SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
1934
For the period ended December 30, 2001
Commission file number 0-30107
FINANCIAL VENTURES INC.
(Exact Name and Registrant as Specified in its Chapter)
| Florida (State of Incorporation) |
65-0740090 (IRS Employer Identification Number) |
|
| 120 Adelaide Street West Suite 1214 Toronto, Ontario Canada (Address of Principal Executive Offices) |
M5H 1T1 (Zip Code) |
Registrant’s telephone number, including area code: 416-214-9735
| Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: | |
| Not Applicable | |
| Indicate by check mark whether the registrant: (1) has filed all reports required by Section 13 or 15 (d) of the Securities and Exchange Act of 1934 during the preceding 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 o. |
| As of December 30, 2001 there were 903,800 shares of Class A common stock, $.01 par value per share, outstanding. |
PART 2
OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submissions of Matters to a Vote of Security Holdings
None
Item 5. Other Information
None
FINANCIAL VENTURES, INC.
(A Development Stage Company)
BALANCE SHEET
DECEMBER 31, 2001
(Unaudited)
ASSETS |
|||||
TOTAL ASSETS |
$ | — | |||
STOCKHOLDERS’ EQUITY (DEFICIT) |
|||||
STOCKHOLDERS’ EQUITY (DEFICIT) |
|||||
Common stock, $.001 par value, 50,000,000
shares authorized, 908,800 shares
issued and outstanding |
$ | 909 | |||
Additional paid-in capital |
9,317 | ||||
Deficit accumulated during the development
stage |
(10,226 | ) | |||
Total Stockholders’ Equity (Deficit) |
— | ||||
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) |
$ | — | |||
Read accompanying Notes to Financial Statements.
FINANCIAL VENTURES, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
| Period from | |||||||||||||||||||||
| Three Months Ended | Nine Months Ended | December 4, 1996 | |||||||||||||||||||
| December 31, | December 31, | (Inception) to | |||||||||||||||||||
| 2001 | 2000 | 2001 | 2000 | December 31, 2001 | |||||||||||||||||
REVENUES |
$ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
EXPENSES |
|||||||||||||||||||||
General and administrative |
3,746 | — | 3,746 | 5,000 | 10,226 | ||||||||||||||||
NET (LOSS) |
$ | (3,746 | ) | $ | — | $ | (3,746 | ) | $ | (5,000 | ) | $ | (10,226 | ) | |||||||
(LOSS) PER SHARE |
$ | — | $ | — | $ | — | $ | — | |||||||||||||
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING |
908,800 | 908,800 | 908,800 | 906,382 | |||||||||||||||||
Read accompanying Notes to Financial Statements.
FINANCIAL VENTURES, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
| Period from | |||||||||||||
| Nine Months Ended | December 4, 1996 | ||||||||||||
| December 31, | (Inception) to | ||||||||||||
| 2001 | 2000 | December 31, 2001 | |||||||||||
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|||||||||||||
Net (loss) |
$ | (3,746 | ) | $ | (5,000 | ) | $ | (10,226 | ) | ||||
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|||||||||||||
Proceeds from issuance of
common stock |
— | 5,000 | 6,280 | ||||||||||
Increase in additional paid-in
capital |
3,746 | — | 3,746 | ||||||||||
Increase on amount due to
stockholder |
— | — | 200 | ||||||||||
NET CASH PROVIDED BY FINANCING
ACTIVITIES |
— | 5,000 | 10,226 | ||||||||||
NET INCREASE (DECREASE) IN CASH |
— | — | — | ||||||||||
CASH — BEGINNING |
— | — | — | ||||||||||
CASH — ENDING |
$ | — | $ | — | $ | — | |||||||
SUPPLEMENTAL DISCLOSURE OF NONCASH
INVESTING AND FINANCING ACTIVITIES: |
|||||||||||||
Reclassification of amount due to
stockholder to additional paid-in
capital |
$ | — | $ | — | $ | 200 | |||||||
Read accompanying Notes to Financial Statements.
FINANCIAL VENTURES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2001
NOTE 1. ORGANIZATION
| Financial Ventures, Inc. was incorporated on December 4, 1996 under the laws of the State of Florida. The company is engaged in purchasing tropical fish for wholesale. The company’s headquarters is in Toronto, Canada. | |
| The Company has no revenues to date. Since inception, the Company has been dependent upon the receipt of capital investment or other financing to fund its continuing activities. In addition to the normal risks associated with a new business venture, there can be no assurance that the Company’s product development will be successfully completed or that it will be a commercial success. Further, the Company is dependent upon certain related parties to provide continued funding and capital resources. |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
| Basis of Presentation | |
| The accompanying condensed financial statements are unaudited. These statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments (which include only normal recurring adjustments) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto for the year ended March 31, 2001, included in the Company’s Form 10-KSB as filed with the SEC. |
FINANCIAL VENTURES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2001
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
| (Loss) Per Share | |
| (Loss) per share is computed by dividing net (loss) for the year by the weighted average number of shares outstanding. | |
| Use of Estimates | |
| Management uses estimates and assumptions in preparing financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Accordingly, actual results could vary from the estimates that were assumed in preparing the financial statements. |
NOTE 3. CAPITAL STOCK
| The Company has authorized 50,000,000 common shares with a par value of $.001 per share. As of December 31, 2001 908,800 common shares were issued and outstanding. |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Dated: January 20, 2003 | FINANCIAL VENTURES INC | |||
| By: | Mathew McNeally | |||
| President CEO | ||||
| By: | John Forbes | |||
| Secretary | ||||