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

                                   FORM 10-KSB





[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 For the fiscal year ended December 31, 2001
                                  -----------------

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 For the transition period from                 to
                                          -----------------   -----------------

Commission File Number: 000-28005

                          CobraTech International, Inc.
                          -----------------------------
             (Exact name of registrant as specified in its charter)

Nevada                                                               88-0422028
------                                                               ----------
(State or other jurisdiction of                                (I.R.S. Employer
incorporation or organization)                               Identification No.)

Suite 2300, 1066 West Hastings Street,
 Vancouver, British Columbia, Canada                                     V6E 3X2
--------------------------------------------------------------------------------
(Address of principal executive offices)                              (Zip Code)

                                 (604) 608-1610
                                 --------------
              (Registrant's Telephone Number, Including Area Code)

Securities registered under Section 12(b) of the Act:


 Title of each class registered:      Name of each exchange on which registered:
 -------------------------------      ------------------------------------------

               None                                      None
               ----                                      ----

Securities registered under Section 12(g) of the Act:

                   Common Stock, Par Value $.001
                   -----------------------------
                          (Title of Class)

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 such filing
requirements for the past 90 days. [X] Yes [ ] No

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [X]


State issuer's revenues for its most recent fiscal year. $0.00

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates computed by reference to the price at which the common equity
was sold, or the average bid and asked price of such common equity, as of a
specified date within the past 60 days. (See definition of affiliate in Rule
12b-2 of the Exchange Act.) As of April 12, 2002, approximately $8,160,024.

As of April 12, 2002, there were 24,200,030 shares of the issuer's $.001 par
value common stock issued and outstanding.

Documents incorporated by reference. There are no annual reports to security
holders, proxy information statements, or any prospectus filed pursuant to Rule
424 of the Securities Act of 1933 incorporated herein by reference.

Transitional Small Business Disclosure format (check one):

               [ ]  Yes           [X]  No



                                       1
<PAGE>


                                     PART I

Item 1. Description of Business.
--------------------------------

Our Background. We were incorporated on March 30, 1999. On November 14, 2000, we
changed our name from Dead Man's Point, Inc., to CobraTech International, Inc.

Our Business. We were originally formed to create a western-themed resort
facility with entertainment, attractions and hotel rooms for overnight lodging,
to be located in the Southern California region of the United States. We
intended to develop this concept by doing the following: identifying land to
build the project on; conducting feasibility analysis on identified land;
obtaining financing to purchase the property; and attracting developers to build
hotels, restaurants, retail stores and attractions.

We have contemplated acquiring a third party, merging with a third party or
pursuing a joint venture with a third party in order to support our development.
We recently began conducting informal discussions with potential acquisition or
merger candidates. As a result of those discussions, we recently entered into a
letter of intent with Meta Source Systems, Inc., a Delaware corporation,
pursuant to which Meta Source Acquisition Corp., a Delaware corporation and our
wholly-owned subsidiary, which we recently formed, will merge with and into Meta
Source Systems, Inc. We are currently negotiating the terms of a definitive
agreement. Meta Source Systems, Inc. is a software development firm, which is
currently looking to acquire other software development companies to grow and
expand its operations.

We cannot guaranty that we will acquire or merge with Meta Source Systems, Inc.,
or that in the event we acquire or merge with Meta Source Systems, Inc., such
acquisition or merger will increase the value of our common stock.

Our Intellectual Property. We do not presently own any patents, trademarks,
licenses, concessions or royalties.

Our Research and Development. We are not currently conducting any research and
development activities. We do not anticipate conducting such activities in the
near future.

Employees. As of April 12, 2002, we have no employees, other than our sole
officer and director. We do not anticipate that we will hire any employees in
the next six to twelve months, unless complete the acquisition of Meta Source
Systems, Inc.

Item 2.  Description of Property.
---------------------------------

Our Facilities. Our headquarters are located at Suite 2300, 1066 West Hastings
Street, Vancouver, British Columbia , Canada V6E 3X2. Those offices are provided
to us by our president at no charge to us. Our president does not expect to be
reimbursed by us. We believe that our facilities are adequate for our needs and
that additional suitable space will be available on acceptable terms as
required. We do not own any real estate.

Item 3.  Legal Proceedings.
---------------------------

There are no legal actions pending against us nor are any legal actions
contemplated by us at this time.

Item 4.  Submission of Matters to Vote of Security Holders
----------------------------------------------------------

Not applicable.



                                       2
<PAGE>


                                     PART II

Item 5.  Market Price for Common Equity and Related Stockholder Matters.
------------------------------------------------------------------------

Reports to Security Holders. We are a reporting company with the Securities and
Exchange Commission, or SEC. The public may read and copy any materials filed
with the SEC at the SEC's Public Reference Room at 450 Fifth Street N.W.,
Washington, D.C. 20549. The public may also obtain information on the operation
of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC
maintains an Internet site that contains reports, proxy and information
statements, and other information regarding issuers that file electronically
with the SEC. The address of that site is http://www.sec.gov.

Prices of Common Stock. We are eligible to participate in the OTC Bulletin
Board, an electronic quotation medium for securities traded outside of the
Nasdaq Stock Market, and prices for our common stock are published on the OTC
Bulletin Board under the trading symbol COBB. This market is extremely limited
and the prices quoted are not a reliable indication of the value of our common
stock. As of December 31, 2001, there were 24,200,030 shares of our common stock
outstanding.

------------------------- ------------------------- ---------------------------
          2001                      HIGH                       LOW
------------------------- ------------------------- ---------------------------
      1st Quarter                   $1.05                      $0.55
------------------------- ------------------------- ---------------------------
      2nd Quarter                   $1.05                      $0.55
------------------------- ------------------------- ---------------------------
      3rd Quarter                   $0.56                      $0.37
------------------------- ------------------------- ---------------------------
      4th Quarter                   $0.52                      $0.32
------------------------- ------------------------- ---------------------------

The closing price for our common stock on April 12, 2002, was $0.90.

There are no outstanding options or warrants to purchase, or securities
convertible into, shares of our common stock. There are no outstanding shares of
our common stock that we have agreed to register under the Securities Act for
sale by security holders. The approximate number of holders of record of shares
of our common stock is twenty-six.

There have been no cash dividends declared on our common stock. Dividends are
declared at the sole discretion of our Board of Directors.

Penny Stock Regulation. Shares of our common stock are subject to rules adopted
by the Securities and Exchange Commission that regulate broker-dealer practices
in connection with transactions in "penny stocks". Penny stocks are generally
equity securities with a price of less than $5.00 (other than securities
registered on certain national securities exchanges or quoted on the Nasdaq
system, provided that current price and volume information with respect to
transactions in those securities is provided by the exchange or system). The
penny stock rules require a broker-dealer, prior to a transaction in a penny
stock not otherwise exempt from those rules, deliver a standardized risk
disclosure document prepared by the Securities and Exchange Commission, which
contains the following:

    o    a description of the nature and level of risk in the market for penny
         stocks in both public offerings and secondary trading;
    o    a description of the broker's or dealer's duties to the customer and of
         the rights and remedies available to the customer with respect to
         violation to such duties or other requirements of securities' laws;
    o    a brief, clear, narrative description of a dealer market, including
         "bid" and "ask" prices for penny stocks and the significance of the
         spread between the "bid" and "ask" price;
    o    a toll-free telephone number for inquiries on disciplinary actions;
    o    definitions of significant terms in the disclosure document or in the
         conduct of trading in penny stocks; and
    o    such other information and is in such form (including language, type,
         size and format), as the Securities and Exchange Commission shall
         require by rule or regulation.

Prior to effecting any transaction in penny stock, the broker-dealer also must
provide the customer the following:

    o    the bid and offer quotations for the penny stock;
    o    the compensation of the broker-dealer and its salesperson in the
         transaction;


                                       3
<PAGE>


    o    the number of shares to which such bid and ask prices apply, or other
         comparable information relating to the depth and liquidity of the
         market for such stock; and
    o    monthly account statements showing the market value of each penny stock
         held in the customer's account.

In addition, the penny stock rules require that prior to a transaction in a
penny stock not otherwise exempt from those rules, the broker-dealer must make a
special written determination that the penny stock is a suitable investment for
the purchaser and receive the purchaser's written acknowledgment of the receipt
of a risk disclosure statement, a written agreement to transactions involving
penny stocks, and a signed and dated copy of a written suitably statement. These
disclosure requirements may have the effect of reducing the trading activity in
the secondary market for a stock that becomes subject to the penny stock rules.
Holders of shares of our common stock may have difficulty selling those shares
because our common stock will probably be subject to the penny stock rules.

Item 6. Management's Discussion and Analysis of Financial Condition or Plan of
Operation.
------------------------------------------------------------------------------

This following information specifies certain forward-looking statements of
management of the company. Forward-looking statements are statements that
estimate the happening of future events are not based on historical fact.
Forward-looking statements may be identified by the use of forward-looking
terminology, such as "may", "shall", "will", "could", "expect", "estimate",
"anticipate", "predict", "probable", "possible", "should", "continue", or
similar terms, variations of those terms or the negative of those terms. The
forward-looking statements specified in the following information have been
compiled by our management on the basis of assumptions made by management and
considered by management to be reasonable. Our future operating results,
however, are impossible to predict and no representation, guaranty, or warranty
is to be inferred from those forward-looking statements.

The assumptions used for purposes of the forward-looking statements specified in
the following information represent estimates of future events and are subject
to uncertainty as to possible changes in economic, legislative, industry, and
other circumstances. As a result, the identification and interpretation of data
and other information and their use in developing and selecting assumptions from
and among reasonable alternatives require the exercise of judgment. To the
extent that the assumed events do not occur, the outcome may vary substantially
from anticipated or projected results, and, accordingly, no opinion is expressed
on the achievability of those forward-looking statements. No assurance can be
given that any of the assumptions relating to the forward-looking statements
specified in the following information are accurate, and we assume no obligation
to update any such forward-looking statements.


Liquidity and Capital Resources. We had cash of $19 as at December 31, 2001. We
believe that our available cash is sufficient to pay our day-to-day
expenditures. Our total assets were approximately $9,530 and our total
liabilities were approximately $22,375 as at December 31, 2001. During 2001, Joe
Cheung, our sole officer, director and principal shareholder, paid our expenses
on our behalf. Those expenses of approximately $12,375 are due to Mr. Cheung.
The note of those expenses bears no interest and is payable on demand. In April
2002, Joe Cheung, our sole officer, director and principal shareholder, loaned
us $25,000 to pay our expenses and provide us with working capital. That note
matures on June 30, 2002, and does not bear any interest.


Results of Operations.

Revenue. We have not generated any revenues to date. We do not expect that we
will generate any significant revenues until such time as we complete the
acquisition of Meta Source Systems, Inc.

Operating Expenses. We have incurred expenses of approximately $14,041 for the
year ended December 31, 2001. Expenditures were primarily due to costs incurred
for professional fees, services and general and administrative expenses. We
anticipate that we will continue to incur significant professional, general and
administrative expenses with respect the acquisition of Meta Source Systems,
Inc.



                                       4
<PAGE>


Our Plan of Operation for the Next Twelve Months. Our plan of operation is
dependent on our ability to complete the acquisition of Meta Source Systems,
Inc. If we are unable to complete the acquisition of Meta Source Systems, Inc.,
then we will look to acquire or merge with another party. We cannot guaranty
that we will acquire or merge with Meta Source Systems, Inc, or that in the
event we acquire or merge with Meta Source Systems, Inc, such acquisition or
merger will increase the value of our common stock.

In the opinion of management, available funds will satisfy our working capital
requirements for the next twelve months. Our forecast for the period for which
our financial resources will be adequate to support our operations involves
risks and uncertainties and actual results could fail as a result of a number of
factors. We will need to raise additional capital to complete the acquisition of
Meta Source Systems, Inc. Such additional capital may be raised through public
or private financing as well as borrowings and other sources. We cannot guaranty
that additional funding will be available on favorable terms, if at all.

We are not currently conducting any research and development activities. We do
not anticipate conducting any other such activities in the next twelve months,
unless we complete the acquisition of Meta Source Systems, Inc. We do not
anticipate that we will purchase or sell any significant equipment in the next
six to twelve months unless we complete the acquisition of Meta Source Systems,
Inc. We do not anticipate that we will hire any employees in the next six to
twelve months, unless complete the acquisition of Meta Source Systems, Inc.



                                       5
<PAGE>



Item 7.  Financial Statements
-----------------------------




G. BRAD BECKSTEAD
-----------------
Certified Public Accountant
                                                            330 E. Warm Springs
                                                            Las Vegas, NV 89119
                                                                   702.257.1984
                                                             702.362.0540 (fax)


                          INDEPENDENT AUDITOR'S REPORT

April 14, 2002

Board of Directors
Cobra Tech International, Inc.
[formerly Dead Man's Point, Inc.]
Las Vegas, NV

I have audited the restated Balance Sheets of Cobra Tech International, Inc.
[formerly Dead Man's Point, Inc.] (the "Company") (a Development Stage Company),
as of December 31, 2001 and 2000, and the related Statements of Operations,
Stockholders' Equity, and Cash Flows for the years then ended, and for the
period March 30, 1999 (Date of Inception) to December 31, 2000. These financial
statements are the responsibility of the Company's management. My responsibility
is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with generally accepted auditing standards in
the United States of America. Those standards require that I plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statement
presentation. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audit provides a reasonable
basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all
material respects, the balance sheets of Cobra Tech International, Inc. as of
December 31, 2001 and 2000, and its related statements of operations, equity and
cash flows for the years then ended, and for the period March 30, 1999 (Date of
Inception) to December 31, 2000, in conformity with generally accepted
accounting principles in the United States of America.

The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. As discussed in Note 4 to the financial
statements, the Company has had limited operations and have not commenced
planned principal operations. This raises substantial doubt about its ability to
continue as a going concern. Management's plan in regard to these matters are
also described in Note 4. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.




/s/ G. Brad Beckstead
------------------------------
G. Brad Beckstead, CPA




                                      6
<PAGE>

                  Cobra Tech International, Inc.
                  [formerly Dead Man's Point, Inc.]
                    (a Development Stage Company)
                            Balance Sheet

<TABLE>
<CAPTION>
                                                                  December 31,         December 31,
                                                                      2001                2000
                                                              -----------------    -----------------
            <S>                                                     <C>                   <C>
Assets

Current assets:
    Cash                                                      $             19     $             19
    Loan to stockholder                                                  9,511                9,511
                                                              -----------------    -----------------
      Total current assets                                               9,530                9,530
                                                              -----------------    -----------------
                                                              $          9,530     $          9,530
                                                              =================    =================
Liabilities and Stockholders' Equity (Deficit)

Current liabilities
    Accounts payable                                          $         10,000     $              -
    Loan from stockholder                                               12,375                8,334

      Total current liabilities                                         22,375                8,334
                                                              -----------------    -----------------
Stockholders' Equity (Deficit):
    Common stock, $0.001 par value, 25,000,000
      shares authorized; 24,200,030 shares issued and
      outstanding at 12/31/01 and 12/31/00                              24,200               24,200
    Additional paid-in capital                                           9,860                9,860
    Treasury stock                                                      10,000               10,000
    (Deficit) accumulated during development stage                     (56,905)             (42,864)
                                                              -----------------    -----------------
                                                                       (12,845)               1,196
                                                              -----------------    -----------------
                                                              $          9,530     $          9,530
                                                              =================    =================
</TABLE>





    The accompanying notes are integral part of these financials statements.

                                       7
<PAGE>

                         Cobra Tech International, Inc.
                        [formerly Dead Man's Point, Inc.]
                          (a Development Stage Company)
                             Statement of Operations
                 For the Years ended December 31, 2001 and 2000
       and For the Period March 30, 1999 (Inception) to December 31, 2001



<TABLE>
<CAPTION>
                                                                         Years Ended                      March 30, 1999
                                                                         December 31,                     (Inception) to
                                                            -----------------------------------------       December 31,
                                                                    2001                  2000                 2001
                                                            --------------------   ------------------   --------------------
                  <S>                                                <C>                   <C>                  <C>
Revenue                                                      $                -    $               -     $                -
                                                            --------------------   ------------------   --------------------
Expenses:

   General and administrative expenses                                   14,041                5,599                 32,545
                                                            --------------------   ------------------   --------------------
     Total expenses                                                      14,041                5,599                 32,545
                                                            --------------------   ------------------   --------------------
Net (loss)                                                   $          (14,041)   $          (5,599)    $          (32,545)
                                                            ====================   ==================   ====================
Weighted average number of
   common shares outstanding - basic and fully diluted               24,200,030            9,840,001
                                                            ====================   ==================
Net (loss) per share - basic and fully diluted               $            (0.00)   $           (0.00)
                                                            ====================   ==================
</TABLE>






    The accompanying notes are integral part of these financials statements.

                                       8
<PAGE>


                         Cobra Tech International, Inc.
                        [formerly Dead Man's Point, Inc.]
                          (A Development Stage Company)
                  Statement of Changes in Stockholders' Equity
     For the period March 30, 1999 (Date of Inception) to December 31, 2001

<TABLE>
<CAPTION>
                                                                                                         (Deficit)
                                             Common Stock                                                Accumulated
                                      -------------------------    Additional                              During        Total
                                                                    Paid-in     Treasury   Subscription  Development Stockholders'
                                        Shares       Amount        Capital        Stock    Receivable      Stage    Equity (Deficit)
                                      -----------  -----------   -----------  -----------   ----------  -----------  ------------
          <S>                            <C>           <C>          <C>           <C>          <C>          <C>            <C>
March 31, 1999
    Shares issued for subscription
    receivable                        9,500,000     $    9,500   $         -  $         -   $   (9,500)  $       -    $        -

April 1, 1999
    Shares issued for cash              340,001            340         9,860                                              10,200

August 20, 1999
    Cash received for subscription
    receivable                                                                          -        9,500                     9,500

Net (loss) for the year ended
    December 31, 1999                                                                                      (12,905)      (12,905)
                                      -----------  -----------   -----------  -----------   ----------  -----------  ------------
Balance, December 31, 1999            9,840,001          9,840         9,860            -            -     (12,905)        6,795

Cancelled shares                     (9,000,000)        (9,000)                     9,000                                      -

30-for-1 stock dividend              24,360,029         24,360                                             (24,360)            -

Cancelled shares                     (1,000,000)        (1,000)                     1,000                                      -

Net (loss) for the year ended
    December 31, 2000                                                                                       (5,599)       (5,599)
                                      -----------  -----------   -----------  -----------   ----------  -----------  ------------
Balance, December 31, 2000           24,200,030         24,200         9,860       10,000           -      (42,864)        1,196

Net (loss) for the year ended
    December 31, 2001                                                                                      (14,041)      (14,041)
                                      -----------  -----------   -----------  -----------   ----------  -----------  ------------
Balance, December 31, 2000           24,200,030     $   24,200   $     9,860  $    10,000    $      -    $ (56,905)   $  (12,845)
                                      -----------  -----------   -----------  -----------   ----------  -----------  ------------
</TABLE>



    The accompanying notes are integral part of these financials statements.

                                       9
<PAGE>


                         Cobra Tech International, Inc.
                        [formerly Dead Man's Point, Inc.]
                          (a Development Stage Company)
                             Statement of Cash Flows
                 For the Years Ended December 31, 2001 and 2000
       and For the Period March 30, 1999 (Inception) to December 31, 2001

<TABLE>
<CAPTION>
                                                                     Years Ended                     March 30, 1999
                                                                     December 31,                   (Inception) to
                                                        ----------------------------------------     December 31,
                                                              2001                 2000                  2001
                                                        -----------------    -------------------   -----------------
                      <S>                                     <C>                    <C>                 <C>
Cash flows from operating activities
Net (loss)                                              $        (14,041)    $           (5,599)   $        (32,545)
Adjustments to reconcile net (loss) to net cash
    (used) by operating activities:
     Increase (decrease) in accounts payable                      10,000                    (50)             10,000
                                                        -----------------    -------------------   -----------------
Net cash used by operating activities                             (4,041)                (5,649)            (22,545)
                                                        -----------------    -------------------   -----------------
Cash flows from investing activities                                   -                      -                   -
                                                        -----------------    -------------------   -----------------
Cash flows from financing activities
    Loan (to) from stockholder                                     4,041                  5,209               2,864
    Issuance of common stock                                           -                      -              19,700
                                                        -----------------    -------------------   -----------------
Net cash provided by financing activities                          4,041                  5,209              22,564
                                                        -----------------    -------------------   -----------------
Net (decrease) increase in cash                                        -                   (440)                 19
Cash - beginning                                                      19                    459                   -
                                                        -----------------    -------------------   -----------------
Cash - ending                                           $             19     $               19    $             19
                                                        =================    ===================   =================
Supplemental disclosures:
    Interest paid                                       $              -     $                -    $              -
                                                        =================    ===================   =================
    Income taxes paid                                   $              -     $                -    $              -
                                                        =================    ===================   =================
</TABLE>







    The accompanying notes are integral part of these financials statements.

                                       10
<PAGE>



                         Cobra Tech International, Inc.
                        [formerly Dead Man's Point, Inc.]
                          (a Development Stage Company)
                          Notes to Financial Statements


Note 1 - Significant accounting policies and procedures

Organization
------------
The Company was organized March 30, 1999 (date of inception) under the laws of
the State of Nevada, as Dead Man's Point, Inc. Subsequently, the Company changed
its name to Cobra Tech International, Inc.

The Company has limited operations and in accordance with SFAS #7, the Company
is considered a development stage company.

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

Cash and cash equivalents
-------------------------
The Company maintains a cash balance in a non-interest-bearing account that
currently does not exceed federally insured limits. For the purpose of the
statements of cash flows, all highly liquid investments with an original
maturity of three months or less are considered to be cash equivalents.

Revenue recognition
-------------------
The Company recognizes revenue on an accrual basis as it invoices for services.

Reporting on the costs of start-up activities
Statement of Position 98-5 (SOP 98-5), "Reporting on the Costs of Start-Up
Activities," which provides guidance on the financial reporting of start-up
costs and organizational costs, requires most costs of start-up activities and
organizational costs to be expensed as incurred. SOP 98-5 is effective for
fiscal years beginning after December 15, 1998. With the adoption of SOP 98-5,
there has been little or no effect on the Company's financial statements.

Loss per share
--------------
Net loss per share is provided in accordance with Statement of Financial
Accounting Standards No. 128 (SFAS #128) "Earnings Per Share". Basic loss per
share is computed by dividing losses available to common stockholders by the
weighted average number of common shares outstanding during the period. The
Company had no dilutive common stock equivalents, such as stock options or
warrants as of December 31, 2001 or 2000.

Advertising Costs
-----------------
The Company expenses all costs of advertising as incurred. There were no
advertising costs included in selling, general and administrative expenses in
2001 or 2000.

Fair value of financial instruments
-----------------------------------
Fair value estimates discussed herein are based upon certain market assumptions
and pertinent information available to management as of December 31, 2001 and
2000. The respective carrying value of certain on-balance-sheet financial
instruments approximated their fair values. These financial instruments include
cash and accounts payable. Fair values were assumed to approximate carrying
values for cash and payables because they are short term in nature and their
carrying amounts approximate fair values or they are payable on demand.

Impairment of long lived assets
-------------------------------
Long lived assets held and used by the Company are reviewed for possible
impairment whenever events or circumstances indicate the carrying amount of an
asset may not be recoverable or is impaired. No such impairments have been
identified by management at December 31, 2001 or 2000.


                                       11
<PAGE>


Segment reporting
-----------------
The Company follows Statement of Financial Accounting Standards No. 130,
"Disclosures About Segments of an Enterprise and Related Information". The
Company operates as a single segment and will evaluate additional segment
disclosure requirements as it expands its operations.

Dividends
---------
The Company has not yet adopted any policy regarding payment of dividends. No
dividends have been paid or declared since inception.

Stock-Based Compensation:
-------------------------
The Company accounts for stock-based awards to employees in accordance with
Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to
Employees" and related interpretations and has adopted the disclosure-only
alternative of FAS No. 123, "Accounting for Stock-Based Compensation." Options
granted to consultants, independent representatives and other non-employees are
accounted for using the fair value method as prescribed by FAS No. 123.

Recent pronouncements
---------------------
The FASB recently issued Statement No. 137, "Accounting for Derivative
Instruments and Hedging Activities-Deferral of Effective Date of FASB Statement
No. 133". The Statement defers for one year the effective date of FASB Statement
No. 133, "Accounting for Derivative Instruments and Hedging Activities". The
rule now will apply to all fiscal quarters of all fiscal years beginning after
June 15, 2000. In June 1998, the FASB issued SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities." The Statement will require the
company to recognize all derivatives on the balance sheet at fair value.
Derivatives that are not hedges must be adjusted to fair value through income,
if the derivative is a hedge, depending on the nature of the hedge, changes in
the fair value of derivatives will either be offset against the change in fair
value of the hedged assets, liabilities, or firm commitments through earnings or
recognized in other comprehensive income until the hedged item is recognized in
earnings. The ineffective portion of a derivative's change in fair value will be
immediately recognized in earnings. SFAS No. 133 did not have a material impact
on the Company's earnings and financial position.

In December 1999, the Securities and Exchange Commission released Staff
Accounting Bulletin No. 101, Revenue Recognition in Financial Statements (SAB
No. 101), which provides guidance on the recognition, presentation and
disclosure of revenue in financial statements. SAB No. 101 did not impact the
Company's revenue recognition policies.

Note 2 - Income taxes

Income taxes are provided for using the liability method of accounting in
accordance with Statement of Financial Accounting Standards No. 109 (SFAS #109)
"Accounting for Income Taxes". A deferred tax asset or liability is recorded for
all temporary differences between financial and tax reporting. Deferred tax
expense (benefit) results from the net change during the year of deferred tax
assets and liabilities. There is no provision for income taxes for the years
ended December 31, 2001 or 2000, due to the net loss and no state income tax in
Nevada, the state of the Company's domicile and operations.

Note 3 - Stockholders' equity

The Company is authorized to issue 25,000,000 shares of $0.001 par value common
stock.

On March 31, 1999, the Company issued 9,500,000 shares of its $0.001 par value
common stock to a stockholder in exchange for a subscription receivable in the
amount of $9,500.

On April 1, 1999, the Company issued 340,001 shares of its $0.001 par value
common stock to stockholders in exchange for cash of $10,200.

On August 20, 1999, the Company canceled the subscription receivable and
deposited $9,500 into the corporate checking account.


                                       12
<PAGE>


On November 14, 2000, the Company's president and CEO resigned. Concomitant with
his resignation, he returned 9,000,000 shares of common stock to the Company.
The Company cancelled these shares and returned them to treasury stock.

On November 14, 2000, the Company's board of directors approved a 30-for-1 stock
forward split resulting in an issuance of 29 shares for every one share
outstanding treated as a stock dividend. Concurrent with the stock dividend, the
Company's major shareholder returned 1,000,000 shares to the Company to be
cancelled and returned to treasury stock. The resulting number of shares issued
and outstanding is 24,200,030.

There have been no other issuances of common stock.

Note 4 - Going concern

The Company's financial statements are prepared using the generally accepted
accounting principles applicable to a going concern, which contemplates the
realization of assets and liquidation of liabilities in the normal course of
business. Without realization of additional capital, it would be unlikely for
the Company to continue as a going concern. Because the Company does not have
significant cash or other material assets, nor does it have an established
source of revenue sufficient to cover its operating costs, the
stockholders/officers will continue advancing enough cash to cover the operating
costs of the company. The advances do not bear any interest. Additionally, the
Company intends to sell additional shares of its $0.001 par value common stock
when it is listed on the NASDAQ bulletin board.

Note 5 - Related party transactions

A shareholder of the Company loaned $12,375 as of December 31, 2001. The loan is
non-interest bearing and due on demand.

The Company does not lease or rent any property. Office services are provided
without charge by a director/stockholder. Such costs are immaterial to the
financial statements and, accordingly, have not been reflected therein.

The officers and directors of the Company are involved in other business
activities and may, in the future, become involved in other business
opportunities. If a specific business opportunity becomes available, such
persons may face a conflict in selecting between the Company and their other
business interests. The Company has not formulated a policy for the resolution
of such conflicts.

Note 6 - Warrants and options

There are no warrants or options outstanding to acquire any additional shares of
common stock.




                                       13
<PAGE>


Item 8.  Changes in and Disagreements with Accountants.
-------------------------------------------------------

There have been no changes in or disagreements with our accountants since our
formation required to be disclosed pursuant to Item 304 of Regulation S-B.

                                    PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons.
----------------------------------------------------------------------

We are dependent on the efforts and abilities of certain of our senior
management. Our officers and directors will hold office until their resignations
or removal.

Our directors and principal executive officers are as specified on the following
table:

==================== =========== ==============================================
         Name            Age                       Position
-------------------- ----------- ----------------------------------------------
Joe Cheung                30      president, secretary, treasurer, director
==================== =========== ==============================================

Joe Cheung. Mr. Cheung has been our president, secretary, treasurer and director
since March 2002. Mr. Cheung is primarily responsible for our day to day
operations. He is also our principal financial and accounting officer. In the
past five years, Mr. Cheung has acted as a merchant banker specializing in
venture and emerging growth companies. He has also consulted with and acted as a
director and president of several publicly listed companies. Mr. Cheung has also
invested in and advised companies in technology and financial services. He has
an extensive network of corporate and financial contacts in North America,
Europe and Asia to assist young companies in their strategic development and
capital raising requirements. Mr. Cheung is currently not an officer or director
of any other reporting company.

There are no orders, judgments, or decrees of any governmental agency or
administrator, or of any court of competent jurisdiction, revoking or suspending
for cause any license, permit or other authority to engage in the securities
business or in the sale of a particular security or temporarily or permanently
restraining any of our officers or directors from engaging in or continuing any
conduct, practice or employment in connection with the purchase or sale of
securities, or convicting such person of any felony or misdemeanor involving a
security, or any aspect of the securities business or of theft or of any felony.
Nor are any of the officers or directors of any corporation or entity affiliated
with us so enjoined.



                                       14
<PAGE>


Our directors will serve until the next annual meeting of stockholders. Our
executive officers are appointed by our Board of Directors and serve at the
discretion of the Board of Directors.

Section 16(a) Beneficial Ownership Reporting Compliance. We believe that our
officers, directors, and principal shareholders have filed all reports required
to be filed on, respectively, a Form 3 (Initial Statement of Beneficial
Ownership of Securities), a Form 4 (Statement of Changes of Beneficial Ownership
of Securities), or a Form 5 (Annual Statement of Beneficial Ownership of
Securities).

Item 10.  Executive Compensation
--------------------------------

Any compensation received by our officers, directors, and management personnel
will be determined from time to time by our board of directors. Our officers,
directors, and management personnel will be reimbursed for any out-of-pocket
expenses incurred on our behalf.

Summary Compensation Table. The table set forth below summarizes the annual and
long-term compensation for services in all capacities to us payable to our
former officer during the year ended December 31, 2001 and anticipated
compensation payable to our current officer for the year ended December 31,
2002. Our Board of Directors may adopt an incentive stock option plan for our
executive officers which would result in additional compensation.

<TABLE>
<CAPTION>
===================================== ======== ============ ============= ===================== =====================
Name and Principal Position            Year      Annual       Bonus ($)       Other Annual           All Other
                                                Salary ($)                   Compensation ($)        Compensation
------------------------------------- -------- ------------ ------------- --------------------- ---------------------
          <S>                           <C>       <C>           <C>               <C>                   <C>
John Devlin - former president,        2001       None          None              None                  None
secretary, treasurer
------------------------------------- -------- ------------ ------------- --------------------- ---------------------
Joe Cheung - president, secretary,     2002       None          None              None                  None
treasurer
===================================== ======== ============ ============= ===================== =====================
</TABLE>

Compensation of Directors. Our directors who are also our employees receive no
extra compensation for their service on our board of directors.

Item 11. Security Ownership of Certain Beneficial Owners and Management.
------------------------------------------------------------------------

The following table sets forth certain information regarding the beneficial
ownership of our common stock as of April 12, 2002 by each person or entity
known by us to be the beneficial owner of more than 5% of the outstanding shares
of common stock, each of our directors and named executive officers, and all of
our directors and executive officers as a group.

<TABLE>
<CAPTION>
======================= ======================================== ==================================== =============================
Title of Class                 Name of Beneficial Owner               Amount of Beneficial Owner            Percent of Class
----------------------- ---------------------------------------- ------------------------------------ -----------------------------
     <S>                            <C>                                      <C>                                     <C>
Common Stock            Joe Cheung                                 14,000,000 shares, president,                  57.85%
                        2300-1066 West Hastings Street               secretary, director
                        Vancouver, British Columbia
                        Canada V6E 3X2
----------------------- ---------------------------------------- ------------------------------------ -----------------------------
Common Stock            All directors and named executive                 14,000,000 shares                       57.85%
                        officers as a group
======================= ======================================== ==================================== =============================
</TABLE>
Beneficial ownership is determined in accordance with the rules of the
Securities and Exchange Commission and generally includes voting or investment
power with respect to securities. In accordance with Securities and Exchange
Commission rules, shares of our common stock which may be acquired upon exercise
of stock options or warrants which are currently exercisable or which become
exercisable within 60 days of the date of the table are deemed beneficially
owned by the optionees. Subject to community property laws, where applicable,
the persons or entities named in the table above have sole voting and investment
power with respect to all shares of our common stock indicated as beneficially
owned by them.


                                       15
<PAGE>


Changes in Control. Our management is not aware of any arrangements which may
result in "changes in control" as that term is defined by the provisions of Item
403(c) of Regulation S-B.

Item 12.  Certain Relationships and Related Transactions.
---------------------------------------------------------

Related Party Transactions. There have been no related party transactions,
except for the following:

Joe Cheung, our president, secretary, treasurer and our director, currently
provides office space to us at no charge. Mr. Cheung does not expect to be paid
or reimbursed for providing office facilities.

During 2001, Joe Cheung, our sole officer, director and principal shareholder,
paid our expenses on our behalf. Those expenses of approximately $12,375 are due
to Mr. Cheung. The note of those expenses bears no interest and is payable on
demand. In April 2002, Joe Cheung, our sole officer, director and principal
shareholder, loaned us $25,000 to pay our expenses and provide us with working
capital. That note matures on June 30, 2002, and does not bear any interest.

With regard to any future related party transaction, we plan to fully disclose
any and all related party transactions, including, but not limited to, the
following:

    o    disclosing such transactions in prospectuses where required;
    o    disclosing in any and all filings with the Securities and Exchange
         Commission, where required;
    o    obtaining disinterested directors consent; and
    o    obtaining shareholder consent where required.

Item 13.  Exhibits and Reports on Form 8-K
------------------------------------------

(a) Exhibit No.
---------------

3.1            Articles of Incorporation*

3.2            Certificate of Amendment to Articles of Incorporation**

3.2            Bylaws*

*     Included in the registration statement on Form 10-SB filed on
      November 9, 1999.
**    Included in Form 8-K, Amendment No. 1, filed on March 12, 2002.

(b) Reports on Form 8-K
-----------------------

No reports on Form 8-K were filed during the last quarter of the period covered
by this annual report on Form 10-KSB.


                                       16
<PAGE>


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned in the City of Vancouver, on April 12, 2002.

                               CobraTech International, Inc.
                               a Nevada corporation


                               By:   /s/ Joe Cheung
                                     ------------------------------------------
                                     Joe Cheung
                               Its:  president, secretary, treasurer, principal
                                     financial officer and a director



In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.



By:      /s/ Joe Cheung                                          April 12, 2002
         --------------------------------------------
         Joe Cheung
Its:     president, secretary treasurer,
         principal financial officer and a director