UNITED STATES
                                        SECURITIES AND EXCHANGE COMMISSION
                                              WASHINGTON, D.C. 20549

FORM 10-QSB

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
                                    OF 1934 FOR THE QUARTER ENDED JUNE 30, 2002

Commission file number: 0-29751

WINMAX TRADING GROUP, INC.

(Exact name of small business issuer as specified in its charter)

|FLORIDA                                                      | 65-070-2554                       
|------------------------------------------------------------ | ----------------------------------
|State or other jurisdiction of incorporation or organization | I.R.S. Employer Identification No.

5920 Macleod Trail, Suite 208Calgary, Alberta Canada T2H 0K2
                     (Address of principal executive office)

(888) 533-4555
                                  (Issuer's telephone number including area code)

______________________________________
(Former name, former address and former fiscal year, if changed since last report)

All Correspondence to:
                                           Brenda Lee Hamilton, Esquire
                                          Hamilton, Lehrer & Dargan, P.A.
                                           2 East Camino Real, Suite 202
                                             Boca Raton, Florida 33432
                                             Telephone (561) 416-8956
                                             Facsimile (561) 416-2855

Indicate by check mark
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 preceding 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to filing requirements for the past 90 days.
Yes [X] No [ ]

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares
outstanding of each of the issuers classes of common equity, as of
September 13, 2002:

|Common Stock, par value $.001 | 2,499,313       
|----------------------------- | ----------------
|Title of Class                | Number of Shares

Transitional Small Business Disclosure Format (Check one): Yes [ ] No [X]

---

PART I-FINANCIAL INFORMATION

Item 1. Financial Statements.

`Winmax Trading Group, Inc.
                           Consolidated Balance Sheet
                                  June 30, 2002
                                   (Unaudited)


                                     Assets


Current assets
  Accounts receivable - trade                                  $   36,180
  Accounts receivable - other                                      34,030
  Inventory                                                       147,727
  Other current assets                                             15,712
                                                               ----------
      Total current assets                                        233,649
                                                               ----------

Property and equipment, net                                        67,717
                                                               ----------

Other assets:
  Web site                                                        324,000
  Other assets                                                     20,000
                                                               ----------
                                                                  344,000
                                                               ----------

                                                               $  645,366
                                                               ==========

                      Liabilities and Stockholders' Equity

Current liabilities
  Due to shareholders                                          $  205,444
  Accounts payable                                                129,577
                                                               ----------
      Total current liabilities                                   335,021
                                                               ----------


Stockholders' equity
  Preferred stock, $1.00 par value, 1,000,000
   shares authorized, no shares issued or outstanding                 -
  Common stock, $.001 par value, 2,500,000 shares authorized,
   2,499,313 shares issued and outstanding                          2,499
  Additional paid-in capital                                    9,670,122
  Deferred compensation                                          (307,583)
  Accumulated (deficit)                                        (9,042,044)
                                                               ----------
                                                                  322,994
                                                               ----------
Other comprehensive income:
  Currency translation adjustment                                 (12,649)
                                                               ----------
                                                                  310,345
                                                               ----------

                                                               $  645,366
                                                               ==========


      See the accompanying notes to the consolidated financial statements.


Winmax Trading Group, Inc.
                      Consolidated Statements of Operations
                   Three Months and Six Months Ended June 30,
                                   (Unaudited)


                                                        Three Months                Six Months
                                                      2002         2001         2002         2001
                                                   ----------   ----------   ----------   ----------
Revenue:
   Sales                                           $   40,985   $      -     $   40,985   $      -
   Sales to affiliate                                     -            -        168,000          -
                                                   ----------   ----------   ----------   ----------
                                                       40,985          -        208,985          -
                                                   ----------   ----------   ----------   ----------

Operating Costs and Expenses:
  Cost of sales                                         7,236          -         40,836          -
  Non cash stock compensation                         419,750      660,418    4,374,450      660,418
  Amortization                                         54,000          -        108,000          -
  General and administrative                           90,498       24,789      218,383       57,623
                                                   ----------   ----------   ----------   ----------
                                                      571,484      685,207    4,741,669      718,041
                                                   ----------   ----------   ----------   ----------

(Loss) from operations                               (571,484)    (685,207)  (4,532,684)    (718,041)

Other income (expense):                                   -            -            -            -
                                                   ----------   ----------   ----------   ----------

Net (loss)                                           (571,484)    (685,207)  (4,532,684)    (718,041)

Other comprehensive income:
  Foreign currency translation adjustment               6,307          -         (6,124)         -
                                                   ----------   ----------   ----------   ----------

Comprehensive (loss)                               $ (565,177)  $ (685,207) $(4,538,808)  $ (718,041)
                                                   ==========   ==========  ===========   ==========

Per Share Information - basic and fully diluted:

Weighted average common shares outstanding          2,188,467      148,383    1,823,092       83,592
                                                   ==========   ==========  ===========   ==========

(Loss) per share                                   $    (0.26)  $    (4.62)  $    (2.49)  $    (8.59)
                                                   ==========   ==========  ===========   ==========



      See the accompanying notes to the consolidated financial statements.

Winmax Trading Group, Inc.
                      Consolidated Statements of Cash Flows
                            Six Months Ended June 30,
                                   (Unaudited)


                                                                2002               2001
                                                              --------          ---------
Cash flows from operating activities:
  Net cash provided by (used in) operating activities         $ 28,069          $ (41,009)
                                                              --------          ---------

Cash flows from investing activities:
Net cash (used in) investing activities                        (28,069)               -
                                                              --------          ---------

Cash flows from financing activities:
  Net cash provided by financing activities                        -               39,268
                                                              --------          ---------

(Decrease) in cash and cash equivalents                            -               (1,741)

Cash and cash equivalents, beginning of period                     -                1,741
                                                              --------          ---------

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


Supplemental cash flow information:
   Cash paid for interest                                     $    -            $    -
   Cash paid for income taxes                                 $    -            $    -




      See the accompanying notes to the consolidated financial statements.`

WINMAX TRADING GROUP, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTSJune 30, 2002(UNAUDITED)

## (1) Basis of Presentation

The accompanying unaudited
financial statements have been prepared in accordance with accounting principles
generally accepted in the United States of America (GAAP) for interim financial
information and Item 310(b) of Regulation SB. They do not include all of the
information and footnotes for complete financial statements as required by GAAP.
In managements opinion, all adjustments (consisting only of normal
recurring adjustments) considered necessary for a fair presentation have been
included. The results of operations for the periods presented are not
necessarily indicative of the results to be expected for the full year. For
further information, refer to the Companys financial statements as of
December 31, 2001 and for the two years then ended, including notes thereto
included in the Companys Form 10-KSB.

## (2) Earnings
Per Share

The Company calculates net
income (loss) per share as required by SFAS 128, Earnings per Share.
Basic earnings (loss) per share are calculated by dividing net income (loss) by
the weighted average number of common shares outstanding for the period. Diluted
earnings (loss) per share are calculated by dividing net income (loss) by the
weighted average number of common shares and dilutive common stock equivalents
outstanding. During periods when they are anti-dilutive, common stock
equivalents, if any, are not considered in the computation.

## (3)
Stockholders Equity

During March 2001 the
Company effected a reverse stock split in a ratio of 1 to 25 and during March
2002 the Company effected a reverse stock split in a ratio of 1 to 20. All share
and per share amounts have been adjusted to give effect to these splits.

During the period ended
June 30, 2002 the Company issued 1,960,763 shares of its common stock valued at
$3,918,850. The shares were issued for services rendered and were valued at the
fair market value of the common stock on the dates it was agreed that the shares
were to be issued.

In addition, during the
period ended June 30, 2002, the Company recorded $455,600 of non cash stock
compensation related to the amortization of deferred compensation.

## (4) Inventory

Inventory is stated at the
lower of cost, determined by specific identification or market and consists
principally of gem stones.

## (5)
Other-Various Lawsuits and Claims

During July 1999 the
Company entered into a lease agreement for office facilities for a five-year
term commencing during December 1999. The lease provided for an initial base
rent of approximately $4,020 per month plus the Companys proportionate
share of operating expenses. In addition, the lease provided for annual
adjustments to the base rent. During December 1999 the Company elected not to
honor the terms of the new lease and the lessor retained a $5,000 deposit as
liquidated damages and the Company charged the $5,000 to rent expense during
1999.

During 2001 the lessor filed
suit against the Company and a former officer "ELO Associates II Ltd. V. Winmax
Trading Group, Inc. et al" (Case No. CA-CE-02-004868(14))(17th Judicial District, Broward County Florida). A
motion for default judgment was filed seeking damages of $222,324. The Company is actively defending itself and
seeking to extract itself from any involvement in the suit. It cannot predict the outcome of the suit at this
time.

## (6) Related
Party Transactions

During the period ended June
30, 2002 affiliates of the Company provided working capital aggregating $205,444
by direct payment of certain obligations of the Company.

## (7)
Reclassifications

Certain amounts included in
the previous periods' financial statements have been reclassified to conform to
current year presentation.

## (8) Basis of
Presentation

The Companys
financial statements are presented on a going concern basis, which contemplates
the realization of assets and satisfaction of liabilities in the normal course
of business.

The Company has experienced
significant losses from operations. For the period ended June 30, 2002 the
Company incurred net losses of $4,532,684. In addition, the Company has an
accumulated deficit of $9,042,044 and a working capital deficit of $101,372 at
June 30, 2002. Approximately 80% of the Companys revenue for the period
ended June 30, 2002 was generated from the sale of web sites to an
affiliate/consultant who contracted with the Company to design the sites for his
third party clients.

The Companys ability
to continue as a going concern is contingent upon its ability to expand its
service operations, generate revenues from the sales of gemstones and secure
additional financing. The Company is pursuing financing for its operations and
seeking to expand its operations. Failure to secure such financing or expand its
operations may result in the Company not being able to continue as a going
concern.

The financial statements do
not include any adjustments to reflect the possible future effects on the
recoverability and classification of assets or the amounts and classification of
liabilities that may result from the possible inability of the Company to
continue as a going concern.

Item 2. Management's Discussion and Analysis.

Forward-Looking Statements:

The following discussion
and analysis covers material changes in the results of operations for the three
months ended June 30, 2002. This discussion and analysis should be read in
conjunction with Managements Discussion and Analysis or Plan of
Operation included in the Companys Form 10-KSB for the year ended
December 31, 2001. This discussion and analysis contains forward-looking
statements. Winmax Trading Group, Inc. is referred to herein as we
or our. The words or phrases would be, will
allow, intends to, will likely result, are
expected to, will continue, is anticipated,
estimate, project, or similar expressions are intended
to identify forward-looking statements. Such statements include
those concerning our expected financial performance, our corporate strategy and
operational plans. Actual results could differ materially from those projected
in the forward-looking statements as a result of a number of risks and
uncertainties.

A. Overview of Operations.

We remain dependent upon
our ability to expand our web development and Internet services and secure
additional financing. We will attempt to generate revenues from the sales of
gemstones. All of our revenues for the quarter ended June 30, 2002 were
generated from sales to an affiliate/consultant, Anthony Sklar, who is our
presidents son. The affiliate/consultant directly contracted with third
party clients to construct websites for those clients and then contracted with
us to assist in the design and construction of the websites. At June 30, 2002,
approximately $70,210 is due from this affiliate.

As described in more detail
in our Form 10-KSB for the period ended December 31, 2001, we adopted a new corporate
strategy and business of engaging in the web development and Internet business, and in the production,
processing, and Internet marketing of precious and semi-precious gemstone and jewelry.

For the three months ended
June 30, 2002, we incurred net losses of $571,484. We expect to continue to
generate losses from our operations until we are able to substantially increase
our revenues. There is no assurance that we can increase our revenue sources and
it is unlikely that we can lower our expenses in our present mode of operations.

As of June 30, 2002, we had
$70,210 of accounts receivable and no cash. We have required and continue to
require substantial capital to fund our business operations. Our future capital
requirements, revenues and operating results will depend upon many factors, and
will be subject to numerous risks and uncertainties.

Our quarterly revenues are
unpredictable and we expect them to continue to fluctuate in the future. In view
of such fluctuations, we believe that quarterly comparisons of our financial
results are not necessarily meaningful and should not be relied upon as an
indication of future performance.

B. Results of Operations.

During the three month
period ended June 30, 2002, we derived all of our revenues of $40,985 from sales
to an affiliate that provided web development services. We did not adopt our new
corporate strategy and business of engaging in the web development and Internet
business and in the production, processing, and Internet marketing of precious
and semi-precious gemstone and jewelry until June 2001; therefore, no meaningful
comparison can be made between our revenues for the three month period ended
June 30, 2002 and the same period during 2001.

Our general and administrative
expenses for the three months ended June 30, 2002 are $90,498. As
indicated above, because we did not adopt a new corporate strategy and business
until June 2001, no meaningful comparison can be made between our general and
administrative expenses for the three month period ended June 30, 2002 and the
same period during 2001.

C. Liquidity and Capital Resources.

At June 30, 2002, we had no
cash upon which to conduct our operations; however, we have $70,210 of accounts
receivable. As indicated above, because we did not adopt a new corporate
strategy and business until June 2001, there is no means of comparing our
liquidity and capital resources to a comparable period during 2001.

We have experienced
significant losses from our operations. For the period ended June 30, 2002, we
incurred net losses of $4,532,684. In addition, we had an accumulated deficit of
$9,042,044 at June 30, 2002. Our ability to continue as a going concern is
contingent upon our ability to expand our service operations, generate revenues
from the sales of gemstones and secure additional financing. Our failure to
secure such financing or expand our operations may result in our not being able
to continue as a going concern.

PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

We are presently engaged in
the following legal action as indicated below. We cannot determine at this time
whether any liability or damages will be imposed against us. We have no
insurance coverage for any damages that may be awarded against us. Should any
damage award be rendered against us, it may have a material adverse affect on
our operations and financial condition.

Name of Case. ELO Associates
II. Ltd. v. Winmax Trading Group, Inc. et.al. (Case No. CA-CE-02-004868(14)) (17th
Judicial District, Broward County, Florida). A motion for Default Judgment was filed against us and our past
President, Ralph Pistor, seeking damages of $222,324. The basis of the Default Judgment motion was that we and
our past President entered into a long-term Lease Agreement for office space, then failed to occupy the leased
space and forfeited the deposit as damages. As a result of the failure to pay the lease payment as required the
Landlord terminated the Lease and commenced an action against us and our past President for the lease payments
which would have been made over the un-expired term of the Lease. Although the motion was granted, no judgment
was entered. We made a motion to set aside the motion which was granted. We are actively seeking to extract
ourselves from any involvement in the judgment/suit. A Jury/Non-Jury Trial period is scheduled for Four Weeks
commencing October 10, 2002.

To the best of our belief,
there are no other outstanding lawsuits or actions, active or pending, in which we are
involved.

Item 2. Changes in Securities.

Not Applicable.

Item 3. Defaults Upon Senior Securities.

Not Applicable.

Item  4. Submissions of Matters to a Vote of Security Holders.

Not Applicable.

Item 5. Other Information.

Not Applicable.

Item 6.  Exhibits and Reports on Form 8-K.

A.   Exhibits

|Exhibit No. | Description                                                                                                                                                                      
|----------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3.1.1       | Articles of Incorporation of Winmax Trading Group, Inc., dated
                       September 26, 1996*                                                                        
|3.1.2       | Amendment to the Articles of Incorporation of Winmax Trading Group, Inc. dated January 27,
                       1997*                                                          
|3.1.3       | Amendment to the Articles of Incorporation of Winmax Trading Group, Inc. dated October 6,
                       1999*                                                           
|3.2         | Bylaws of Winmax Trading Group, Inc. and Amendment*                                                                                                                              
|10.1        | Limited Partnership Agreement Between Winmax Trading Group, Inc. as General Partner and
                       the Limited Partners in the Winmax Alpha Fund Limited Partnership*
|10.2        | Assignment Agreement with Stone and Woods Corporation s.a.r.l.*                                                                                                                  
|10.3        | Share Purchase Agreement from Global Gemstone & Jewelry Inc.*                                                                                                                    
|10.4        | Agreement with Thomas Meeks*                                                                                                                                                     
|99.1        | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of
                       The Sarbanes-Oxley Act of 2002                                    

* Denotes previously filed exhibits hereby incorporated by reference.
We hereby incorporate the following documents by reference:
i) Our Annual Report on Form 10-KSB for the year ended December 31, 2001 which was filed with the
Commission on May 9, 2002;
ii) Our Quarterly Report on Form 10-QSB for the quarters ended March 31, 2002, June 30, 2001, and September 30, 2001 which were
filed with the Securities and Exchange Commission on, May 24, 2002, August 3, 2001, and November 29, 2001 respectively; and
iii) Our Report on Form 8-K/A which was filed with the Securities and Exchange Commission on March 12, 2002.

B.   Reports on Form 8-K

Not Applicable.

SIGNATURES

In accordance with Section
13 or 15(d) of the Securities Exchange Act of 1934, the Registrant caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.

WINMAX TRADING GROUP, INC.
Date:    September 16, 2002

By:      /s/ Gerald E. Sklar
         Gerald E. Sklar, President, Chief Executive Officer

Pursuant to the
requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the Registrant and in the capacities
and on the dates indicated.
Date:    September 16, 2002

By:      /s/ Gerald E. Sklar
         Gerald E. Sklar, President, Chief Executive Officer