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

                                   FORM 10-QSB

    (Mark One)

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

                   For the quarterly period ended:       March 31, 2005
                                                  ------------------------------


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

            For the transition period from ______________ to ________________

                        Commission file number 000-33231

                              Innova Holdings, Inc.
        -----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

            Delaware                                             95-4868120
           ----------                                           -----------
  (State or other jurisdiction                                 (IRS Employer
of incorporation or organization)                            Identification No.)


         17105 San Carlos Blvd., Suite A 6151, Fort Myers, Florida 33931
       -------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (239) 466-0488
                      ------------------------------------
                           (Issuer's telephone number)


--------------------------------------------------------------------------------
              (Former Name, Former Address and Former Fiscal Year,
                          if Changed Since Last Report)

      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 practical date: 371,296,897 as of April 15, 2005
                                                --------------------------------

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




                              Innova Holdings, Inc.
                                 March 31, 2005
                         Quarterly Report on Form 10-QSB

                                Table of Contents

                                                                            Page
                                                                            ----
Special Note Regarding Forward Looking Statements..............................3


                         PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements................................................4
Item 2.    Management's Discussion and Analysis of
             Financial Condition and Results of Operations....................11
Item 3.    Controls and Procedures............................................13

                           PART II - OTHER INFORMATION

Item 2.    Unregistered Sales of Equity Securities............................13

Item 6.    Exhibits ..........................................................13


                                        2


                SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

      To the extent that the information  presented in this Quarterly  Report on
Form  10-QSB  for  the  quarter  ended  March  31,  2005   discusses   financial
projections,  information  or  expectations  about our  products or markets,  or
otherwise   makes   statements   about  future  events,   such   statements  are
forward-looking.  We are making these forward-looking  statements in reliance on
the safe harbor  provisions of the Private  Securities  Litigation Reform Act of
1995.   Although  we  believe   that  the   expectations   reflected   in  these
forward-looking  statements  are based on  reasonable  assumptions,  there are a
number of risks and  uncertainties  that could  cause  actual  results to differ
materially from such forward-looking  statements.  These risks and uncertainties
are  described,  among other places in this  Quarterly  Report in  "Management's
Discussion and Analysis of Financial Condition and Results of Operations".

      In addition,  we disclaim any  obligations  to update any  forward-looking
statements to reflect events or  circumstances  after the date of this Quarterly
Report.  When considering such  forward-looking  statements,  you should keep in
mind the risks  referenced  above and the other  cautionary  statements  in this
Quarterly Report.


                                       3


                         PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS
                                                                            Page
                                                                            ----

         Unaudited Consolidated Balance Sheet as of March 31, 2005.............5

         Unaudited Consolidated Statements of Operations for the
               three months ended March 31, 2005 and March 31, 2004............6

         Unaudited Consolidated Statements of Cash Flows for the
               three months ended March 31, 2005 and March 31, 2004............7

         Notes to Unaudited Consolidated Financial Statements..................8


                                       4


                              INNOVA HOLDINGS, INC.
                                  BALANCE SHEET
                                 March 31, 2005

                                     ASSETS

Current assets
  Cash                                                              $    33,999
                                                                    -----------
    Total current assets                                                 33,999

Property and equipment, net                                               7,272
                                                                    -----------

    TOTAL ASSETS                                                    $    41,271
                                                                    ===========

                      LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities
  Current maturities of long-term debt                              $    37,700
  Accounts payable                                                      828,501
  Accrued expenses                                                    1,528,607
  Notes payable                                                         395,500
  Dividend payable                                                       15,488
                                                                    -----------
    Total current liabilities                                       $ 2,805,796
                                                                    -----------

Long-term debt                                                      $   951,400

Mandatorily redeemable series A preferred stock                     $   125,000

Commitments

STOCKHOLDERS' DEFICIT:
  Preferred stock, $.001 par value, 10,000,000 shares authorized,
    525,000 shares issued and outstanding                           $       525
  Common stock, $.001 par value, 900,000,000 shares authorized,
  371,296,897 shares issued and outstanding                             371,297
  Additional paid-in capital                                          3,635,002
  Accumulated deficit                                                (7,847,749)
                                                                    -----------
    Total Stockholders' Deficit                                     $(3,840,925)
                                                                    -----------

TOTAL LIABILITIES AND STOCKHOLDERS' DEFCIT                          $    41,271
                                                                    ===========


                                       5


                              INNOVA HOLDINGS, INC.
                            STATEMENTS OF OPERATIONS
                   Three Months Ended March 31, 2005 and 2004

                                                     2005              2004
                                                -------------     -------------

Revenues                                        $          --     $          --
                                                -------------     -------------

Cost of revenues                                           --                --
                                                -------------     -------------
Gross profit                                               --                --
                                                -------------     -------------

Operating expenses:

    Selling, general and administrative         $      84,343     $      63,266
    Outside services                                  139,763             5,865
    Legal fees                                         13,998             8,704
    Professional fees                                 295,012            14,073
    Depreciation and amortization                         416               251
                                                -------------     -------------

      Total operating expenses                  $     533,532     $      92,159
                                                -------------     -------------

Loss from operations                            $    (533,532)    $     (92,159)

Interest expense                                       23,537           (21,217)
                                                -------------     -------------

Net loss                                        $    (557,069)    $    (113,376)
                                                =============     =============

Net loss per share:

    Basic and diluted                           $       (0.00)    $       (0.00)
                                                =============     =============

Weighted averaged shares outstanding:

    Basic and diluted                             371,296,897       254,465,538
                                                =============     =============


                                       6


                              INNOVA HOLDINGS, INC
                            STATEMENTS OF CASH FLOWS
                   Three Months Ended March 31, 2005 and 2004

                                                            2005         2004
                                                         ---------    ---------
CASH FLOWS FROM OPERATING ACTIVITIES
  Net loss                                               $(557,069)   $(113,376)
  Adjustments to reconcile net loss to cash used in
    operating activities:
      Depreciation and amortization                            416          251
      Changes in assets and liabilities:
          Accounts payable                                 234,563       24,641
          Accrued expenses                                 205,129       29,075
                                                         ---------    ---------

CASH FLOWS USED IN OPERATING ACTIVITIES                  $(116,961)   $ (59,409)
                                                         ---------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES                     $      --    $      --
                                                         ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from notes payable                            $      --    $  15,000
  Proceeds from investors in Series B Preferred Stock      148,166      108,334

CASH FLOW FROM FINANCING ACTIVITIES                        148,166      123,334
                                                         ---------    ---------

NET INCREASE (DECREASE) IN CASH                          $  31,205    $  63,925

Cash, beginning of period                                    2,794        5,115
                                                         ---------    ---------

Cash, end of period                                      $  33,999    $  69,040
                                                         =========    =========

SUPPLEMENTAL CASH FLOW INFORMATION:
  Interest paid                                          $  19,876    $      --
                                                         =========    =========
  Income taxes paid                                      $      --    $      --
                                                         =========    =========


                                       7


                              INNOVA HOLDINGS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                   (Unaudited)


NOTE 1 - BASIS OF PRESENTATION

The  accompanying  unaudited  interim  financial  statements of Innova Holdings,
Inc.,  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 ended December 31, 2004 as reported in form 10-KSB, have
been omitted.

NOTE 2 - STOCK BASED COMPENSATION

The Company accounts for its stock-based  compensation plans using the intrinsic
value  method  under  Accounting   Principles  Board  ("APB")  Opinion  No.  25,
Accounting  for Stock Issued to Employees.  The pro forma  information  below is
based on provisions of Statement of Financial  Accounting  Standard  ("FAS") No.
123, Accounting for Stock-Based Compensation,  as amended by FAS 148, Accounting
for Stock-Based Compensation-Transition and Disclosure, issued in December 2002.

                                                    Three Months Ended March 31,
                                                         2005         2004
                                                     -----------  -----------
Net loss, as reported                                $  (557,069) $  (113,376)
  Add: Intrinsic value expense recorded                       --           --
  Deduct:  total stock-based employee compensation
     determined under fair value based method             (5,250)          --
                                                     -----------  -----------
Pro forma net loss                                   $  (562,319) $  (113,376)
                                                     ===========  ===========

Earnings per share:

  Basic and diluted - as reported                           (.00)        (.00)

  Basic and diluted - pro forma                             (.00)        (.00)


                                       8


The fair value of each option  granted is  estimated  on the date of grant using
the  Black-Scholes  option-pricing  model with the  following  weighted  average
assumptions  used for grants in 2004: no dividend yield and expected  volatility
of 80%, risk-free interest rate of 2.75%, and expected lives of 10 years.

During  the first  quarter  of 2005 there  were  16,060,638  options  granted to
employees.  The share purchase options vest evenly over a three year period from
date of grant  and are  exercisable  between  $.01 per share and $.017 per share
depending on the value of the stock on the grant date, and they expire ten years
after the grant date.  The options were valued using the intrinsic  value method
and had no value because the exercise price was equal to the market price on the
grant date. Additionally,  during the first quarter of 2005 there were 6,000,000
shares of the  Company's  common stock  awarded to a key employee and  6,000,000
shares awarded to a key  independent  contractor.  Neither of these stock awards
has any cash payments associated with it nor has any common stock of the Company
been issued.  The Company has recognized a liability of $105,000 for these stock
awards on its Balance Sheet in Accrued Expenses.

NOTE 3 - CAPITAL STOCK

In September 2004, the Company authorized  $525,000 of Series B Preferred Stock,
convertible  into the Company's common stock at the lesser of $.005 per share or
75% of the  average  closing  bid prices  over the 20 trading  days  immediately
preceding the date of conversion.  At December 31, 2004,  approximately $377,000
of the Series B Preferred Stock had been sold. During the first quarter of 2005,
the Company sold  $148,000 of the Series B Preferred  Stock,  bringing the total
sold to $525,000;  none of the Series B Preferred  Stock has been converted into
common stock.

In 2002, the company entered into convertible debt notes which totalled $429,966
at December 31, 2003. An additional  $15,000 of the notes were issued during the
first  quarter  of 2004.  Terms  were 8% per  annum,  without  payment.  Accrued
interest  earned  during the term was to be paid upon  maturity  on January  31,
2007. The notes were convertible  into Class B Convertible  Preferred Stock upon
certain future events that did not materialize,  including raising $5 million in
additional  equity.  In March 2004,  the notes  totaling  $444,966  plus accrued
interest were converted into 61,820,488  common shares of Innova Holdings,  Inc.
The shares were  originally  converted into RWT common stock at $.50 a share and
then  converted  into shares of Innova  Holdings,  Inc. at 61.37929356 to 1, the
effective share exchange ratio for the merger between RWT and Innova.

NOTE 4 - LINE OF CREDIT

On July 22,  2002,  the  Company  entered  into a  revolving  line of  credit of
$225,000 with Fifth Third Bank,  Florida,  secured by the assets of the Company.
The annual interest rate on unpaid  principal was the prime rate plus 2%, due in
monthly  installments.  Principal  and interest  were due on July 22,  2003.  In
November 2004, a principal  shareholder  loaned the Company $165,000 to pay down
the  line of  credit  with  Fifth  Third  Bank.  The  loan  with  the  principal
shareholder  has the same terms as the Fifth  Third Bank line of credit,  except
that it remains unsecured until such time as the Fifth Third Bank line of credit
is fully paid, including principal and accrued interest, and is due upon demand.
In January 2005, the Fifth Third Bank line of credit was paid off.


                                       9


NOTE 5 - SUBSEQUENT EVENTS

In April 2005 the Company  was  authorized  to sell common  stock of the Company
totaling  $400,000  at $.015 per share or higher as  warranted  by stock  market
conditions;  for investors  purchasing  $30,000 or more, the stock price will be
discounted up to 15%.  During April and May,  $360,000 of the  Company's  common
stock was sold at stock  prices  ranging from $.0125 per share to $.03 per share
in accordance with the above mentioned  terms.  Investors in these shares of the
Company's  common stock will be given notice in the event that the Company files
any registration  statement with the Securities and Exchange  Commission for its
Common Stock (excluding any registration statement on Form S-8 or S-4) and shall
be  entitled to include any or all of the shares of Common  Stock  purchased  in
these investments in such Registration Statement.

In April 2005 there were  30,658,621  stock options  granted to  employees.  The
share  purchase  options vest evenly over a three year period from date of grant
and are  exercisable  at $.017  per  share,  the value of the stock on the grant
date,  and they expire ten years after the grant date.  The options  were valued
using the intrinsic  value method and have no value  because the exercise  price
was equal to the  market  price on the grant  date.  In April  2005 the  Company
awarded  47,982,000  shares of the Company's  common stock to  twenty-four  (24)
employees,  independent contractors and individuals for services provided to the
Company. The Board of Directors of the Company approved all of the stock options
and shares of the Company's  common stock  awarded as well as  21,159,465  stock
options and  9,000,000  shares of the  Company's  common stock for awards in the
future.


                                       10


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

BACKGROUND

      We were  formed  in  1992  as a  supplier  to the  information  technology
business.  On January 31,  2003,  we  completed a reverse  acquisition  into SRM
Networks,  an Internet service provider, in which we were deemed the "accounting
acquirer".  We have discontinued SRM Network's Internet business.  In connection
with the transaction,  SRM Networks, Inc. changed its name to Hy-Tech Technology
Group, Inc.

      On August 25, 2004, we completed a reverse  merger into Robotic  Workspace
Technologies,  Inc. ("RWT"), a robotics software technology  provider,  in which
RWT was deemed the "accounting  acquirer."  Simultaneously,  we sold our Hy-Tech
Computer  Systems,  Inc.  subsidiary and discontinued our computer systems sales
and services business. In connection with these transactions, Hy-Tech Technology
Group, Inc. changed its name to Innova Holdings, Inc.

RESULTS OF OPERATIONS

      Three months ended March 31, 2005 compared to three months ended March 31,
2004

      During the three month  period  ended  March 31, 2005 (the "2005  Period")
revenues  were $0 compared to revenues of $0 during the three month period ended
March 31, 2004 (the "2004 Period").

      Operating  expenses  were  $533,532  during the 2005  period  compared  to
$92,159  during the 2004 period.  The increase in operating  expenses  primarily
resulted from  increased fees for outside  services to  independent  contractors
providing  business  development  services and increased  professional  fees for
auditing, accounting, financial and business planning services.

      Net  loss for the  2005  Period  was  $557,069  compared  to a net loss of
$113,376 for the 2004 Period, due to the factors described above.

LIQUIDITY AND CAPITAL RESOURCES

      At  March  31,  2005,  we  had  current  assets  of  $33,999  and  current
liabilities of $2,805,796. At March 31, 2005, we had negative working capital of
$2,771,797 and an accumulated deficit of $7,847,749.

The reverse merger of RWT discussed above,  which closed on August 25, 2004, are
indicative of the  Company's  plan to grow by  acquisition  and  development  of
leading  software and technology  solutions.  The Company  remains in discussion
with various  financing  sources to allow it access to the  financing  needed to
complement the use of its stock in achieving these plans. The Company intends to
raise additional  working capital through private  placements,  public offerings
and/or bank financing.


                                       11


      In April  2005,  the  Company  obtained  an  additional  $150,000 of funds
through the private  placement sale of 12,000,000 shares of the Company's common
stock at $.0125  per  share  and in May an  additional  $210,000  of funds  were
obtained through the private placement sale of 7,000,000 shares of the Company's
common  stock at $.03 per  share.  Investors  in these  shares of the  Company's
common  stock  will be given  notice in the  event  that the  Company  files any
registration  statement  with the  Securities  and Exchange  Commission  for its
Common Stock (excluding any registration statement on Form S-8 or S-4) and shall
be  entitled to include any or all of the shares of Common  Stock  purchased  in
these investments in such Registration  Statement.  There are no assurances that
the  Company  will  be able  to  obtain  additional  financing  through  private
placement,  public  offerings  and/or bank  financing  necessary  to support the
Company's  plan. No assurance can be given that financing will be available,  or
if available,  will be on terms acceptable to the Company. If adequate financing
is not available,  the Company may be required to curtail its operations.  These
conditions raise  substantial doubt about the Company's ability to continue as a
going  concern.  The  consolidated  financial  statements  do  not  include  any
adjustments  relating to the recoverability and classification of asset carrying
amounts or the amount and  classification of liabilities that might be necessary
should the Company be unable to continue as a going concern.

      We cannot guarantee that additional funding will be available on favorable
terms,  if at all. If we are unable to obtain debt and/or equity  financing upon
terms that our management deems sufficiently favorable, or at all, it would have
a materially adverse impact upon our ability to pursue our business strategy and
maintain our current operations.


                                       12


 ITEM 3.  CONTROLS AND PROCEDURES

      Our principal  executive officer and principal financial officer evaluated
the  effectiveness  of the  Company's  disclosure  controls and  procedures  (as
defined in Rules  13a-15(e) and 15d-15(e)  under the Securities  Exchange Act of
1934, as amended) as of the end of the period  covered by this report.  Based on
this  evaluation,  the  Company's  principal  executive  officer  and  principal
financial officer have concluded that the Company's  controls and procedures are
effective in providing  reasonable assurance that the information required to be
disclosed in this report has been recorded,  processed,  summarized and reported
as of the end of the period covered by this report.

      During  the  period  covered  by this  report,  there  have  not  been any
significant  changes in our  internal  controls or, to our  knowledge,  in other
factors that could significantly affect our internal controls.


                           PART II - OTHER INFORMATION

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES

      In April  2005,  the  Company  obtained  an  additional  $150,000 of funds
through the private  placement sale of 12,000,000 shares of the Company's common
stock at $.0125  per  share  and in May an  additional  $210,000  of funds  were
obtained through the private placement sale of 7,000,000 shares of the Company's
common  stock at $.03 per share.  These  private  placements  were  exempt  from
registration  under the Securities Act of 1933, as amended,  pursuant to section
4(2) and rule 506 thereunder.  Investors in these shares of the Company's common
stock will be given notice in the event that the Company files any  registration
statement  with the  Securities  and  Exchange  Commission  for its Common Stock
(excluding any registration  statement on Form S-8 or S-4) and shall be entitled
to include any or all of the shares of Common Stock  purchased in these  private
placements in such Registration Statement.

ITEM 6.   EXHIBITS

      (a)   Exhibits

            31.1        Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal
                        Executive Officer

            31.2        Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal
                        Financial Officer

            32.1        Section 1350 Certification of Chief Executive Officer

            32.2        Section 1350 Certification of Chief Financial Officer



                                       13


                                   SIGNATURES

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

                                 Innova Holdings, Inc.

Dated: May 20, 2005              By:   /s/ Walter Weisel
                                       ----------------------------
                                       Walter Weisel
                                       Chief Executive Officer


                                       14