FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                  ANNUAL REPORT

                     Pursuant to Section 13 or 15(d) of the
                        Securities & Exchange Act of 1934

                    For fiscal year ended September 30, 2001

                        CENTURY PARK PICTURES CORPORATION
             (Exact name of registrant as specified in its charter)

         Minnesota                   0-14247                 41-1458152
--------------------------         -----------             --------------
(State of Incorporation)           (Commission             (IRS Employer
                                   File Number)            Identification
                                                           Number)

4701 IDS Center, Minneapolis, Minnesota                       55402
---------------------------------------                    -----------
(Address of principal executive offices)                   (zip code)

Registrant's telephone number:  (612) 333-5100
                                --------------

           Securities registered pursuant to Section 12(b) of the Act:

                                      NONE
                                      ----

           Securities registered pursuant to Section 12(g) of the Act:

                          COMMON STOCK par value $.001
                          ----------------------------

Registrant has (1) filed all reports to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934, during the 12 months next preceding September
30, 2000 and (2) has been subject to such filing requirements for the ninety
(90) days preceding September 30, 2001.

Disclosure of delinquent filers pursuant to Item 405 of Regulation S-K
(ss.229.405 of this chapter) is not contained herein, and will not 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-K or any
amendment to this Form 10-K.

As of December 31, 2001, 9,886,641 common shares were outstanding. The aggregate
market value of the common shares (based upon only limited and sporadic
quotations not to exceed $1/10) of the Registrant held by non-affiliates was
$816,815.


                                     PAGE 1
<PAGE>


                                     PART I

         ITEM 1. BUSINESS

         (a) GENERAL DESCRIPTION OF BUSINESS

The Company develops, produces and markets various entertainment properties,
including without limitation, the intellectual product(s) of entities engaged in
the motion picture, television, and theatrical state productions,such as
creative writers, producers and directors, for the motion picture, pay/cable and
commercial television markets and, until September 1995 through its then 50.1%
owned subsidiary, Willy Bietak Productions, Inc. ("WBPI"), produced and operated
small touring ice shows and theme shows appearing in theatres, casinos, and
major amusement parks and arenas. On September 29, 1995, in consideration of
guarantees of certain bank debt of WBPI, provided WBPI by its minority
shareholder, the Company transferred 65,900 of its shares of WBPI common stock
to such minority shareholder, thereby reducing the Company's interest to 30%.
Until December 1998 a wholly-owned subsidiary, International Theatres
Corporation ("ITC"), of the Company operated the Chanhassen Dinner Theatre in
Chanhassen, Minnesota which the Company acquired in 1993.

On December 17, 1998 the Board of Directors passed a resolution to transfer the
Company's interest in ITC and its remaining interest in WBPI to the Company's
CEO as repayment of $100,000 on account of advances made to the Company by the
Company's CEO. In setting the $100,000 amount the Board of Directors obtained
and relied upon an independent market analysis of ITC and WBPI by Lingate
Financial Group, a Minnesota corporation.

The Company may be unable to continue as a going concern without raising
additional funds from outside sources. Management is uncertain as to the
likelihood of raising additional funds. (See Liquidity and Sources of Capital
for Further Discussion.)

The Company was organized under Minnesota law in 1983. The Company's executive
offices are located at 4701 IDS Center, Minneapolis, Minnesota 55402 and its
telephone number is (612) 333-5100.

         (b) FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS

The Company's operations are attributable to one business segment. The
ownership, production, and operation of entertainment attractions.

         (c) ACCOUNTANTS OPINION


                                     PAGE 2
<PAGE>


The Company's independent auditors issued their opinion on the Company's
financial statements for the year ended September 30, 2001, which included an
explanatory paragraph as to substantial doubt about the Company's ability to
continue as a going concern. This doubt was raised primarily due to recurring
losses from operations and due to the Company's stockholders' deficit of $
1,032,516 at September 30, 2001.

         (d) NARRATIVE DESCRIPTION OF BUSINESS

                  (i) International Theatres Corporation

                  As previously discussed, on December 17, 1998 the Board of
Directors in reliance upon an independent market analysis transferred
International Theatres Corporation to the Company's CEO as partial repayment of
$100,000 of advances. (See Footnote 12 to Financial Statements)

                  (ii) Motion Pictures, Pay/Cable, and Television

                  In producing entertainment properties for motion picture,
pay/cable and commercial television, the Company has limited its costs to those
incurred prior to the commencement of principal photography, either at a studio
or on selected site(s). It has been the Company's intention to produce or
co-produce and arrange for the distribution of primarily feature length motion
pictures with production financing derived from third party sources. The Company
has reported no revenues from motion pictures, pay/cable and television during
1999, 2000 and 2001. At September 30, 2001, the Company had two (2) properties
of which only one of which was substantially completed. All entertainment
properties have been charged to expenses.

                  The profits of an enterprise involved in the entertainment
industry generally and, particularly, the motion picture, television and music
industries are greatly dependent upon the audience appeal of each creative
product, compared with the cost of such product's purchase, development,
production and distribution. Competition is intense both within the motion
picture and television industry and other entertainment media. The Company is in
competition with major film studios, as well as with numerous "independent"
motion picture and television production companies for the acquisition of
artistic properties, and the services of artistic, creative and technical
personnel. The Company is unaware of any recognized approach to determined its
or any participants' position in these industries. Moreover, the Company's
financial resources does not suggest that it would be considered a "major
participant in these industries.


                                     PAGE 3
<PAGE>


         ITEM 2. PROPERTIES/Real Estate Related

The Company leases, as its headquarters, 1,941 square feet of office space at
4701 IDS Center, Minneapolis, Minnesota 55402. The Company's motion picture and
television operations lease 160 square feet of office space at 3575 Cahuenga
Blvd. West, Los Angeles, California 90048. Affiliates of the Company are
presently advancing the rent for this space. Management believes that there is
adequate space available in the Los Angeles area to accommodate its California
operations.

         ITEM 3. LEGAL PROCEEDINGS

The Company is not involved in any material legal proceedings.

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

No matter was submitted to a vote of security holders during the fourth quarter
of the fiscal year covered by this Report.

                                     PART II

         ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCK HOLDER
         MATTERS

         a. Price Range of Common Stock

         The following table shows the range of the closing bid prices for the
Common Stock in the over-the-counter market for the fiscal years ended September
30, 2001 and 2000. Since the first quarter 1996 there was no established public
trading market for the Company's common shares. There were only limited or
sporadic quotations and none exceed $.10.

         Fiscal Years 2000 and 2001         Bid Prices
         --------------------------         ----------
                                          High        Low
                                          ----        ---

         See above explanation

         b. Number of equity security holders' accounts at December 31, 2001:
         509

         c. Dividends:

         The Registrant has never paid any cash dividends on its Common Stock
         and does not plan to pay any cash dividends in the foreseeable future.


                                     PAGE 4
<PAGE>


         ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA **

<TABLE>
<CAPTION>
                                   2001             2000             1999             1998             1997
                               ------------     ------------     ------------     ------------     ------------
<S>                            <C>              <C>              <C>              <C>              <C>
Revenues                       $         --     $         --     $         --     $         --     $         --
Income (Loss) from
Continuing Operations               (67,069)         (65,649)         (67,207)        (308,698)        (391,748)
  Income (Loss) from
Continuing Operations
per Share                             (0.01)            (.01)            (.01)            (.03)            (.04)
Weighted Average
Number of
Common Shares                     9,886,641        9,886,641        9,886,641        9,886,641        9,886,41
      Total Assets             $        926     $        959     $        955     $  1,176,146     $  1,311,966
Long Term Debt                           --               --               --                           161,537
(excluding current portion)
Stockholders'
  Equity (Deficit)             $ (1,032,516)    $ (1,282,326)    ($ 1,224,096)    ($ 2,135,511)    $ (2,071,627)
</TABLE>


         ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         THE RESULTS OF OPERATIONS

                                   OPERATIONS

         YEAR ENDED SEPTEMBER 30, 2001 TO YEAR ENDED SEPTEMBER 30 1999
                  Continuing operations consisted primarily of administrative
                  expenses and interest expenses. Administrative expenses were
                  $15,569 for 2001 compared to $14,149 for 2000. Interest
                  expense were $51,500 for 2001 and 2000. During 2001 the
                  Company recorded a gain on extinguishment of Pike debt of
                  $302,179. (See note 13 to consolidated financial statements.
                  The gain was reported as an extra ordinary item.

         YEAR ENDED SEPTEMBER 30, 2000 COMPARED TO SEPTEMBER 30, 1999
                  Continuing operations consisted primarily of administrative
                  expenses and interest expenses. Administrative expenses were
                  $14,149 for 2000 compared to $15,530 for 1999. Interest
                  expense was $51,500 for 2000 compared to $ 51,497 for 1999.

         Year ended September 30, 1999 compared to September 30, 1998
                  Due to the disposal of ITC and WBPI as discussed in Item 1(a),
                  their respective revenues and expenses have been classified as
                  discontinued operations. Continuing operations consisted
                  primarily of administrative expenses and interest expense.
                  Administrative expenses were $15,530 for 1999 compared to
                  $221,883 for 1998. The decrease is primarily due to the
                  elimination of expenses related to ITC. Interest expense was
                  $51,497 for 1999


                                     PAGE 5
<PAGE>


                  compared to $ 98,313 for 1998. The decrease was primarily due
                  to the elimination of interest expense attributable to the
                  Pike in 1999.

                        LIQUIDITY AND SOURCES OF CAPITAL

         Cash used by continuing operating activities for the year ended
         September 30, 2001 was $14,733 compared to $7,415 in the comparable
         prior year period. Cash provided by financing activities for the year
         ended September 30, 2001 was comprised of $14,700 in advances from the
         Company's CEO.

         Management intends to continue to restrict expenditures with respect to
         the future development of entertainment properties and to market its
         completed properties. The Company has two completed properties. The
         costs of development have been written off. Accordingly, the Company
         will incur little, if any, costs of marketing. Management believes
         these actions may contribute to the Company's liquidity. The Company
         had no material commitments for capital expenditures as of September
         30, 2001 and capital expenditures for fiscal 2002 are expected to be
         immaterial.

         During the fiscal years ended September 30, 2001, 2000, and 1999, the
         Company incurred substantial losses from continuing operations of $
         67,069, $65,649, and $ 67,027, respectively, and has a working capital
         deficit as of September 30, 2001 of $1,032,516. The impact of these
         losses is to limit the liquidity and available cash resources for
         operations.

         During the fiscal years ended September 30, 1999 and 1998 and 1997, the
         Company's CEO made cash advances to the Company in order to meet cash
         flow needs. These advances were secured by the Company's shares of
         stock in ITC and WPBI. In December 1998 the Company's management, with
         approval of the Board of Directors, transferred the assets and
         operations of ITC and the Company's investment in WBPI to the CEO as
         partial repayment of the advances made to the Company. There can be no
         assurances that the Company's CEO and major stockholder will advance
         any amount(s) either as loans or capital contributions in the future.
         See Note 12 to Financial Statements This left the Company with no
         on-going operating business or operating assets.

         The Company's operations subsequent to the disposition of its
         subsidiaries consist of acquisition searches and certain administrative
         costs, both of which could be scaled back and/or financed by the
         Company's CEO and major stockholder. There can be no assurances that
         the Company's CEO and major stockholder will advance any amount(s)
         either as loans or capital contributions in the future.


                                     PAGE 6
<PAGE>


         The Company intends to continue to seek out potential acquisitions,
         However, potential acquisitions are in the early stages of
         investigations. Since the Company has no bank lines of credit it
         intends to finance any acquisitions with to be negotiated senior bank
         financing of approximately 60%, and the remainder with a combination of
         other debt and equity instruments. There are no assurances that the
         Company will successfully identify these or any other potential
         acquisitions or that, if identified, it will obtain financing under
         terms acceptable to the Company. Management presently considers an
         acquisition or a merger of the Company a viable alternative.

         The Company raised during 1996 financing from outside sources of
         approximately $400,000, due to inadequate cash flow and insufficient
         funds of the Pike. Such financing was due in December, 1996, and is
         secured by the common stock of the Pike. Management anticipates the
         majority of the financing will be converted into the Company's common
         stock. Management attempted to sell the Company's interest in the Pike,
         but was unsuccessful. There are no assurances that the financing will
         be converted into the Company's common stock. During the year ended
         September 30, 2001, the Pike was legally dissolved. The Company's
         consolidated balance sheet includes $302,179 of liabilities of the Pike
         as of September 30, 2000. These liabilities were removed from the
         consolidated balance sheet as of September 30, 2001 and a gain on
         extinguishment was recognized. (See Note 13 to the consolidated
         financial statements)

         The Company's independent auditors issued their opinion on the
         Company's financial statements for the year ended September 30, 2001,
         which included an explanatory paragraph as to substantial doubt about
         the Company's ability to continue as a going concern. This doubt was
         raised primarily due to recurring losses from operations, the Company's
         stockholder's deficit of $ 1,032,516 at September 30, 2001, and to no
         ongoing operations.


                                     PAGE 7
<PAGE>


                                    INFLATION


         Inflation and changing prices have not had a significant impact on
         operations of the Company to date.

         ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         This information is included following "Index to Financial Statements".

         ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

                                      NONE

                                    PART III


         ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT AT
         SEPTEMBER 30, 2001

                                                        Director/
                                                        Officer
Name                  Office Held                       Since            Age
----                  -----------                       -----            ---

Philip Rogers         President, Director               1983             67

Thomas K. Scallen     Chief Executive Officer,          1983             76
                      Chairman of the Board
                      of Directors,

Willy Bietak          Director                          1992             54


Mr. Rogers became President and Director upon the Company's
formation in 1983.  Mr. Roger is also a principal of Philipico
Picture Company, a motion picture and television production
company.

Mr. Scallen became Chairman of the Board of Directors, Vice
President, and Treasurer of CPPC upon its formation in 1983.  Mr.
Scallen was elected Chief Executive Officer of the Company on March
14, 1992.  Mr. Scallen assumed the responsibilities of chief
financial officer in 1998.  Mr. Scallen was president, director and
principal stockholder of International Broadcasting Corporation, a
publicly traded company engaged in entertainment activities, the


                                     PAGE 8
<PAGE>


presentation of touring shows, arena shows and motion picture or television
productions until March 1992. International Broadcasting Corporation filed for
protection under Chapter 11 of the Bankruptcy Act in August 1991.

Mr. Bietak became a Director of the Company in 1992. He is President of Willy
Bietak Productions, Inc. and has been associated with the Company since 1986.

         ITEM 11. EXECUTIVE COMPENSATION

Officer Compensation
--------------------
                                         Cash and Cash Equivalent   Aggregate
      Name            Capacity    Year   Paid or Accrued Salaries   Remuneration
      ----            --------    ----   ------------------------   ------------

Philip Rogers         President   2001   $  -0-                     $  -0-
                                  2000   $  -0-                     $  -0-
                                  1999   $  -0-                     $  -0-
Thomas K. Scallen     CEO         2001   $  -0-                     $  -0-
                                  2000   $  -0-
                                  1999   $  -0-
  All Officers as a
  Group
  (2 in number)                   2001   $  -0-                     $  -0-
                                  2000                 $ 195,000
                                  1999                 $ 195,000


Director Compensation
---------------------

The Directors have not received any cash compensation. Directors, other than
Messrs. Scallen and Rogers, each received 2 year options to purchase 10,000
shares of the Company's common stock at $1.50 per share in 1993. These options
expired September 30, 1996.


         ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT


The following table sets forth as at September 30, 2001, the information with
respect to common stock ownership of each person known to the Company to own
beneficially more than five percent (5%) of the shares of the Company's common
stock and all Directors and Officers as a group.

                                      Number of
Name & Address                          Shares              Percentage
--------------                          ------              ----------

Thomas K. Scallen                     1,619,480             16.4%
Heron Cove, Unit B
Windham, NH 03087

Philip Rogers                            99,375              1%
Rogers & Associates
3575 Cahuenga Blvd. W.
Los Angles, CA 90068

All Officers and Directors
as a Group (3) in number)             1,718,855             17.3%


                                     PAGE 9
<PAGE>


         ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

During the years ended September 30, 2001 and 2000, the Company's chief
executive officer (CEO) provided short-term advances of $14,700 and $7,419,
respectively to the Company. These amounts were required to be reported as
additional paid in capital in the accompanying financial statements. The
advances contained specific repayment provisions and, as such, when repayments
occur, a corresponding reduction additional paid in capital would occur.

On December 17, 1998, the Board of Directors passed a resolution to transfer the
Company's interest in its subsidiaries ITC and WBPI to the Company's CEO as
repayment of $100,000 in advances the Company's CEO had made to the Company (see
Note 5 to Financial Statements). In setting the $100,000 amount the Board of
Directors obtained and relied upon an independent market analysis of ITC and
WBPI.

On December 31, 1998 the Company's CEO forgave the remainder of the advances of
approximately $1,081,000 owed to him by the Company.

As of September 30, 2001 and 2000, the Company owed the Company's CEO $227,500
for cumulative accrued salary. These amounts are included in accrued expenses on
the accompanying balance sheets.



                                     PART IV

         ITEM 14. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES, AND REPORTS ON FORM
         8-K

(a)   1.      Financial Statements.  See following "Index to Financial
              Statements".

      2.      Financial Statement Schedules.  See following "Index to
              Financial Statements".

(b)  Reports on Form 8-K
                                      NONE

(c)  Exhibits

      (3.) Articles of Incorporation and By-Laws are incorporated by
      reference to the Exhibits to the Registrant's Registration
      Statement of September 15, 1983.


                                     PAGE 10
<PAGE>


      (4.) Rights of warrant holders set forth in Exhibits to Registration
      No.33-58546 effective April 12, 1993 incorporated by this reference.

      (10.) Stock Purchase Agreement, dated July 29, 1993 between registrant and
      International Broadcasting Corporation, International Theatres Corporation
      and National Westminster Bank USA attached as an Exhibit to Registrants
      Report on Form 8-K is incorporated by this reference.

      (22.11) Registrant is the sole shareholder of Minnesota Arena Football,
      Inc., a Minnesota corporation ("MAF"). MAF did business under the trade
      name Minnesota Fighting Pike until 1996.

      (24) Manually signed powers of attorney for members of the Board of
      Directors, filed herewith are incorporated by this reference.


                                     PAGE 11
<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, thereunto duly authorized as of the 20th day of February, 2002.

                              CENTURY PARK PICTURES CORPORATION



                              By:  s/ Thomas K. Scallen
                                  -------------------------------
                                      Thomas K. Scallen
                                  Chief Executive Officer



Pursuant to the Requirements of the Securities Exchange Act of 1934, this Report
has been signed on behalf of the Registrant and in capacities and on the dates
indicated.


*
s/ Philip Rogers                                         February 18, 2002
-----------------------
Philip Rogers
  President
  & Director


s/ Thomas K. Scallen                                     February 18, 2002
----------------------
Thomas K. Scallen
Chief Executive Officer & Director


*
s/ Willy Bietak                                          February 18, 2002
----------------------
Willy Bietak Director


      * Signed pursuant to Power of Attorney


                                     PAGE 12
<PAGE>


                CENTURY PARK PICTURES CORPORATION AND SUBSIDIARY

           CONSOLIDATED FINANCIAL STATEMENTS AND SUPPORTING SCHEDULES
                     INCLUDED IN ANNUAL REPORT ON FORM 10-K
                  FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2001


                                      INDEX

Page numbers refer to pages in the attached Consolidated Financial Statements:

                                                                            Page
                                                                            ----

Independent Auditors' Report................................................ 1

Consolidated Balance Sheets - September 30, 2001
  and September 30, 2000...................................................  2

Consolidated Statements of Operations -
  Years ended September 30, 2001, 2000, and 1999............................ 3

Consolidated Statements of changes in
  Stockholders' deficit - Years Ended
  September 30, 2001, 2000, and 1999........................................ 4

Consolidated Statements of Cash Flows -
  Years ended September 30, 2001, 2000,
  and 1999.................................................................. 5

Notes to Consolidated Financial Statements.................................. 6


                                    PAGE 13
<PAGE>


                        CENTURY PARK PICTURES CORPORATION

                        CONSOLIDATED FINANCIAL STATEMENTS

                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999

<PAGE>


                        CENTURY PARK PICTURES CORPORATION
                        CONSOLIDATED FINANCIAL STATEMENTS
                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999


                                    CONTENTS


                                                                          Page

Independent auditors' report                                                1

Financial statements:

   Consolidated balance sheets                                              2

   Consolidated statements of operations                                    3

   Consolidated statements of changes in stockholders' deficit              4

   Consolidated statements of cash flows                                    5

   Notes to consolidated financial statements                             6-14

<PAGE>


BOARD OF DIRECTORS AND STOCKHOLDERS
CENTURY PARK PICTURES CORPORATION
MINNEAPOLIS, MINNESOTA


                          Independent Auditors' Report

We have audited the accompanying consolidated balance sheets of CENTURY PARK
PICTURES CORPORATION as of September 30, 2001 and 2000, and the related
consolidated statements of operations, changes in stockholders' deficit, and
cash flows for the years ended September 30, 2001, 2000, and 1999. These
consolidated financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.

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

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the consolidated financial position of CENTURY
PARK PICTURES CORPORATION as of September 30, 2001 and 2000, and the
consolidated results of its operations and its cash flows for the years ended
September 30, 2001, 2000, and 1999 in conformity with accounting principles
generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming
that the Company will continue as a going concern. As discussed in Note 10 to
the consolidated financial statements, the Company has suffered recurring losses
from operations, and its total liabilities exceed its total assets. Those
conditions raise substantial doubt about its ability to continue as a going
concern. Management's plans regarding those matters are also described in Note
10. The consolidated financial statements do not include any adjustments that
might result from the outcome of this uncertainty.


/s/ Blanski Peter Kronlage & Zoch, P.A.


November 29, 2001
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
                           CONSOLIDATED BALANCE SHEETS
                           SEPTEMBER 30, 2001 AND 2000


<TABLE>
<CAPTION>
                                     ASSETS

                                                                   2001             2000
                                                               ------------     ------------
<S>                                                            <C>              <C>
CURRENT ASSETS:
    Cash                                                       $                $         33
    Prepaid expenses                                                    926              926
                                                               ------------     ------------

      Total current assets                                              926              959
                                                               ------------     ------------

PROPERTY, PLANT, AND EQUIPMENT:
    Furniture and fixtures                                           94,077           94,077
    Less accumulated depreciation and amortization                   94,077           94,077
                                                               ------------     ------------

                                                                          0                0
                                                               ------------     ------------

                                                               $        926     $        959
                                                               ============     ============


                      LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES:
    Notes payable                                              $    400,000     $    400,000
    Accounts payable                                                  1,281          279,686
    Accrued expenses:
      Compensation                                                  354,500          354,500
      Interest                                                      268,634          217,134
      Other                                                           9,027           31,965
                                                               ------------     ------------

       Total current liabilities                                  1,033,442        1,283,285
                                                               ------------     ------------

COMMITMENTS AND CONTINGENCIES (NOTES 7 AND 10)

STOCKHOLDERS' DEFICIT:
    Common stock, $0.001 par; 200,000,000 shares
     authorized; 9,886,641 shares issued and outstanding              9,887            9,887
    Additional paid-in capital                                    6,182,981        6,168,281
    Accumulated deficit                                          (7,225,384)      (7,460,494)
                                                               ------------     ------------
                                                                 (1,032,516)      (1,282,326)
                                                               ------------     ------------

                                                               $        926     $        959
                                                               ============     ============
</TABLE>


                       See notes to financial statements
                                                                               2
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999

<TABLE>
<CAPTION>
                                                        2001             2000             1999
                                                    ------------     ------------     ------------
<S>                                                 <C>              <C>              <C>
REVENUE                                             $          0     $          0     $          0

OPERATING COSTS AND EXPENSES:                             15,569           14,149           15,530
                                                    ------------     ------------     ------------

OPERATING LOSS                                           (15,569)         (14,149)         (15,530)
                                                    ------------     ------------     ------------

NONOPERATING EXPENSE:
    Interest expense                                     (51,500)         (51,500)         (51,497)
                                                    ------------     ------------     ------------

                                                         (51,500)         (51,500)         (51,497)
                                                    ------------     ------------     ------------

LOSS FROM CONTINUING OPERATIONS                          (67,069)         (65,649)         (67,027)
                                                    ------------     ------------     ------------
DISCONTINUED OPERATIONS (SEE NOTE 12):
    Loss from operations of ITC (less applicable
      income taxes of $426)                                                               (350,331)
    Equity in net income from operations of
      WBPI (less applicable income taxes of $0)                                             74,647
                                                    ------------     ------------     ------------

                                                               0                0         (275,684)
                                                    ------------     ------------     ------------

LOSS BEFORE EXTRAORDINARY ITEM                           (67,069)         (65,649)        (342,711)
                                                    ------------     ------------     ------------

EXTRAORDINARY ITEMS (SEE NOTE 13):
    Gain on extinguishment of debt (less
      applicable income taxes of $0)                     302,179
                                                    ------------     ------------     ------------

NET INCOME (LOSS)                                   $    235,110     $    (65,649)    $   (342,711)
                                                    ============     ============     ============


Loss from continuing operations per
    share of common stock                           $      (0.01)    $      (0.01)    $      (0.01)
                                                    ============     ============     ============

Income (loss) from discontinued operations
    per share of common stock                       $       0.00     $       0.00     $      (0.03)
                                                    ============     ============     ============

Income from extraordinary item per
    share of common stock                           $       0.03     $       0.00     $       0.00
                                                    ============     ============     ============

Net income (loss) per share of common stock         $       0.02     $      (0.01)    $      (0.04)
                                                    ============     ============     ============

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


                       See notes to financial statements
                                                                               3
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999

<TABLE>
<CAPTION>
                                              Common Stock Issued          Additional
                                         ----------------------------       Paid-In       Accumulated
                                              Shares         Amount         Capital         Deficit           Total
                                          ------------    ------------    ------------    ------------     ------------
<S>                                       <C>             <C>             <C>             <C>              <C>
Balance, September 30, 1998                  9,886,641    $      9,887    $  4,906,736    $ (7,052,134)    $ (2,135,511)

        Forgiveness of debt by officer
          and transfer of assets                                             1,254,126                        1,254,126

        Net loss                                                                              (342,711)        (342,711)
                                          ------------    ------------    ------------    ------------     ------------

Balance, September 30, 1999                  9,886,641           9,887       6,160,862      (7,394,845)      (1,224,096)

        Advances from officer                                                    7,419                            7,419

        Net loss                                                                               (65,649)         (65,649)
                                          ------------    ------------    ------------    ------------     ------------

Balance, September 30, 2000                  9,886,641           9,887       6,168,281      (7,460,494)      (1,282,326)

        Advances from officer                                                   14,700                           14,700

        Net income                                                                             235,110          235,110
                                          ------------    ------------    ------------    ------------     ------------

Balance, September 30, 2001                  9,886,641    $      9,887    $  6,182,981    $ (7,225,384)    $ (1,032,516)
                                          ============    ============    ============    ============     ============
</TABLE>


                       See notes to financial statements
                                                                               4
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999

                           INCREASE (DECREASE) IN CASH

<TABLE>
<CAPTION>
                                                                         2001             2000             1999
                                                                     ------------     ------------     ------------
<S>                                                                  <C>              <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Continuing operations:
      Net income (loss)                                              $    235,110     $    (65,649)    $    (67,027)
      Adjustments to reconcile net loss to net cash
       used in operating activities:
           Gain on extinguishment of debt                                (302,179)               0                0
                                                                     ------------     ------------     ------------

                                                                          (67,069)         (65,649)         (67,027)
         Increase (decrease) in liabilities:
           Accounts payable                                                   836           (2,293)          (1,683)
           Accrued expenses                                                51,500           60,527           51,497
                                                                     ------------     ------------     ------------

          CASH PROVIDED (USED) BY CONTINUING OPERATIONS
           BEFORE INCOME TAXES                                            (14,733)          (7,415)         (17,213)
                                                                     ------------     ------------     ------------

    Discontinued operations (See Note 12):
      Net income (loss)                                                                                    (275,684)
      Adjustments to reconcile net income (loss) to net cash
       provided by (used in) operating activities:
         Depreciation                                                                                        77,526
         Amortization                                                                                       388,814
         Loss on disposal of property and equipment                                                           3,055
         Equity in net (income) loss of unconsolidated subsidiary                                           (74,647)
         (Increase) decrease in assets:
           Accounts receivable                                                                             (220,339)
           Inventories                                                                                      (14,498)
           Deferred shows costs                                                                             (99,914)
           Prepaid expenses                                                                                 (58,617)
         Increase (decrease) in liabilities:
           Accounts payable                                                                                 (68,441)
           Deferred revenue                                                                                 679,006
           Accrued expenses                                                                                  46,292
                                                                     ------------     ------------     ------------

          CASH PROVIDED BY DISCONTINUED OPERATIONS BEFORE
           INCOME TAXES                                                         0                0          382,553
                                                                     ------------     ------------     ------------

            NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES              (14,733)          (7,415)         365,340
                                                                     ------------     ------------     ------------
</TABLE>


                       See notes to financial statements
<PAGE>


<TABLE>
<CAPTION>
                                                                         2001             2000             1999
                                                                     ------------     ------------     ------------
<S>                                                                  <C>              <C>              <C>
CASH FLOWS FROM INVESTING ACTIVITIES:
    Discontinued operations:
     Purchases of property, plant, and equipment                     $                $                $    (48,809)
                                                                     ------------     ------------     ------------

            NET CASH USED IN INVESTING ACTIVITIES                               0                0          (48,809)
                                                                     ------------     ------------     ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Continuing operations:
     Advances from officer                                                 14,700            7,419            2,700
    Discontinued operations:
     Cash transferred with disposition of ITC                                                              (250,864)
     Net payments on short-term notes                                                                       (25,000)
     Payments on long-term capitalized lease obligation                                                     (60,315)
                                                                     ------------     ------------     ------------

         NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES               14,700            7,419         (333,479)
                                                                     ------------     ------------     ------------

NET INCREASE (DECREASE) IN CASH                                               (33)               4          (16,948)
                                                                     ------------     ------------     ------------

CASH AT BEGINNING OF YEAR                                                      33               29           16,977
                                                                     ------------     ------------     ------------

CASH AT END OF YEAR                                                  $          0     $         33     $         29
                                                                     ============     ============     ============



SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

    Cash paid during the year for interest                           $          0     $          0     $      5,668
                                                                     ============     ============     ============

    Cash paid during the year for income taxes                       $          0     $          0     $      1,000
                                                                     ============     ============     ============
</TABLE>


                                                                               5
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
                   NOTES TO CONSOLIDATED FINANICAL STATEMENTS
                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999


1.      DESCRIPTION OF BUSINESS AND CONSOLIDATION:

        CENTURY PARK PICTURES CORPORATION (the Company) is engaged in the
        development, production, and marketing of entertainment properties.

        International Theatres Corporation (ITC) was a 100 percent owned
        subsidiary, which owned and operated the Chanhassen Dinner Theatres in
        Chanhassen, Minnesota. During the year ended September 30, 1999, ITC was
        transferred to the majority shareholder (see Note 12). During the normal
        course of business, ITC granted credit to its corporate clients. ITC
        performed on-going credit evaluations of its customers' financial
        condition and generally required no collateral from them.

        Minnesota Arena Football, Inc. dba Minnesota Fighting Pike (Pike), a 100
        percent owned subsidiary, was an indoor professional football team that
        the Company obtained the rights to during the fiscal year ended
        September 30, 1996. The Pike ceased operations on August 31, 1996.
        During the year ended September 30, 1999, the Pike recognized income of
        $627,835 due to forgiveness of debt to a shareholder and a related
        company. As of December 31, 1999, Minnesota Arena Football was legally
        dissolved. During the year ended September 30, 2001, all outstanding
        liabilities of Minnesota Arena Football were written off (see Note 13).

        Investment in common stock of WBPI:
          The Company had a 30 percent investment in Willy Bietak Productions,
          Inc. (WBPI), which produced touring ice shows and theme shows
          appearing in shopping malls, theaters, casinos, arenas, and major
          amusement parks throughout the United States. During the year ended
          September 30, 1999, WBPI was transferred to the majority shareholder
          (see Note 12).

          The Company used the equity method of accounting for its 30 percent
          investment in WBPI. Under this method, the Company's equity in the
          earnings or losses of the investee was reported currently in the
          Company's earnings. However, losses of the investee were reported only
          to the extent of the carrying amount of the investment plus any
          Company advances or commitments.

        Principals of consolidation:
          The accompanying consolidated financial statements include the
          accounts of the Company and its wholly owned subsidiary, the Pike. All
          significant intercompany transactions and balances have been
          eliminated in consolidation.

2.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

        Use of estimates:
          Management uses estimates and assumptions in preparing financial
          statements in accordance with accounting principles generally accepted
          in the United States of America. Those estimates and assumptions
          affect the reported amounts of assets and liabilities, the disclosure
          of contingent assets and liabilities, and the reported revenue and
          expenses. Actual results could vary from the estimates that were used.


                                                                               6
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
             NOTES TO CONSOLIDATED FINANICAL STATEMENTS (CONTINUED)
                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999


2.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

        Property and equipment:
          Property and equipment consists of furniture and fixtures and is
          stated at the lower of depreciated cost or net realizable value. All
          assets are fully depreciated at December 31, 2001 and therefore, no
          depreciation expense has been recorded.

        Income taxes:
          Income taxes are provided for the tax effects of transactions reported
          in the financial statements and consist of taxes currently due plus
          deferred taxes recognized for accrued expenses and operating losses
          that are available to offset future federal income taxes (see Note 6).

        Advertising costs:
          Advertising costs are charged to operations when the advertising first
          takes place. Advertising expense for the periods ended September 30,
          2001, 2000 and 1999 were $0, $0 and $201,346, respectively.

        Earnings per share:
          The Company's net income (loss) per share is computed based upon the
          weighted average number of common shares outstanding during the year
          using the treasury stock method. There are no dilative common shares
          outstanding because the exercise price of outstanding stock options
          exceeds the current market price of a share of the Company's common
          stock. Therefore, normal earnings per share and dilutive earnings per
          share are the same.

3.      RELATED PARTY TRANSACTIONS:

        During the years ended September 30, 2001, 2000 and 1999, the Company's
        chief executive officer (CEO) provided short-term advances of $14,700,
        $7,419 and $2,700, respectively, to the Company. This amount was
        required to be reported as additional paid-in capital in the
        accompanying consolidated financial statements. During 1999 the advances
        contained specific repayment provisions and when repayments occur, there
        will be a reduction of additional paid-in capital.

        As of September 30, 2001, 2000 and 1999, the Company owed the Company's
        CEO $227,500 for cumulative accrued salary. This amount is included in
        accrued expenses on the accompanying consolidated balance sheets.

4.      INVESTMENT IN UNCONSOLIDATED SUBSIDIARY:

        During the year ended September 30, 1999, the Company's investment in
        WBPI was transferred to the Company's majority shareholder as partial
        repayment of the advances the majority shareholder made to the Company
        (see Note 12).


                                                                               7
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
             NOTES TO CONSOLIDATED FINANICAL STATEMENTS (CONTINUED)
                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999


4.      INVESTMENT IN UNCONSOLIDATED SUBSIDIARY (CONTINUED):

        Condensed financial information of WBPI as of September 30, 1999 was as
        follows:

<TABLE>
<S>                                            <C>
        OPERATIONS
           Admissions revenues                 $  1,305,657
           Operating costs                         (921,656)
           General and administrative costs        (138,716)
           Nonoperating income                        6,401
           Income tax expense                        (2,864)
                                               ------------

           Net income (loss)                   $    248,822
                                               ============

           30% share                           $     74,647
                                               ============
</TABLE>

5.      NOTES PAYABLE:

        The Company has notes payable to various individuals totaling $400,000
        at September 30, 2001, 2000, and 1999. The notes bear interest at the
        rate of 12% to 15% and were secured by the Company's right, title, and
        interest in the Pike. The notes matured between June and December 1996.
        The notes are convertible into common stock of the Company. These notes
        are in default at September 30, 2001, 2000, and 1999. As of September
        30, 2001, the holders of the notes had not exercised their right to
        convert.

6.      INCOME TAXES:

        The Company's net deferred tax assets and liabilities consisted of the
        following at September 30:

<TABLE>
<CAPTION>
                                                                   2001
                                               --------------------------------------------
                                                  Federal          State           Total
                                               ------------    ------------    ------------
<S>                                            <C>             <C>             <C>
        Deferred tax assets:
            Other (current)                    $     96,000    $     35,000    $    131,000
            Net operating loss carryforwards
               (non-current)                        932,000          77,000       1,009,000
                                               ------------    ------------    ------------
                                                  1,028,000         112,000       1,140,000

            Valuation allowance                  (1,028,000)       (112,000)     (1,140,000)
                                               ------------    ------------    ------------

                                               $          0    $          0    $          0
                                               ============    ============    ============

        Deferred tax liabilities               $          0    $          0    $          0
                                               ============    ============    ============
</TABLE>


                                                                               8
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
             NOTES TO CONSOLIDATED FINANICAL STATEMENTS (CONTINUED)
                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999


6.      INCOME TAXES (CONTINUED):

<TABLE>
<CAPTION>
                                                                   2000
                                               --------------------------------------------
                                                  Federal          State           Total
                                               ------------    ------------    ------------
<S>                                            <C>             <C>             <C>
        Deferred tax assets:
            Other (current)                    $     96,000    $     35,000    $    131,000
            Net operating loss carryforwards
               (non-current)                        937,000         100,000       1,037,000
                                               ------------    ------------    ------------
                                                  1,015,000         138,000       1,168,000

            Valuation allowance                  (1,033,000)       (138,000)     (1,168,000)
                                               ------------    ------------    ------------

                                               $          0    $          0    $          0
                                               ============    ============    ============

        Deferred tax liabilities               $          0    $          0    $          0
                                               ============    ============    ============
</TABLE>


        During the year ended September 30, 2000, certain estimates and
        assumptions were changed as they related to the net operating loss
        carryforwards. The effect of this change was to increase the estimated
        net operating loss carryforwards.

        During the years ended September 30, 2001, 2000, and 1999, the Company
        recorded valuation allowances of $ 1,140,000, $1,168,000 and $922,000,
        respectively, on the deferred tax assets to reduce the total amounts
        that management believes will ultimately be realized. Realization of
        deferred tax assets is dependent upon sufficient future taxable income
        during the period that deductible temporary differences and
        carryforwards are expected to be available to reduce taxable income.
        There was no other activity in the valuation allowance accounts.

        The Company has loss carryforwards that may be offset against future
        taxable income. If not used, the carryforwards will expire as follows:

<TABLE>
<CAPTION>
               Expiration Date                      Federal           State
               ---------------                   ------------     ------------
<S>                                              <C>              <C>
                     2002                        $      3,000     $
                     2003                              31,000
                     2004                              34,000
                     2005                                               30,000
                     2006                              17,000          115,000
                     2007                              17,000          130,000
                     2008                             419,000          384,000
                     2010                             486,000           30,000
                     2011                           1,877,000           33,000
                     2012                             162,000            2,000
                     2015                              60,000           66,000
                                                 ------------     ------------

                                                 $  3,106,000     $    790,000
                                                 ============     ============
</TABLE>


                                                                               9
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
             NOTES TO CONSOLIDATED FINANICAL STATEMENTS (CONTINUED)
                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999


6.      INCOME TAXES (CONTINUED):

        The Company's provision for income taxes differs from applying the U.S.
        federal income tax rate of 34% to income before income taxes. A
        reconciliation between taxes computed at the federal statutory rate and
        the consolidated effective rate is as follows for the years ended
        September 30:

<TABLE>
<CAPTION>
                                                                  2001          2000          1999
                                                               ----------    ----------    ----------
<S>                                                            <C>           <C>           <C>
        Income tax benefit from continuing
           operations at federal statutory rates               $  (23,000)   $  (24,000)   $  (23,000)

        Income tax expense (benefit) from
          discontinued operations at federal
          statutory rates                                                                     250,000
        States taxes                                                                            1,000
        Effect of limiting tax credit on net
            operating losses from continuing
            operations to taxes paid                               23,000        24,000        23,000
        Effect of limiting tax credit on net operating
          (income) losses from discontinued
          operations to taxes paid                                                           (250,000)
                                                               ----------    ----------    ----------

                                                               $             $             $    1,000
                                                               ==========    ==========    ==========
</TABLE>

7.      COMMITMENTS AND CONTINGENCIES:

        Operating leases:
          The Company leases office space under a noncancelable operating lease
          that expires August 31, 2002. The space has been sub-leased to a
          Company owned by the Company's CEO. The Company incurred no expense
          related to this lease during the fiscal year ended September 30, 2001.

          Prior to the transfer of ITC, the Company leased the land used in the
          operations of ITC and certain office equipment under noncancellable
          operating leases (see Note 12). Total rent expense under those leases
          for the year ended September 30, 1999 was $58,448.

        Capitalized leases (see Note 12):
          Prior to the transfer of ITC, the Company leased the buildings used in
          the operations of ITC under a capitalized lease. Amortization expense
          was $36,684, for the year ended September 30, 1999, and was included
          in depreciation expense on the accompanying financial statements. The
          disposition of the building and the capitalized lease was included in
          the transfer of ITC's assets.


                                                                              10
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
             NOTES TO CONSOLIDATED FINANICAL STATEMENTS (CONTINUED)
                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999


8.      RETIREMENT PLANS (SEE NOTE 12):

        Prior to its transfer, ITC had a 401(k) incentive savings plan covering
        substantially all of its non-union employees. Eligible employees could
        defer up to 10% of their compensation to the plan. ITC matched 25% of
        the employees' contribution up to 6% of the employees' compensation.

        ITC also contributed to a retirement plan established by the union for
        its employees who were represented by a collective bargaining unit. The
        required contribution was 8% of gross wages.

9.      SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

        Non-cash transactions:
          During the year ended September 30, 2001, the charter of the Pike was
          dissolved. This resulted in a non-cash forgiveness of debt for the
          Company of $302,179. Accounts payable was reduced by $279,241, and
          accrued expenses were reduced by $22,938.

          During the year ended September 30, 1999, the Company's interest in
          ITC and WBPI was transferred to the Company's CEO as repayment of
          advances the CEO made to the Company (see Note 12). This resulted in a
          non-cash forgiveness of debt of $452,719 for the Company, $1,086,703
          for ITC, and $627,835 for the Pike.

10.     CORPORATE LIQUIDITY (SEE NOTE 12):

        During the fiscal year ended September 30, 1999, the Company incurred
        substantial losses of $342,711, and had working capital deficits as of
        September 30, 2001, 2000 and 1999 of $1,032,516, $980,147, and
        $1,224,096, respectively. Due to these losses, the Company has no
        liquidity and available cash resources to finance further operations.

        During the fiscal year ended September 30, 1998, the Company's CEO made
        cash advances to the Company in order to meet cash flow needs. These
        advances were secured by the Company's shares of stock in ITC. On
        December 17, 1998, the Company's management, with approval by the Board
        of Directors, transferred the assets and operations of ITC and the
        Company's investment in WBPI to the CEO as partial repayment of the
        advances made to the Company. This left the Company without any on-going
        operating business or operating assets.

        The Company's operations exclusive of its subsidiaries consist of
        acquisition searches and certain administrative costs, both of which
        could be scaled back and/or financed by the Company's CEO and major
        stockholder. Management intends to continue to explore options to
        purchase a company that will have sufficient cash flow to support
        operations.


                                                                              11
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
             NOTES TO CONSOLIDATED FINANICAL STATEMENTS (CONTINUED)
                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999


11.     FAIR VALUE OF FINANCIAL INSTRUMENTS:

        The estimated fair values of the Company's financial instruments, none
        of which are held for trading purposes, are as follows at September 30:

<TABLE>
<CAPTION>
                                                   2001                     2000
                                         -----------------------   -----------------------
                                          Carrying       Fair       Carrying       Fair
                                           Amount       Value        Amount        Value
                                         -----------------------   -----------------------
<S>                                      <C>          <C>          <C>          <C>
        Assets:
          Cash                           $        0   $        0   $       33   $       33
        Liabilities:
          Notes payable                     400,000      400,000      400,000      400,000
</TABLE>

        The carrying amounts of cash and the short-term notes payable
        approximate fair values.

12.     DISCONTINUED OPERATIONS:

        On December 17, 1998 the Board of Directors passed a resolution to
        transfer the Company's interest in ITC and WBPI to the Company's CEO as
        repayment of $100,000 in advances the Company's CEO made to the Company
        (see Note 3). In setting the $100,000 amount, the Board of Directors
        obtained and relied upon an independent market analysis of ITC and WBPI.

        Revenues generated by ITC were $2,267,889, for the period ended December
        17, 1998. The loss from operations of ITC was $350,331 for the period
        ended December 17, 1998, and included the writedown of goodwill in the
        amount of $384,062 as a result of a review of the recoverability of the
        carrying amount of the goodwill.

        On December 31, 1998 the Company's CEO forgave the remainder of the
        advances owed to him by the Company and the Pike. The amount of the
        advances forgiven and net gain on debt forgiveness were reported as
        additional paid-in capital in the accompanying consolidated financial
        statements. The net gain on debt forgiveness was as follows:

<TABLE>
<S>                                                    <C>
               Company                                 $    527,659
               Pike                                         627,835
                                                       ------------

               Advances forgiven                          1,155,494
               Net assets of WBPI transferred to CEO        (74,940)
                                                       ------------

               Gain on debt forgiveness                $  1,080,554
                                                       ============
</TABLE>


                                                                              12
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
             NOTES TO CONSOLIDATED FINANICAL STATEMENTS (CONTINUED)
                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999


13.     EXTRAORDINARY ITEM:

        During the year ended September 30, 2001, the Pike statute of
        limitations for payment of liabilities expired and liabilities of
        $302,179 to unrelated parties were written off resulting in the
        following extraordinary gain:

               Extraordinary gain on extinguishment of debt   $  302,179

               Income taxes                                     (119,165)

               Effect of net operating loss carry-forwards       119,165
                                                              ----------

               Extraordinary gain net of income taxes         $  302,179
                                                              ==========

14.     SEGMENT INFORMATION:

        During the year ended September 30, 1999, the Company had two reportable
        segments: ITC and Pike (see Note 12). The Company's reportable segments
        were strategic business units that offer different products and
        services. They were managed separately because each business requires
        different technology and marketing strategies. Corporate operations
        include administrative expenses and corporate assets, which include cash
        and prepaid expenses. At September 30, 2001, the Company did not have
        any reportable segments.


                                                                              13
<PAGE>


                        CENTURY PARK PICTURES CORPORATION
             NOTES TO CONSOLIDATED FINANICAL STATEMENTS (CONTINUED)
                 YEARS ENDED SEPTEMBER 30, 2001, 2000, AND 1999


14.     SEGMENT INFORMATION (CONTINUED):

        Segment information is as follows:

<TABLE>
<CAPTION>
                         Fiscal year
                           ended
                        September 30,         ITC            Pike         Corporate          Total
                       ---------------   ------------    -----------    -------------    -------------
<S>                    <C>               <C>             <C>            <C>              <C>
Segment profit               2001        $               $              $  (67,069)      $   (67,069)
                             2000                                          (65,649)          (65,649)
                             1999                                          (67,027)          (67,027)
                       -------------------------------------------------------------------------------

Interest expense             2001                                           51,500            51,500
                             2000                                           51,500            51,500
                             1999                                           51,497            51,497
                       -------------------------------------------------------------------------------

Depreciation                 2001
                             2000
                             1999
                       -------------------------------------------------------------------------------

Income (loss) from           2001
discontinued                 2000
operations                   1999           (350,331)                       74,647          (275,684)
                       -------------------------------------------------------------------------------

Extraordinary                2001                           302,179                          302,179
item                         2000
                             1999
                       -------------------------------------------------------------------------------

Identifiable                 2001                                              926               926
assets                       2000                                              959               959
                       -------------------------------------------------------------------------------

Capital                      2001
expenditures                 2000
                       -------------------------------------------------------------------------------
</TABLE>

        Revenues from external customers, revenues from transactions with other
        segments, interest revenue, equity in the net income of investees
        accounted for by the equity method and income tax expense or benefit
        were zero for the years ended September 30, 2000, 1999, and 1998.


                                                                              14