SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 10-K

(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, 2001

                                       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)

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

1422 N. 44th Street, #211, Phoenix, AZ                              85008
(Address of Principal Executive Offices)                          (Zip Code)

                                  602-267-7007
                  (Issuer's Telephone No., Including Area Code)

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

      Securities Registered Pursuant to Section 12(g) of the Exchange Act:
                    51,471,843 Common Stock, .0400 par value

     Check whether the issuer (1) has filed all reports  required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the issuer was required to file such  reports),  and (2) has
been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

     Check if there is no disclosure  of  delinquent  filers in response to Item
405 of  Regulation  S-X  contained  in  this  form,  and no  disclosure  will be
contained,  to the best of the  registrant's  knowledge,  in definitive proxy or
information  statements  incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [ ]

     The issuer's  revenues for the fiscal year ended  September 30, 2001 were $
973,505.00.

     The   aggregate   market   value  of  the  common   equity  stock  held  by
non-affiliates of the registrant based on the average bid and asked price of the
common stock on  September  30, 2001 was  UNKNOWN.  Directors,  officers and ten
percent or greater  shareholders are considered  affiliates for purposes of this
calculation  but  should  not  necessarily  be deemed  affiliates  for any other
purpose.

     The  number of  shares  outstanding  of the  issuer's  common  equity as of
September 30, 2001 was as follows: 51,471,843 shares of common stock.

     Transitional Small business Disclosure Format (check one): Yes [ ] No [X]
<PAGE>
                                TABLE OF CONTENTS


                                                                            Page
                                                                            ----
PART I
     Item 1 - Description of Business                                         3
     Item 2 - Properties                                                      6
     Item 3 - Legal Proceedings                                               6
     Item 4 - Submission of Matters to a vote of Security Holders             6

PART II
     Item 5 - Market for the Registrant's Common Equity Securities and
              Related Stockholder Matters                                     7
     Item 6 - Management's discussion of Plan of Operation and Analysis
              of Selected Financial Data                                      7
     Item 7 - Capital Resources and Liquidity                                 8
     Item 8 - Audit Committee                                                 8
     Item 9 - Disagreements on Accounting and Financial Disclosure            8

PART III
     Item 10 - Directors, Executive Officers and Control Persons;
               Compliance with Section 16(a) of the Exchange Act              9
     Item 11 - Executive Compensation                                         9
     Item 12 - Security Ownership of Certain Beneficial Owners and
               Management                                                    10
     Item 13 - Certain Relationships and Related Transactions                10

PART IV
     Item 14 - Exhibits, Financial Statement Schedules and Reports
               on Form 8-K                                                   10

SIGNATURES                                                                   12

CONSOLIDATED FINANCIAL STATEMENTS                                           F-1

                                       2
<PAGE>
                                     PART I

     In  addition to  historical  information,  this annual  report on form 10-K
contains  forward-looking   statements  such  as  statements  of  the  Company's
expectations,  plans, objectives and beliefs. These statements use such words as
"may",  "will",  "expect",  "anticipate",  "believe",  "plan", and other similar
terminology. Actual results could differ materially due to changes in the market
acceptance of Century  Pacific  Financial's  products,  market  introduction  or
product delivery delays,  global and local business conditions,  legislation and
governmental  regulations,  competition,  the Company's  ability to  effectively
maintain and update its product  portfolio,  shifts in technology,  political or
economic instability in local markets, and currency and exchange rates.

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 has received  revenue  from an  investment  banking and  securities
brokerage  business  operated under its principal  officer's  license through an
independent  contractor agreement with a regional securities firm. Its principal
officer is registered as a securities registered representative and principal in
several states and primary  activities  include acting as a stock broker in most
types of investment securities and options .

     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.

     The Company maintains its corporate headquarters in a leased office located
at 1422 N. 44th Street, Suite 211, Phoenix, AZ 85008. Approximately 300 accounts
are serviced by account  executives.  No single  client  accounts for a material
percentage of the total revenue.

REVENUES BY SOURCE

SECURITIES ACTIVITIES

     The  Company's  securities  revenues  since  inception  have  been  derived
principally   from   commissions  on   transactions   in   exchange-listed   and
over-the-counter  stocks,  options,  and corporate and government bonds. Markups
are also  earned  as a result  of  principal  transactions  in  over-the-counter
stocks,   municipal,   corporate  and  government  bonds.   Investment   banking
participations also result in revenue from dealer  reallowances.  Global Medical
Technologies, Inc., during FY 2000 has, however, produced more revenues than the
securities activities.

                                       3
<PAGE>
     Century's  securities  business  activities  were sharply  curtailed by the
closure  of  all  business   activities   maintained  by   previously   existing
subsidiaries and their subsequent  filings for either Chapter 7 or 11 bankruptcy
protection.   Century  itself  was  released  from  Chapter  11  bankruptcy  and
administrative  surveillance and protection on December 30, 1998.  Settlement of
all existing debts by minimal cash payments or issue of freely  tradeable  stock
has  settled  accounts  in a  reasonable  period  of time.  Management  has been
approached  with merger and or acquisition  proposals  several  times,  however,
actions  regarding  such  proposals  have been  postponed  until Global  Medical
reaches a stable and profitable trend.  Future plans most assuredly will involve
actively   seeking  bridge   financing  and  ultimately,   future  offerings  of
securities.

     Plans for the future are targeted for growth and profitability in the areas
of  financial  services  and the  export and import of "big  ticket"  used,  but
refurbished, medical equipment such as is already the case with Global Medical.

     The following  table shows revenues by source for the Company's last fiscal
year.

                      Century Pacific Financial Corporation

                               Revenues by Source

<TABLE>
<CAPTION>
                                                 Year Ended    Year Ended    Year Ended
                                                   9/30/01       9/30/00       9/30/99
                                                   -------       -------       -------
<S>                                                <C>           <C>           <C>
MEDICAL EQUIPMENT SALES:                           938,312       745,809       762,534

SECURITIES ACTIVITIES:
  Commissions & principal transaction markups       35,193        43,582        42,299

INSURANCE ACTIVITIES:
  Commissions

SECURITIES OWNED:
  Interest, dividends and proceeds from
   trading activities                                 None          None          None

OTHER:
  Export-import activities                            None          None          None

TOTAL REVENUES:                                    973,505       789,371       805,533
</TABLE>

REVENUES BY SEGMENT (DISCUSSION)

     In  spite  of  the  financial  interdependence  of  the  Company's  various
subsidiaries and since the Company relies upon  substantially the same personnel
in connection with many of its revenue-producing  operations,  it does, however,
continue to maintain  separate  accounting  for  expenses  shared by the various
subsidiaries  and the company  does  believe  that a  meaningful  allocation  of
expenses can be made among the company's  business segments so as to reflect the
percentage  contribution  to  consolidated  net income of each  component of the
Company's  operations.  Fidelity and Century Management were dormant during this
fiscal year.

                                       4
<PAGE>
COMMISSIONS

     Securities transactions for individuals and institutional investors,  where
the registered broker acts on an agency basis,  generate  securities  commission
revenues.  Commissions are charged on both exchange and over-the-counter  agency
transactions  for  individual   customers  in  accordance  with  an  established
schedule,  which may change from time to time. In certain cases,  discounts from
the schedule may be granted to customers.

     Securities commissions result in part from executing transactions in listed
stocks and bonds and the company also may realize  commission revenue or markups
when the trade is executed on principal or agency basis in  over-the-counter  or
listed securities. A substantial portion of the commission revenues generated by
the company is attributable to individual investors.

     The  independent  contractor  office  operated and managed by Mr.  Phillips
under his license has a policy of  charging a $50 minimum  commission  on equity
trades and a $75 minimum on bond trades. These minimums tend to limit the number
of trades in small share  quantities or small dollar amounts.  It is a matter of
policy not to effect transactions in commodity or financial futures contracts.

     Reduced volume on the securities,  and options markets typically results in
lower  commissions  generated.  Since  the  level of fixed  costs is  relatively
insensitive to the level of revenues on a short-term basis, profitability can be
dramatically affected in periods of greater or reduced market volume.

     Securities transactions with clients are generally made on either a cash or
a margin basis. In a margin transaction,  the client is loaned part of the total
purchase  price  of the  securities.  Minimum  initial  and  maintenance  margin
requirements  are  prescribed  by  Federal  Reserve  Board and are  enforced  by
Securities and Exchange Commission regulation.

PRINCIPAL TRANSACTIONS AND TRADING PROFITS

     The level of positions  carried in Century's  trading account may fluctuate
significantly.  The size of the securities  positions on any one date may not be
representative  of  the  Company's  exposure  on  any  other  date  because  the
securities  positions  vary  substantially  depending  upon  economic and market
conditions,  the allocation of capital among types of  inventories,  and general
capital availability.

MEDICAL EQUIPMENT SALES AND SERVICES

     This business activity is in the early growth stage, however,  progress has
been  remarkably  good for the last two quarters of FY 2001 and shows promise of
increasing volume and has already been profitable.

                                       5
<PAGE>
COMPETITION

     The Company is engaged in highly competitive  businesses.  Its services and
potential products are similar to those supplied or capable of being supplied by
a number of companies,  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 the Company's  competitors are directly  competitive with
most of the Company's services or products.

EMPLOYEE HIRING PRACTICES, ADMINISTRATION, AND OPERATIONS

EMPLOYEE HIRING PRACTICES

     The   company  has  several   employees,   of  whom  two  have   managerial
responsibilities,  while the others have administrative,  repair or sales duties
only.  Account  executives  that  work  as  independent  contractors  under  Mr.
Phillips' supervision also generate some revenue.

     The Company  considers its employee  relations to be good and believes that
its  compensation  and employee  benefits are competitive  with those offered by
other firms.

     The Company functions as an equal opportunity employer.

ADMINISTRATION

     Administrative   activities   though   sharply   curtailed   are  operating
efficiently through the utilization of outside staff for accounting requirements
while  normal  management  and  administrative  duties are  performed to fulfill
corporate needs at existing levels.

OPERATIONS

Current operations of Century though relatively small compared to those of prior
years before the bankruptcies have been sufficient for Century now devoid of its
former  operating  subsidiaries  and  operating at  substantially  lower expense
levels under Chapter 11 protection  for 3 months of this fiscal year to generate
sufficient cash flow to meet current expenses.

ITEM 2. PROPERTIES

     The Company  operates  principally  from one location in Phoenix and one in
Tempe,  Arizona.  The Phoenix location is rented under its managing  principal's
name. It owns no real property.

ITEM 3. LEGAL PROCEEDINGS.

     None are in existence, pending or threatened, at this time to the knowledge
of its presiding officers or employees.

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

     None were submitted to  shareholders  during this fiscal year. Such matters
will be submitted to a vote of securities holders within a reasonable time after
release from bankruptcy.

                                       6
<PAGE>
                                     PART II

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

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

                Fiscal 1999                                Price
                -----------                                -----
               First Quarter                              Unknown
               Second Quarter                             Unknown
               Third Quarter                              Unknown
               Fourth Quarter                             Unknown

     As of September 30, 2001, there were 387 shareholders of record.

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

DIVIDEND POLICY

     The  Company has not paid cash  dividends  on its common  shares  since its
inception.  The Company currently intends to retain all of its earnings, if any,
to finance the  development  and growth of its business and does not  anticipate
paying any cash dividends in the foreseeable future.

ITEM 6. MANAGEMENT'S DISCUSSION OF PLAN OF OPERATION AND ANALYSIS OF
        SELECTED FINANCIAL DATA

     The following selected data of the Company is qualified by reference to and
should  be read in  conjunction  with  the  consolidated  financial  statements,
including  the notes  thereto,  and  "Management's  Discussion  and  Analysis of
Financial  Condition  and  Results of  Operations"  included  elsewhere  in this
report. The detailed financial statements start on page 17.

     RESULTS OF OPERATIONS.  Comparisons of fiscal year periods ended  September
30, 2000 and 1999 are contained herein. Revenues for the year of $973,505.00 are
higher than of  $789,371.00  of the  previous  year.  Higher 2001  figures  were
somewhat  below  earlier  expectations  due to  final  design  and  construction
slowdowns  in clinic  and  hospital  construction.  The  operating  expenses  of
$278,411.00 were normal business expenses.

                                       7
<PAGE>
     This Form 10-K includes "forward looking statements"  concerning the future
operations of the Company.  It is  management's  intent to take advantage of the
"safe harbor" provision of the Private Securities Litigation Reform Act of 1995.
This  statement  is for the  express  purpose  of  availing  the  Company of the
protections of such safe harbor with respect to all "forward looking statements"
contained  in this Form  10-K.  We have used  "forward  looking  statements"  to
discuss  future plans and  strategies  of the Company.  Management's  ability to
predict results or the effect of future plans is inherently  uncertain.  Factors
that could effect results  include,  without  limitation,  competitive  factors,
general economic conditions, customer relations, relationships with vendors, the
interest rate environment, governmental regulation and supervision, seasonality,
distribution networks, product introductions,  acceptance, technological change,
changes in industry  practices  and one-time  events.  These  factors  should be
considered when evaluating the "forward  looking  statements" and undue reliance
should not be placed on such  statements.  Should any one or more of these risks
or  uncertainties  materialize,  or  should  any  underlying  assumptions  prove
incorrect, actual results may vary materially from those described herein.

ITEM 7. CAPITAL RESOURCES AND LIQUIDITY

     The Company has operated  during the fiscal year on a minimal revenue base,
however, this base was adequate to pay current expenses. Various assets owned by
the Company are  relatively  illiquid  and consist  mainly of fully  depreciated
furnishings,  computer equipment,  and other office machines.  It is anticipated
that  management  will seek financing as needed by expected  increased  business
activity.  The Company has no material current financial  commitments or accrued
capital expenses.

ITEM 8. AUDIT COMMITTEE

     The directors of the Company had established an audit  committee,  however,
due to bankruptcy filings its chairman,  an outside director,  and other members
are no longer associated with the Company.  A reconstituted  Board of Directors,
to include  one or more  "outside"  directors,  is being  formed.  An  "outside"
director will be nominated to chair this required audit committee.

ITEM 9. 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.  It is
management's intent to renew this agreement to cover subsequent years.

                                       8
<PAGE>
                                    PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CONTROL PERSONS; COMPLIANCE WITH
         SECTION 16(a) OF THE EXCHANGE ACT

NAME -- Carlton V. Phillips             Mr.  Phillips  has  been  a  securities
POSITION WITH COMPANY -- Director,      industry  professional for more than 40
Co-Chief Executive Officer, Chairman    years,   having  served  as  a  broker,
DATE ELECTED DIRECTOR -- March          analyst    and    investment    banking
1999 TERM OF OFFICE -- 3 years          specialist.  For the  past 34  years he
AGE -- 77                               has  occupied  management  positions in
                                        the   securities   industries   and  is
                                        currently   the   chairman,    co-chief
                                        executive  officer,  and a director  of
                                        the  Company  and several of its wholly
                                        owned subsidiaries. Before assuming his
                                        current  position Mr.  Phillips  served
                                        for 13 years as an officer and director
                                        of  Continental   American  Securities,
                                        Inc., where he rose to be president and
                                        chief executive  officer.  Mr. Phillips
                                        holds a bachelor's  degree in economics
                                        from  Brown  University  and a master's
                                        degree in management from St. Mary's of
                                        California. He retired from the Army of
                                        the  United  States  with  the  rank of
                                        colonel.

NAME -- David L. Hadley                 Mr.  Hadley  has  been  engaged  in the
POSITION WITH COMPANY -- Director,      medical    machinery   and   instrument
Co-Chief Executive Officer, President   business for most of his working  life.
DATE ELECTED DIRECTOR -- April 1999     His  reputation  as a dealer  and as an
TERM OF OFFICE -- 3 years               accomplished   repair   technician   is
AGE -- 49                               outstanding throughout the southwestern
                                        United States and Latin America. He has
                                        been   a   business   owner   operating
                                        successfully for in excess of 10 years.

ITEM 11. EXECUTIVE COMPENSATION

SUMMARY COMPENSATION LIST

     The following list sets forth  information  concerning the  compensation of
the Company's  Executive Officers whose  compensation  exceeded $100,000 for the
fiscal year ending September 30, 2001.

     None

STOCK OPTION GRANTS IN LAST FISCAL YEAR

     None

AGGREGATED  OPTION  EXERCISES  IN THE FISCAL YEAR ENDED  SEPTEMBER  30, 2001 AND
FISCAL YEAR END OPTION VALUES

     None

                                       9
<PAGE>
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     The following table sets forth information  concerning all persons known to
the Company to be the beneficial  owners of more than 5% of the Company's Common
Stock,  (ii) the ownership  interest of each director and nominee,  and (iii) by
all directors and executive  officers as a group  calculated as of September 30,
2000.

Carlton V. Phillips   Chairman, Director,                 3,186,925        6.19%
                      Co-Chief Executive Officer

David L. Hadley       President, Director,               19,825,505       38.50%
                      Co-Chief Executive Officer

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     None

     The  information  required  to be  presented  in Part III of this report is
hereby incorporated by reference to the Company's  definitive Proxy Statement to
be prepared  for the first  Annual  Meeting of  Stockholders  subsequent  to the
discharge  of  Century's  bankruptcy  estate by the  Federal  Bankruptcy  Court,
Arizona District.  This information will be prepared in accordance with Schedule
14A and filed with the Securities and Exchange Commission as soon as practicable
after release from bankruptcy.

                                       10
<PAGE>
                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

     (a)(1) Financial Statements

     The following financial  statements of the Company and its subsidiaries are
included below:

     Report of Independent Certified Public Accountant

     Consolidated Balance Sheet for September 30, 2001 and 2000;

     Consolidated Statement of Operations for September 30, 2001 and 2000;

     Consolidated  Statement of Stockholders' Equity for September 30, 2001
     and 2000;

     Consolidated Statement of Cash Flows for September 30, 2001 and 2000.

     (a)(2) Financial Statement Schedules

     All schedules are  inapplicable  or the required  information  is otherwise
included in the  consolidated  financial  statement and the notes thereto,  and,
therefore, have been omitted.

     (a)(3) and (c) Exhibits

     The  following  Exhibits  are filed  herewith  pursuant  to Rule 601 of the
Regulation S-K and paragraph (C) of this Item 14.

     No.           Description
     ---           -----------

     4            Century Pacific Stock Certificate with Name Modification
                  Affixed

     99.1         CUSIP Company Affirmation Letter

     (b) Form 8-K

          No reports on Form 8-K were filed  during the last quarter of the year
ended September 30, 2001.

                                       11
<PAGE>
                                   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


Dated: 1/19/02             By /s/ Carlton V. Phillips
                             -----------------------------------
                             Carlton V. Phillips
                             Chairman of the Board, Director and
                             Co-Chief Executive Officer

     Pursuant to the  requirements of the Securities  Exchange act of 1934, this
report has been signed below by the following person on behalf of the Registrant
and in the capacities and on the date indicated.

  Signature and Title                                           Date
  -------------------                                           ----


/s/ David Hadley                                               1/19/02
---------------------------
David Hadley
President, Director and
Co-Chief Executive Officer

                                       12
<PAGE>
             CENTURY PACIFIC FINANCIAL CORPORATION AND SUBSIDIARIES

                        Consolidated Financial Statements

                               September 30, 2001
                               September 30, 2000


                                TABLE OF CONTENTS

                                                                            Page

Independent Auditors' Report                                               F-1

Consolidated Balance Sheet as of September 30, 2001 and 2000               F-2

Consolidated Statements of Operations for the years ended
September 30, 2001, 2000 and 1999                                          F-4

Consolidated Statements of Stockholders' Equity from
September 30, 1997 to September 30, 2001                                   F-5

Consolidated Statements of Cash Flow for the years ended
September 30, 2001, 2000 and 1999                                          F-6

Notes to Consolidated Financial Statements                                 F-7

                                       13
<PAGE>
                               Shelley Intl., CPA
                                443 E. 10th Ave.
                                 Mesa, AZ 85204
                                 (480) 461-8301


                REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT

To the Board of Directors
Century Pacific Financial Corporation

     I have  audited the  accompanying  consolidated  balance  sheets of Century
Pacific  Financial  Corporation as of September 30, 2001,  2000 and 1999 and the
related consolidated  statements of operations,  stockholders'  equity, and cash
flows for the  years  ended  September  30,  2001,  2000,  1999 and 1998.  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 ty  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,  2001  and  2000  and the  related
consolidated statements of operations,  stockholders' equity, and cash flows for
the years ended  September 30, 2001, 2000 and 1999 in conformity with accounting
principles generally accepted in the United States of America.

                             /s/ Shelley Intl., CPA

January 9, 2002

                                      F-1
<PAGE>
                      CENTURY PACIFIC FINANCIAL CORPORATION
                           Consolidated Balance Sheet
                        As of September 30, 2001 and 2000

                                     ASSETS

                                                   9/30/01              9/30/00
                                                   -------              -------
Current Assets
  Cash                                           $   49,871           $    3,055
  Receivables                                       134,800              209,060
  Inventory                                         205,405              211,642
  Current Tax Benefit                                64,000               64,000
  Note Receivable                                        --               24,000
  Prepaid Expenses                                   26,000                   --
                                                 ----------           ----------
        Total Current Assets                        480,076              511,757
                                                 ----------           ----------

Equipment, net                                       50,148                7,896
                                                 ----------           ----------
Other Assets
  Note Receivable                                   138,973               47,168
  Long Term Tax Benefit                             769,937              811,697
  Deposits                                            2,800                   --
                                                 ----------           ----------

       Total Other Assets                           911,710              858,865
                                                 ----------           ----------

Total Assets                                     $1,441,934           $1,378,518
                                                 ==========           ==========

        The accompanying notes are an integral part of these statements.

                                      F-2
<PAGE>
                           CENTURY PACIFIC CORPORATION
                           Consolidated Balance Sheet
                        As of September 30, 2001 and 2000

                                   LIABILITIES
<TABLE>
<CAPTION>
                                                                    9/30/01             9/30/00
                                                                    -------             -------
<S>                                                               <C>                 <C>
Current Liabilities
  Payables                                                        $    17,485         $    20,250
  Notes Payable                                                            --              10,000
                                                                  -----------         -----------

        Total Current Liabilities                                      17,485              30,250
                                                                  ===========         ===========

STOCKHOLDERS' EQUITY

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

  Common Stock, authorized 100,000,000 shares of stock,
   issued and outstanding 51,471,843 and 51,471,843
   shares issued and outstanding at September 30, 2001 and
   2000 respectfully par value $0.04 per share                      2,058,874           2,058,874

Additional Paid in Capital                                          2,006,271           2,006,271

Retained Earnings (Loss)                                           (2,640,696)         (2,716,877)
                                                                  -----------         -----------

        Total Stockholders' Equity                                  1,424,449           1,348,268
                                                                  -----------         -----------

        Total Liabilities and Stockholders' Equity                $ 1,441,934         $ 1,378,518
                                                                  ===========         ===========
</TABLE>
        The accompanying notes are an integral part of these statements.

                                      F-3
<PAGE>
                      CENTURY PACIFIC FINANCIAL CORPORATION
                      Consolidated Statement of Operations
             For the years ended September 30, 2001, 2000, and 1999


                                      Year Ended       Year Ended    Year Ended
                                       9/30/01          9/30/00        9/30/99
                                     -----------      -----------    -----------
Revenue
  Equipment Sales                    $   938,312      $   745,809    $   762,534
  Service Revenue                         35,193           43,562         42,999
                                     -----------      -----------    -----------

        Total Revenue                    973,505          789,371        805,533
                                     -----------      -----------    -----------

Cost of Goods Sold                       579,471          328,811        446,892
                                     -----------      -----------    -----------

      Gross Profit                       394,034          460,560        358,641
                                     -----------      -----------    -----------
Expenses
  Rent                                    48,825           57,407         24,264
  Salaries                                45,599           74,687         56,895
  Travel                                  55,132           51,135         17,600
  Interest Expense                            --               --          3,223
  Depreciation                             7,201            2,256          1,128
  Loss on Investment                          --               --         78,635
  Other General and Administrative       110,654          109,009         55,034
                                     -----------      -----------    -----------

        Total Expenses                   267,411          294,494        236,779
                                     -----------      -----------    -----------

Income Before Income Taxes               126,623          166,066        121,862

Provision For Income Taxes                50,442            8,167         88,139
                                     -----------      -----------    -----------

Net Income (Loss)                    $    76,181      $   157,899    $    33,723
                                     ===========      ===========    ===========
Basic and Fully Diluted
 Earnings per Common Share                     a                a              a
                                     -----------      -----------    -----------
Weighted Average Number of Shares     51,471,843       51,471,843     16,508,788
                                     ===========      ===========    ===========

a = less than $0.01

           The accompanying notes are an integral part of these notes

                                      F-4
<PAGE>
                      CENTURY PACIFIC FINANCIAL CORPORATION
                 Consolidated Statement of Stockholders' Equity
                  From September 30, 1997 to September 30, 2001

<TABLE>
<CAPTION>
                                        Common Stock           Paid in      Retained        Total
                                   Shares        Amount        Capital      Earnings       Equity
                                 ----------   -----------     ---------    -----------    ----------
<S>                             <C>          <C>             <C>          <C>            <C>
Balance, September 30, 1997      13,316,894   $   532,676     2,823,536    $(2,908,242)   $  447,970

Total Retained Earnings                                                           (257)         (257)
                               ------------   -----------   -----------    -----------    ----------
Balance, September 30, 1998      13,316,894   $   532,676     2,823,536    $(2,908,499)   $  447,713

Stock Issued for Debt            18,329,444       733,178      (224,245)       508,933

Purchase of Inventory            19,825,505       793,020      (593,020)       200,000

Retained Earnings (Loss)                                                        33,723        33,723
                               ------------   -----------   -----------    -----------    ----------
Balance, September 30, 1999      51,471,843   $ 2,058,874     2,006,271    $(2,874,776)   $1,190,369

Retained Earnings (Loss)                                                       157,899       157,899
                               ------------   -----------   -----------    -----------    ----------
Balance September 30, 2000       51,471,843   $ 2,058,874     2,006,271    $(2,716,877)   $1,348,268

Retained Earnings (Loss)                                                        76,181        76,181
                               ------------   -----------   -----------    -----------    ----------
Balance September 30, 2001     $ 51,471,843   $ 2,058,874   $ 2,006,271    $(2,640,696)   $1,424,449
                               ============   ===========   ===========    ===========    ==========
</TABLE>

        The accompanying notes are an integral part of these statements

                                      F-5
<PAGE>
                      CENTURY PACIFIC FINANCIAL CORPORATION
                       Consolidated Statement of Cash Flow
              For the years ended September 30, 2001, 2000 and 1999


                                      9/30/01         9/30/00         9/30/99
                                     ---------       ---------       ---------
Cash from Operations

Net Income (Loss)                    $  76,181       $ 157,899       $  33,723

  Changes in Receivables                74,260         (79,744)             --
  Change in Payables                    (2,765)        (18,019)         48,269
  Payables for Stock (Ch-11)          (508,933)
  Depreciation                           7,201           2,256           1,128
  Inventory                              6,237         (40,005)       (171,637)
  Prepaid                              (26,000)
  Deposit                               (2,800)             --              --
  Net Change in Tax Benefit             41,760           4,668          76,281
                                     ---------       ---------       ---------

     Cash from Operations            $ 174,074       $  27,055       $(521,169)
                                     ---------       ---------       ---------
Cash Used for Investing
  Purchase of Equipment                 49,453              --          11,280
                                     ---------       ---------       ---------

      Cash for Investing             $  49,453       $      --       $  11,280
                                     ---------       ---------       ---------
Cash from Financing
  Issue of Stock Under Chapter 11
   Approved Plan                            --              --         200,000
  Note Payable                         (77,805)        (24,000)        (47,168)
                                     ---------       ---------       ---------

      Cash from Financing              (77,805)        (24,000)        152,832

Net Change in Cash                      46,816           3,055        (379,617)

Beginning Cash Balance                   3,055               0               0
                                     ---------       ---------       ---------

Ending Cash Balance                  $  49,871       $   3,055       $       0
                                     =========       =========       =========

     In 1999 the  Company  paid off debt  with  stock for  $508,933,  18,328,444
shares.

     In 1999 the Company purchased inventory for $200,000, 19,825,505 shares.

        The accompanying notes are an integral part of these statements

                                      F-6
<PAGE>
                      CENTURY PACIFIC FINANCIAL CORPORATION

                          Notes to Financial Statements
                           September 30, 2000 and 1999


Note 1. General Business and Accounting Principles

Organization and Business

     Century  Pacific  Financial  Corporation  (the  Company) was organized as a
Delaware  corporation  on December  29,  1982.  Formerly it was known as Century
Pacific  Corporation.  The Company was originally organized to provide financial
services.  The Company  currently has three wholly owned  subsidiaries,  Century
Pacific Fidelity Corporation, Century Pacific Investment Management Corporation,
and Global Medical  Technologies,  Inc. Century Pacific Fidelity Corporation and
Century Pacific Management Corporation are totally inactive at this time and are
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.

     In May 1996 the Company  filed for  Bankruptcy,  No.  96-09598-PHX-GBN.  In
December of 1998 the Company emerged from bankruptcy.  See Stockholders'  Equity
Note for an explanation of the stock issued in order to emerge from bankruptcy.

Basis

     The  financial   statements  are  prepared  following   generally  accepted
accounting principles.

Revenue Recognition

     For the medical  equipment sales the Company generally  recognizes  revenue
upon shipment. For the financial services revenue is recognized when the service
is rendered.

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 cost is included in the cost
of the inventory. Inventory at September 30 consists of the following:

                       2001                     2000
                       ----                     ----

                    $ 205,405                $ 211,642

Equipment and Vehicles

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

                                      F-7
<PAGE>
     Fixed assets at September 30 consist of the following:

                                                  2001              2000
                                                --------          --------
        Office Equipment                        $ 27,780          $ 11,280
        Vehicles, Forklift                        32,734                 0
        Less:  Accumulated depreciation          (10,585)           (3,384)
                                                --------          --------
                                                $ 50,149          $  7,896
                                                ========          ========

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.

     The Company has no potentially  dilutive securities  outstanding at the end
of the statement periods.  Therefore,  the basic and diluted earnings (loss) per
share  as  presented  on the face of the  statement  of  operations  is the same
number.

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,  employee/directors and  non-employees/directors.
The  employees/directors  category is further  divided based upon the particular
stock issuance plan,  namely  compensatory and  non-compensatory.  Each of these
divisions  treats  the stock  issuance  for  accounting  purposes  in a specific
manner.

     Non employees/directors      the security is recorded at its fair value

     Employees/directors
       Non-compensatory           No security  value is booked until the
                                  stock is actually paid for

       Compensatory               The Company may select between two methods,
                                  compensation is calculated and recorded at
                                  the securities' fair value, or intrinsic value

                                      F-8
<PAGE>
     The Company has  selected to value  compensatory  securities  at their fair
value for employee/directors securities.

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
$1,963 for year ended  September 30, 2001,  $2,142 for the year ended  September
30, 2000 and $2008 for the year ended September 30, 1999.

Note 2. Stockholders Equity

     During the year 1998 the Company  presented a plan to the bankruptcy  court
in which they would pay for their debts with Company stock. As part of this plan
the  Company  was to issue  18,329,444  shares of stock  for its debt.  Also the
Company purchased  inventory to invest into its newly formed subsidiary,  Global
Medical  Technologies,  Inc.  The Company  paid  19,825,505  shares of stock for
$200,000 of used medical equipment.

     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, 2001.

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
tax rates in effect when these differences are expected to reverse.

     SFAS No. 109 requires  the  reduction of deferred tax assets by a valuation
allowance if, based on the weight of available evidence,  it is more likely than
not that some or all of the deferred tax assets will not be realized.

                                      F-9
<PAGE>
     The components of deferred taxes at September 30 are as follows:

                                              2001          2000          1999
                                            --------      --------      --------
     Tax effect of net operating losses     $827,958      $869,718      $874,386
     General business credits                  5,979         5,979         5,979
                                            --------      --------      --------

                                             833,937       875,697       880,365
                                            --------      --------      --------

     Less:  Valuation allowance                    0             0             0
                                            --------      --------      --------
     Net deferred tax asset                 $833,937      $875,697      $880,365
                                            ========      ========      ========

     The estimated federal Net Operating Loss  carryforwards for the Company and
the corresponding expiration dates are listed below as of September 30, 2001

                                                   Amount            Last Year
                                                   ------            ---------
     Amount available from year 1991               671,724             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             2013
                                                 ---------

     Total NOL as of 9/30/2001                   2,606,053
                                                 =========

     The provision for income taxes was calculated as follows.

                                               9/30/01      9/30/00      9/30/99
                                               -------      -------      -------
     Net change in the deferred tax benefit    $41,760      $ 4,668      $76,281
     Current taxes payable                       9,682        3,498       11,858
                                               -------      -------      -------
     Provision for Income Taxes                $50,442      $ 8,166      $88,139
                                               =======      =======      =======

Note 4. Contingencies and Commitments

     The Company's  financial services office is on a month-to-month  basis with
no long-term  commitments.  The Company's  medical  equipment office has a lease
future expense illustrated below.

                            Year 1     Year 2     Year 3      Year 4      Year 5
                            ------     ------     ------      ------      ------
     Real Estate Leases     $31,697    $32,648    $22,188       $  0        $  0

                                      F-10
<PAGE>
Note 5. Related Parties Transactions

     The Company  utilizes  as its primary  contractor  for  equipment  repair a
company,  Natural Technologies,  Inc. that is owned by a major shareholder.  The
Company also has a Note Receivable from Natural Technologies for $138,973.

     The  Company has  contracted  with  Natural  Technologies  to purchase  its
business (but not the corporation), see Note 8 for details.

     The  Company  rents  its  corporate  offices  from a member of the Board of
Directors on a month to month basis.

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 effected.

Note 7. The Effect of Recently Issued Accounting Standards

     Below is a listing of the most recent accounting standards SFAS 141-144 and
their effect on the Company.

SFAS 141 Business Combinations

     This Statement  addresses  financial  accounting and reporting for business
combinations and supersedes APB 16 and SFAS 38. All business combinations in the
scope of this  Statement are to be accounted for using one method,  the purchase
method. The effective date for this Statement is June 30, 2001 and thereafter.

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.

                                      F-11
<PAGE>
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, 1001.

     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  repair
business  from Natural  Technologies,  Inc.  The  purchase  price is $500,000 or
shares of  restricted  common  stock at a value of $0.10 per share  equal to the
$500,000 or unpaid  portion  thereof.  If the purchase  were  consummated  as of
September  30,  2001,  the  additional  shares of stock would be  calculated  as
follows.

     Purchase Price                                      $ 500,000
     Less Note Receivable                                  138,975
                                                         ---------

     Net Cash Required                                   $ 361,025
                                                         ---------

     Shares Needed at $0.10/share                        3,610,250
                                                         ---------

     If these new  shares  were to be added to the  existing  share  balance  of
51,471,843,  the total would be 55,082,093.  The new shares would represent 6.6%
of the higher total.  Management  expects this purchase to be consummated within
the next twelve months.

                                      F-12
<PAGE>
                                INDEX TO EXHIBITS




     No.           Description
     ---           -----------

     4            Century Pacific Stock Certificate with Name Modification
                  Affixed

     99.1         CUSIP Company Affirmation Letter