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

                                   FORM 10-QSB

(Mark One)

     [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2001

     [ ] TRANSITION REPORT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 For the Transition Period from _______________ TO _______________.

                                    333-89941
                            (Commission File Numbers)

                                 ZENASCENT, INC.
             (Exact name of registrant as specified in its charter)


        DELAWARE                                        6799
(State or other jurisdiction of         (Primary Standard Industrial
incorporation or organization)          Classification Code Number)


                         10 West 33rd Street, Suite 705
                            New York, New York 10001
                    (Address of principal executive offices)

                                 (212) 594-8146
              (Registrants' telephone number, including area code)

                                 NOT APPLICABLE
              (Former name, former address and former fiscal year,
                          if changed since last report)

     Indicate by check mark whether the Registrants (1) have 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
Registrants were required to file such reports), and (2) have been subject to
such filing requirements for the past 90 days. YES [ X ] NO [ ]

     As of May 31, 2001,  6,988,341  shares of Common Stock,  par value $.01 per
share, of Zenascent, Inc. were issued and outstanding.




<PAGE>
                                     PART I
                              FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS

                                 ZENASCENT, INC.
                                  BALANCE SHEET
                                 APRIL 30, 2001
                                   (Unaudited)


                                     ASSETS
<TABLE>
<CAPTION>

Current Assets:
<S>                                                                                      <C>
  Cash and cash equivalents ..........................................................   $     25,583
  Other current assets ...............................................................             26
                                                                                         ------------
         Total current assets ........................................................         25,609

Property and equipment (net of accumulated depreciation of $469) .....................          2,658

Other investments ....................................................................        242,000

Security deposits ....................................................................          2,649
                                                                                         ------------
                                                                                         $    272,916
                                                                                         ============

                      LIABILITIES AND SHAREHOLDERS' DEFICIT

Current Liabilities:
  Accounts payable ...................................................................   $  1,136,216
  Accrued expenses ...................................................................        317,531
  Notes payable ......................................................................        465,000
  Due to stockholder .................................................................         50,000
                                                                                         ------------
         Total current liabilities ...................................................      1,968,747
                                                                                         ------------

Commitments and contingencies

Shareholders' Deficit:
  Preferred stock; $.01 par value, 5,000,000 shares authorized,
    none issued and outstanding ......................................................           --
  Common stock; Class A, $.01 par value, 15,000,000
    shares authorized; 6,880,007 shares issued .......................................         68,800
  Common stock; Class B, $.01 par value, 5,000,000 shares
    authorized; no shares issued and outstanding .....................................           --
  Treasury stock; 294,500 Class A shares at cost .....................................    (   251,848)
  Additional paid-in capital .........................................................     22,374,813
  Accumulated deficit ................................................................    (23,887,596)
                                                                                          ------------
         Total shareholders' deficit .................................................    ( 1,695,831)
                                                                                          ------------
                                                                                          $   272,916
                                                                                          ============
</TABLE>
   The accompanying notes are an integral part of these financial statements.
<PAGE>
                                 ZENASCENT, INC.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                        Three Months
                                                --------------------------
                                                         April 30,
                                                --------------------------
                                                    2001           2000
                                                -----------    -----------

<S>                                              <C>           <C>
Revenues .....................................   $      --     $      --
                                                -----------    -----------

Costs and expenses:
  Selling, general and administrative expenses        66,063     4,121,883
                                                -----------    -----------

         Total costs and expenses ............        66,063     4,121,883
                                                -----------    -----------

Loss from operations ......................... (      66,063)   (4,121,883)
                                                -----------    -----------

Other income (expense):
  Interest expense ........................... (      17,242)   (    8,125)
  Interest Income ............................          --             183
  Extinguishment of debt .....................       906,470          --
                                                -----------    -----------

         Total other income (expense) ........       889,228    (    7,942)
                                                 -----------    -----------

Net income (loss) ............................   $   823,165   $(4,129,825)
                                                 ===========    ===========

Weighted average common shares outstanding ...     6,766,071     5,592,219
                                                 ===========    ===========

Net loss per common share - basic:
  Operations .................................   $     12.17    $     (.74)
                                                 ===========    ===========

</TABLE>




   The accompanying notes are an integral part of these financial statements.
<PAGE>
                                 ZENASCENT, INC.
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                  Three Months Ended
                                                              -------------------------
                                                                       April 30,
                                                                 2001            2000
                                                              -----------   -----------
Operating activities:
<S>                                                           <C>           <C>
  Income (loss) from operations ...........................   $   823,165   $(4,129,825)
                                                              -----------   -----------
  Adjustments to reconcile loss from continuing operations
    to net cash used in operating activities:
      Depreciation and amortization .......................         1,656          --
      Stock issued for services and other .................        13,549     4,008,063
      Changes in operating assets and liabilities:
        (Increase) in marketable securities ...............          --      (  100,000)
        (Increase) decrease in security deposits ..........         1,409    (    4,058)
        (Decrease) in accounts payable and accrued expenses    (  848,744)   (  216,080)
                                                               -----------   -----------

         Total adjustments ................................    (  832,130)    3,687,925
                                                               -----------   -----------

Net cash (used) in operating activities ...................    (    8,965)   (  441,900)
                                                               -----------   -----------

Financing activities:
  Proceeds from issuance of unsecured notes payable .......        40,000          --
  Repayment of unsecured notes payable ....................     (  15,000)         --
  Expenses of initial public offering and private offerings          --       ( 160,407)
  Proceeds from sale of common stock ......................        50,000     1,220,164
  Purchase of treasury stock ..............................     (  85,000)         --
                                                                -----------  -----------

Net cash provided by (used in) financing activities .......     (  10,000)    1,059,757
                                                                -----------  -----------

Net increase in cash and cash equivalents .................     (  18,965)      617,857

Cash and cash equivalents, beginning of period ............        44,548       183,629
                                                                -----------  -----------

Cash and cash equivalents, end of period ..................   $    25,583    $  801,486
                                                                ===========  ===========


</TABLE>

   The accompanying notes are an integral part of these financial statements.
<PAGE>
                                 ZENASCENT, INC.
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (Continued)
<TABLE>
<CAPTION>

                                                                               Three Months Ended
                                                                          ---------------------------
                                                                                  April 30,
                                                                             2001             2000
                                                                          --------------   ----------

Supplemental disclosure of cash flow information:

<S>                                                                       <C>              <C>
  Cash paid for interest ..............................................   $         --     $     --
                                                                          ==============   ==========


Supplemental disclosure of non-cash investing and financing activities:

Cashless exercise of 151,793 common stock purchase
  warrants ............................................................   $         --     $1,106,377
                                                                          ==============   ==========

Other investments as consideration for settlement
  with creditor .......................................................   $        8,000   $     --
                                                                          ==============   ==========

</TABLE>

   The accompanying notes are an integral part of these financial statements.
<PAGE>
                                 ZENASCENT, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                 APRIL 30, 2001
                                 --------------
                                   (Unaudited)

NOTE 1 - Basis of Presentation

     In the opinion of the Company, the accompanying unaudited financial
statements reflect all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position, results of
operations and cash flows for the periods presented.

     The results for interim periods are not necessarily indicative of the
results to be obtained for a full fiscal year.


NOTE 2 - Organization and Basis of Presentation

     Zenascent, Inc. (the "Company") was originally incorporated in the State of
Delaware on February 8, 1996. The Company, as Outlook Sports Technology, Inc.,
was originally a designer and marketer and, through the use of contracted
parties, a manufacturer of golf equipment, apparel and accessories. During March
2000 Outlook Sports Technology, Inc. formed a wholly owned Delaware subsidiary,
Fusion Fund, Inc., which it merged with and into for the sole purpose of
changing its name to Fusion Fund, Inc.

     During January 2000 Outlook Sports Technology, Inc. formally abandoned the
golf business and during March 2000 launched its redefined business mission as
an Internet technology and e-commerce incubator. Accordingly, the accompanying
financial statements reflects the results of discontinued operations of the
abandoned golf business for the year ended January 31, 2000.

     In December 2000 the Company's Board of Directors agreed to change the name
of the Company from Fusion Fund, Inc. to Zenascent, Inc. The Company formed a
wholly owned Delaware subsidiary, Zenascent, Inc., which it merged with and into
the Company for the sole purpose of changing its name to Zenascent, Inc. in
January 2001.

     In February 2001 the Company announced that it would redefine its business
model, currently Internet technology and e-commerce incubation, to focus on the
promotion of sports and entertainment events. The Company has begun this
transition by entering into a letter of intent to acquire Cedric Kushner
Promotions, Inc. a leading international boxing promotion company. Under the
tentative agreement, the Company will acquire Cedric Kushner Promotions, Inc. as
a wholly-owned subsidiary in exchange for approximately 65% ownership of the
Company and an undisclosed monetary sum.


NOTE 3 - Shareholders' Deficit

     During the quarter ended April 30, 2001, the Company issued 104,882 shares
for services and other compensation. The Company recognized a charge of $3,494
in the current period in connection with the issuance of these shares.
<PAGE>
                                 ZENASCENT, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                 APRIL 30, 2001
                                 --------------
                                   (Unaudited)


NOTE 3 - Shareholders' Deficit (continued)

     During the quarter ended April 30, 2001, the Company privately sold an
aggregate of 133,333 shares of common stock for gross proceeds of $50,000. The
Company netted $50,000 after this offering.

     During the quarter ended April 30, 2001, the Company purchased 104,000
shares of common stock for $85,000. Such shares have been recorded as treasury
stock.

     During the quarter ended April 30, 2001 the Company issued 153,333 common
stock purchase warrants at exercise prices of $.312 and $.40 per share.


NOTE 4 - Extinguishment of Debt

     During the quarter ended April 30, 2001 the Company settled certain
indebtedness to a creditor. This transaction has been reported in other income
as extinguishment of debt.




<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
         OPERATIONS AND FINANCIAL CONDITION

General

     The statements contained in this report that are not historical are forward
looking statements within the meaning of Section 27A of the Securities Act and
Section 21E of the Exchange Act, including statements regarding the Company's
expectations, intentions, beliefs or strategies regarding the future. All
forward looking statements include the Company's statements regarding liquidity,
anticipated cash needs and availability and anticipated expense levels. All
forward looking statements included in this report are based on information
available to the Company on the date hereof, and the Company assumes no
obligation to update any such forward looking statement. It is important to note
that the Company's actual results could differ materially from those in such
forward looking statements.

     The following analysis of the Company's financial condition as of and for
the three months ended April 30, 2001, and April 30, 2000, should be read in
conjunction with the Company's financial statements and notes thereto included
elsewhere in this report.


Overview

     In the first three months of the year 2000, the Company underwent
significant management changes and redirected its business mission. On January
11, 2000, Paul H. Berger resigned from his positions as Chairman of the
Company's Board of Directors and Treasurer and Jim Dodrill resigned from his
positions as President, General Counsel, and Director of the Company. After a
brief restructuring period, Mae Davis Group, an investment banking firm whose
clients hold a majority interest in the Company, approached several of their
business associates to redirect and manage the Company. In February 2000, the
Company appointed Adam Goldberg as it's President and Chairman of the Board of
Directors, and Steven Angel as its Secretary and Executive Vice President.

     In March 2000, the Company launched its redefined business mission as an
Internet technology and e-commerce incubator. Accordingly, the accompanying
financial statements reflect the results of discontinued operations of the
abandoned golf business for the years ended January 31, 2000 and 1999,
respectively. The Company's new business model provides early stage client
companies with extensive management, marketing, finance and business development
resources in exchange for equity positions in their businesses. In light of this
shift in focus, the Company formed a wholly owned Delaware subsidiary, Fusion
Fund, Inc., which it merged with and into the Company on March 27, 2000, for the
sole purpose of changing its name to Fusion Fund, Inc.

     In December 2000 the Company's Board of Directors agreed to change the name
of the Company from Fusion Fund, Inc. to Zenascent, Inc. The Company formed a
wholly owned Delaware subsidiary, Zenascent, Inc., which it merged with and into
the Company for the sole purpose of changing its name to Zenascent, Inc. in
January 2001.

In February 2001 the Company announced that it would redefine its business
model, currently Internet technology and e-commerce incubation, to focus on the
promotion of sports and entertainment events. The Company has begun this
transition by entering into a letter of intent to acquire Cedric Kushner
Promotions, Inc. a leasing international boxing promotion company. Under the
tentative agreement, the Company will acquire Cedric Kushner Promotions, Inc. as
a wholly-owned subsidiary in exchange for approximately 65% ownership of the
Company and an undisclosed monetary sum.
<PAGE>
Liquidity and Capital Resources

Our primary source of liquidity has historically consisted of sales of equity
securities and high yield debt. From March 2001 through May 1, 2001 we raised
approximately $50,000 gross proceeds through the sale of 133,333 shares of
common stock to private investors. We netted approximately $50,000 from the sale
of these securities. We believe that we will need to raise additional funds from
either debt or equity financings in order to achieve our redefined business
mission.

Notwithstanding the funds we raised in the private placement and other
borrowings, we are currently experiencing a severe working capital deficiency
and are incurring significant losses. As of April 30, 2001 our working capital
deficiency was approximately $1,900,000 and for the quarter ended April 30, 2001
we incurred net income of approximately $823,000 which was primarily the result
of debt extinguishment of approximately $906,000. At this time, we are not
generating any revenues but we are incurring substantial costs and expenses in
connection with the launching of our Internet technology and e-commerce
incubator business.

Results of Operations

Quarter Ended April 30, 2001 Compared To Quarter Ended April 30, 2000

The Company incurred net income of approximately $823,000 during the quarter
ended April 30,2001 compared to a net loss of approximately $4,130,000 for the
quarter ended April 30, 2000.

The Company formally abandoned its golf business in January 2000 and during
March 2000 launched its redefined business mission as an Internet technology and
e-commerce incubator.

During the quarter ended April 30, 2000 the Company incurred a net loss of
approximately $4,130,000. The net loss was primarily the result of selling,
general and administrative expenses incurred in the amount of approximately
$4,122,000, of which approximately $4,008,000 was for non-cash issuances of
common stock for services and other compensation. The largest component of
selling, general and administrative expenses consisted of issuances of common
stock in connection with two consulting agreements. The Company issued an
aggregate of 212,500 shares of common stock and recognized a charge to
operations of approximately $2,153,000 in connection with these issuances. In
addition, the Company issued 150,500 shares of common stock for services and
other compensation with a charge of approximately $1,655,000 to operations.

During the quarter ended April 30, 2001, the Company incurred net income of
approximately $823,000. The net income was primarily the result of the
<PAGE>
extinguishment of indebtedness to creditors in the amount of approximately
$906,000. The Company issued 104,282 shares for services and other compensation
and recognized a charge of approximately $3,500 to operations.

                                     PART II
                                OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

            On or about February 1, 2001, The New York Times Magazine Group,
Inc. ("NYTMG") commenced a legal action against the Company in the Supreme Court
of the State of New York, County of New York. The complaint alleges the
Company's failure to pay NYTMG for advertising services rendered to the Company
in 1997 and seeks damages in an amount of approximately $187,700 plus applicable
accrued interest. The Company and NYTMG have entered into a negotiated
settlement agreement, whereby the Company is making certain monetary payments to
NYTMG. Pursuant to the settlement, the Company has entered an Affidavit and
Confession of Judgment with the Court and NYTMG has delivered to the Company a
general release and settlement of all claims regarding the Company. Each of the
aforementioned documents is contingent upon the Company's full performance of
the terms set forth in the settlement agreement. In the event that the Company
should default on these obligations, the general release and settlement shall be
rendered null and void and NYTMG's cause of action shall be revived. The Company
intends to perform all of its obligations pursuant to the settlement agreement.

         On November 20, 2000, Foley, Hoag & Eliot LLP threatened to take legal
action against the Company, seeking payment for services rendered in the amount
of approximately $470,000. The Company is not aware that Foley, Hoag & Eliot LLP
has taken any legal action regarding this claim. The Company is unable to
determine what impact, if any, the resolution of this matter will have on its
financial position or results of operation.

         The Company is currently involved in no other legal proceeding that
could have a material adverse effect on the results of operations or the
financial condition of the Company. From time to time, the Company may become a
party to litigation incidental to its business. There can be no assurance that
any future legal proceedings will not have a material adverse affect on the
Company.

         Notwithstanding the foregoing, as of April 30, 2001, the Company owed
approximately $1,968,747 to various creditors. Except as disclosed above, none
of the aforementioned obligations have resulted in legal proceeding that could
have a material adverse effect on the results of operations or the financial
condition of the Company. Although the Company is actively pursuing adequate
resolution and satisfaction of these obligations, the failure to reach an
adequate resolution with these creditors may result in litigation that could
have a material adverse effect on the results of operations or the financial
condition of the Company and/or may force the Company to seek legal protection
from its creditors under United States Bankruptcy Code.



<PAGE>
ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

     None.


ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

     None


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

     None


ITEM 5.  OTHER INFORMATION

     None.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

  (a)  Exhibits

         None.

  (b)  Reports on Form 8-K

         The following Reports on Form 8-K were filed during the last quarter of
   the period covered by this report, and from that date to the date hereof:

     Date                           Item Reported
<TABLE>
<CAPTION>

<S>                        <C>
   January 9, 2001         Change in Company name from Fusion Fund, Inc. to Zenascent, Inc.
</TABLE>



                                                              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.


                                                          ZENASCENT, INC.

Date:  June 13, 2001                              By: /s/ Steven Angel
                                                          Steve Angel, Secretary