H. Marmion
and Steven F. Owens.

Pursuant to that certain Purchase and Escrow Agreement dated November 12, 2003,
by and between International Trust and Wilbert H. Marmion, and J. Bennett
Grocock, P.A., on January 19, 2004, Mr. Marmion acquired 2,360,430 shares of our
common stock and 2,870,000 shares of our preferred stock. Each of our preferred
shares is convertible into 40 shares of our common stock, and each preferred
share has the same voting rights as 40 shares of our common stock. On January
19, 2004, Mr. Owens acquired 2,999,855 shares of our common stock.

During the three months ending March 31, 2004, International Trust issued
5,179,125 shares of its common stock for services valued at $786,300.

NOTE 3 - SUSEQUENT EVENT

In April and May of 2004 International Trust issued 3,750,000 to the Employee
Stock Option Plan (ESOP).

F-4

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

The financial statements and related notes are included as part of this
Quarterly Report as indexed in the appendix on page F-1 through F-7.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.

FORWARD-LOOKING INFORMATION

Much of the discussion in this Item is "forward looking" as that term is
used in Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934. Actual operations and results may materially differ from
present plans and projections due to changes in economic conditions, new
business opportunities, changed business conditions, and other developments.
Other factors that could cause results to differ materially are described in our
filings with the Securities and Exchange Commission.

The following are factors that could cause actual results or events to
differ materially from those anticipated, and include, but are not limited to,
general economic, financial and business conditions, changes in and compliance
with governmental laws and regulations, including various state and federal
environmental regulations, our ability to obtain additional financing from
outside investors and/or bank and mezzanine lenders, and our ability to generate
sufficient revenues to cover operating losses and position us to achieve
positive cash flow.

Readers are cautioned not to place undue reliance on the forward-looking
statements contained herein, which speak only as of the date hereof. We believe
the information contained in this Form 10-QSB to be accurate as of the date
hereof. Changes may occur after that date. We will not update that information
except as required by law in the normal course of our public disclosure
practices.

Additionally, the following discussion regarding our financial condition
and results of operations should be read in conjunction with the financial
statements and related notes contained in Item 1 of Part I of this Form 10-QSB,
as well as the financial statements in Item 7 of Part II of our Form 10-KSB for
the fiscal year ended December 31, 2003.

MANAGEMENT'S PLAN OF OPERATION

Prior to 2002, we were a blind pool whose sole business plan and direction
was to identify and merge with an operating business. During 2002 we entered
into two separate transactions to acquire operating businesses. Both
acquisitions proved not to be profitable and were terminated. During 2002 and
2003, we continued our efforts to identify and merge with an operating business
and entered into several agreements and transactions to accomplish that goal.

We were formed in Florida on September 5, 1996 under the name Fairbanks,
Inc. On April 18, 1997, we changed our name to Jet Vacation, Inc. On May 11,
1998 we changed our name to Precom Technology, Inc. On October 12, 2002 we
again changed our name, this time to International Trust & Financial Systems,
Inc. Although we were founded in 1996, our original business plan was capital
intensive and we were unable to raise the capital necessary to implement or
carry out our original plan.

In accordance with Florida law, our board of directors unanimously voted on
August 13, 2002 to amend our Articles of Incorporation to effect a reverse split
of all outstanding shares of our common stock at an exchange ratio of
one-for-two, effective as of the close of business on September 10, 2002.

On January 19, 2004, a change in control occurred as the result of the
acquisition of our capital stock of the Registrant by Wilbert H. Marmion and
Steven F. Owens.

Pursuant to that certain Purchase and Escrow Agreement dated November 12,
2003, by and between us and Wilbert H. Marmion, and J. Bennett Grocock, P.A., on
January 19, 2004, Mr. Marmion acquired 2,360,430 shares of our common stock and
2,870,000 shares of our preferred stock. Each of our preferred shares is
convertible into 40 shares of our common stock, and each preferred share has the
same voting rights as 40 shares of our common stock. All of the common and
preferred shares acquired by Mr. Marmion carried a legend restricting the
transfer thereof under the Securities Act of 1933, as amended.

On January 19, 2004, Mr. Owens acquired 2,999,855 shares of our
free-trading common stock.

Additionally, with the consummation of the stock purchase transactions, Tim
B. Smith and David A. Pells resigned their positions as our officers and
directors. Wilbert H. Marmion was elected our sole director of the Registrant
in their place and stead. On February 24, 2004, Wilbert H. Marmion, our sole
director at the time, appointed Ellen Raidl and John Royston to serve as
directors alongside Wilbert H. Marmion. Ms. Raidl and Mr. Royston were also
elected our officers. Consequently, as of the date of this Quarterly Report, we
have the following officers:

OFFICE NAME
------ ----
President and chief executive officer Wilbert H. Marmion

Secretary and treasurer Ellen Raidl

Vice president John Royston

Mr. Marmion and Mrs. Raidl are married.

As of the date of this Quarterly Report, we have not yet determined our
business plan of operations going forward after the change of control. To date,
our efforts have been devoted primarily to the following:

- Organizational activities;

- Developing a business plan;

- Obtaining funding;

- Conducting research and working toward the ultimate successful
development of our products and services.

FIRST QUARTER COSTS AND CHANGES IN FINANCIAL CONDITIONS

As of the date of this report, we have not engaged in any business
activities which provide cash flow, and have not recorded any revenues from
operations.

RESULTS OF OPERATIONS

During the quarter ended March 31, 2004, we incurred an operating loss of
$806,559 and no revenues. The loss featured, sales, marketing, general,
administrative and interest expenses. Our interest cost remains high as we
continue to be advanced operating funds by our principal stockholders.

LIQUIDITY AND CAPITAL RESOURCES

As discussed by our accountants in the audited financial statements
included in Item 1 of this Form 10-QSB, our revenue is currently insufficient to
cover our costs and expenses. To the extent our revenue shortfall exceeds this
stockholder's willingness and ability to continue providing us the funds needed,
management

anticipates raising any necessary capital from outside investors coupled with
bank or mezzanine lenders. As of the date of this report, we have not entered
into any negotiations with any third parties to provide such capital.

Our management anticipates that our current financing strategy of private
debt and equity offerings will meet its anticipated objectives and business
operations for the next 12 months. Management continues to evaluate
opportunities for corporate development. Subject to its ability to obtain
adequate financing at the applicable time, we may enter into definitive
agreements on one or more of those opportunities.

OFF-BALANCE SHEET ARRANGEMENTS

We do not have any off-balance sheet arrangements.

ITEM 3. CONTROLS AND PROCEDURES.

Disclosure controls and procedures are controls and other procedures that
are designed to ensure that information required to be disclosed by us in the
reports that we file or submit under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the Securities and
Exchange Commission's rules and forms. Disclosure controls and procedures
include, without limitation, controls and procedures designed to ensure that
information required to be disclosed by us in the reports that we file under the
Exchange Act is accumulated and communicated to our management, including our
principal executive and financial officers, as appropriate to allow timely
decisions regarding required disclosure.

Evaluation of disclosure and controls and procedures. As of the end of the
period covered by this Quarterly Report, we conducted an evaluation, under the
supervision and with the participation of our chief executive officer and chief
financial officer, of our disclosure controls and procedures (as defined in
Rules 13a-15(e) of the Exchange Act). Based on this evaluation, our chief
executive officer and chief financial officer concluded that our disclosure
controls and procedures are effective to ensure that information required to be
disclosed by us in reports that we file or submit under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified
in Securities and Exchange Commission rules and forms.

Changes in internal controls over financial reporting. There was no change
in our internal controls, which are included within disclosure controls and
procedures, during our most recently completed fiscal quarter that has
materially affected, or is reasonably likely to materially affect, our internal
controls.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

As of the date of this report, the Company is not involved in any legal
proceedings.

ITEM 2. CHANGES IN SECURITIES.

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

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

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

(a) Exhibits.

EXHIBIT NO. IDENTIFICATION OF EXHIBIT
- ----------- -------------------------------------------------------------------------------------------

3.1** Articles of Incorporation
3.2** Bylaws
31.1* Certification of Wilbert H. Marmion, Chief Executive Officer of International Trust and
Financial Systems, Inc., pursuant to 18 U.S.C. Sec.1350, as adopted pursuant to Sec.302 of
the Sarbanes-Oxley Act of 2002.
31.2* Certification of Ellen Raidl, Treasurer of International Trust and Financial Systems, Inc.,
pursuant to 18 U.S.C. Sec.1350, as adopted pursuant to Sec.302 of the Sarbanes-Oxley Act of
2002.
32.1* Certification of Wilbert H. Marmion, Chief Executive Officer of International Trust and
Financial Systems, Inc., pursuant to 18 U.S.C. Sec.1350, as adopted pursuant to Sec.906 of
the Sarbanes-Oxley Act of 2002.
32.2* Certification of Ellen Raidl, Treasurer of International Trust and Financial Systems, Inc.,
pursuant to 18 U.S.C. Sec.1350, as adopted pursuant to Sec.906 of the Sarbanes-Oxley Act of
2002
<FN>
__________
* Filed herewith.
** Previously filed.

(b) Reports on Form 8-K.

Form 8-K filed on February 24, 2004 regarding change in control and change
in our address and telephone number.

Form 8-K filed on March 24, 2004 regarding change in our certifying
accountant and the appointment of new accountant.

SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

INTERNATIONAL TRUST AND FINANCIAL
SYSTEMS, INC.

Dated May 24, 2004.

By /s/ Wilbert H. Marmion
-------------------------------------------
Wilbert H. Marmion,
President and Chief Executive Officer