`SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  FORM 10-QSB/A

    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
                OF 1934 FOR THE QUARTER ENDED SEPTEMBER 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                  I.R.S. Employer Identification No.
of incorporation or organization

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

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

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

As of November 12, 2002, we had 2,499,313 shares of common stock outstanding.
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
                               September 30, 2002
                                   (Unaudited)
                                   (Restated)

                            Assets

Current assets
  Cash                                                           $ 43
  Accounts receivable - trade                                  36,180
  Accounts receivable - other                                  63,978
  Inventory                                                   131,667
  Other current assets                                         15,113
                                                          -----------
      Total current assets                                    246,981
                                                          -----------

Property and equipment, net                                    65,196
                                                          -----------

Other assets:
  Web site                                                    270,000
  Other assets                                                 20,000
                                                          -----------
                                                              290,000
                                                          -----------

                                                          $   602,177
                                                          ===========

             Liabilities and Stockholders' Equity

Current liabilities
  Due to shareholders                                     $   219,458
  Accounts payable and accrued expenses                       495,830
                                                          -----------
      Total current liabilities                               715,288
                                                          -----------

Stockholders' equity
  Preferred stock, $1.00 par value,
   1,000,000 shares authorized,
   no shares issued or outstanding                                -
  Common stock, $.001 par value,
   750,000,000 shares authorized,
   2,499,313 shares issued and outstanding                      2,499
  Additional paid-in capital                                9,670,122
  Deferred compensation                                       (80,333)
  Accumulated (deficit)                                    (9,701,726)
                                                          -----------
                                                             (109,438)
                                                          -----------
Other comprehensive income:
  Currency translation adjustment                              (3,673)
                                                          -----------
                                                             (113,111)
                                                          -----------

                                                          $   602,177
                                                          ===========



      See the accompanying notes to the consolidated financial statements.





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

                                           Three Months                Nine Months
                                           ------------                -----------
                                        2002         2001          2002           2001
                                     ----------  -----------    -----------  -----------
                                                                (Restated)

Revenue:
   Sales                             $   17,115  $     4,114    $    58,100  $     4,114
   Sales to affiliate                        -            -         168,000           -
                                     ----------  -----------    -----------  -----------
                                         17,115        4,114        226,100        4,114
                                     ----------  -----------    -----------  -----------

Operating Costs and Expenses:
  Cost of sales                           4,384           -          45,220           -
  Non cash stock compensation           227,250      974,850      4,601,700    1,642,250
  Amortization                           54,000           -         162,000           -
  General and administrative             78,162       93,752        609,545      144,393
                                     ----------  -----------    -----------       -------
                                        363,796    1,068,602      5,418,465    1,786,643
                                     ----------  -----------    -----------  -----------

(Loss) from operations                 (346,681)  (1,064,488)    (5,192,365)  (1,782,529)

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

Net (loss)                             (346,681)  (1,064,488)    (5,192,365)  (1,782,529)

Other comprehensive income:
  Foreign currency
    translation adjustment                8,976           -           2,852           -
                                     ----------  -----------    -----------  -----------

Comprehensive (loss)                 $ (337,705) $(1,064,488)   $(5,189,513) $(1,782,529)
                                     ==========  ===========    ===========  ===========

Per Share Information - basic
    and fully diluted:

Weighted average common
    shares outstanding                2,499,313      192,200      2,047,393       91,572
                                     ==========  ===========    ===========  ===========

(Loss) per share                     $    (0.14)     $ (5.54)   $     (2.54) $    (19.47)
                                     ==========  ===========    ===========  ===========



      See the accompanying notes to the consolidated financial statements.





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

                                                     2002           2001
                                                 -----------    -----------
                                                  (Restated)
Cash flows from operating activities:
  Net cash (used in) operating activities        $   (45,488)   $   (93,254)
                                                 -----------    -----------

Cash flows from investing activities:
Net cash (used in) investing activities              (28,069)          (232)
                                                 -----------    -----------

Cash flows from financing activities:
  Net cash provided by financing activities           73,600        101,140
                                                 -----------    -----------

Increase in cash and cash equivalents                     43          7,654

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

Cash and cash equivalents, end of period         $        43    $     9,395
                                                 ===========    ===========


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 STATEMENTS
                               September 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 September 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 September 30, 2002, the Company recorded
$682,850 of non cash stock compensation related to the amortization of deferred
compensation.

During October 2002 the Company amended its Articles of Incorporation to
increase the authorized number of $.001 par value common shares to 750,000,000.

(4)   Inventory

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




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

(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. During August 2002 a
final judgment was entered in favor of the plaintiff in the approximate amount
of $313,000.

(6)   Related Party Transactions

During the period ended September 30, 2002 affiliates of the Company provided
working capital aggregating $219,458 by direct payment of certain obligations of
the Company aggregating $145,858 and cash advances aggregating $73,600.

(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 September 30, 2002 the Company incurred net losses of $5,192,365. In
addition, the Company has an accumulated deficit of $9,701,726 and a working
capital deficit of $468,307 at September 30, 2002. Approximately 75% of the
Company's revenue for the period ended September 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.

(9)   Correction of an Error

The accompanying financial statements have been adjusted to reflect the accrual
of the final judgment discussed in Note 5 in the amount of $313,000 at September
30, 2002 which originally had been recorded at $240,000. The effect of this
adjustment was to increase the net loss by $73,000 or $.04 per share for the
nine months ended September 30, 2002.




Item 2. Management's Discussion and Analysis.

Forward-Looking Statements:

The following discussion of the financial condition and results of operations
should be read in conjunction with our consolidated financial statements and
related notes thereto. The following discussion contains forward-looking
statements. Winmax Trading Group, Inc. is referred to herein as "the Company",
"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.
Statements made herein are as of the date of the filing of this Form 10-QSB with
the Securities and Exchange Commission and should not be relied upon as of any
subsequent date. Unless otherwise required by applicable law, we do not
undertake, and we specifically disclaim any obligation, to update any
forward-looking statements to reflect occurrences, developments, unanticipated
events or circumstances after the date of such statement.

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. Our 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. For the nine
months ended September 30, 2002, approximately $168,000 was sold to 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 nine months ended September 30, 2002, we incurred net losses of
$5,192,365. 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 September 30, 2002, we had $36,180 of accounts receivable. 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 expected 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 nine months period ended September 30, 2002, $168,000 of our total
revenues of $226,100, represents sales to an affiliate that provided web
development services. These services represent 75% of our revenues. Our
quarterly revenues are unpredictable and we expect them to continue to fluctuate
in the future. In view of such fluctuations in our quarterly revenue, 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.

Our general and administrative expenses for the nine months ended September 30,
2002 are $609,545. 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 September 30, 2002, we had no cash upon which to conduct our operations. 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
September 30, 2002, we incurred net losses of $5,192,365. In addition, we had an
accumulated deficit of $9,701,726 and a working capital deficit of $468,307 at
September 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.

Item 3. Controls and Procedures

The Company's Chief Executive Officer and Chief Financial Officer evaluated the
Company's disclosure controls and procedures within the 90 days preceding the
filing date of this quarterly report. Based upon this evaluation, the Chief
Executive Officer and Chief Financial Officer concluded that the Company's
disclosure controls and procedures are effective in ensuring that material
information required to be disclosed is included in the reports that it files
with the Securities and Exchange Commission.

There were no significant changes in the Company's internal controls or, to the
knowledge of the management of the Company, in other factors that could
significantly affect these controls subsequent to the evaluation date.




                            PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

We are presently engaged in the following legal action as indicated below.

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).
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.
During August 2002 a final judgment was entered in favor of the plaintiff in the
amount of $313,000. We have no insurance coverage for the damages that were
awarded against us and we do not have available funds to pay the judgment
against us. We do not have sufficient revenues to pay the judgment against us
and any attorneys fees or sanctions awarded against us. As such, the judgment
will have a material adverse affect on our operations and financial condition.

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.

On September 17, 2002, our Board of Directors unanimously approved amending our
Articles of Incorporation to increase our authorized common stock from 2,500,000
to 750,000,000 shares. The Board submitted the proposal to amend our Articles of
Incorporation to increase our authorized common stock to a vote of our
shareholders and on October 18, 2002, our shareholders approved the proposal. On
October 25, 2002, we submitted our Amended Articles of Incorporation to the
State of Florida, Division of Corporations. Our preferred shares were not
affected by the amendment.

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*

           3.1.4   Amendment to the Articles of Incorporation of Winmax
                   Trading Group, Inc., dated October 18, 2002*
             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 September 30,
2002, March 31, 2002, June 30, 2001, and September 30, 2001 which were filed
with the Securities and Exchange Commission on November 19, 2002, May 24, 2002,
August 3, 2001, and November 29, 2001 respectively;
iii) Our Report on Form 8-K/A which was filed with the Securities and Exchange
Commission on March 12, 2002; and
iv) Our Schedule 14A Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 which was filed with the Securities and Exchange Commission
on September 27, 2002.
v) Our Report on Form 8-K which was filed with the Securities and Exchange
Commission on October 28, 2002.

B. REPORTS ON FORM 8-K.

On October 28, 2002 we filed a report on Form 8-K with the Securities and
Exchange Commission reporting shareholder approval of an amendment to our
articles of incorporation to increase our authorized common stock to increase
our authorized to 750,000,000 shares.



                                   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: November 25, 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: November 25, 2002, 2002

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



   CERTIFICATION ACCOMPANYING PERIODIC REPORT PURSUANT TO SECTION 302 OF THE
                           SARBANES-OXLEY ACT OF 2002

I, Gerald E. Sklar, certify that:

1.   I have reviewed this amended quarterly report on Form 10-QSB/A of Winmax
Trading Group, Inc.;

2.   Based on my knowledge, this amended quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
amended quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of
Winmax Trading Group, Inc. as of, and for, the periods presented in this
amended quarterly report.

4.   I am responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14)for Winmax
Trading Group, Inc. and have:
a) designed such disclosure controls and procedures to ensure that material
information relating to Winmax Trading Group, Inc., including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;
b) evaluated the effectiveness of Winmax Trading Group, Inc.'s disclosure
controls and procedures as of a date within 90 days prior to the filing date of
this quarterly report (the "Evaluation Date"); and
c) presented in this amended quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;

5.   I have disclosed, based on my most recent evaluation, to Winmax Trading
Group, Inc.'s auditors and the audit committee of Winmax Trading Group, Inc.,
Inc.'s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect Winmax Trading Group, Inc.'s ability to
record, process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in Winmax Trading Group, Inc.'s
internal controls; and

6.    I have indicated in this amended quarterly report whether there were
significant changes in internal controls or in other factors that could
significantly affect internal controls subsequent to the date of our most recent
evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.


Date: November 25, 2002
/s/ Gerald E. Sklar
    Gerald E. Sklar
Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer`