UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-QSB

--------------------------------------------------------------------------------

(Mark one)
__X__   Quarterly Report Under Section 13 or 15(d) of the Securities Exchange
        Act of 1934

              FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002

_____   Transition Report Under Section 13 or 15(d) of the Securities Exchange
        Act of 1934

              For the transition period from __________ to __________

--------------------------------------------------------------------------------

                         Commission File Number: 0-14247

                        CENTURY PARK PICTURES CORPORATION
        (Exact name of small business issuer as specified in its charter)

        Minnesota                                              41-1458152
------------------------                                ------------------------
(State of incorporation)                                (IRS Employer ID Number)

                     4701 IDS Center, Minneapolis, MN 55402
                     --------------------------------------
                    (Address of principal executive offices)

                                 (612) 333-5100
                                 --------------
                           (Issuer's telephone number)


--------------------------------------------------------------------------------

Check whether the issuer (1) 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 registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. YES ___ NO _X_

State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date:  October 24, 2002: 9,886,641
                                           ---------------------------

Transitional Small Business Disclosure Format (check one):   YES ___ NO _X_

<PAGE>


                        CENTURY PARK PICTURES CORPORATION

                Form 10-QSB for the Quarter ended March 31, 2002

                                Table of Contents


                                                                            Page
                                                                            ----
PART I - FINANCIAL INFORMATION

  Item 1 Financial Statements                                                  3

  Item 2 Management's Discussion and Analysis or Plan of Operation            12


PART II - OTHER INFORMATION

  Item 4 Submission of Matters to a Vote of Security Holders                  14

  Item 6 Exhibits and Reports on Form 8-K                                     14


SIGNATURES                                                                    14


                                                                               2
<PAGE>


ITEM 1 - PART I - FINANCIAL STATEMENTS

                        CENTURY PARK PICTURES CORPORATION
                                 BALANCE SHEETS
                      March 31, 2002 and September 30, 2001

<TABLE>
<CAPTION>
                                                               (Unaudited)      (Audited)
                                                                March 31,      September 31,
                                                                   2002            2001
                                                              ------------     ------------
<S>                                                           <C>              <C>
                                     ASSETS
                                     ------
CURRENT ASSETS
   Cash on hand and in bank                                   $         --     $         --
                                                              ------------     ------------
     TOTAL CURRENT ASSETS                                               --               --
                                                              ------------     ------------

PROPERTY AND EQUIPMENT - AT COST
   Furniture and fixtures                                           94,077           94,077
     Less accumulated depreciation                                 (94,077)         (94,077)
                                                              ------------     ------------
     NET PROPERTY AND EQUIPMENT                                         --               --
                                                              ------------     ------------

OTHER ASSETS
   Rent deposits                                                       926              926
                                                              ------------     ------------

TOTAL ASSETS                                                  $        926     $        926
                                                              ============     ============


                      LIABILITIES AND SHAREHOLDERS' EQUITY
                      ------------------------------------

 CURRENT LIABILITIES
   Notes payable                                              $    400,000     $    400,000
   Accounts payable                                                  1,281            1,281
   Accrued compensation                                            354,500          354,500
   Accrued interest payable                                        294,384          268,634
   Other accrued expenses                                            9,027            9,027
   Advances from shareholder                                         6,374               --
                                                              ------------     ------------
     TOTAL CURRENT LIABILITIES                                   1,065,566        1,033,442
                                                              ------------     ------------


COMMITMENTS AND CONTINGENCIES


SHAREHOLDERS' EQUITY
   Common stock - $0.001 par value
     200,000,000 shares authorized
     9,886,641 shares issued and outstanding, respectively           9,887            9,887
   Additional paid-in capital                                    6,182,981        6,182,981
   Accumulated deficit                                          (7,257,508)      (7,225,384)
                                                              ------------     ------------

     TOTAL SHAREHOLDERS' EQUITY                                 (1,064,640)      (1,032,516)
                                                              ------------     ------------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                    $        926     $        926
                                                              ============     ============
</TABLE>


The financial information presented herein has been prepared by management
   without audit by independent certified public accountants.
The accompanying notes are an integral part of these financial statements.

                                                                               3
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
                 STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
               Six and Three months ended March 31, 2002 and 2001

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                           Six months       Six months      Three months     Three months
                                              ended           ended             ended           ended
                                            March 31,        March 31,        March 31,        March 31,
                                              2002             2001             2002             2001
                                          ------------     ------------     ------------     ------------
<S>                                       <C>              <C>              <C>              <C>
REVENUES                                  $         --     $         --     $         --     $         --
                                          ------------     ------------     ------------     ------------

EXPENSES
   General and administrative expenses           6,374            3,028            4,879              975
                                          ------------     ------------     ------------     ------------

LOSS FROM OPERATIONS                            (6,374)          (3,028)          (4,879)            (975)

OTHER INCOME (EXPENSE)
   Interest expense                            (25,750)         (25,750)         (12,875)         (12,875)
                                          ------------     ------------     ------------     ------------

LOSS BEFORE PROVISION FOR INCOME TAXES         (32,124)         (28,778)         (17,754)         (13,850)

PROVISION FOR INCOME TAXES                          --               --               --               --
                                          ------------     ------------     ------------     ------------

NET LOSS                                       (32,124)         (28,778)         (17,754)         (13,850)

OTHER COMPREHENSIVE INCOME                          --               --               --               --
                                          ------------     ------------     ------------     ------------

COMPREHENSIVE LOSS                        $    (32,124)    $    (28,778)    $    (17,754)    $    (13,850)
                                          ============     ============     ============     ============

Loss per weighted-average share
   of common stock outstanding,
   computed on Net Loss - basic
   and fully diluted                               nil              nil              nil              nil
                                          ============     ============     ============     ============

Weighted-average number of shares
   of common stock outstanding               9,886,641        9,886,641        9,886,641        9,886,641
                                          ============     ============     ============     ============
</TABLE>


The financial information presented herein has been prepared by management
   without audit by independent certified public accountants.
The accompanying notes are an integral part of these financial statements.

                                                                               4
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
                            STATEMENTS OF CASH FLOWS
                    Six months ended March 31, 2002 and 2001

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                               Six months       Six months
                                                                 ended            ended
                                                                March 31,        March 31,
                                                                  2002             2001
                                                              ------------     ------------
<S>                                                           <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net Loss                                                   $    (32,124)    $    (28,778)
   Adjustments to reconcile net income to net cash
     provided by operating activities
       Increase (Decrease) in
         Accounts payable and accrued expenses                      25,750           25,749
                                                              ------------     ------------

NET CASH USED IN OPERATING ACTIVITIES                               (6,374)          (3,029)
                                                              ------------     ------------


CASH FLOWS FROM INVESTING ACTIVITIES                                    --               --
                                                              ------------     ------------


CASH FLOWS FROM FINANCING ACTIVITIES
   Funds advanced by officer/shareholder                             6,374               --
   Amounts paid by shareholder on behalf
     of Company for operating expenses                                  --            2,996
                                                              ------------     ------------

NET CASH PROVIDED BY FINANCING ACTIVITIES                            6,374            2,996
                                                              ------------     ------------

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                        --              (33)

Cash and cash equivalents at beginning of period                        --               33
                                                              ------------     ------------

Cash and cash equivalents at end of period                    $         --     $         --
                                                              ============     ============

SUPPLEMENTAL DISCLOSURES OF INTEREST AND INCOME TAXES PAID
   Interest paid during the period                            $         --     $         --
                                                              ============     ============
   Income taxes paid (refunded)                               $         --     $         --
                                                              ============     ============
</TABLE>


The financial information presented herein has been prepared by management
   without audit by independent certified public accountants.
The accompanying notes are an integral part of these financial statements.

                                                                               5
<PAGE>


                        CENTURY PARK PICTURES CORPORATION

                          NOTES TO FINANCIAL STATEMENTS


NOTE A - ORGANIZATION AND DESCRIPTION OF BUSINESS

Century Park Pictures Corporation (Company) was incorporated in 1983 in
accordance with the Laws of the State of Minnesota.

The Company develops, produces and markets various entertainment properties,
including without limitation, the intellectual product(s) of entities engaged in
the motion picture, television, and theatrical state productions, such as
creative writers, producers and directors, for the motion picture, pay/cable and
commercial television markets.

A brief synopsis of the Company's former operations and subsidiaries is as
follows:

   International Theatres Corporation (ITC) was a 100 percent owned subsidiary,
   which owned and operated the Chanhassen Dinner Theatres in Chanhassen,
   Minnesota. During the year ended September 30, 1999, ITC was transferred to
   the Company's majority shareholder. During the normal course of business, ITC
   granted credit to its corporate clients. ITC performed on-going credit
   evaluations of its customers' financial condition and generally required no
   collateral from them.

   Minnesota Arena Football, Inc. d.b.a. Minnesota Fighting Pike (Pike), a 100
   percent owned subsidiary, was an indoor professional football team that te
   Company obtained the rights to during the fiscal year ended September 30,
   1996. The Pike ceased operations on August 31, 1996. As of December 31, 1999,
   Minnesota Arena Football was legally dissolved. During the year ended
   September 30, 2001, all outstanding liabilities of Minnesota Arena Football
   were written off.

   The Company had a 30 percent investment in Willy Bietak Productions, Inc.
   (WBPI), which produced touring ice shows and theme shows appearing in
   shopping malls, theaters, casinos, arenas, and major amusement parks
   throughout the United States. During the year ended September 30, 1999, the
   Company's investment in WBPI was transferred to the Company's majority
   shareholder.

The Company has effectively had no operations, assets or liabilities since its
fiscal year ended September 30, 1999.


NOTE B - PREPARATION OF FINANCIAL STATEMENTS

The Company follows the accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America and has
adopted a year-end of September 30.

During interim periods, the Company follows the accounting policies set forth in
its annual audited financial statements filed with the U. S. Securities and
Exchange Commission on its Annual Report on Form 10-KSB for the year ended
September 30, 2001. The information presented within these interim financial
statements may not include all disclosures required by accounting principles
generally accepted in the United States of America and the users of financial
information provided for interim periods should refer to the annual financial
information and footnotes when reviewing the interim financial results presented
herein.

In the opinion of management, the accompanying interim financial statements,
prepared in accordance with the U. S. Securities and Exchange Commission's
instructions for Form 10-QSB, are unaudited and contain all material
adjustments, consisting only of normal recurring adjustments necessary to
present fairly the financial condition, results of operations and cash flows of
the Company for the respective interim periods presented. The current period
results of operations are not necessarily indicative of results which ultimately
will be reported for the full fiscal year ending September 30, 2002.

                                                                               6
<PAGE>


                        CENTURY PARK PICTURES CORPORATION

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED


NOTE B - PREPARATION OF FINANCIAL STATEMENTS - CONTINUED

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America 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 revenues and expenses
during the reporting period. Actual results could differ from those estimates.

Management further acknowledges that it is solely responsible for adopting sound
accounting practices, establishing and maintaining a system of internal
accounting control and preventing and detecting fraud. The Company's system of
internal accounting control is designed to assure, among other items, that 1)
recorded transactions are valid; 2) valid transactions are recorded; and 3)
transactions are recorded in the proper period in a timely manner to produce
financial statements which present fairly the financial condition, results of
operations and cash flows of the Company for the respective periods being
presented

For segment reporting purposes, the Company operated in only one industry
segment during the periods represented in the accompanying financial statements
and makes all operating decisions and allocates resources based on the best
benefit to the Company as a whole.


NOTE C - GOING CONCERN UNCERTAINTY

The Company has effectively had no operations, assets or liabilities since its
fiscal year ended September 30, 1999.

The Company's continued existence is dependent upon its ability to generate
sufficient cash flows from operations to support its daily operations as well as
provide sufficient resources to retire existing liabilities and obligations on a
timely basis.

The Company anticipates offering future sales of equity securities. However,
there is no assurance that the Company will be able to obtain additional funding
through the sales of additional equity securities or, that such funding, if
available, will be obtained on terms favorable to or affordable by the Company.

If no additional operating capital is received during the next twelve months,
the Company will be forced to rely on existing cash in the bank and upon
additional funds loaned by management and/or significant stockholders to
preserve the integrity of the corporate entity at this time. In the event, the
Company is unable to acquire advances from management and/or significant
stockholders, the Company's ongoing operations would be negatively impacted.

It is the intent of management and significant stockholders to provide
sufficient working capital necessary to support and preserve the integrity of
the corporate entity. However, no formal commitments or arrangements to advance
or loan funds to the Company or repay any such advances or loans exist. There is
no legal obligation for either management or significant stockholders to provide
additional future funding.

In such a restricted cash flow scenario, the Company would be unable to complete
our business plan steps, and would, instead, delay all cash intensive
activities. Without necessary cash flow, the Company may become dormant during
the next twelve months, or until such time as necessary funds could be raised in
the equity securities market.

                                                                               7
<PAGE>


                        CENTURY PARK PICTURES CORPORATION

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED


NOTE C - GOING CONCERN UNCERTAINTY - CONTINUED

The Company has no operating activities, no cash on hand, no profit and operates
a business plan with inherent risk. Because of these factors, our auditors have
issued an audit opinion for the Company which includes a statement describing
our going concern status. This means, in our auditor's opinion, substantial
doubt about our ability to continue as a going concern exists at the date of
their opinion.

While the Company is of the opinion that good faith estimates of the Company's
ability to secure additional capital in the future to reach our goals have been
made, there is no guarantee that the Company will receive sufficient funding to
sustain operations or implement any future business plan steps.


NOTE D - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. Cash and cash equivalents

   For Statement of Cash Flows purposes, the Company considers all cash on hand
   and in banks, including accounts in book overdraft positions, certificates of
   deposit and other highly-liquid investments with maturities of three months
   or less, when purchased, to be cash and cash equivalents.

2. Property and equipment

   Property and equipment consists of furniture and fixtures and is stated at
   the lower of depreciated cost or net realizable value. All assets are fully
   depreciated at December 31, 2001.

3. Income Taxes

   The Company uses the asset and liability method of accounting for income
   taxes. At March 31, 2002 and September 31, 2001, respectively, the deferred
   tax asset and deferred tax liability accounts, as recorded when material to
   the financial statements, are entirely the result of temporary differences.
   Temporary differences represent differences in the recognition of assets and
   liabilities for tax and financial reporting purposes, primarily accumulated
   depreciation and amortization, allowance for doubtful accounts and vacation
   accruals.

   As of March 31, 2002 and September 30, 2001, the deferred tax asset related
   to the Company's net operating loss carryforward is fully reserved. Due to
   the provisions of Internal Revenue Code Section 338, the Company may have
   limited net operating loss carryforwards available to offset financial
   statement or tax return taxable income in future periods as a result of any
   future change in control involving 50 percentage points or more of the issued
   and outstanding securities of the Company.

4. Income (Loss) per share

   Basic earnings (loss) per share is computed by dividing the net income (loss)
   by the weighted-average number of shares of common stock outstanding. The
   calculation of fully diluted earnings (loss) per share assumes the dilutive
   effect of the exercise of outstanding options and warrants, using the
   treasury stock method, at either the beginning of the respective period
   presented or the date of issuance, whichever is later. As of March 31, 2002
   and 2001, respectively, the Company has no outstanding stock warrants,
   options or convertible securities which could be considered as dilutive for
   purposes of the loss per share calculation.

                                                                               8
<PAGE>


                        CENTURY PARK PICTURES CORPORATION

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED


NOTE E - FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amount of cash, accounts receivable, accounts payable and notes
payable, as applicable, approximates fair value due to the short term nature of
these items and/or the current interest rates payable in relation to current
market conditions.

Interest rate risk is the risk that the Company's earnings are subject to
fluctuations in interest rates on either investments or on debt and is fully
dependent upon the volatility of these rates. The Company does not use
derivative instruments to moderate its exposure to interest rate risk, if any.

Financial risk is the risk that the Company's earnings are subject to
fluctuations in interest rates or foreign exchange rates and are fully dependent
upon the volatility of these rates. The company does not use derivative
instruments to moderate its exposure to financial risk, if any.


NOTE F - NOTES PAYABLE

The Company has notes payable to various individuals totaling $400,000 at
December 31, 2001 and September 30, 2001. The notes bear interest at the rate of
12% to 15% and were secured by the Company's right, title, and interest in the
Pike. The notes originally matured between June and December 1996.

On July 31, 2002, the Company's Board of Directors and the respective
noteholders approved the extension of the ultimate maturity date of the notes
through December 3, 2003. In conjunction with the extension, the noteholders
agreed to discontinue the accrual of interest subsequent to July 31, 2002. The
effect of the discontinuance of interest accruals subsequent to July 31, 2002
will be charged to operations as a component of interest expense with an offset
to contributed additional paid-in capital to recognize the economic effect of
these notes in the respective future period.

The noteholders have the right to convert, at any time at the holder's option,
all outstanding principal, accrued, but unpaid, interest as of July 31, 2002
into shares of the Company's restricted, unregistered common stock at a
conversion rate of $0.01 per share. As of March 31, 2002, the holders of the
notes had not exercised their right to convert.


NOTE G - RELATED PARTY TRANSACTIONS

Through March 31, 2002, the Company's controlling shareholder has advanced the
Company approximately $6,374 to support operations, settle outstanding trade
accounts payable and provide working capital. The advance is repayable upon
demand and is non-interest bearing and is unsecured.

During the year ended September 30, 2001, the Company's Chief Executive Officer
provided short-term advances of $14,700 to the Company. These amounts were
treated as contributed capital and, as such, recorded as additional paid-in
capital in the accompanying financial statements.

As of March 31, 2002 and September 30, 2001, respectively, the Company owed the
Company's Chief Executive Officer approximately $227,500 for cumulative accrued
salary.

                                                                               9
<PAGE>


                        CENTURY PARK PICTURES CORPORATION

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED


NOTE H - INCOME TAXES

The components of income tax (benefit) expense for the six months ended March
31, 2002 and 2001, respectively, are as follows:

<TABLE>
<CAPTION>
                                                                  Six months     Six months
                                                                     ended          ended
                                                                   March 31,      March 31,
                                                                     2002           2001
                                                                 ------------    ------------
<S>                                                              <C>             <C>
      Federal:
       Current                                                   $         --    $         --
       Deferred                                                            --              --
                                                                 ------------    ------------
                                                                           --              --
                                                                 ------------    ------------
     State:
       Current                                                             --              --
       Deferred                                                            --              --
                                                                 ------------    ------------
                                                                           --              --
                                                                 ------------    ------------
         Total                                                   $         --    $         --
                                                                 ============    ============
</TABLE>

As of March 31, 2002, the Company has a Federal net operating loss carryforward
of approximately $3,100,000 and a State net operating loss carryforward of
approximately $790,000 to offset future taxable income. Subject to current
regulations, these carryforwards will expire between 2002 and 2015.

The Company's income tax expense for each of the six month periods ended March
31, 2002 and 2001, respectively, differed from the statutory federal rate of 34
percent as follows:

<TABLE>
<CAPTION>
                                                                  Six months       Six months
                                                                     ended           ended
                                                                   March 31,        March 31,
                                                                     2002             2001
                                                                 ------------     ------------
<S>                                                              <C>              <C>
Statutory rate applied to earnings (loss) before income taxes    $    (10,900)    $     (9,785)
   Increase (decrease) in income taxes resulting from:
     State income taxes                                                    --               --
     Other, including reserve for deferred tax asset                   10,900            9,785
                                                                 ------------     ------------

       Income tax expense                                        $         --     $         --
                                                                 ============     ============
</TABLE>

Temporary differences, consisting primarily of statutory differences between the
financial statement carrying amounts and tax bases of assets and liabilities
give rise to deferred tax assets and liabilities as of March 31, 2002 and
September 30, 2001, respectively:

<TABLE>
<CAPTION>
                                                                   March 31,      September 30,
                                                                     2002             2001
                                                                 ------------     ------------
<S>                                                              <C>              <C>
       Deferred tax assets
         Net operating loss carryforwards                        $  1,009,000     $  1,009,000
         Other                                                        131,000          131,000
                                                                 ------------     ------------
                                                                    1,140,000        1,140,000
         Less valuation allowance                                  (1,140,000)      (1,140,000)
                                                                 ------------     ------------

           Net Deferred Tax Asset                                $         --     $         --
                                                                 ============     ============
</TABLE>

                                                                              10
<PAGE>



                        CENTURY PARK PICTURES CORPORATION

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED


NOTE H - INCOME TAXES - CONTINUED

During the six months ended March 31, 2002 and the year ended September 30,
2001, respectively, the valuation allowance increased (decreased) by
approximately $-0- and $(28,000).


NOTE I - COMMITMENTS AND CONTINGENCIES

The Company leases office space under a noncancellable operating lease that
expires August 31, 2002. The space has been sub-leased to a Company owned by the
Company's CEO. The Company incurred no expense related to this lease during the
three month periods ended December 31, 2001 and 2000, respectively.



                (Remainder of this page left blank intentionally)

                                                                              11
<PAGE>


PART I - ITEM 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

(1) CAUTION REGARDING FORWARD-LOOKING INFORMATION

Certain statements contained in this quarterly filing, including, without
limitation, statements containing the words "believes", "anticipates", "expects"
and words of similar import, constitute forward-looking statements. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
the Company, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements.

Such factors include, among others, the following: international, national and
local general economic and market conditions: demographic changes; the ability
of the Company to sustain, manage or forecast its growth; the ability of the
Company to successfully make and integrate acquisitions; raw material costs and
availability; new product development and introduction; existing government
regulations and changes in, or the failure to comply with, government
regulations; adverse publicity; competition; the loss of significant customers
or suppliers; fluctuations and difficulty in forecasting operating results;
changes in business strategy or development plans; business disruptions; the
ability to attract and retain qualified personnel; the ability to protect
technology; and other factors referenced in this and previous filings.

Given these uncertainties, readers of this Form 10-QSB and investors are
cautioned not to place undue reliance on such forward-looking statements. The
Company disclaims any obligation to update any such factors or to publicly
announce the result of any revisions to any of the forward-looking statements
contained herein to reflect future events or developments.

(2) REPORTING CRITERIA

The Registrant qualifies for reporting under Regulation S-B of the U. S.
Securities and Exchange Commission. Accordingly, concurrent with the filing of
this document, the Registrant adopts the reporting provisions and format of
Regulation S-B.

(3) RESULTS OF OPERATIONS, LIQUIDITY AND CAPITAL RESOURCES

Century Park Pictures Corporation (Company) was incorporated in 1983 in
accordance with the Laws of the State of Minnesota.

The Company develops, produces and markets various entertainment properties,
including without limitation, the intellectual product(s) of entities engaged in
the motion picture, television, and theatrical state productions, such as
creative writers, producers and directors, for the motion picture, pay/cable and
commercial television markets.

A brief synopsis of the Company's former operations and subsidiaries is as
follows:

   International Theatres Corporation (ITC) was a 100 percent owned subsidiary,
   which owned and operated the Chanhassen Dinner Theatres in Chanhassen,
   Minnesota. During the year ended September 30, 1999, ITC was transferred to
   the Company's majority shareholder. During the normal course of business, ITC
   granted credit to its corporate clients. ITC performed on-going credit
   evaluations of its customers' financial condition and generally required no
   collateral from them.

   Minnesota Arena Football, Inc. d.b.a. Minnesota Fighting Pike (Pike), a 100
   percent owned subsidiary, was an indoor professional football team that te
   Company obtained the rights to during the fiscal year ended September 30,
   1996. The Pike ceased operations on August 31, 1996. As of December 31, 1999,
   Minnesota Arena Football was legally dissolved. During the year ended
   September 30, 2001, all outstanding liabilities of Minnesota Arena Football
   were written off.

   The Company had a 30 percent investment in Willy Bietak Productions, Inc.
   (WBPI), which produced touring ice shows and theme shows appearing in
   shopping malls, theaters, casinos, arenas, and major amusement parks
   throughout the United States. During the year ended September 30, 1999, the
   Company's investment in WBPI was transferred to the Company's majority
   shareholder.

                                                                              12
<PAGE>


The Company has effectively had no operations, assets or liabilities since its
fiscal year ended September 30, 1999.

General and administrative expenses for the six months ended March 31, 2002 and
2001, were approximately $6,374 and $3,028, respectively. Interest expense
accrued on the $400,000 in notes payable was approximately $25,750 for each of
the respective six month periods.

Net income (loss) for the six months ended March 31, 2002 and 2001,
respectively, was approximately $(32,124) and $(28,778). Earnings per share for
the respective quarters ended March 31, 2002 and 2001, was $0.00 and $0.00 on
the weighted-average post-reverse split shares issued and outstanding.

The Company does not expect to generate any meaningful revenue or incur
operating expenses for purposes other than fulfilling the obligations of a
reporting company under The Securities Exchange Act of 1934.

At March 31, 2002 and September 30, 2001, respectively, the Company had working
capital of approximately $(1,064,640) and $(1,033,442).

Management intends to continue to restrict expenditures with respect to the
future development of entertainment properties and to market its completed
properties. The Company has two completed properties. The costs of development
have been written off. Accordingly, the Company will incur little, if any, costs
of marketing. Management believes these actions may contribute to the Company's
liquidity. The Company had no material commitments for capital expenditures as
of December 31, 2001 and anticipates no significant capital expenditures for
future periods.

The Company intends to continue to seek out potential acquisitions. Since the
Company has no available bank lines of credit, there are no assurances that the
Company will be able to successfully identify any potential acquisitions or
that, if identified, it will obtain financing under terms acceptable to the
Company. Management presently considers an acquisition or a merger of the
Company a viable alternative.

The Company anticipates offering future sales of equity securities. However,
there is no assurance that the Company will be able to obtain additional funding
through the sales of additional equity securities or, that such funding, if
available, will be obtained on terms favorable to or affordable by the Company.

If no additional operating capital is received during the next twelve months,
the Company will be forced to rely on existing cash in the bank and upon
additional funds loaned by management and/or significant stockholders to
preserve the integrity of the corporate entity at this time. In the event, the
Company is unable to acquire advances from management and/or significant
stockholders, the Company's ongoing operations would be negatively impacted.

It is the intent of management and significant stockholders to provide
sufficient working capital necessary to support and preserve the integrity of
the corporate entity. However, no formal commitments or arrangements to advance
or loan funds to the Company or repay any such advances or loans exist. There is
no legal obligation for either management or significant stockholders to provide
additional future funding.

In such a restricted cash flow scenario, the Company would be unable to complete
our business plan steps, and would, instead, delay all cash intensive
activities. Without necessary cash flow, the Company may become dormant during
the next twelve months, or until such time as necessary funds could be raised in
the equity securities market.

The Company has no operating activities, no cash on hand, no profit and operates
a business plan with inherent risk. Because of these factors, our auditors have
issued an audit opinion for the Company which includes a statement describing
our going concern status. This means, in our auditor's opinion, substantial
doubt about our ability to continue as a going concern exists at the date of
their opinion.

While the Company is of the opinion that good faith estimates of the Company's
ability to secure additional capital in the future to reach our goals have been
made, there is no guarantee that the Company will receive sufficient funding to
sustain operations or implement any future business plan steps.

                                                                              13
<PAGE>


PART II - OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS

   None

ITEM 2 - CHANGES IN SECURITIES

   None

ITEM 3 - DEFAULTS ON SENIOR SECURITIES

   None

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

   None

ITEM 5 - OTHER INFORMATION

   None

ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

   Exhibits
   --------
     99.1  CEO/CFO Certification Pursuant to 18 USC, Section 1330, as adopted
                        pursuant to Sections 302 and 906 of the Sarbanes-Oxley
                        Act of 2002
   Reports on Form 8-K
   -------------------
     October 17, 2002   Reporting an Item 4 - Change in Registrant's Certifying
                        Accountant.

--------------------------------------------------------------------------------

                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                               CENTURY PARK PICTURES CORPORATION

Dated: October 24, 2002                                   /s/ Thomas K. Scallen.
       ----------------                        ---------------------------------
                                                               Thomas K. Scallen
                                              Chairman, Chief Executive Officer,
                                            Chief Financial Officer and Director

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