SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB
 (Mark One)

(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934

For the Fiscal Year Ended December 31, 2004
                                       OR
( )      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

Commission File No. 0-31357

                            SAN JUAN FINANCIAL, INC.
                  ----------------- --------------------------
                 (Name of Small Business Issuer in its charter)

                Colorado                                     94-3363969
         ------------------------------                ----------------------
         (State of incorporation)                          (IRS Employer
                                                         Identification No.)
            1240 India Street, #1907
                  San Diego, CA                                92101
    -------------------------------------------          ---------------
    (Address of Principal Executive Office)                   Zip Code

Registrant's telephone number, including Area Code: (619) 922-7192 Securities
registered pursuant to Section 12(b) of the Act: None Securities registered
pursuant to Section 12(g) of the Act:

                                  Common Stock
                                (Title of Class)

Check whether the Registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that the Registrant was required to file such
reports) and (2) has been subject to such filing requirements for the past 90
days.
                                                X
                                     YES        NO

Check if 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  the  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. [X]

The Company's revenues for the most recent fiscal year were $-0-.

As of March 15, 2005 the Company's common stock was not publicly traded. The
aggregate market value of the voting stock held by non-affiliates of the Company
as of March 15, 2005 was $-0-.

As of March 15, 2005 the Company had 5,260,000 issued and outstanding shares of
common stock.

<PAGE>


ITEM 1.  DESCRIPTION OF BUSINESS

      The Company was incorporated in Colorado on June 6, 1989. Following its
formation the Company was inactive until April 2000, when the Company decided to
become involved in the mortgage business. The Company planned to generate
mortgage loans, sell the loans to financial institutions and service the loans
on behalf of the financial institutions. During the nine months ended September
30, 2001 the Company discontinued its efforts to become involved in the mortgage
business and since then the Company has not been active.

      On March 11, 2005 the shareholders of the Company approved a 1-for-20
forward split of the Company's common stock. Unless otherwise indicated, all per
share data in this report has been revised to reflect this forward stock split.

      In March 2005 the Company reached an informal agreement with the principal
shareholders of Cookie Club of America, Inc. ("CCA") to acquire all of CCA's
outstanding shares in exchange for 5,890,000 shares of the Company's common
stock. CCA is a development stage company which manufactures and sells cookies
which are imprinted with logos of the U.S. Postal Service and branches of the
U.S. armed forces. The acquisition of CCA is subject to a number of conditions.

      The Company does not have a website.

      The Company does not have any offices or employees.

ITEM 2.  DESCRIPTION OF PROPERTIES

      See Item 1 of this report.

ITEM 3.  LEGAL PROCEEDINGS.
--------------------------

      None.

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

      On March 11, 2005 the Company held a special meeting of its shareholders.
At this meeting the shareholders of the Company approved a 1-for-20 forward
stock split of the Company's common stock. Unless otherwise indicated, all per
share data in this report has been revised to reflect this forward stock split.

      A total of 200,000 (pre-split) shares were voted in favor of the proposal.
No votes were cast against the proposal and no shareholders abstained from
voting.

ITEM 5.  MARKET FOR COMMON EQUITY AND OTHER RELATED  STOCK- HOLDER MATTERS.

      There is no public market for the Company's common stock.

      As of March 15, 2005 there were 34 record owners of the Company's common
stock. With the exception of the 4,000,000 shares owned by Mark W. Moniak, all

<PAGE>

of the Company's shareholders may sell their shares pursuant to Rule 144 of the
Securities and Exchange Commission. Mr. Moniak may begin selling his shares in
September 2005 in accordance with Rule 144.

      Holders of common stock are entitled to receive dividends as may be
declared by the Board of Directors out of funds legally available for dividends
and, in the event of liquidation, to share pro rata in any distribution of the
Company's assets after payment of liabilities. The Board of Directors is not
obligated to declare a dividend. The Company has not paid any dividends and the
Company does not have any current plans to pay any dividends.

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS/ PLAN OF OPERATIONS

      The Company has never generated any revenues. The Company has not been
active for the past two-and-half years. The Company does not have any available
credit, bank financing or other external sources of liquidity.

      During the year ending December 31, 2005 the Company will attempt to
acquire another business.

ITEM 7.     FINANCIAL STATEMENTS

      See the financial statements attached to this report.

ITEM 8.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

      Effective May 14, 2004 the Company retained Comiskey & Company, PC to act
as the Company's independent certified public accountants. In this regard
Comiskey & Company, PC replaced Craig W. Conners, C.P.A. who audited the
Company's financial statements for the fiscal year ended December 31, 2000. The
report of Mr. Conners for this fiscal year did not contain an adverse opinion,
or disclaimer of opinion and was not qualified or modified as to audit scope or
accounting principles. During the Company's three most recent fiscal years and
the subsequent interim period ended May 14, 2004 there were no disagreements
with Mr. Conners on any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedures, which disagreements, if
not resolved to the satisfaction of Mr. Conners would have caused him to make
reference to such disagreement in his report.

      The change in the Company's auditors was recommended and approved by the
Company's director.

      During the three fiscal years ended December 31, 2003, and subsequent
interim period ended May 14, 2004, the Company did not consult with Comiskey &
Company, PC regarding the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Company's financial statements, or any matter that was
the subject of a disagreement or a reportable event as defined in the
regulations of the Securities and Exchange Commission.



<PAGE>


ITEM 8A.    CONTROLS AND PROCEDURES

      Mark W. Moniak, the Company's Chief Executive Officer and Principal
Financial Officer, has evaluated the effectiveness of the Company's disclosure
controls and procedures as of a date within 90 days prior to the filing date of
this annual report (the "Evaluation Date") and in his opinion the Company's
disclosure controls and procedures ensure that material information relating to
the Company, including the Company's consolidated subsidiaries, is made known to
him by others within those entities, particularly during the period in which
this report is being prepared, so as to allow timely decisions regarding
required disclosure. To the knowledge of Mr. Moniak there have been no
significant changes in the Company's internal controls or in other factors that
could significantly affect the Company's internal controls subsequent to the
Evaluation Date. As a result, no corrective actions with regard to significant
deficiencies or material weakness in the Company's internal controls were
required.

ITEM 9.     DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS

      The following sets forth certain information concerning the present
management of the Company:

         Name            Age    Position with Company

     Mark W. Moniak      41     President, Principal Financial  Officer and a
                                Director

      Mark W. Moniak has been an officer and director of the Company since
September 16, 2004. Since January 2002 Mr. Moniak has been the president of
Sterling Alloys. Sterling Alloys sells high alloy steel products throughout the
West. Between 1999 and 2002 Mr. Moniak was a sales representative with Baldwin
International Steel Company selling high alloy steel products. During his
association with Baldwin International Steel Mr. Moniak was responsible for
developing and maintaining customer accounts in eleven western states.

      The Company does not have a compensation committee. Mark W. Moniak, the
Company's only Director, serves as the Company's Audit Committee. Mr. Moniak is
not a financial expert and is not independent as that term is defined Section
121(A) of the Listing Standards of the American Stock Exchange. The Company does
not believe it needs a financial expert since the Company is inactive.

      The Company has not adopted a Code of Ethics applicable to the Company's
principal executive, financial, and accounting officers and persons performing
similar functions. The Company does not believe it needs a Code of Ethics
because the Company is inactive.


ITEM 10.    EXECUTIVE COMPENSATION

      The following table sets forth in summary form the compensation received
by the Company's executive officers during the fiscal years ended December 31,
2004, 2003, and 2002.



<PAGE>


                              Annual Compensation         Long Term Compensation
                        --------------------------------  ----------------------
                                                  Other      Re-
                                                  Annual   stricted
Name and                                          Compen-   Stock     Options
Principal               Fiscal   Salary   Bonus   sation    Awards    Granted
Position                 Year     (1)      (2)      (3)       (4)        (5)
------------            ------   ------  -------  -------  --------   -------

Mark W. Moniak,           2004   $   --  $    --  $    --  $  5,000        --
President since
September 16, 2004


Troy Fullmer,            2003   $    --      --        --        --        --
Chief Executive Officer  2002   $    --      --        --        --        --
between June 6, 2001     2001   $    --      --        --        --        --
and November 14,
2001

(1)  The dollar value of base salary (cash and non-cash) received. (2) The
     dollar value of bonus (cash and non-cash) received.
(3)  Any other annual compensation not properly categorized as salary or bonus,
     including perquisites and other personal benefits, securities or property.
(4)  Amount reflects the value of 4,000,000 shares of the Company's common stock
     issued as compensation for services.

      The table below shows the number of shares of the Company's common stock
owned by the persons listed above, and the value of such shares as of December
31, 2004. As of December 31, 2004 the Company's common stock was not publicly
traded.

      Name                          Shares                  Value
      ----                          ------                  ------

      Mark W. Moniak             4,000,000                   -0-

(5)  The shares of common stock to be received upon the exercise of all stock
     options granted during the fiscal years shown in the table.

      The Company does not have any employment agreements. In September 2004 the
Company issued 4,000,000 shares of its common stock (as adjusted for the
1-for-20 forward stock split) to Mr. Moniak as consideration for Mr. Moniak
serving as the Company's President.

Long Term Incentive Plans - Awards in Last Fiscal Year

      None.

Employee Pension, Profit Sharing or Other Retirement Plans

      The Company does not have a defined benefit, pension plan, profit sharing
or other retirement plan, although the Company may adopt one or more of such
plans in the future.

<PAGE>

Compensation of Directors

      Standard Arrangements. At present the Company does not pay its director,
although the Company may adopt a director compensation policy in the future. The
Company has no standard arrangement pursuant to which directors of the Company
are compensated for any services provided as a director or for committee
participation or special assignments.

      Other Arrangements. During the year ended December 31, 2004, and except as
disclosed elsewhere in this report, no director of the Company received any form
of compensation from the Company.

Stock Options

      The following tables set forth information concerning the options granted
during the year ended December 2004, to the persons named below, and the fiscal
year-end value of all unexercised options (regardless of when granted) held by
these persons.

                    Options Granted During Year Ended December 31, 2004

                                    % of Total
                                     Options
                               Granted to Exercise
                       Options     Employees in     Price Per  Expiration
 Name                Granted (#)    Fiscal Year      Share         Date
------               -----------   ------------   ------------ ------------

                                      None

                   Option Exercises and Year-End Option Values
                                                               Value (in $) of
                                                                 Unexercised
                                                Number of        In-the-Money
                                               Unexercised     Options at Fiscal
                         Shares                Options (3)        Year-End (4)
                                               ------------    ----------------
                     Acquired On    Value      Exercisable/      Exercisable/
Name                 Exercise (1) Realized (2) Unexercisable    Unexercisable
----                 ------------ ------------ -------------   ----------------

                                      None

(1)  The number of shares received upon exercise of options during the year
     ended December 31, 2004.

(2)  With respect to options exercised during the Company's year ended December
     31, 2004, the dollar value of the difference between the option exercise
     price and the market value of the option shares purchased on the date of
     the exercise of the options.

(3)  The total number of unexercised options held as of December 31, 2004,
     separated between those options that were exercisable and those options
     that were not exercisable.

(4)  For all unexercised options held as of December 31, 2004, the market value
     of the stock underlying those options as of December 31, 2004.

<PAGE>

    As of March 15, 2005 the Company did not have any outstanding stock options.

Stock Option and Bonus Plans

      The Company does not have any Stock Option or Stock Bonus plans.

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

      The following table sets forth the number of and percentage of outstanding
shares of common stock owned by the Company's officers, directors and those
shareholders owning more than 5% of the Company's common stock as of March 15,
2005.
                                      Shares of
Name and Address                    Common Stock (1)          Percent of Class
----------------                    -----------------       --------------------

Mark W. Moniak                        4,000,000                    76%
1240 India Street, #1907
San Diego, CA 92101

ITEM 12.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

      In September 2004 the Company issued 4,000,000 shares of its common stock
(as adjusted for the 1-for-20 forward stock split) to Mr. Moniak as
consideration for Mr. Moniak serving as the Company's President.

ITEM 13.    EXHIBITS AND REPORTS ON FORM 8-K

 Exhibit
Number      Exhibit Name                                           Page Number

Exhibit 3   Articles of Incorporation and Bylaws                          *
                                                                        -----

Exhibit 4   Instruments Defining the Rights of Security Holders           *
                                                                        -----

Exhibit 31  Rule 13a-14(a)/15d-14(a) certifications
                                                                        -----

Exhibit 32  Section 1350 certifications
                                                                        -----

*    Incorporated by reference to the same exhibit filed as part of the
     Company's Registration Statement on Form SB-2 (Commission File #
     333-57030).

8-K Reports

      During the quarter ending December 31, 2004 the Company did not file any
reports on Form 8-K.



<PAGE>


ITEM 14.    PRINCIPAL ACCOUNTANT FEES AND SERVICES

    On May 14, 2004 the Company hired Comiskey & Company, PC as its independent
auditors.

      The following table shows the aggregate fees billed to the Company for the
year ended December 31, 2004 by Comiskey & Company, PC.

                                                 2004
                                                ------

Audit Fees                                     $4,668
Audit Related Fees                                 --
Tax Fees                                       $  500
All Other Fees                                     --

      Audit fees represent amounts billed for professional services rendered for
the audit of the Company's annual financial statements and the reviews of the
financial statements included in the Company's 10-QSB reports for the fiscal
year. Before Comiskey & Company, PC was engaged by the Company to render audit
or audit related services, the engagement was approved by the Company's
Directors. The Company's Board of Directors was of the opinion that the Audit
Related Fees charged by Comiskey & Company PC were consistent with Comiskey &
Company PC maintaining its independence from the Company.

    The Company did not pay any accounting fees during the years ended December
31, 2003 and 2002.




<PAGE>




                            San Juan Financial, Inc.
                          (A Development Stage Company)

                              FINANCIAL STATEMENTS
                                December 31, 2004



<PAGE>






                          INDEX TO FINANCIAL STATEMENTS


                                                                        Page

Report of Independent Registered Public Accounting Firm                 F-1

Balance Sheets - December 31, 2004 and 2003                             F-2

Statements of Operations - For the Years Ended
 December 31, 2004 and 2003, and for the Period from
 April 10, 2000 (Date of Inception) to December 31, 2004                F-3

Statements of Cash Flows - For the Years Ended
 December 31, 2004 and 2003, and for the Period from
 April 10, 2000 (Date of Inception) to December 31, 2004                F-4

Statement of Changes in Stockholders' Equity - For the Period
 from April 10, 2000 (Date of Inception) to December 31, 2004        F-5 to F-6

Notes to Financial Statements                                       F-7 to F-10


<PAGE>

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


We have audited the accompanying balance sheets of San Juan Financial, Inc. as
of December 31, 2004 and 2003, and the related statements of operations, cash
flows, and stockholders' equity for each of the years then ended and for the
period from inception (April 10, 2000) to December 31, 2004. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we 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. We believe that our audit provides a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of San Juan Financial, Inc. as of
December 31, 2004 and 2003, and the results of its operations, its cash flows,
and its changes in stockholders' equity for each of the years ended December 31,
2004 and 2003 and for the period from inception (April 10, 2000) to December 31,
2004, in conformity with U.S. generally accepted accounting principles.

As mentioned in footnote 2 to the financial statements, the Company has expended
all of its capital, which raises doubt about its ability to continue as a going
concern with an ability to conduct its business plan. The Company's plans are
also discussed in footnote 2. There is no assurance that such funding will be
available or that the Company will be successful in implementing its business
plan. The accompanying financial statements do not include any adjustments,
which might be necessary if the Company is unable to continue in existence.


Denver, Colorado
March 2, 2005
Except for Note 6, as to which the date is March 24, 2005

                                                        COMISKEY & COMPANY, PC
                                                      PROFESSIONAL CORPORATION

                                       F-1

<PAGE>

                            San Juan Financial, Inc.
                          (A Development Stage Company)
                                 BALANCE SHEETS
                           December 31, 2004 and 2003



                                                        2004           2003
                                                      ---------     ---------
         ASSETS

CURRENT ASSETS
   Cash and cash equivalents                          $       -     $       -
                                                      ---------     ---------

      Total current assets                                    -             -
                                                      ---------     ---------

   TOTAL ASSETS                                       $       -     $       -
                                                      =========     =========


         LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
   Accounts payable                                   $   1,007     $       -
                                                      ---------     ---------

      Total current liabilities                           1,007             -

STOCKHOLDERS' EQUITY
   Preferred stock, no par value; 10,000,000 shares
      authorized; no shares issued and outstanding            -             -
   Common stock, no par value; 750,000,000 shares
      authorized; 5,260,000 shares issued and outstanding
      at December 31, 2004                               68,000        63,000
       Additional paid-in
capital
9,305                            -
   Deficit accumulated during the development stage     (78,312)      (63,000)
                                                      ---------     ---------

      Total shareholders' equity                         (1,007)            -
                                                      ----------    ---------

   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY         $       -     $       -
                                                      =========     =========

The accompanying notes are an integral part of the financial statements.
                                       F-2

<PAGE>


                            San Juan Financial, Inc.
                          (A Development Stage Company)
                            STATEMENTS OF OPERATIONS



                                                                 For the period
                                                                 from inception
                                   For the year  For the year   (April 10, 2000)
                                      ended         ended              to
                                   December 31,  December 31,     December 31,
                                       2004         2003              2004
                                   ------------  ------------   ----------------

REVENUES                           $          -  $          -      $        -

EXPENSES
   Bank service charges                       -              -            148
   Filing fees                                -              -          5,811
   Internet expenses                          -              -            982
   Licenses and permits                       -              -            173
   Office supplies                            -              -             99
   Postage and delivery                       -              -            146
   Professional fees                     15,312              -         63,987
   Travel expenses                            -              -          6,966
                                   ------------   ------------   ------------

      Total expenses                     15,312              -         78,312
                                   ------------   ------------   ------------

NET LOSS                                (15,312)             -        (78,312)

Accumulated deficit
   Balance, beginning of period         (63,000)       (63,000)             -
                                   ------------   ------------   ------------

   Balance, end of period          $    (78,312)  $    (63,000)  $    (78,312)
                                   ============   ============   ============

NET LOSS PER SHARE                 $      (0.01)  $      (NIL)   $      (5.05)
                                   =============  ============   ============

WEIGHTED AVERAGE NUMBER
   OF SHARES OUTSTANDING              2,429,399      1,260,000      1,507,972
                                   ============   ============   ============

 The accompanying notes are an integral part of the financial statements.
                                       F-3

<PAGE>

                            San Juan Financial, Inc.
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS



                                                                 For the period
                                                                 from inception
                                   For the year  For the year   (April 10, 2000)
                                      ended         ended              to
                                   December 31,  December 31,     December 31,
                                       2004         2003              2004
                                   ------------  ------------   ----------------

CASH FLOWS FROM OPERATING
 ACTIVITIES
 Net loss                          $   (15,312)  $         -     $    (78,312)
  Adjustments to reconcile net
   loss to net cash flows from
   operating activities:
    Accounts payable                     1,007             -            1,007
    Shares issued for compensation       5,000             -            5,000
                                   -----------   -----------     ------------

    Net cash flows from operating
     activities                         (9,305)            -          (72,305)

CASH FLOWS FROM INVESTING
 ACTIVITIES                                  -             -                -

CASH FLOWS FROM FINANCING
 ACTIVITIES
    Proceeds from the issuance of
     common stock                            -             -           63,000
    Expenses paid by shreholders         9,305             -            9,305
                                   ------------   ------------   ------------

    Net cash flows from financing
     Activities                          9,305             -           72,305


NET INCREASE (DECREASE) IN CASH
   AND CASH EQUIVALENTS                      -             -                -

CASH AND CASH EQUIVALENTS,
   BEGINNING OF PERIOD                       -             -                -
                                   ------------   ------------   ------------

CASH AND CASH EQUIVALENTS,
   END OF PERIOD                   $         -    $        -     $          -
                                   ============   ============   ============

 The accompanying notes are an integral part of the financial statements.
                                       F-4


<PAGE>

                            San Juan Financial, Inc.
                          (A Development Stage Company)
             STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
     For the Period April 10, 2000 (Date of Inception) to December 31, 2004



<TABLE>
<S>                                   <C>            <C>           <C>            <C>              <C>

                                                                                Deficit
                                                                              Accumulated
                                                                Additional    During the
                                        Common Stock             Paid-in      Development     Stockholders'
                                     Shares        Amount        Capital         Stage           Equity
                                 ------------------------------------------------------------------------------
Issuance of common stock for
cash at $1.00 per share            1,260,000     $  63,000      $       -      $       -        $ 63,000

Issuance of common stock no
  consideration received         100,000,000             -              -              -               -

Net loss for the period from
  April 10, 2000 (date of
  inception) to December 31,
  2000                                     -             -              -        (56,711)        (56,711)
                                 -----------     ---------      ---------      ----------       ---------

Balance, December 31, 2000       101,260,000        63,000              -        (56,711)          6,289

Cancellation of stock for
  consideration not received    (100,000,000)            -              -              -               -

Net loss for the year ended
  December 31, 2001                        -             -              -         (5,825)         (5,825)
                                 -----------     ---------      ---------      ----------       ---------

Balance, December 31, 2001         1,260,000        63,000              -        (62,536)            464

Net loss for the year ended
  December 31, 2002                        -             -              -           (464)           (464)
                                 -----------     ---------      ---------      ----------       ---------

Balance, December 31, 2002         1,260,000        63,000              -        (63,000)              -

Net loss for year ended
  December 31, 2003                        -             -              -              -               -
                                 -----------     ---------      ---------      ----------       ---------

Balance, December 31, 2003         1,260,000     $  63,000      $       -      $ (63,000)       $      -

</TABLE>


The accompanying notes are an integral part of the financial statements.
                                       F-5

<PAGE>


                            San Juan Financial, Inc.
                          (A Development Stage Company)
        STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) CONTINUED
     For the Period April 10, 2000 (Date of Inception) to December 31, 2004



<TABLE>
<S>                                   <C>            <C>           <C>            <C>              <C>

                                                                                Deficit
                                                                              Accumulated
                                                                Additional    During the
                                        Common Stock             Paid-in      Development     Stockholders'
                                     Shares        Amount        Capital         Stage           Equity
                                 ------------------------------------------------------------------------------

Balance, December 31, 2003         1,260,000       $ 63,000      $       -      $ (63,000)      $      -

Issuance of common stock for
  Compensation                     4,000,000          5,000              -              -          5,000

Expenses paid by shareholders              -              -          9,305              -          9,305

Net loss for ended
  December 31, 2004                        -              -              -        (15,312)       (15,312)
                                   ---------      ---------      ---------      ----------     ----------

Balance, December 31, 2004         5,260,000      $  68,000      $   9,305      $ (78,312)      $ (1,007)
                                   =========      =========      =========      ==========     ==========

</TABLE>



 The accompanying notes are an integral part of the financial statements.
                                       F-6


<PAGE>

                            San Juan Financial, Inc.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                 For the years ended December 31, 2004 and 2003



1.   Organization and Operations
     Background
     San Juan Financial, Inc. ("the Company") was incorporated under the laws of
     Colorado on June 6, 1989. Following incorporation, the Company remained an
     inactive shell company. Effective April 10, 2000, the Company entered the
     development stage in accordance with SFAS No. 7. The Company's principal
     activities since April 10, 2000 have consisted of organizational matters
     and the sale of its no par value common stock.

     Amendment to Articles
     On April 10, 2000, the Company filed amended articles of incorporation with
     the State of Colorado, at which time the Company revised Article XI, Board
     of Directors. The Board consists of one director who is also the President
     of the Company. On September 15, 2004, Troy Fullmer, the Company's only
     officer and director, appointed Mark W. Moniak as a director of the Company
     and as the Company's President and Chief Executive Officer. Following the
     appointment of Mr. Moniak, Mr. Fullmer resigned as an officer and director
     of the Company.

2.   Going Concern
     The Company has no revenue to date and has incurred operating losses of
     $78,312 since inception. Since inception, the Company has been dependent
     upon the receipt of capital investment or other financing to fund its
     continuing activities. The Company has not identified any business
     combination and, therefore, cannot ascertain with any degree of certainty
     the capital requirements for any particular transaction. In addition, the
     Company is dependent upon certain related parties to provide continued
     funding and capital resources. The accompanying financial statements have
     been presented on the basis of the continuation of the Company as a going
     concern and do not include any adjustments relating to the recoverability
     and classification of recorded asset amounts or the amounts and
     classification of liabilities that might be necessary should the Company be
     unable to continue as a going concern.

3.   Summary of Significant Accounting Policies
     Development Stage Activities
     San Juan Financial, Inc. entered the development stage in accordance with
     Financial Accounting Standards Board Statements of Financial Accounting
     Standards (SFAS) No. 7, "Accounting and Reporting by Development Stage
     Enterprises" in 2000, upon commencement of activities. The Company's
     original business plan was to operate as a mortgage banking and brokerage
     company over the Internet. In 2004, the Company changed its focus to that
     of a "blank check" company, whose purpose is to serve as a capital access
     corporation which will seek out and acquire an operating company.

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

                                       F-7

<PAGE>

                            San Juan Financial, Inc.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                 For the years ended December 31, 2004 and 2003



3.   Summary of Significant Accounting Policies (continued)
     Cash Equivalents
     For the purposes of the statements of cash flows, the Company considers all
     highly liquid debt instruments purchased with an original maturity of three
     months or less to be cash equivalents.

     Income Taxes
     Income taxes are provided for the tax effects of transactions reported in
     the financial statements and consist of taxes currently due plus deferred
     taxes related primarily to differences between the recorded book basis and
     the tax basis of assets and liabilities for financial and income tax
     reporting. The deferred tax assets and liabilities represent the future tax
     return consequences of those differences, which will either be taxable or
     deductible when the assets and liabilities are recovered or settled.
     Deferred taxes are also recognized for operating losses that are available
     to offset future taxable income and tax credits that are available to
     offset future federal income taxes.

     Income taxes are computed under the provisions of the Financial Accounting
     Standards Board (FASB) Statement No. 109 (SFAS 109), "Accounting for Income
     Taxes." SFAS 109 is an asset and liability approach that requires the
     recognition of deferred tax assets and liabilities for the expected future
     tax consequences of the difference in events that have been recognized in
     the Company's financial statements compared to the tax returns.

     Earnings (loss) per Share
     The Company reports loss per share using a dual presentation of basic and
     diluted loss per share. Basic loss per share excludes the impact of common
     stock equivalents. Diluted loss per share utilizes the average market price
     per share when applying the treasury stock method in determining common
     stock equivalents. However, the Company has a simple capital structure for
     the period presented and, therefore, there is no variance between the basic
     and diluted loss per share.

     Fair Value of Financial Instruments
     SFAS 107, "Disclosure About Fair Value of Financial Instruments," requires
     certain disclosures regarding the fair value of financial instruments. The
     Company has no financial instruments in the accompanying financial
     statements.

     Cash and Cash Equivalents
     For purposes of the statements of cash flows, the Company considers all
     highly liquid debt securities purchased with an original maturity of three
     months or less to be cash equivalents.

                                       F-8


<PAGE>

                            San Juan Financial, Inc.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                 For the years ended December 31, 2004 and 2003



4.   Stockholders' Equity
     Following its original incorporation in June 1989, the Company had issued
     100,000,000 shares of its no par value common stock to an officer as
     payment for services related to the organization and start-up of the
     Company. The value of the transaction could not be objectively measured as
     a related party rendered the services. The transaction has been recorded at
     no value since the Board of Directors determined that the services for
     which these shares had been issued had not been completely rendered to the
     Company.

     On April 7, 2000, the Board of Directors authorized an 8-to-1 reverse split
     of the Company's no par value common stock, effective on that date. All per
     share and shares outstanding data in the accompanying financial statements
     have been restated to reflect this reverse split.

     In May 2000, the Company conducted a private placement offering whereby it
     sold 1,260,000 shares of its no par value common stock for $0.05 per share
     pursuant to an exemption from registration claimed under Sections 4(2) and
     4(6) of the Securities Act of 1933, as amended, and Regulation D
     promulgated thereunder. The Company received net proceeds of $63,000.

     On November 2, 2001, the Board of Directors authorized the cancellation of
     the original 100,000,000 shares of common stock, due to non-payment of
     these shares, leaving 1,260,000 shares outstanding.

     On September 15, 2004, Mark W. Moniak was appointed as Director, President
     and Chief Executive Officer of the Company. The company does not have an
     employment agreement with Mr. Moniak. However, the Company has agreed to
     issue 4,000,000 shares of its common stock, valued at $5,000, to Mr. Moniak
     in return for Mr. Moniak serving as the Company's President until September
     15, 2005.

     During the year ended December 31, 2004, the Company incurred $9,305 of
     expenses which were paid by stockholders and recorded as additional paid-in
     capital.

     On March 11, 2005, the Company held a special meeting of its shareholders.
     At this meeting the shareholders of the Company held a 1-for-20 forward
     stock split of the Company's common stock. Unless otherwise indicated, all
     share and per share data has been retroactively restated to reflect this
     forward stock split.


5.   Income Taxes
     The Company has a federal net operating loss carryforward of $78,312
     available to offset taxable income through the years 2020, 2021, 2022 and
     2024.

     The Company recorded a deferred income tax asset for the tax effect of net
     operating loss carryforwards and temporary differences, aggregating $28,975
     against which the Company has recorded a full valuation allowance in
     recognition of the uncertainty regarding the ultimate amount of income tax
     benefits to be derived. The change in the valuation allowance for the
     period ended December 31, 2003 to December 31, 2004 was $5,665.

                                                     December 31,
                                                         2004

     Net operating loss carryforwards                  $ 28,975
     Valuation allowance                                (28,975)
                                                       --------
                                                       $     --
                                                       ========

                                       F-9

<PAGE>

                            San Juan Financial, Inc.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                 For the years ended December 31, 2004 and 2003



5.   Income Taxes (continued)

     The difference between income taxes computed at the statutory federal rate
     of 34% and the provision for income taxes relates to the following:

                                                            Percent of
                                                              Pretax
                                                              Amount
                                                            -----------

            Provision at federal statutory rate                 34%
            Effect of state income tax                           3%
            Increase in valuation allowance                    (37%)
                                                            -----------

                                                                 0%
                                                            ===========

6. Subsequent Events

     On March 11, 2005, the Company held a special meeting of its shareholders.
     At this meeting the shareholders of the Company held a 1-for-20 forward
     stock split of the Company's common stock. Unless otherwise indicated, all
     share and per share data has been retroactively restated to reflect this
     forward stock split.

     In March 2005, the Company reached an informal agreement with the principal
     shareholders of Cookie Club of America, Inc. ("CCA") to acquire all of
     CCA's outstanding shares in exchange for 5,890,000 shares of the Company's
     common stock. The Company's management is in the process of finalizing a
     definitive agreement for the acquisition.









                                      F-10





<PAGE>

                                   SIGNATURES

     In accordance  with Section 13 or 15(a) of the Exchange Act, the Registrant
has caused this Report to be signed on its behalf by the undersigned,  thereunto
duly authorized on the 31st day of March 2005.

                                  SAN JUAN FINANCIAL, INC.


                                  By /s/ Mark W. Moniak
                                     -----------------------------------------
                                     Mark W. Moniak, President and Principal
                                     Financial and Accounting Officer


     In  accordance  with the Exchange  Act,  this Report has been signed by the
following  person on behalf of the Registrant in the capacities and on the dates
indicated.

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


/s/ Mark W. Moniak                  Director              March 31, 2005
-------------------------
Mark W. Moniak















<PAGE>





                            SAN JUAN FINANCIAL, INC.

                                   FORM 10-KSB

                                    EXHIBITS