6



                       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 June 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 NUMBER 000-32635

                              GROUP MANAGEMENT CORP.
             (Exact name of registrant as specified in its
charter)

                DELAWARE                                    59-
2919648
   (State or other jurisdiction of                       (I.R.S.
employer    incorporation or organization)
Identification No.)

  101 Marietta St., Suite 1070
             Atlanta, GA
30303
(Address of principal executive offices)
(Zip Code)

      REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
(404) 522-1202

     Check  whether  the  issuer  (1)  filed all reports required
to be filed by Section  13  or  15(d) of the Securities Exchange
Act of 1934 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.
               ----

     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 12, 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 June 30, 2003 there  were  67,788,000
shares  of  common  stock  issued  and  outstanding.

                  TRANSITIONAL SMALL BUSINESS DISCLOSURE FORMAT
                                  (check one):

                            Yes           No    X   .
                                -----         -----
                              GROUP MANAGEMENT CORP

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

                                     PART I

Item  1          Financial  Statements

Item  2          Management's  Discussion  and  Analysis  or
Plan of Operations

                                     PART II

Item  1          Legal  Proceedings

Item  2          Changes  in  Securities  and  Use  of  Proceeds

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





                             PART I

EXPLANATORY  NOTE

Included in this Quarterly Report on Form 10-QSB is a
consolidated balance sheet
of  Group  Management  Corp  as  of  June 30, 2003, and the
related consolidated statements of operations for the three month
period ended June 30, 2003 and  2002, and statements of cash
flows for the three month periods ended June 30, 2003  and  2002.


This Quarterly Report includes forward-looking statements within
the meaning of the securities Exchange Act of 1934 (the "Exchange
Act").  These statements are based on management's beliefs and
assumptions, and on information currently available to
management.  Forward-looking statements include the information
concerning possible or assumed future results of operations of
the Company set forth under the heading  "Management's
Discussion  and Analysis of Financial Condition or Plan of
operation."  Forward-looking statements also include statements
in  which  words  such as "expect," "anticipate,"  "intend,"
"plan," "believe,"  "estimate,"  "consider"  or  similar
expressions  are  used.

Forward-looking statements are  not  guarantees  of  future
performance.  They involve risks, uncertainties and assumptions.
The Company's future results and shareholder values may differ
materially  from  those  expressed  in  these forward-looking
statements.  Readers are cautioned not to put undue reliance on
any  forward-looking  statements.
                 GROUP MANAGEMENT CORP
        Consolidated Balance Sheet (UNAUDITED)
                  As of June 30, 2003

                            ASSETS

Current Assets
   Cash                                             $          0.0
   Accounts receivable-net                                   0.0
   Inventory                                                  0.0

     Total Current Assets                                   0.0

Property and Equipment, Net                                 0.0

Other Assets, Net                                            0.0

                                                             0.0


             LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
   Accounts payable and accrued expenses                     0.0
   Notes payable and capital lease obligations         1,100,000

     Total Current Liabilities                        1,100,000

Stockholders' Equity and Accumulated Deficit
   Common stock: par value $.002,  300,000,000
  shares
    authorized, 67,788,000 issued and                   135,576
  outstanding
   Additional paid in capital
                                                     40,251,645
   Accumulated deficit
                                                   (40,116,069)

     Total Stockholders' deficit
                                                    (1,235,576)





  See accompanying summary of accounting policies and
            notes to financial statements.
                 GROUP MANAGEMENT CORP
   Consolidated Statements of Operations (UNAUDITED)




                           For the Three Months
                                 Ended
                                  June 30
                             2003       2002

Revenues:
 Sales                             0           $
                                        76,421

Cost of Goods Sold                 0      34,398

  Gross Profit                     0      42,023

Operating Expenses
 General and                             209,059
administrative                    0
 Depreciation expense                     37,500
 Interest expense                         10,669
 Research and
development                       -          -
 Loss on investment in
ITVR                              -          -


                                  0    257,228

Other Income
 Interest income
                        -           -

Minority interest
                        -


  Net Income               $            $
                        0           (215,205)



Basic and fully diluted
net loss per
share                        (.00)
                                   (0.01)

Weighted average number
of shares
outstanding for basic
and diluted net
loss per share            67,788,000    60952059




  See accompanying summary of accounting policies and
            notes to financial statements.
                 GROUP MANAGEMENT CORP
  Consolidated Statements of Changes in Stockholders'
                  Equity (UNAUDITED)
  For the Period from March31, 2003 to June 30, 2003


                 Common Stock
                                    Additional
             Number of                Paid in
                                                Accumulate
                                                    d
               Shares     Amount      Capital     Deficit      Total
Balance,                        $            $            $            $
March 31,   64,455,000    128,910   40,192,245   (40,251,64   1,128,910
2003                                                   5)
Shares
issued for   3,330,000     20,000      59,400           -      20,000
services
Net loss                                                (0)          (0)
                     -          -           -
Balance,                        $            $            $            $
June 30,    67,788,000    148,910   40,251,645   (40,116,06   (1,148,910
2003                                                   9)





  See accompanying summary of accounting policies and
            notes to financial statements.
                 GROUP MANAGEMENT CORP
   Consolidated Statements of Cash Flows (UNAUDITED)



                                                2003      2002
                                           (UNAUDITED  (UNAUDITE
                                              )        D)
CASH FLOWS FROM OPERATING
ACTIVITIES:
   Net (Loss)                                    $         $
                                            (0)  (215,205)
   Adjustments to reconcile net
  (loss)
   to net cash provided by (used in)
   operating activities:
      Minority interest
                                              -
      Depreciation amortization
                                            0.0    37,500
      Stock based compensation                    0
                                                   56,400
      Purchased in-process
    technology                                -         -
      Loss on investment in iTVr
                                              -         -
      Beneficial interest on
    convertible debt                          -         -
   Changes on operating assets and
  liabilities:
      Accounts receivable                             (2,723)
                                            0.0
      Inventory
                                            0.0    28,167
      Other assets
                                            0.0
      Accounts payable and accrued
    expenses                                  -    32,017

NET CASH PROVIDED BY
   (USED IN) OPERATING ACTIVITIES
                                              0  (253,608)

CASH FLOWS FROM INVESTING
ACTIVITIES:
   Cash acquired through purchase of
  subsidiary                                          0.0
   Investment in iTVr
                                            0.0       0.0
   Purchase of equipment
                                            0.0     (100)
   Notes receivable
                                            0.0       0.0
NET CASH PROVIDED BY (USED IN)
   INVESTING ACTIVITIES
                                              -     (100)

CASH FLOWS FROM FINANCING
ACTIVITIES:
   Proceeds from issuance of stock
                                            0.0         0
   Net change in notes payable
                                            0.0    56,554
NET CASH PROVIDED BY (USED IN)
    FINANCING ACTIVITIES                        (0)
                                                   56,554

   Increase (decrease) in cash and
  cash equivalents                          (0)   (4,303)

   Cash and cash equivalents at
  beginning of period                       0.0   107,825

   Cash and cash equivalents at end              $         $
  of period                                 0.0   103,522
See accompanying summary of accounting policies and
notes to financial statements.
NOTE  A  -  BASIS  OF  PRESENTATION

The    accompanying   un-audited  condensed   financial
statements  have  been  prepared  in  accordance   with
generally  accepted accounting principles  for  interim
financial information and with the instructions to Form
10  and Item 310 of Regulation S-B. Accordingly,   they
do  not  include all of the information  and  footnotes
required  for  generally accepted accounting principles
for complete financial statements. In  the  opinion  of
management,  all  adjustments  (consisting  of   normal
recurring  accruals)   considered   necessary   for   a
fair    presentation  have  been  included.   Operating
results for the six- and three-month periods ended June
30,  2003 are not necessarily indicative of the results
that  may  be expected for the year ended December  31,
2002.   These financial statements should  be  read  in
conjunction   with  the  Company's  audited   financial
statements for the year ended December 31, 2002.


ITEM   2MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN  OF
OPERATION

Our  independent  accountant  included  an  explanatory
paragraph  in  their report, stating that  the  audited
financial statements of Group Management Corp. for  the
year  ending  December  31,  2002  have  been  prepared
assuming  the company will continue as a going concern.
They  note  that the Company's continued  existence  is
dependent upon its ability to generate sufficient  cash
flows  from  operations to support its daily operations
as  well  as  provide  sufficient resources  to  retire
existing liabilities and obligations on a timely basis.
We have continued losses from operations, negative cash
flow  and  liquidity problems. These  conditions  raise
substantial  doubt about our ability to continue  as  a
going  concern.  The accompanying financial  statements
do   not  include  any  adjustments  relating  to   the
recoverability of reported assets or liabilities should
we be unable to continue as a going concern.

We  have  been able to continue based upon our  service
providers  accepting  shares of  our  common  stock  as
compensation.  However, there can be no assurances  our
services  will continue to accept our common  stock  as
compensation.   If  the services  providers  refuse  to
accept  out  common stock as compensation,  this  could
have  a  negative  affect on the company's  ability  to
continue  as a going concern. Management believes  that
actions  presently being taken to revise our  operating
and  financial requirements provide the opportunity for
us to continue as a going concern.

Management is presently investigating acquisitions that
management believes can rebuild operations that can  be
profitable   in  the  long-term.   Although  management
believes that these efforts will enable us to meet  our
liquidity  needs  in  the  future,  there  can  be   no
assurance that these efforts will be successful.



Management  is currently attempting to restructure  the
operations  of  Group Management Corp.  However,  there
can  be  no assurances that the restructuring  will  be
successful,  management is of the opinion  and  of  the
business   judgment,   that   a   restructuring    will
fundamentally   assists   the   operations   of   Group
Management Corp.

Management   in   its   business   judgment,    settled
outstanding  obligations of the company for  equipment,
office  furniture  and  the leasehold  improvement  was
terminated in agreement with its landlord.

Management  currently  is  of  the  opinion  that   its
restructuring  activities  will  have  a  net  positive
affect  on  the company.  The restructuring  activities
are currently ongoing during the period.

..



RESULTS  OF  OPERATIONS

Revenue
  Total   revenues  for  the  three months  ended  June
  30,  2003 were $0.0 as compared  to  $76,421  for the
  three months ended June 30, 2002.  This decrease  was
  due   to  primarily  to  the  restructuring  of   the
  company's   operations   and   as   a     result   of
  management's    decision   to    restructure    Group
  Management  Corp.'s  operation and  seek  acquisition
  candidates.

Costs  and  Expenses
  Cost   of   goods   sold  was  $0.0, or approximately
  0.0%  of sales, for the three  months ended June  30,
  2003,  as compared to $34,398 or approximately 45.01%
  of   sales,   for  the  three months ended  June  30,
  2002.   The decrease in cost of goods  sold  reflects
  lower   sales   for   the  period, and  is  a  direct
  result   of  the  company's  restructuring   of   its
  operations.

  General  and  administrative  expenses  were  $0  for
  the three months ended  June 30, 2003, a decrease  of
  approximately  86% as compared to $209,059  for   the
  period  ending  on the  three months ended  June  30,
  2002.  This  decrease is attributable to  a  decrease
  of   over   $200,000  in  stock  based  compensation,
  and  our  overall decreased  sales  activity and  the
  restructuring activities of the company.

  Total   costs  and  expenses were $0  for  the  three
  months  ended June 30, 2003,  as compared to $291,626
  for  the  three  months ended June  30,  2002.   This
  decrease   of   over  99%  reflects  a  decreased  in
  general  and  administrative  expenses  and  cost  of
  goods sold,  as  discussed  above.
Net Losses
  The   net   loss  for  the  three  months ended  June
  30,  2003 was $0 as compared  to  $215,205   for  the
  three  months ended June 30, 2002.  The primary cause
  of    this   approximately   99%   decrease  is   the
  decrease  in  total  costs and  expenses,   discussed
  above   and  the  restructuring  activities  of   the
  company.


LIQUIDITY AND CAPITAL REQUIREMENTS

Net  cash provided in operating activities was ($0) for
the  three  months ended June 30, 2003, as compared  to
net  cash used of ($60,857) for the three months  ended
June 30, 2002,  a decrease of over 99%.  We had $0.0 in
cash  at  June 30, 2003, a decrease of $0.0 during  the
quarter.

 Our net cash used by financing activities was $0.0 for
the three months ended June 30, 2003 as compared to net
cash provided of $56,554 for the period ending June 30,
2002.

At  June 30, 2003, our current assets were $0.0,  while
our current liabilities were $1,100,000.  Total current
liabilities consists of  $1,100,000 in notes payable.

If  we are not able to obtain alternative financing and
the  note  holders are successful in  their  action  to
collect  on  the  notes, we would  be  unable  to  make
payment  in  full on the notes and would  consider  all
strategic   alternatives  available  to  us,   possibly
including  a bankruptcy, insolvency, reorganization  or
liquidation   proceeding  or  other  proceeding   under
bankruptcy law or laws providing for relief of debtors.
It  is  also  possible  that  one  of  these  types  of
proceedings could be instituted against us.


Management has taken steps to revise our operating  and
financial  requirements  to accommodate  our  available
cash  flow,  including  the  temporary  suspension   of
management   and   certain  employee  salaries.   As  a
result of these efforts, management believes funds   on
hand,    cash   flow  from  operations  and  additional
issuance  of  common  equity  will  enable us  to  meet
our  liquidity  needs  for at  least   the   short-term
foreseeable  future.

We   need to raise additional cash, however,  in  order
to  satisfy  our proposed restructuring plan,  to  meet
obligations, and  expand  our  operations.   Management
is   presently investigating transactions  and  mergers
and  acquisitions  that management believes can provide
additional   cash for our operations and be  profitable
long-term.  In the future management also  intends   to
attempt  to  raise funds through private sales  of  our
common  stock.  Although   management   believes   that
these   efforts   will enable us to meet our  liquidity
needs  in  the  future, there can be no assurance  that
these efforts will be  successful.

 In  the  opinion of the Company's management, lawsuits
currently pending or threatened  against  the  Company,
unless  dismissed  or settled within a short period  of
time,   will  have  a material adverse  effect  on  the
financial position and  results  of operations  of  the
Company  because  the Company does not  have  the  cash
flow   to   continue  to  fund  defense  costs.    Such
strategies may include acquiring one or more businesses
with  positive  cash  flow, or  filing  for  bankruptcy
protection.  No decisions have been  made  as  of  this
time.


PART II

ITEM  1     LEGAL  PROCEEDINGS

There have been the following material developments  to
the  legal proceedings described in  our  Form   10-QSB
for   the   quarter  ended  September 30,  2002,  filed
with  the  Commission   on   December  13,  2002.   The
company filed a Chapter 11 reorganization on March  18,
2003  in  the  Northern District  of  Georgia,  Atlanta
division.  The Chapter 11 case was officially dismissed
on May 11, 2003.

In   the  ordinary  course  of  business,  the  Company
is  from  time to time involved in various  pending  or
threatened  legal actions.  The litigation  process  is
inherently   uncertain  and it  is  possible  that  the
resolution  of  such  matters  might  have  a  material
adverse  effect  upon  the financial  condition  and/or
results of  operations  of  the  Company.

In   the  opinion  of the Company's management, matters
currently pending or threatened  against  the  Company,
unless  dismissed  or settled within a short period  of
time,   will  have  a material adverse  effect  on  the
financial position and  results  of operations  of  the
Company  because  the Company does not  have  the  cash
flow to continue to fund defense costs.  Management  is
currently reviewing several  strategies  for continuing
to  fund  defense costs while at the same time  funding
the  development  of  the Company.    No decisions have
been  made  as  of  this  time.

ITEM   2      CHANGES   IN  SECURITIES   AND   USE   OF
PROCEEDS
   There  have  been  no  events  which are required to
be reported under this Item.
The  company issued 1,500,000 of its restricted  shares
for  the  purchase of an option on the  treatment,  The
Partners.


ITEM  3     DEFAULTS  UPON  SENIOR  SECURITIES

      There  have  been  no  events  which are required
to be reported under this Item.

ITEM   4      SUBMISSION  OF  MATTERS  TO  A  VOTE   OF
SECURITY  HOLDERS

      There  have  been  no  events  which are required
to be reported under this Item.




ITEM  5     OTHER  INFORMATION

Effective  July  15,  2002,  the  Company  changed  its
principal business address to: 101 Marietta St.,  Suite
1070,  Atlanta, GA 30303, telephone number (404)   522-
1202.

The  company  filed  form N-54-A  on  April  14,  2003,
officially  becoming  a business  development  company.
The  company  intends to take several companies  public
during its fiscal year.

The  company received from Kadalak Entertainment Group,
Inc.  3.33 million shares of its 144(k) stock  for  the
foreign  distribution  rights  to  The  Partners.   The
company  is  currently assigning a value of $0.0  until
such time as the shares trade in the market.

ITEM  6     EXHIBITS  AND  REPORTS  ON  FORM  8-K

                      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.

 Dated: August 14, 2003

Group Management Corp

/s/ Lamar Sinkfield
 ------------------------------
By: Lamar Sinkfield

Its: Chief Executive Officer


(a)     Exhibits

         99.1      Certification  as  Adopted  Pursuant
to   Section   302   of   the Sarbanes-Oxley   Act   of
2002.

  (b)  Reports  on  Form  8-K:

The   company  hereby  incorporates  by  reference  the
current reports filed on:


Form                        Filed On
8-k                         June 30,2003




                     Exhibit 99.1

              CERTIFICATION  PURSUANT  TO
  18  USC,  SECTION  1350,  AS  ADOPTED  PURSUANT  TO
 SECTIONS  302  AND  906  OF  THE  SARBANES-OXLEY  ACT
                       OF  2002

      In   connection  with  the  Quarterly  Report  of
Group  Management Corp. (the "Company") on Form  10-QSB
for the quarter ended June 30, 2003 (the "Report"),  as
filed  with  the Securities and Exchange Commission  on
the  date hereof, I, Lamar Sinkfield,  Chief  Executive
Officer   and  Chief Financial Officer of the  Company,
certify   to   the  best  of  my  knowledge,   pursuant
to  18 USC 1350, as adopted pursuant  to  Sec.302   and
promulgated as 18 USC 1350 pursuant to Sec.906  of  the
Sarbanes-Oxley  Act  of  2002,  that:

1.      The  Report  referenced  above  has  been  read
and  reviewed  by  the undersigned.

2.      The Report fully complies with the requirements
of Section 13(a) or 15(d) of  the  Securities  Exchange
Act  of  1934.

3.      The  information contained in the Report fairly
presents,  in  all material respects,   the   financial
condition  and  result  of operations of the Company.

4.      Based  upon my knowledge, the Report referenced
above  does  not  contain any untrue  statement   of  a
material  fact  or  omit  to  state  a  material   fact
necessary  in  order to makes the statements  made,  in
light of the circumstances under which such  statements
were  made,  not  misleading.

5.      Based   upon   my  knowledge,   the   financial
statements,   and   other  such financial   information
included   in   the  Report,  fairly  present  in   all
material  respects the financial condition and  results
of  operations  of the Company as of,  and   for,   the
periods  presented  in  the  Report.

6.      I   acknowledge   that  the   Chief   Executive
Officer  and :

       A.    are   responsible   for  establishing  and
maintaining "disclosure controls and  procedures"   for
the  Company;

      B.  have  designed  such  disclosure controls and
procedures  to  ensure that material   information   is
made   known  to us, particularly during the period  in
which  the  Report  was  being  prepared;

      C.   have   evaulated  the effectiveness  of  the
Company's  disclosure controls and  procedures   within
90  days  of  the  date  of  the  Report;  and
      D.   have presented in the Report our conclusions
about  the  effectiveness of the  disclosure   controls
and  procedures  based  on  the  required evaluation.

      E.  have  disclosed  to the issuer's auditors and
to the audit committee of the  Board  of  Directors  of
the  Company  (or  persons  fulfilling  the  equivalent
function):

     (i)  all  significant  deficiencies  in the design
or   operation  of  internal  controls    which   could
adversely  affect  the  Company's  ability  to  record,
process, summarize,  and  report  financial  data   and
have   identified  for  the  Company's  auditors    any
material   weaknesses   in   internal   controls;   and
(ii)  any fraud, whether or not material, that involves
management   or   other   employees    who    have    a
significant role in the issuer's internal controls; and

      F.  have  indicated  in  the  Report  whether  or
not there were significant changes in internal controls
or  in  other  factors that could significantly  affect
internal  controls  subsequent  to  the  date of  their
evaluation,  including  any corrective   actions   with
regard   to   significant  deficiencies  and   material
weaknesses.

/s/ Lamar Sinkfield
---------------------------------------
Lamar Sinkfield
Chief Executive Officer
Dated:  August 14, 2003