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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 September 30, 2002

Commission file number 0-30107

FINANCIAL VENTURES INC.

(Exact Name and Registrant as Specified in its Chapter)
     
Florida   65-0740090
(State of Incorporation)   (IRS Employer Identification Number)
     
120 Adelaide Street West    
Suite 1214    
Toronto, Ontario    
Canada   M5H 1T1
(Address of Principal Executive Offices)   (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 ( ).

 

 

      As of September 30, 2002 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
SEPTEMBER 30, 2002
(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
     9,467  
Deficit accumulated during the development stage
     (10,376 )
 
    
 
 
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   Six Months Ended   December 4, 1996
      September 30,   September 30,   (Inception) to
      2002   2001   2002   2001   September 30, 2002
     
 
 
 
 
REVENUES
   $ —     $ —     $ —     $ —     $ —  
EXPENSES
                                        
 
General and administrative
     —       —       —       —       10,376  
 
    
     
     
     
     
 
NET (LOSS)
   $ —     $ —     $ —     $ —     $ (10,376 )
 
    
     
     
     
     
 
(LOSS) PER SHARE
   $ —     $ —     $ —     $ —          
 
    
     
     
     
         
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
     908,800       908,800       908,800       908,800          
 
    
     
     
     
         

Read accompanying Notes to Financial Statements.

 

 

FINANCIAL VENTURES, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)

                             
                        Period from
        Six Months Ended   December 4, 1996
        September 30,   (Inception) to
        2002   2001   September 30, 2002
       
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
                        
   
Net (loss)
   $ —     $ —     $ (10,376 )
   
 
    
     
     
 
CASH FLOWS FROM FINANCING ACTIVITIES:
                        
   
Proceeds from issuance of common stock
     —       —       6,280  
   
Increase in additional paid-in capital
     —       —       3,896  
   
Increase on amount due to stockholder
     —       —       200  
   
 
    
     
     
 
NET CASH PROVIDED BY FINANCING ACTIVITIES
     —       —       10,376  
   
 
    
     
     
 
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
SEPTEMBER 30, 2002

     
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, 2002, included in the Company’s Form 10-KSB as filed with the SEC.

 

 

FINANCIAL VENTURES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2002

     
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 September 30, 2002 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