SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-KSB

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

     For the fiscal year ended September 30, 2002

                                       OR

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

     For the transition period from _________ to _________


                         Commission file number 0-16075


                      CENTURY PACIFIC FINANCIAL CORPORATION
             (Exact Name of Registrant as Specified in Its Charter)


                 (Name of Small Business Issuer in Its Charter)


           Delaware                                              86-0449546
(State or Other Jurisdiction of                               (I.R.S. Employer
 Incorporation or Organization)                              Identification No.)


              1505 E. Weber Street, Suite 120, Tempe, Arizona 85281
               (Address of Principal Executive Offices) (Zip Code)


                                  480-966-6115
                           (Issuer's Telephone Number)


    Securities Registered Pursuant to Section 12(b) of the Exchange Act: None


 Securities Registered Pursuant to Section 12(g) of the Exchange Act: 7,353,356

                          $.004 Par Value Common Stock
                                (Title of Class)

Indicate by check mark whether the Registrant (l) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities 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.
[X] Yes [ ] No

Check if there is no disclosure of delinquent  filers in response to ITEM 405 OF
REGULATION  S-B is not  contained  in  this  form,  and no  disclosure  will  be
contained,  to the  best of  registrant's  knowledge,  in  definitive  proxy  or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [ ]

State issuer's revenues for its most recent fiscal year. $1,293,124.
<PAGE>
State the aggregate market value of the voting and non-voting common equity held
by non-affiliates  computed by reference to the price at which the common equity
was sold,  or the average bid and asked  price of such  common  equity,  as of a
specified  dated  within the past 60 days.  As of  December  1, 2002,  7,353,356
shares of common stock were  outstanding,  and the aggregate number of shares of
the common stock of the Registrant held by non-affiliates  was 4,065,866.  Until
recently there has been no public market for the common stock of Registrant, and
there is therefor no aggregate market value of the voting and non-voting  common
equity held by non-affiliates.

     (ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Check  whether the issuer has 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. [X] Yes [ ] No

                   (APPLICABLE ONLY TO CORPORATE REGISTRANTS)

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date. 7,353,356.

                       DOCUMENTS INCORPORATED BY REFERENCE

If the following documents are incorporated by reference,  briefly describe them
and  identify  the part of the Form 10-KSB  (e.g.,  Part I, Part II,  etc.) into
which the document is incorporated:  (1) any annual report to security  holders;
(2) any proxy or information statement; and (3) any prospectus filed pursuant to
RULE 424 (B) OR (C) of the Securities Act of 1933 ("Securities Act"). The listed
documents should be clearly described for identification  purposes (e.g., annual
report to security holders for fiscal year ended December 24, 1990).

Transitional Small Business Disclosure Format (Check One): Yes [X]; No [ ]
<PAGE>
                      CENTURY PACIFIC FINANCIAL CORPORATION

                                   FORM 10-KSB

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
PART I

     ITEM 1.   DESCRIPTION OF BUSINESS.........................................1
     ITEM 2.   DESCRIPTION OF PROPERTY.........................................8
     ITEM 3.   LEGAL PROCEEDINGS...............................................8
     ITEM 4.   SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS..............8

PART II

     ITEM 5.   MARKET FOR COMMON EQUITY AND RELATED SHAREHOLDER MATTERS........8
     ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS............................9
     ITEM 7.   FINANCIAL STATEMENTS..........................................F-1
     ITEM 8.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS..................14

PART III

     ITEM 9.   DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
                 COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT............14
     ITEM 10.  EXECUTIVE COMPENSATION ........................................15
     ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
                 MANAGEMENT...................................................15
     ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.................16
     ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K...............................16
     ITEM 14.  CONTROLS AND PROCEDURES........................................16

SIGNATURES....................................................................16

                                   ----------

                 STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

     THE STATEMENTS  CONTAINED IN THIS REPORT ON FORM 10-KSB THAT ARE NOT PURELY
HISTORICAL  ARE  FORWARD-LOOKING  STATEMENTS  WITHIN THE  MEANING OF  APPLICABLE
SECURITIES LAWS.  FORWARD-LOOKING  STATEMENTS INCLUDE  STATEMENTS  REGARDING OUR
"EXPECTATIONS,"   "ANTICIPATION,"   "INTENTIONS,"   "BELIEFS,"  OR  "STRATEGIES"
REGARDING  THE  FUTURE.   FORWARD-LOOKING  STATEMENTS  ALSO  INCLUDE  STATEMENTS
REGARDING REVENUE, MARGINS,  EXPENSES, AND EARNINGS ANALYSIS FOR FISCAL 2003 AND
THEREAFTER;  FUTURE  PRODUCTS OR PRODUCT  DEVELOPMENT;  OUR PRODUCT  DEVELOPMENT
STRATEGIES,  PARTICULARLY AS THEY RELATE TO THE INTERNET; POTENTIAL ACQUISITIONS
OR  STRATEGIC   ALLIANCES;   AND  LIQUIDITY  AND  ANTICIPATED   CASH  NEEDS  AND
AVAILABILITY.  ALL FORWARD-LOOKING  STATEMENTS INCLUDED IN THIS REPORT ARE BASED
ON  INFORMATION  AVAILABLE  TO US AS OF THE FILING DATE OF THIS  REPORT,  AND WE
ASSUME NO OBLIGATION TO UPDATE ANY SUCH FORWARD-LOOKING  STATEMENTS.  OUR ACTUAL
RESULTS COULD DIFFER MATERIALLY FROM THE FORWARD-LOOKING  STATEMENTS.  AMONG THE
FACTORS THAT COULD CAUSE  ACTUAL  RESULTS TO DIFFER  MATERIALLY  ARE THE FACTORS
DISCUSSED IN PART I, ITEM 1, "DESCRIPTION OF BUSINESS - RISK FACTORS."
<PAGE>
                                     PART I

ITEM 1. DESCRIPTION OF BUSINESS.

GENERAL

     Century  Pacific  Financial  Corporation  (the "Company" or "Century") is a
holding  company that was formed in 1982 and  commenced  operations  in 1984. It
provides through its principal  subsidiaries a range of financial and commercial
services.  Century and its three subsidiaries are hereinafter referred to as the
"Company".  The  remaining  subsidiaries  of  Century  include  Century  Pacific
Fidelity   Corporation   (Fidelity),   Century  Pacific  Investment   Management
Corporation  (Century Management) and Global Medical Technologies Inc. DBA Tempe
Medical  Equipment (Global  Medical).  Century Pacific Fidelity  Corporation and
Century Pacific Management Corporation are totally inactive at this time and are
without  assets or debts.  Global Medical was formed on April 4, 1999 to buy and
sell refurbished medical equipment.

     Global  Medical's  business to date has been primarily the sales of new and
reconditioned   medical  equipment.   Emphasis  has  been  placed  on  promoting
reconditioned  medical  equipment  outside  the  country  because of the greater
profit margins  resulting from the sale of  reconditioned  equipment  versus new
equipment.

     Global Medical has established excellent contacts throughout Mexico and has
been  providing a wide variety of medical  equipment and supplies,  ranging from
selling  computerized   tomography  units  to  selling  all  the  equipment  for
hospitals. Global Medical has been profitable since it began and expects to gain
a significant share of the multi-billion  dollar medical equipment market in the
coming 5 years.

OUR PLAN FOR THE FUTURE

     Global Medical sells new and reconditioned  medical equipment to healthcare
facilities  both  inside  the United  States and  abroad.  The  domestic  market
consists of 90,803 medical/surgical  centers, 1,413 HMO's/PPO's,  19,392 nursing
homes, and 6,917 hospitals. Global Medical has focused its efforts on all of the
medical/surgical  centers, nursing homes, and HMO's/PPO's and ten percent of the
hospitals. The total spent on medical equipment purchased by these facilities is
currently  $20  billion  dollars  per  year and is  expected  to grow to over 32
billion per year by year 2010.  The market abroad  includes all privately  owned
healthcare  facilities  and  some  government  hospitals.  The  estimated  sales
potential  outside the United  States is another  $20 billion  dollars per year.
Global  Medical's  goal is to capture  2% of the  worldwide  market for  medical
equipment by year 2010.

     The need for medical  technology  is  expected  to increase  greatly in the
coming years,  however,  the available  funds for healthcare are not expected to
increase at the same rate.  This will put  considerable  pressure on  healthcare
administrators  to  carefully  watch  their  budgets and use  alternatives  like
reconditioned  medical equipment  whenever  possible.  We plan to be the world's
leader in  reconditioned  medical  equipment  and  discount  pricing on supplies
through Global Medical and the new subsidiaries we intend to acquire.

     We intend to be a consolidation of many different companies specializing in
the field of medical  technologies.  Each of the  companies we intend to acquire
has been in business for several years,  specializing in a particular segment of
the industry,  such as radiology,  patient  monitoring,  ultrasound or emergency
medicine. The primary market for all these companies has been the alternate care
market,   the  EMS   market   and  the   small  to  mid  sized   hospitals   and
medical/radiology  centers.  Most of the focus has been on reconditioned medical
equipment,  although  some new  equipment  is sold also.  Each of the  companies
targeted  for  acquisition   are  profitable  and  have   established  a  strong
relationship with their customers  throughout the southwestern United States and
Northern Mexico.

     Our  projected  to  be  acquired   companies  have  been  selling  new  and
reconditioned  medical  equipment  for several  years now. The most recent year,
2002, has been one of the best in the history of the companies,  thus indicating

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that despite a downturn in the US economy, Global Medical's products are selling
well. The reason for our success,  we believe,  has to do with the fact that the
quality of the  reconditioned  product is better  than before and is more widely
accepted in the market place,  and the healthcare  administrators  are forced to
use alternatives like Global Medical's due to the current budget constraints.

     Reconditioned  medical  equipment  is being sold for 50% of the cost of new
equipment, and many times with the same warranty as the new equipment. This is a
very  attractive  alternative  for  healthcare  providers  and has  resulted  in
increased  sales.  We believe we will see even greater  sales as the  healthcare
industry is pushed to provide more services with fewer dollars. Global Medical's
sales of reconditioned  equipment have also opened the doors for increased sales
on new equipment and discounted  supplies since the buyers have gained a greater
familiarity with Global Medical.

     In the international market place, Global Medical is doing quite well also,
sales  are up,  and the  requests  for  product  are  increasing  daily.  Global
Medical's wide selection of products,  its specialized  technical  support team,
and its  reputation  for  honesty  and  integrity  has  placed it in a very good
position for rapid expansion. With the capital we are seeking, the staff we have
and the ever  increasing  demand for more product and services,  Global  Medical
should be able to increase sales dramatically.

     Global  Medical  expects  to  open  three  new   distribution   centers  in
northwestern Mexico during 2003. Most of the companies we seek to acquire are in
the  southwestern   United  States  and  comprise  a  wide  variety  of  product
specialties.  It is our  intention to provide our  customers  with  products for
every part of the healthcare  field by merging in the segments of the healthcare
technologies  industry  *that  Global  Medical is  currently in need of. We also
intend to become the leader in providing  reconditioned medical equipment to the
healthcare providers. Although reconditioned medical equipment is sold primarily
to the alternate care segment of the healthcare industry and to small and medium
sized hospitals here in the United States,  it is of even greater demand outside
the US. Our plan is to first  consolidate the  reconditioned  medical  equipment
industry  within the United States using our regional  superstores,  and then to
begin locating similar stores worldwide.

     We will need an immediate  capital  investment of $5,000,000 to achieve our
planned  objectives  during the first  year,  and will  endeavor  to raise money
through private  offerings to meet the demands of company growth in the years to
come.

OBJECTIVES

     We expect to become  recognized in the medical  technologies  industry as a
leader in  providing  a full  spectrum  of high  quality  new and  reconditioned
medical equipment,  supplies,  and expert technical support.  To achieve this we
intend to:

     * Establish  regional  medical  technologies  superstores that will provide
equipment   and  supplies  in  each  of  the  different   medical   technologies
specialties,  along with twenty four hour,  seven day a week,  expert  technical
support and supplies for the equipment.

     * Establish a master web site that links all the various  specialties  from
each  regional  superstore  so that an on-line  customer can browse  through the
inventory of the entire  network and locate any product  available.  The on-line
customer  can then select any  product  listed and view that item "real time" in
its respective superstore location. Not just a photo as in most other web sites,
but the actual item in question can be viewed upon request.

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<PAGE>
     * We will  endeavor to use every  marketing  medium  known to us to let the
medical  community  know that they can  fulfill  all  their  equipment,  supply,
consulting and technical service needs from one source, us.

     * We intend to  provide  expertise  on setting up  complete  hospitals  and
surgical  centers on a turn-key  basis.  We will provide the liaison between the
architects,   and  the  engineers  to  provide  the  electrical  and  mechanical
specifications  for  the  buildings  so that  the  equipment  installation  goes
smoothly.  We will also  provide  consultation  for floor plan design and assist
with JCAH compliance and patient safety issues.

     * We also intend to provide equipment financing on a rental/purchase basis.

     Global  Medical  intends  to cut  overall  cost of goods by having  all the
various  specialty  companies under its umbrella share resources,  through extra
price  discounts  because of increased  purchasing  power,  and through  greater
volume discounts on expense items such as payroll  processing,  telephone rates,
and insurance costs.

CUSTOMER SUPPORT

     All  equipment  sold comes with a 90 day warranty on parts and labor.  Each
specialty shall have in-house engineers and experts who can assist with not only
service related problems,  but also with applications  issues and training.  One
year  warranties  are  common  on most new  pieces  of  equipment,  however  our
subsidiaries will also provide this same warranty,  and/or service contract with
reconditioned equipment when large orders are placed.

RISK FACTORS

OPERATING HISTORY AND RECENT EARNINGS

     In fiscal year ended  September 30, 2002, we had net income before taxes of
$169,300,  in fiscal year ended September 30, 2001, we had net income before tax
of $76,181 and in fiscal year ended September 20, 2000 our net income before tax
was $157,899. Our largest assets is a long term tax benefit of $ 715,761.00.

     Historically, we received revenue from an investment banking and securities
brokerage business operated under our former principal officer's license through
an independent  contractor  agreement  with a regional  securities  firm.  Those
operations have ceased, and now all our income is generated by Global Medical.

     The medical equipment subsidiary purchases for resale used and occasionally
new medical  equipment to be resold.  Global Medical employs  personnel that are
technically  qualified to  refurbish  both the  electronic  apparatus as well as
structural elements of "hi-tech" medical instruments and machines.

     We maintain our corporate  headquarters  in a leased office located at 1505
E. Weber Street,  Suite 120, Tempe,  Arizona 85281. One client accounts for more
than 50% of Global Medicals total revenue.

BANKRUPTCY

     Our securities business activities were sharply curtailed by the closure of
all business activities  maintained by previously  existing  subsidiaries (other
than Global  Medical) and their  subsequent  filings for either  Chapter 7 or 11
bankruptcy  protection.  We were  released  from  Chapter  11  bankruptcy  (U.S.
Bankruptcy cause no.  96-09598-PHX-GBN  filed in May of 1996) and administrative
surveillance  and  protection  on December 30, 1998.  Settlement of all existing
debts by minimal  cash  payments or issue of freely  tradable  stock has settled

                                       3
<PAGE>
accounts in a reasonable  period of time.  Management has been  approached  with
merger and or acquisition  proposals several times,  however,  actions regarding
such  proposals had been  postponed  until Global  Medical  reaches a stable and
profitable trend, which has occurred in fiscal year 2002.

GLOBAL MEDICAL'S  LIMITED OPERATING HISTORY MAY CAUSE FUTURE INVESTORS A PROBLEM
IN  EVALUATING  ITS POTENTIAL  FOR FUTURE  SUCCESS.  THIS IN TURN COULD CAUSE US
DIFFICULTIES IN RAISING NEEDED CAPITAL.

     Global Medical was formed in 1999. It has a limited  operating  history and
limited  historical  financial  information  upon  which  you can  evaluate  our
existing business and our potential for future success.  We face numerous risks,
expenses,  delays,  and  uncertainties  associated with maintaining a profitable
business. Some of these risks and uncertainties relate to our ability to

     *    increase customer acceptance of our products and services,
     *    develop and renew strategic relationships,
     *    obtain access to new distribution channels,
     *    purchasing used medical equipment at sufficient discounts,
     *    obtain  parts and supplies to  refurbish  the used  medical  equipment
          acquired for resale,
     *    provide  or  contract  for  satisfactory  customer  service  and order
          fulfillment, and
     *    integrate any acquired businesses, technologies and services.

     We may not be successful in addressing these risks and  uncertainties.  The
failure to do so would materially and adversely affect our business.

     As a result of our limited operating history, our plan for rapid growth and
the  increasingly  competitive  nature of the markets in which we  compete,  our
historical  financial data is of limited value in anticipating  future operating
expenses.  Our planned expense levels will be based in part on our  expectations
concerning  future revenue,  which is difficult to forecast  accurately based on
our stage of development. We may be unable to adjust spending in a timely manner
to  compensate  for any  unexpected  shortfall  in  revenue.  Further,  business
development  and  marketing  expenses  may increase  significantly  as we expand
operations.  To the  extent  that  these  expenses  precede  or are not  rapidly
followed by a corresponding increase in revenue, our business, operating results
and financial condition may be materially and adversely affected.

WE FACE INTENSE COMPETITION.

     Our  ability to compete  successfully  depends on a number of factors  both
within and outside our control, including the following:

     *    the  quality,  features,  diversity,  and prices of our  products  and
          services,
     *    our ability to become the supplier of choice for hospital and clinics,
     *    our ability to develop and maintain effective marketing programs,
     *    the quality of our customer service and training,
     *    our ability to  recognize  industry  trends and  anticipate  shifts in
          changes in medical equipment,
     *    the number,  nature, and success of our competitors in a given market,
          and
     *    general market conditions.

     Because  these  factors  change  rapidly,  customer  demand  also can shift
quickly.  We  could  experience  a  material  adverse  effect  on our  business,
operating results and financial condition if we are unable to respond quickly to
market  changes or a slowdown in demand for the products we sell and services we
provide.

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<PAGE>
     The  competition  is made up of privately  held  companies  which  although
successful in their own areas, fail to provide the full spectrum of both product
and  services  that are  necessary  to meet the demands of the  rapidly  growing
healthcare industry. Whereas all of the competition combined would be a force to
reckon  with,  each  company  separately  lacks  either the  standard of product
quality needed to satisfy the demands of consumer,  or lacks the expertise to be
able to put together the packages required for new hospital projects.

     The reality is that the reconditioned  medical  equipment  industry is very
fragmented.  There are hundreds of small companies  throughout the United States
specializing  in areas of the  entrepreneurs  expertise,  but that are unable to
grow beyond the niche for lack of either funds,  management or expertise. We may
be classed in this group of companies at this time.

CHANGES IN ECONOMIC CONDITIONS MAY ADVERSELY AFFECT OUR BUSINESS.

     Our success depends in part upon a number of economic  factors  relating to
discretionary   business   spending,   including   employment  rates,   business
conditions,  future  economic  prospects,  interest rates and tax rates.  We are
unable  to  estimate  the  impact,  if any,  of the acts of  terrorism  recently
unleashed on the United States on our business.

OUR FAILURE TO CONTINUE  TO DEVELOP AND GROW OUR SALES AND  MARKETING  FORCE AND
EFFORTS COULD ADVERSELY  AFFECT OUR BUSINESS AND RESULT IN DECREASING  SALES AND
LOSSES.

     We do not employ an experienced  sales and marketing  team, and have relied
on  outside  consultants.  We need to employ  experienced  sales  and  marketing
personnel to assist in creating sales. Establishing our sales and marketing team
will involve a number of risks, including the following:

     *    we  may  not  have  adequate  financial  and  marketing  resources  to
          establish and maintain such a team,
     *    we may be unable to hire,  retain,  integrate  and motivate  sales and
          marketing personnel and their support staff, and
     *    new sales and marketing  personnel may require a substantial period of
          time to become productive.

OUR FAILURE TO EFFECTIVELY MANAGE OUR GROWTH COULD IMPAIR OUR BUSINESS.

     Our failure to manage our growth  effectively could have a material adverse
effect on our business,  operating results and financial condition.  In order to
manage our growth, we must take various steps, including the following:

     *    arrange necessary capital to expand our facilities and equipment,
     *    obtain products and services from third parties on a timely basis, and
     *    successfully hire, train, retain and motivate additional employees.

     We  anticipate  that our  future  growth  in our  operations  will  place a
significant strain on our management systems and resources.  We will be required
to increase  staffing and other expenses as well as make expenditures on capital
equipment to attempt to meet the  anticipated  demand of our  customers.  We may
increase  our  expenditures  in  anticipation  of  future  orders  that  do  not
materialize, which would adversely affect our profitability.

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<PAGE>
DISTRIBUTIONS

     Shareholders are entitled to receive such  distributions as may be declared
by our Board of Directors.  We do not anticipate that any distributions  will be
paid in the foreseeable  future.  Any  distributions  will be generated from our
future cash flow,  and we cannot  provide any  assurances  that we will have any
cash flow to make distributions any time in the future.  Investors may incur tax
liabilities   based  upon  their   involvement  with  us  and  not  receive  any
distributions from us that would be available to pay such tax liabilities.

ECONOMIC AND GENERAL RISKS OF THE BUSINESS

     Our success will also depend upon factors  which are beyond our control and
cannot clearly be predicted at this time. Such factors include general  economic
conditions,  changes in tax laws,  fluctuating  operating  expenses,  changes in
insurance  reimbursement  for  procedures  performed at  hospitals  and clinics,
changes  in  health  coverages  from  governments  and  changes  in the  use and
expansion of items of medical equipment.

NEED FOR ADDITIONAL CAPITAL

     We presently have  insufficient  capital to acquire other  companies in the
same business  fields of Global Medical.  While our management  believes it will
obtain sufficient funds to make the initial  acquisitions it desires to make, no
assurances  can be  made  given  that  we  will  be  able  to  accomplish  these
objectives.  . No  assurances  can be  given  that we  will  be  able to  obtain
additional  capital or, if  available,  that such  capital  will be available on
terms  acceptable  to us. If our estimate for our capital  requirements  are not
accurate,  we may not have  sufficient  funds to complete the  initiation of the
marketing  plan or the  continuation  of  acquiring  more  business  and will be
required  to  seek  additional  capital  through  private  offerings  of  equity
securities.

DEPENDENCE ON MANAGEMENT

     Our success will, to a large extent,  depend upon the quality of management
and the active  participation  of the Board of Directors and the  Officers.  The
loss of the services of any member of existing  management would have a material
impact on our  business  and our  future  prospects.  In the event of the death,
disability  or incapacity of any of the members of the Board of Directors or the
Officers,  we would  have to find a  successor  or  successors  with  comparable
abilities and experience to manage our affairs.  We intend to have an employment
agreement with our President, David L. Hadley, who is a significant shareholder.
We do not  presently  have key man life  insurance for any of the members of the
Board of  Directors or any Officer.  We have plans to obtain  insurance  for our
Officers  and  some key  employees  when we have the  funds  available  for such
purpose.

LIMITED MARKET STUDIES

     We have not conducted any formal,  documented  market studies regarding the
proposed business addressed in this report.

COMPETITION

     Our  competitors  in the area of acquiring,  refurbishing  and selling used
medical  equipment  probably have greater  experience and financial,  technical,
human  and other  resources  than we do.  We  expect  that we will face  intense
competition from these and other unknown or future  competitors.  We are engaged
in highly  competitive  businesses.  Our  services  and  potential  products are
similar to those supplied or capable of being supplied by a number of companies,

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<PAGE>
some of which have substantially  greater financial and technological  resources
and production and marketing capabilities. Principal competitive factors include
(1) size of the firm, (2) the  capability of technical and sales staff,  (3) the
capacity to be innovative and (4) quick response time.  Each of our  competitors
are directly competitive with most of our services or products.

TECHNOLOGY ISSUES

     All medical  equipment has the  possibility  of being made  valueless or of
substantially   reduced  value  by  changes  in  technology.   Our  business  is
technologically intensive and is subject to significant technological change and
innovation.  Technological  developments  are occurring  rapidly and,  while the
effects of such  developments  are  uncertain,  they may have  material  adverse
effect on us.

RISK OF PRODUCT LIABILITY

     The nature of Global  Medical's  business  exposes it to risk from  product
liability claims. Global Medical currently maintains product liability insurance
for its products, with limits of $1,000,000 per occurrence and $2,000,000 in the
aggregate per annum. However,  such coverage is becoming increasingly  expensive
and there can be no assurance  that the Company's  insurance will be adequate to
cover future product liability claims, or that the Company will be successful in
maintaining  adequate  product  liability  insurance at commercially  reasonable
rates. To date, no product  liability  claims have been asserted  against Global
Medical.  Any losses  that  Global  Medical may suffer as a result of any future
liability  claims or claims in excess of Global Medical's  coverage,  may have a
material  adverse effect on our business,  financial  condition,  and results of
operations.  In addition,  any product liability  litigation may have a material
adverse effect on the reputation and marketability of Global Medical's products.

THE FORECAST AND COST PROJECTIONS

     As a threshold  matter,  we may not ever  generate  any  revenues if we are
unsuccessful in implementing our marketing and acquisition  plans.  There can be
no  assurances  that we can  achieve the  results of  operations  assumed by the
forecasts prepared by us. Some of the underlying  assumptions invariably may not
materialize and unanticipated  events and circumstances may occur. Any return to
our  shareholders  on their shares of Common  Stock will be  dependent  upon our
ability to sell  significant  numbers of used medical  equipment and  thereafter
operate our business profitably, which in turn will depend upon economic factors
and conditions beyond the control of our management.

DEPENDENCE UPON KEY PARTIES

     We have several  relationships with third-parties  which are crucial to our
ability to execute our business plan

MAINTENANCE ISSUES

     If we obtain  sufficient  funding to continue our business  operations,  we
will have to  establish  a system  for  maintaining  the  items of used  medical
equipment we sell,  and we  presently  do not have such a system.  If we are not
able to develop an appropriate  maintenance system or obtain third-party vendors
who are able to  provide  maintenance  services  to us,  it may have a  material
adverse effect on us.

AVAILABILITY OF MATERIALS FILED WITH THE SEC

     The  public  may read and copy any  materials  we file  with the SEC at the
SEC's Public Reference Room at 450 Fifth Street, N.W., Washington, DC 20549. The
public may obtain  information on the operation of the Public  Reference Room by

                                       7
<PAGE>
calling the SEC at  1-8900-SEC-0330.  We are an  electronic  filer,  and the SEC
maintains  an  Internet  site  that  contains  reports,  proxy  and  information
statements,  and other information  regarding  issuers that file  electronically
with the SEC at http://www.sec.gov.

ITEM 2. PROPERTIES

     The Company operates  principally from one location in Tempe,  Arizona.  It
owns no real property.

ITEM 3. LEGAL PROCEEDINGS.

     None.

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

     None.

                                     PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY SECURITIES AND RELATED
        STOCKHOLDER MATTERS.

     Our common stock has been  inactive or very  limited in trading  during the
last several years. Subsequent to our initial public offering effective November
12, 1986,  for  approximately  a year and a half, our common stock traded on the
NASDAQ Stock Market under the symbol "CEPA".  Later, as we requested  delisting,
the issue continued  trading on the "Pink Sheet" market or through the "Bulletin
Board" system. The stock now trades under the symbol "CYPF".

               Fiscal 2002                                Price
               -----------                               -------
               First Quarter                             Unknown
               Second Quarter                            Unknown
               Third Quarter                             Unknown
               Fourth Quarter                            Unknown

     As of September 30, 2002, there were 390 shareholders of record.

     Price range of common  stock during this fiscal  year:  it is  management's
recollection that common stock may have traded sporadically in pennies or mills,
however, no official record of such transactions appears to be available.

DIVIDEND POLICY

     We have not paid cash  dividends on our common shares since our  inception.
We  currently  intend to retain all of our  earnings,  if any,  to  finance  the
development  and growth of our  business and do not  anticipate  paying any cash
dividends in the foreseeable future.

                                       8
<PAGE>
ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS.

                             SELECTED FINANCIAL DATA

     The following table summarizes certain selected consolidated financial data
and is  qualified in its entirety by the more  detailed  Consolidated  Financial
Statements and Notes thereto  appearing  elsewhere in this Report.  The data has
been  derived  from the  financial  statements  audited  by  Shelley  Intl  CPA,
independent certified public accountant.

                                      YEAR ENDED     YEAR ENDED     YEAR ENDED
                                     SEPTEMBER 30,  SEPTEMBER 30,  SEPTEMBER 30,
                                         2002           2001           2000
                                      -----------    -----------    -----------
STATEMENTS OF OPERATIONS:

REVENUE
  MEDICAL EQUIPMENT SALES             $ 1,267,070    $   938,312    $   745.809
  FINANCIAL SERVICES                       26,054         35,193         43,562

TOTAL SALES                             1,293,124        973,505        789,371

COSTS OF GOOD SOLD                        756,425        579,471        328,811

GROSS PROFIT                              536,699        394,034        460,560

EXPENSES
  RENT                                     43,501         48,825         57,407
  SALARIES AND COMPENSATION                73,941         45,599         74,687
  TRAVEL                                   32,436         55,132         51,135
  DEPRECIATION                             14,345          7,201          2,256
  OTHER GENERAL &
    ADMINISTRATIVE                        203,176        110,654        109,009

  TOTAL EXPENSE                           367,399        267,411        294,494

INCOME BEFORE PROVISION FOR
  INCOME TAXES                            169,300        126,623        166,066

PROVISION FOR INCOME TAXES                 66,491         50,442          8,167

NET INCOME (LOSS)                         102,809         76,181        157,899
                                      ===========    ===========    ===========

BASIC AND DILUTED EARNINGS
  (LOSS) PER COMMON SHARE                    0.01           0.01           0.02

BASIC AND DILUTED WEIGHTED
  AVERAGE NUMBER OF
  COMMON SHARES                         7,353,356      7,353,356      7,353,356
                                       10,299,356      7,353,356      7,353,356

The notes to the  financial  statements  attached  as an exhibit are an integral
part of this Comparative Statement of Operations.

                                       9
<PAGE>
MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND RESULTS OF
OPERATIONS

OVERVIEW

     We are a Delaware  corporation  formed in  December  of 1982.  Our  primary
business  is the sale,  marketing,  and  re-furbishing  of new and used  medical
equipment.  We also provide  technical  expertise and  consultation  to overseas
architects  who are designing new medical  facilities  and have provided all the
medical  equipment  needed for the hospitals we helped  design.  On April 4th of
1999 Global  Medical  Technologies  was formed as a wholly owned  subsidiary  of
Century as part of the Company's reorganization plan. The medical sales division
(Tempe Medical Equipment) of Natural Technologies,  Inc. was sold to Century for
stock and $500,000.00  cash. This formed our primary business and has now become
the sole business  providing revenue to us since all securities  activities have
ceased.

     During the last four fiscal years, 1999 through 2002 we derived our revenue
from sales within the State of Arizona and in Mexico.  Cost of sales include the
purchasing and refurbishing of used medical equipment, new medical equipment and
supplies, parts and contract labor. Operating expenses include general corporate
expenses,  sales  salaries,  taxes,  and  rent,  as well as the cost of  support
services to maintain proper records and import equipment into Mexico.

     Approximately  ninety five percent  (95%) of our sales  during  fiscal 2002
occurred  because of direct  sales.  Most of these sales were from long standing
relationships,  or referrals  from existing  clients.  We have not initiated any
formal  marketing  due to the need for  additional  capital that must be present
prior to accepting additional  workload.  The primary method of selling has been
from "word of mouth  referral",  we have  focused on ensuring  that the existing
customers  are treated well and honestly and we have grown  steadily  each year.
Sales terms have been very  flexible  in order to assist the clients  with their
purchases,  however,  this has  placed a burden  on our cash  flow.  We obtain a
deposit for the  equipment  before any  deliveries  are made and extend  payment
terms of up to one year to pay. The deposit  received usually covers the cost of
the goods sold thus  limiting  exposure to just the profits on the sale. We have
been  fortunate  not to have had any  significant  bad  debt to  date,  and have
maintained title to the equipment being internally  financed until final payment
is made by utilizing a form of rental/purchase process for all of our clients in
Mexico.  When we import  the goods to Mexico  that we intend to  finance or that
have a  balance  still  due,  we import  in the name of our  Mexican  affiliate,
(Manual Francisco Amavizca), and then provide final Mexican invoice giving title
to the client once final payment for the merchandise  has been received.  In the
event a client  cannot  pay we can  recover  the  equipment  without  litigation
because  title to the  equipment was not given to the client who is using it. We
have not had to  recover  any  equipment  for lack of  payment in the last three
years. We have a thirty day return policy and a customer satisfaction guarantee.
Any  customer  that is not happy  with the  product  can return it or we will do
whatever is  necessary  to repair the defect.  We have had no  customers  return
merchandise  on this 30 day  guarantee.  We expect this to  continue  and do not
expect returns for the next year.

     All revenue is recognized  when  shipped.  We do currently  offer  extended
terms on the sales of our  products.  However,  we  intend to create a  separate
division that can process the financing in the future.

     There are no particular external business conditions that have affected our
business in the past.  Sales of healthcare  related  products have  increased in
past years and are expected to continue to increase for the foreseeable  future.
We plan to raise  additional  capital as quickly as possible and begin acquiring
other  companies that can enhance our sales and take advantage of the increasing
demand in the market.  We are  currently  discussing  merger  plans with several
medical equipment sales companies that are also profitable. We expect that sales
will show a  significant  increase  beginning in 2003.  There are no seasonal or
other aspects in our financial performance.

                                       10
<PAGE>
     Revenues have been derived  primarily  from the Mexican market in the past.
However, it is anticipated that revenues will be more evenly distributed between
domestic and overseas  sales as we acquire  additional  companies  that actively
market within the United States.

RESULTS OF OPERATIONS FOR THE FISCAL YEARS ENDING SEPTEMBER 30, 2002,  SEPTEMBER
30, 2001 AND SEPTEMBER 30, 2000

     REVENUE.  Total  revenue for the fiscal  years ending  September  30, 2002,
September  30,  2001 and  September  30,  2000 were  $1,293,124,  $973,505,  and
$789,809,  respectively.  The twelve month period ending  September 30, 2002 saw
sales of medical  equipment of  $1,267,070  and  securities  trading  revenue of
$26,054,  the twelve month period ending September 30, 2001 saw sales of medical
equipment of $938,312 and securities trading revenue of $35,193,  and the twelve
month  period  ending  September  30,  2000 saw sales of  medical  equipment  of
$745,809 and  securities  trading  revenue of $43,562.  The change in revenue is
attributable to increase sales of our medical equipment in Mexico.

     COST OF GOODS SOLD;  GROSS  PROFIT.  Cost of goods sold for the fiscal year
ending  September  30,  2002,  September  30, 2001 and  September  30, 2000 were
$756,425, $579,471 and $328,811, respectively. Cost of goods sold for the fiscal
years ending September 30, 2002,  September 30, 2001 and September 30, 2000 were
approximately  58% of total  revenue,  approximately  59% of total  revenue  and
approximately  42% of total  revenue.  The  increase  in cost of  goods  sold of
$756,425 or  approximately  58% of total revenue of fiscal year ending September
30, 2002 is primarily attributable to increased sales volume.

     Gross profit for the fiscal year ended  September  30, 2002 was $536,699 or
approximately  42% of total  revenue,  ,gross  profit for the fiscal  year ended
September 30, 2001 was $394,034 or approximately  40% of total revenue and gross
profit for the fiscal year ended September 30, 2000 was 480,560 or approximately
58% of total revenue. The 42% in gross profit in fiscal year 2002 as compared to
fiscal  year 2001 is  primarily  attributable  to the  benefit of greater  sales
volume with the same  employee  base used during the twelve month period  ending
September 30, 2002.

     SALES AND MARKETING  EXPENSES.  Sales and marketing expenses for the fiscal
years  September  30,  2002,  September  30,  2001 and  September  30, 2000 were
$32,436,  $55,132 and $51,135,  respectively.  The  approximate  41% decrease in
sales and  marketing  expense  over  fiscal year 2001 is  representative  of the
enhanced client base in Mexico.

     GENERAL AND ADMINISTRATIVE  EXPENSES.  General and administrative  expenses
for the fiscal years ending September 30, 2002, September 30, 2001 and September
30, 2000 were  $203,176,  $110,654 and $109,009,  respectively.  The increase of
$92,522 or approximately 84% in fiscal year 2002 is primarily attributable to an
increase in accounting control costs,  auditing,  and legal fees associated with
new regulations, and in getting the Company's stock trading again.

     DEPRECIATION  AND  AMORTIZATION  EXPENSES.  Depreciation  and  amortization
expenses for the fiscal year ended  September  30, 2002,  September 30, 2001 and
September 30, 000 were $14,345, $7,201 and $2,256,  respectively.  We anticipate
that depreciation  expense will continue to increase as we expand our operations
by purchasing additional property, plant and equipment in subsequent years.

     INTEREST EXPENSE. Interest expense for the fiscal years ended September 30,
2002,  September  30,  2001 and  September  30,  2000 was  $-0-,  $-0- and $-0-,
respectively. We have internally financed all growth through operating funds and
have  elected  to avoid all forms of debt  financing  that can pose a  potential
threat to us.

                                       11
<PAGE>
     NET INCOME  BEFORE  INCOME  TAXES.  Net income  before income taxes for the
fiscal year ended September 30, 2002, September 30, 2001 and September 30, 2002,
were $169,300, $126,623 and $166,066,  respectively.  The increase of $42,677 or
33% in fiscal 2002 as compared  to fiscal  2001 is  primarily  the result of the
increase in sales volume during the fiscal year.

     PROVISION  FOR  INCOME  TAXES.  As of  September  30,  2002,  we  had a net
operating loss carry forward  balance of  approximately  $2,537,887  from losses
incurred prior to 1999.

     LIQUIDITY AND CAPITAL RESOURCES

     Our working  capital has  fluctuated  greatly in the previous  periods.  At
September 30, 2002, we had a negative  working capital of $43,380.  At September
30, 2001, we had a positive  working  capital of $174,074,  and at September 30,
2000, we had a positive working capital of $27,055.  Current assets increased to
$791,411 at the twelve  months  ended  September  30, 2002 from  $480,076 at the
twelve months ended September 30, 2001. Current assets were $56,612 at September
30, 2000. The changes were due primarily to changes in cash, inventory and trade
receivables.

     Our operating  activities used net cash during the year ended September 30,
2002 of $46,787,  as compared to net cash inflow  during the fiscal  years ended
September  30,  2000 of $3,055 and  September  30, 2001 of  $106,816.  The major
element  contributing  to net operating  cash flow was cash paid for general and
administrative, increased account receivables, and inventory purchases.

     At the end of the fiscal  year ended  September  30,  2002,  we had current
notes  payable  outstanding  of $85,000.  This note  resulted from a no-interest
short term loan from CEO, Mr. David L. Hadley.  Mr.  Hadley has agreed to accept
repayment  from  current  receivables  or may  accept  repayment  in the form of
restricted shares of common stock at the share price established after one month
of  trading  activity  once the  stock  resumes  trading.  This is the only note
payable other than the note to purchase  Tempe Medical  Equipment from 1999. The
current  notes  payable  during this period of time bore interest at rates of 0%
per annum. As of September 30, 2002, we had a total long term debt of $379,600.

     The long term debt still on the balance  sheet as of September 30, 2002 was
for the purchase of Tempe Medical Equipment in 1999 and the loan from officer in
the current year.

     We intend to raise  additional  capital  through  the sale of shares in the
company for the purpose of expansion and to have additional operating capital to
so  support  growth.  We do not intend to have any form of bank loans to finance
growth, only equity financing has been agreed to by the board of directors.

     UNLESS WE RAISE  ADDITIONAL  CAPITAL TO EXPAND OUR BUSINESS,  WE MAY NOT BE
ABLE TO MEET OUR GROWTH EXPECTATIONS FOR THE COMING YEAR.

CAPITAL STOCK

     We have  total  authorized  capital of  105,000,000  shares  consisting  of
100,000,000  shares of  common  stock,  $.04 par  value per share and  5,000,000
shares  of  preferred  stock,  $.05 par  value per  share.  There are  currently
7,353,356  shares of common  stock  issued  and  outstanding,  and -0- shares of
preferred shares issued.

Options

     There are currently no option  agreements  in place or granted,  except for
the potential conversion of Natural Technologies debt.

                                       12
<PAGE>
Warrants

     We have no outstanding warrants to purchase shares of common stock.

     We currently are seeking additional sources of financing, which may include
one or more private placements of equity securities. We can provide no assurance
that any additional  financing will be available on terms that are acceptable to
us, if at all.  Our  inability  to obtain  such  financing  could  result in our
inability to continue as a going concern.  If such financing is not available in
sufficient amounts or on satisfactory terms, we also may be unable to expand our
business  or to  develop  new  customers  at the rate  desired,  and the lack of
capital could have a material adverse effect on our business.

                                       13
<PAGE>
ITEM 7. FINANCIAL STATEMENTS

                      CENTURY PACIFIC FINANCIAL CORPORATION


                              FINANCIAL STATEMENTS

                               September 30, 2002
                               September 30, 2001
<PAGE>
                                TABLE OF CONTENTS


                                                                            PAGE

COVER SHEET .................................................................F-1

TABLE OF CONTENTS ...........................................................F-2

INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS' REPORT ............................F-3

BALANCE SHEETS, ASSETS ......................................................F-4

BALANCE SHEETS, LIABILITIES AND STOCKHOLDERS' EQUITY ........................F-5

STATEMENTS OF OPERATIONS ....................................................F-6

STATEMENTS OF STOCKHOLDERS' EQUITY ..........................................F-7

STATEMENTS OF CASH FLOWS ....................................................F-8

NOTES TO FINANCIAL STATEMENTS ............................................F-9-15

                                      F-2
<PAGE>
                            SHELLEY INTERNATIONAL CPA
                               161 E. 1ST. ST. #1
                                 MESA, AZ 85201
                                 (480) 461-8301


                REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT

To the Board of Directors/Audit Committee
Century Pacific Financial Corporation

     I have  audited the  accompanying  consolidated  balance  sheets of Century
Pacific Financial  Corporation as of September 30, 2002 and 2001 and the related
consolidated statements of operations,  stockholders' equity, and cash flows for
the years ended  September 30, 2002, 2001 and 2000.  These financial  statements
are the  responsibility  of the Company's  management.  My  responsibility is to
express an opinion on these financial statements based on my audit.

     I  conducted  my audit in  accordance  with  auditing  standards  generally
accepted in the United States of America.  Those  standards  require that I plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial statement presentation.  I believe that my audit provides a reasonable
basis for my opinion.

     In my opinion,  the financial  statements referred to above present fairly,
in all material respects, the consolidated financial position of Century Pacific
Financial  Corporation  as of  September  30,  2002  and  2001  and the  related
consolidated statements of operations,  stockholders' equity, and cash flows for
the years ended  September 30, 2002, 2001 and 2000 in conformity with accounting
principles generally accepted in the United States of America.


                                        /s/ SHELLEY INTL CPA

January 5, 2003

                                       F-3
<PAGE>
                     CENTURY PACIFIC FINANCIAL CORPORATION
                           Consolidated Balance Sheet
                       as of September 30, 2002 and 2001

                                     ASSETS

                                            September 30,      September 30,
                                                2002                2001
                                              ---------          ---------
CURRENT ASSETS
  Cash                                            3,084             49,871
  Receivables, net                              462,295            134,800
  Inventory                                     257,205            205,405
  Current Tax Benefit                            64,000             64,000
  Prepaid Expenses                                4,827             26,000
                                              ---------          ---------
  Total Current Assets                          791,411            480,076
                                              ---------          ---------
EQUIPMENT, net                                   57,783             50,148
                                              ---------          ---------
OTHER ASSETS
  Note Receivable                                                  138,973
  Investments                                   500,000
  Long Term Tax Benefit                         715,761            769,937
  Deposits                                        7,800              2,800
                                              ---------          ---------
  Total Other Assets                          1,223,561            911,710
                                              ---------          ---------
TOTAL ASSETS                                  2,072,755          1,441,934
                                              =========          =========

        The accompanying notes are an integral part of these statements

                                      F-4
<PAGE>
                     CENTURY PACIFIC FINANCIAL CORPORATION
                           Consolidated Balance Sheet
                       as of September 30, 2002 and 2001

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                   September 30,   September 30,
                                                       2002            2001
                                                    ----------      ----------
CURRENT LIABILITIES
  Accounts Payable                                     153,583          17,485
  Business Purchase                                    294,600
  Note Payable                                          85,000
  Income Taxes Payable                                  12,314
                                                    ----------      ----------
  Total Current Liabilities                            545,497          17,485
                                                    ----------      ----------
STOCKHOLDERS' EQUITY

  Preferred Stock, authorized
  5,000,000 shares, par $0.05,
  no shares outstanding

  Common Stock, authorized 100,000,000 shares
  of stock, issued and outstanding 7,353,356 and
  7,353,356 shares issued and outstanding at
  September 30, 2002 and 2001 respectfully
  par value $0.04 per share                            294,134         294,134

  Additional Paid in Capital                         3,771,011       3,771,011

  Retained Earnings (Loss)                          (2,537,887)     (2,640,696)
                                                    ----------      ----------
  Total Stockholders' Equity                         1,527,258       1,424,449
                                                    ----------      ----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY                                 2,072,755       1,441,934
                                                    ==========      ==========

        The accompanying notes are an integral part of these statements

                                      F-5
<PAGE>
                     CENTURY PACIFIC FINANCIAL CORPORATION
                      Consolidated Statement of Operations
             for the years ended September 30, 2002, 2001 and 2000

                                             9/30/2002    9/30/2001    9/30/2000
                                            ----------   ----------   ----------
Revenue
  Equipment Sales                            1,267,070      938,312      745,809
  Service Revenue                               26,054       35,193       43,562
                                            ----------   ----------   ----------
  Total Revenue                              1,293,124      973,505      789,371
                                            ----------   ----------   ----------
Cost of Goods Sold                             756,425      579,471      328,811
                                            ----------   ----------   ----------
  Gross Profit                                 536,699      394,034      460,560
                                            ----------   ----------   ----------
Expenses
  Rent                                          43,501       48,825       57,407
  Salaries and Compensation                     73,941       45,599       74,687
  Travel                                        32,436       55,132       51,135
  Depreciation                                  14,345        7,201        2,256
  Other General and Administrative             203,176      110,654      109,009
                                            ----------   ----------   ----------
  Total Expenses                               367,399      267,411      294,494
                                            ----------   ----------   ----------
Income Before Income Taxes                     169,300      126,623      166,066
                                            ----------   ----------   ----------
Provision for Income Taxes                      66,491       50,442        8,167
                                            ----------   ----------   ----------
Net Income (Loss)                              102,809       76,181      157,899
                                            ==========   ==========   ==========
Basic Earnings per Share                          0.01         0.01         0.02
                                            ----------   ----------   ----------
Weighted Average Number of Shares            7,353,356    7,353,356    7,353,356
                                            ----------   ----------   ----------
Diluted Earnings per Share                        0.01         0.01         0.02
                                            ----------   ----------   ----------
Diluted Weighted Average Number of Shares   10,299,356    7,353,356    7,353,356
                                            ----------   ----------   ----------

a = less that $0.01

           The accompanying notes are an integral part of these notes

                                      F-6
<PAGE>
                     CENTURY PACIFIC FINANCIAL CORPORATION
                 Consolidated Statement of Stockholders' Equity
                 from September 30, 1999 to September 30, 2002

<TABLE>
<CAPTION>
                                   Preferred Stock             Common Stock
                              ------------------------    ------------------------     Paid in       Retained       Total
                                Shares        Amount        Shares        Amount       Capital       Earnings       Equity
                              ----------    ----------    ----------    ----------    ----------    ----------    ----------
<S>                           <C>           <C>           <C>           <C>           <C>           <C>           <C>
Balance, September 30, 1999                                7,353,356       294,134     3,771,011    (2,874,776)    1,190,369
Retained Earnings (Loss)                                                                               157,899       157,899
                              ----------    ----------    ----------    ----------    ----------    ----------    ----------
Balance, September 30, 2000                                7,353,356       294,134     3,771,011    (2,716,877)    1,348,268
Retained Earnings (Loss)                                                                                76,181        76,181
                              ----------    ----------    ----------    ----------    ----------    ----------    ----------
Balance, September 30, 2001                                7,353,356       294,134     3,771,011    (2,640,696)    1,424,449
Retained Earnings (Loss)                                                                               102,809       102,809
                              ----------    ----------    ----------    ----------    ----------    ----------    ----------
Balance, September 30, 2002                                7,353,356       294,134     3,771,011    (2,537,887)    1,527,258
                              ==========    ==========    ==========    ==========    ==========    ==========    ==========
</TABLE>

In June 2002 the Board of Directors  approved a 7 to 1 reverse stock split. This
reverse split has been retroactively applied to the schedule above.

        The accompanying notes are an integral part of these statements

                                      F-7
<PAGE>
                     CENTURY PACIFIC FINANCIAL CORPORATION
                      Consolidated Statement of Cash Flows
             for the years ended September 30, 2002, 2001 and 2000

                                    9/30/2002      9/30/2001      9/30/2000
                                    ---------      ---------      ---------
Cash from Operations

Net Income (Loss)                     102,809         76,181        157,899

  Changes in Receivables             (327,495)        74,260        (79,744)
  Change in Payables                  148,412         (2,765)       (18,019)
  Depeciation                          14,345          7,201          2,256
  Inventory                           (51,800)         6,237        (40,005)
  Prepaid                              21,173        (26,000)
  Deposit                              (5,000)        (2,800)
  Net Change in Tax Benefit            54,176         41,760          4,668
                                    ---------      ---------      ---------
  Cash from Operations                (43,380)       174,074         27,055
                                    ---------      ---------      ---------
Cash Used for Investing
  Purchase of Business                 66,427
  Purchase of Equipment                21,980         49,453
                                    ---------      ---------      ---------
  Cash for Investing                   88,407         49,453
                                    ---------      ---------      ---------
Cash from Financing

  Note Payable                         85,000        (17,805)       (24,000)
                                    ---------      ---------      ---------
  Cash from Financing                  85,000        (17,805)       (24,000)

Net Change in Cash                    (46,787)       106,816          3,055

Beginning Cash Balance                109,871          3,055              0
                                    ---------      ---------      ---------
Ending Cash Balance                    63,084        109,871          3,055
                                    =========      =========      =========

Significant non cash transactions

In June 2002 the Company had a 7 to 1 reverse  stock split,  this split has been
retroactively applied on the financial statements

In September 2002 the Company finalized a purchase which was approved during its
bankrupcy plan. see Note 1 for more details

Additional Disclosures

Year 2002
  Interest paid $0, Taxes paid $9,682

Year 2001
  Interest paid $0, Taxes paid $8,529

Year 2000
  Interest paid $0, Taxes paid $3,529

                                      F-8
<PAGE>
                      CENTURY PACIFIC FINANCIAL CORPORATION
                          NOTES TO FINANCIAL STATEMENTS

Note 1. GENERAL BUSINESS AND ACCOUNTING POLICIES

Organization and Business

Century Pacific Financial  Corporation (the Company) was organized as a Delaware
corporation  on December 29, 1982.  Originally  it was known as Century  Pacific
Corporation. The Company was originally organized to provide financial services.
The  Company  currently  has two  wholly  owned  subsidiaries,  Century  Pacific
Fidelity  Corporation  and Global Medical  Technologies,  Inc.  Century  Pacific
Fidelity  Corporation is totally  inactive at this time and is without assets or
debts. Global Medical Technologies,  Inc. was formed on April 4, 1999 to buy and
sell  refurbished  medical  equipment.  See Note 2 for more  information on this
active subsidiary.

Basis

The financial statements are prepared following accounting  principles generally
accepted in the United States of America.

Revenue Recognition

For the medical  equipment  sales the revenue is recognized  upon shipment,  FOB
destination  for equipment  delivered by the Company and FOB shipping  point for
shipments made through common carrier.  For the financial  services,  revenue is
recognized when the service is rendered.

Accounts Receivable

The detail of Accounts Receivable is listed below.

                                                   2002         2001
                                                 --------     --------
     Gross Accounts Receivable                    471,730      134,800
     Allowance for Doubtful Accounts               (9,435)           0
                                                 --------     --------

     Net Amount                                   462,295      134,800
                                                 --------     --------

Inventory

Inventory is stated at the lower of cost (first-in, first-out) or net realizable
value. Most medical equipment is bought and sold with little or no refurbishing.
When  refurbishing  is done that  actual  costs is  included  in the cost of the
inventory. Inventory at September 30 consists of the following:

                                                   2002         2001
                                                 --------     --------

                                                 $257,205     $205,405
                                                 --------     --------

                                      F-9
<PAGE>
Equipment and Vehicles

Equipment and vehicles are depreciated using the  straight-line  method over the
estimated useful lives, which is five years.

Fixed assets at September 30 consist of the following:

                                                   2002         2001
                                                 --------     --------

     Office Equipment                              27,780       27,280
     Vehicles, Forklift                            54,713       32,734
     Less: Accumulated depreciation               (24,930)     (10,585)
                                                 --------     --------
                                                 $ 54,713     $ 50,149
                                                 ========     ========

Use of Estimates

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect  the  reported  amounts  of assets  and  liabilities  and  disclosure  of
contingent  assets and  liabilities at the date of the financial  statements and
the reported amounts of revenue and expenses during the reporting period. Actual
results could differ from those estimates.

Earnings per Share

The basic earnings  (loss) per share is calculated by dividing the Company's net
income available to common shareholders by the weighted average number of common
shares during the year. The diluted  earnings  (loss) per share is calculated by
dividing the Company's net income (loss) available to common shareholders by the
diluted  weighted  average  number of shares  outstanding  during the year.  The
diluted  weighted  average  number of shares  outstanding  is the basic weighted
number  of  shares  adjusted  as of the  first of the  year for any  potentially
dilutive debt or equity.

As of September  30, 2002 the Company had finalized a purchase made and approved
while emerging from bankruptcy.  This purchase as of the end of the current year
allowed for the  conversion  of debt to  $294,600  to common  stock at $0.10 per
share.  This conversion rate was set by and approved by the bankruptcy court. If
the current debt of $294,600 were converted to common stock at the rate of $0.10
per share and these new  shares of  2,946,000  were to be added to the  existing
share balance of 7,353,356, the total would be 10,913,626.  The new shares would
represent  33% of the higher  total.  Management  expects this  conversion to be
consummated within the next twelve months.

     Share balance prior to conversion of debt              7,353,356
     Conversion of shares described above                   2,946,000
                                                          -----------

     Fully Diluted share total                             10,299,356
                                                          -----------

                                      F-10
<PAGE>
Stock Based Compensation

The Company accounts for its stock based  compensation  based upon provisions in
SFAS No. 123, ACCOUNTING FOR STOCK-BASED  COMPENSATION.  In this statement stock
based  compensation is divided into two general  categories,  based upon who the
stock receiver is, namely, employees/directors and non-employees/directors.  The
employees/directors  category is further divided based upon the particular stock
issuance plan, namely compensatory and non-compensatory.  The employee/directors
non-compensatory  securities  are  recorded  when the stock is sold at the sales
price. The compensatory  stock may be recorded in one of two different  methods.
Compensation is calculated and recorded either at the securities'  fair value or
intrinsic  value.  The Company has selected to utilize the fair value method for
valuing and recording options.

Concentration of Credit Risk

Periodically  during the year,  the Company may  maintain  its cash in financial
institutions in excess of amounts insured by the US federal government.

Advertising

Advertising costs are expensed as incurred.  Advertising  expense totaled $0 for
the year ended September 30, 2002,  $1,963 for year ended September 30, 2001 and
$2,142 for the year ended September 30, 2000.

Note 2. STOCKHOLDERS' EQUITY

The Company did not issue stock  options or warrants  during the previous  three
years.  The  Company  has no options or  warrants  outstanding  as of the end of
September 30, 2002.

In June 2002 the Company had a 7 to 1 reverse  stock split.  This reverse  stock
split  has been  retroactively  applied  to all  years  shown  on the  financial
statements.

Note 3. INCOME TAXES:

The Company  provides for income taxes under  Statement of Financial  Accounting
Standards No. 109, ACCOUNTING FOR INCOME TAXES. SFAS No. 109 requires the use of
an asset and  liability  approach in accounting  for income taxes.  Deferred tax
assets  and  liabilities  are  recorded  based on the  differences  between  the
financial  statement and tax bases of assets and liabilities and the current tax
rates in effect when these differences are expected to reverse.

The components of deferred taxes assets at September 30 are as follows:

                                       2002        2001       2000
                                     --------    --------   --------

Accounts Receivable Reserve            (3,019)
Tax effect of net operating losses    776,801     827,958    869,718
General business credits                5,979       5,979      5,979
                                     --------    --------   --------

Net Deferred Tax Asset                779,761     833,937    875,697
                                     --------    --------   --------

                                      F-11
<PAGE>
The estimated  federal Net Operating Loss  carryforwards for the Company and the
corresponding expiration dates are listed below as of September 30, 2002.

                                               Amount        Last year
                                             ----------      ---------
     Amount available from year 1991            493,179        2006
     Amount available from year 1992          1,205,511        2007
     Amount available from year 1993            626,560        2008
     Amount available from year 1994             80,024        2009
     Amount available from year 1995             20,249        2010
     Amount available from year 1996              1,593        2011
     Amount available from year 1998                387        2018
                                             ----------

     Total NOL as of 9/30/2002                2,427,503
                                             ----------

The provision for income taxes was calculated as follows.

                                                   9/30/02   9/30/01   9/30/00
                                                   -------   -------   -------
     Net change in the deferred tax benefit         54,176    41,760     4,668
     Current taxes payable (state income taxes)     12,315     9,682     3,498
                                                   -------   -------   -------

     Provision for Income Taxes                     66,491    50,442     8,166
                                                   -------   -------   -------

Note 4. CONTINGENCIES AND COMMITMENTS

The  Company's  medical  equipment  offices and  warehouse  have a future  lease
expense illustrated below.

                             Year 1     Year 2     Year 3     Year 4     Year 5
                             ------     ------     ------     ------     ------
Real Estate Leases           52,188     30,000     30,000          0          0

Note 5. RELATED PARTIES TRANSACTIONS

The Company  utilizes as its primary  contractor for equipment repair a company,
Natural  Technologies,  Inc. that is principally owned by a major shareholder of
the Company. Natural Technologies also has the ability to purchase an additional
2,946,000 shares at $0.10 per shares.

The Company shares office space with Natural Technologies, Inc.

                                      F-12
<PAGE>
Note 6. RELIANCE ON PRESIDENT

The  president  of the Company is the person who has the  experience  to buy and
sell used  medical  equipment  at a  profit.  If he were to no longer be able or
willing to function in that capacity the Company would be severely affected.

Note 7. THE EFFECT OF RECENTLY ISSUED ACCOUNTING STANDARDS

Below is a listing of the most  recent  accounting  standards  SFAS  142-147 and
their effect on the Company.

SFAS 142 Goodwill and Other Intangibles Assets

This  Statement  addresses  financial  accounting  and  reporting  for  acquired
goodwill and other  intangible  assets and  supersedes  APB 17. It addresses how
intangible assets that are acquired  individually or with a group (but not those
acquired  in a  business  combination)  should  be  accounted  for in  financial
statements  upon their  acquisition.  This Statement also addresses how goodwill
and other  intangible  assets  should  be  accounted  for  after  they have been
initially  recognized in the financial  statements.  The effective date for this
Statement is December 15, 2001.

SFAS 143 Accounting for Asset Retirement Obligations

This Statement  addresses  financial  accounting  and reporting for  obligations
associated with the retirement of tangible  long-lived assets and the associated
asset retirement costs.  This Statement  applies to all entities.  It applies to
legal  obligations  associated  with the  retirement of  long-lived  assets that
result  from the  acquisition,  construction,  development  and (or) the  normal
operation of a long-lived asset,  except for certain obligations of leases. This
Statement  amends SFAS 19. The  effective  date for this  Statement  is June 15,
2002.

SFAS 144 Accounting for the Impairment or Disposal of Long-Lived Assets

This Statement addresses  financial  accounting and reporting for the impairment
or disposal of  long-lived  assets.  This  statement  supersedes  SFAS 121,  the
accounting  and reporting  provisions of APB 30 and amends ARB 51. The effective
date of this Statement is December 15, 2001.

SFAS 145 Extra-ordinary item classification, Sale-lease-back classification

This statement  rescinds SFAS 4, 44 and 64 and reinstates APB 30 as the standard
for the  classification of gains and losses of the  extinguishment of debt as an
operating  lease be accounted for under the  sale-lease-back  provisions of SFAS
98. The effective date of this statement is May 15, 2002.

                                      F-13
<PAGE>
SFAS 146 Accounting for Costs Associated with Exit or Disposal Activities

This statement  requires  companies to recognize  costs  associated with exit or
disposal  activities,  other than SFAS 143 costs,  when they are incurred rather
than at the date of a commitment to an exit or disposal plan.  Examples of these
costs are lease  termination  costs,  employee  severance costs  associated with
restructuring,  discontinued operation, plant closing, or other exit or disposal
activity. This statement is effective after December 15, 2002.

SFAS 147 Acquisitions of Certain  Financial  Institutions - an amendment of FASB
Statement No. 72 and 144 and FASB Interpretation No. 9

This statement  makes the acquisition of financial  institutions  come under the
statements 141 and 142 instead of statement 72, 144 and FASB  Interpretation No.
9. This statement is applicable for acquisition on or after October 1, 2002.

The adoption of these new  Statements is not expected to have a material  effect
on the Company's financial position, results or operations, or cash flows.

Note 8. PURCHASE CONTRACT

The Company has contracted to purchase the medical equipment sales business from
Natural  Technologies,  Inc. as part of its plan to end bankruptcy  proceedings.
The purchase price was $500,000.  This price was set by the bankruptcy court and
agreed upon by all parties.  The $500,000 could be paid with cash,  common stock
or a combination  thereof. The common stock was valued at $0.10 per share if the
debt was to be paid by common  stock.  Throughout  the previous  two years,  the
Company has been making payments  toward this purchase.  During the last quarter
of the  current  year ended  September  30,  2002,  as  reported  earlier,  this
transaction was finalized.

     Total Purchase Price                          500,000
     Amount Paid Previously                        205,400
                                                  --------
     Remainder Amount Owed                         294,600
                                                  --------

If the current  debt of $294,600  were  converted to common stock at the rate of
$0.10  per share and  these  new  shares  of  2,946,000  were to be added to the
existing  share balance of  7,353,356,  the total would be  10,299,356.  The new
shares  would  represent  29% of  the  higher  total.  Management  expects  this
conversion to be consummated within the next twelve months.

                                      F-14
<PAGE>
Note 9. CONCENTRATION OF BUSINESS

Of the total sales for the year ended one customer  represented 55% of the total
sales revenue. That was $696,640 sales of the total of $1,267,070.

Note 10. SEGMENT INFORMATION

Segment information is presented in accordance with SFAS 131,  DISCLOSURES ABOUT
SEGMENTS OF AN ENTERPRISE AND RELATED  INFORMATION.  This standard is based on a
management  approach,  which  requires  segmentation  based  upon the  Company's
internal  organization and disclosure of revenue based upon internal  accounting
methods.  Currently  management  divides revenue into two  categories,  sales of
equipment and financial services.  These two categories are shown on the face of
the statement of operations.

                                      F-15
<PAGE>
ITEM 8. DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

     There were no  disagreements of the type required to be recorded under this
item between the Company and its independent accountants during the fiscal year.

     On September 30, 2001 an  engagement  letter was executed with Shelley Intl
CPA to conduct  audits  covering  fiscal years 1999,  2000 and 2001.  Management
renewed this agreement to cover subsequent years.

                                    PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE
        WITH SECTIONS 16(A) OF THE EXCHANGE ACT.

     The following table sets forth certain information regarding our directors,
executive officers, and certain key employees:

NAME                         AGE          POSITION
----                         ---          --------
David L. Hadley(1)            50          President, Chief Executive Officer and
                                            Chairman of the Board
Pamela Mairel                 47          Vice President of Operations
Tommy Ly                      36          Vice President and Member of the Board
Syed M. Huq                   56          Secretary and Member of the Board

David L.  Hadley has served as  President  and CEO of Century  since  1999.  Mr.
Hadley is married with four children. He is Global Medical Technologies,  Inc.'s
founder,  President  and CEO. He graduated  with honors from Devry  Institute of
Technology,  receiving  a BSEET,  and was  further  educated  at  Arizona  State
University where he studied  microcomputer  systems design for two years. He has
completed  studies in Innovative  Design  Strategies  for  Healthcare at Harvard
Graduate  School of Design,  and is a patent  holder for the design of equipment
used to control oxygen concentrations in the blood. Mr. Hadley has established a
considerable  client base throughout  Mexico where he has assisted in the design
and setup of private hospitals there.

Pamela Mairel is the Corporate  Operations  Officer  responsible  for overseeing
operations  and setting up internal  controls  for  purchases  and the  in-house
accounting  software.  She has a Bachelors of Science Degree from the University
of Phoenix and is a graduate of the Dale Carnegie  Institute.  She has more than
twenty  years  experience  in  both  software  accounting  packages  and  office
management.

Tommy Ly is the Vice President of Century and Global,  and is also president and
founder of Ultra  Solutions,  a company that specializes in the sale and service
of  diagnostic  ultrasound  equipment.  Mr. Ly received  his Bachelor of Science
Degree  from  Cal-Poly  University  in 1991.  He also  graduated  from  Cal-Poly
University  in 1999 with a Masters in Business  Administration.  He has 14 years
experience  in the sales and service of diagnostic  ultrasounds,  has worked for
such companies as ACUSON and Acoustic Imaging, and speaks three languages.

Syed M. Huq is the Secretary,  Corporate  Financial Officer,  and is a member of
the Board. He graduated with honors from Long Island University in New York with
an MBA in 1977. He worked as the Director of  International  Credit and Treasury
Services for Honeywell  International,  Inc.  where he was  responsible  for 170
people and a monthly receivable  portfolio of $1.5 billion.  He is the recipient
of  several  corporate  special  recognition  awards  during  his 27 years  with
Honeywell,   and  has  taught  International   Business  Management  at  Western
International   University.  He  is  married  with  two  children  and  is  also
multi-lingual.

                                       14
<PAGE>
ITEM 10. EXECUTIVE COMPENSATION

OFFICERS SALARIES              YEAR             SALARY        OTHER COMPENSATION
-----------------              ----             ------        ------------------
David L. Hadley(1)             2002              -0-              $20,500.00

----------
(1)  David L. Hadley has served as our  Chairman of the Board,  Chief  Executive
     Officer and  President.  David L.  Hadley has no stock  options to purchase
     shares of common stock.  Mr.  Hadley's  compensation  for the year 2002 has
     been accrued at $20.500.00 on our books.

     We do not at this time offer  medical  insurance  or other  benefits to our
employees,   including  executive  officers  and  directors  who  also  are  our
employees.

DIRECTORS' COMPENSATION

     We currently do not compensate our employee  directors for their  services.
We  may  reimburse  our  directors  for  certain  expenses  in  connection  with
attendance at board and committee meetings.

EMPLOYMENT AGREEMENTS

     We entered into a consulting  agreement with our President  David L. Hadley
on  September  30,  2002.  Mr.  Hadley  undertook to create and manage sales and
marketing  plans to create sales of products and training and to implement those
services  for us.  Mr.  Hadley has also  performed  the tasks  necessary  to get
Century's stock trading again. Mr. Hadley's annual salary is $60,000.00,  and he
shall receive cash bonuses of not less than $20,000,  payable  quarterly,  to be
negotiated each year based upon successful completion of goals as established by
the board of directors and Mr. Hadley.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

     The  following  table  sets  forth  certain  information  with  respect  to
beneficial ownership of our common stock as of September 30, 2002 by (i) each of
our directors and  executive  officers,  (ii) all of our directors and executive
officers as a group and (iii) each other person known by us to be the beneficial
owner of more than five percent of our common stock:

                                                       SHARES BENEFICIALLY OWNED
                                                       -------------------------
                                                           (1)            (2)
NAME AND ADDRESS OF BENEFICIAL OWNER                      NUMBER        PERCENT
------------------------------------                      ------        -------
DIRECTORS AND EXECUTIVE OFFICERS
David L. Hadley                                         2,832,215        38.52%

All directors and officers as a group (4 persons)       2,832,215        38.52%

NON-MANAGEMENT 5% STOCKHOLDER

Calton V. Phillips                                        455,275         6.19%

----------
(1)  Except  as  indicated,   and  subject  to  community   property  laws  when
     applicable,  the persons  named in the table have sole voting and investing
     power  with  respect to all shares of common  stock  shown as  beneficially
     owned by them. Except as otherwise  indicated,  each of such persons may be
     reached through us at 1505 E. Weber Dr., Suite 120, Tempe, AZ. 85281

                                       15
<PAGE>
ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

We lease our office space and have  approximately  one year left on our existing
lease.

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

     (a)  EXHIBITS

          99.1      Certification by Chief Executive Officer and Director
          99.2      Certification by Chief Financial Officer and Director
          99.3      Certification by an Officer

ITEM 14. CONTROLS AND PROCEDURES

     We have  implemented  a systems of controls for  assembling,  recording and
reporting financial and accounting information and to record, process, summarize
and report financial data to our officers, directors,  shareholders and auditors
from our  inception.  These  controls and procedures are designed to ensure that
information required to be disclosed by an issuer in its Exchange Act reports is
accumulated  and  communicated  to  our  management,   including  our  principal
executive and  financial  officers,  as  appropriate  to allow timely  decisions
regarding  required  disclosure.  We believe that these  controls and procedures
will be effective  and are designed to detect fraud or  concealment  of material
information,  including information that may be only significant, whether or not
material,  that involves  management  or other  employees who have a significant
role in our internal controls and procedures.  Based on a review of our internal
controls, we have implemented or are currently implementing  additional controls
to adequately  maintain control over our assets and financial  reporting.  These
new  procedures and controls are the following:  new  accounting  software,  new
internal audit function on a monthly basis, new inventory tacking procedures and
a voucher system for expenditure approval.

                                   SIGNATURES

Pursuant to the  requirements of section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                                        CENTURY PACIFIC FINANCIAL CORPORATION

                                        Signature and Title              Date

                                        /s/ David L. Hadley            1/12/2003
                                        David L. Hadley
                                        President, Director an
                                        Co-Chief Executive Office

                                       16