EXHIBIT 1



                                 GBO CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)



                              FINANCIAL STATEMENTS
                                  June 30, 2002



                                 GBO CORPORATION
                          (A Development Stage Company)

                                  BALANCE SHEET

                    as of June 30, 2002 and February 28, 2002
<table>
<caption>
                                         ASSETS

                                           June 30,           February 28,
                                            2002                   2002
<S>                                         <C>                   <C>
CURRENT ASSETS
  Cash                                       126                     5,070
                             ---------------------------------------------

  Total Current Assets                       126                     5,070
                             ---------------------------------------------

OTHER ASSETS                                   0                         0
                             ---------------------------------------------

  Total Other Assets                           0                         0
                             ---------------------------------------------

TOTAL ASSETS
                                             126                     5,070
                             =============================================
</table>


                                       1
<PAGE>


                                 GBO CORPORATION
                          (A Development Stage Company)

                                  BALANCE SHEET

                    as of June 30, 2002 and February 28, 2002


                      LIABILITIES AND STOCKHOLDERS' EQUITY
<table>
<caption>
                                                       June 30,   February 28,
                                                         2002           2002
<S>                                                      <C>           <C>
LIABILITIES

Current Liabilities                                           0              0
                                             ---------------------------------

  Total Current Liabilities                                   0              0
                                             ---------------------------------

STOCKHOLDERS' EQUITY


  Common Stock, authorized
  20,000,000 shares of stock,
  issued and outstanding 20,000,000,
  par value $0.001 per share                             20,000         20,000

  Additional Paid in Capital                              5,670          5,670

  Deficit accumulated during the
  development stage                                     (25,544)       (20,600)
                                             ---------------------------------

  Total Stockholders' Equity                                126          5,070
                                             ---------------------------------

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY                                        126          5,070
                                             =================================

</table>



                                       2
<PAGE>





                                 GBO CORPORATION
                          (A Development Stage Company)

                             STATEMENT OF OPERATIONS

    for the periods from February 29, 2002 to June 30, 2002, and January 18,
                      2002 (inception) to February 28, 2002
<table>
<caption>
                                                      Period         Period
                                              February 29, 2002    January 18
                                               To June 30, 2002 To February 28
<S>                                                  <C>             <C>
INCOME
     Revenue                                                  0              0
                                                --------------- --------------

EXPENSES
     General, Selling and
     Administrative                                      25,544         20,600
                                                --------------- --------------

     Total Expense                                       25,544         20,600
                                                --------------- --------------

     Loss before Provision for
     Income Taxes                                       (25,544)       (20,600)

     Provision for Income Taxes                               0              0
                                                --------------- --------------


NET INCOME (LOSS)                                       (25,544)       (20,600)
                                                =============== ==============


Primary and Diluted Earnings
     (Loss) per Weighted Average
     Number of Common Shares                               0.01           0.01
                                                --------------- --------------


Weighted Average Number of
     Common Shares                                   20,000,000     20,000,000
                                                --------------- --------------
</table>




                                       3
<PAGE>



                                 GBO CORPORATION
                          (A Development Stage Company)

                        STATEMENT OF STOCKHOLDERS' EQUITY

             for the period from February 29, 2002 to June 30, 2002
<table>
<caption>

                                          Common Stock            Additional      Accumulated          Total
                                        Shares      Amount          Paid in         Deficit           Equity
                                                                     Capital
                           ---------------------------------------------------------------------------------
<S>                                       <C>           <C>            <C>          <C>             <C>

Initial Capitalization                20,000,000         20,000              0              0            126
     Stock issued for services
     Stock sales for cash

Retained Earnings (Loss)                                                              (25,544)
                           ---------------------------------------------------------------------------------


Balance, June 30, 2002                20,000,000         20,000              0        (25,544)           126
                           =================================================================================
</table>

                                       4
<PAGE>


                                 GBO CORPORATION
                          (A Development Stage Company)
                             STATEMENT OF CASH FLOWS
             for the periods from February 28, 2002 to June 30, 2002
<table>
<caption>
                                    Period             Period
                               February 29, 2002    January 18
                                   To June 30,   To February 28,
                                      2002             2002
                                  -------------- --------------
<S>                                     <C>           <C>
     Net Loss                             (4,944)       (20,600)

     Consulting for stock                      0         19,370

     Changes in assets
     and Liabilities                           0              0
                                  -------------- --------------

Net Cash Provided by
Operations                                (4,944)        (1,230)
                                  -------------- --------------

Cash Flows Used
in Investing Activities                        0              0
                                  -------------- --------------

     Sales of Stock                            0          6,300
                                  -------------- --------------

Cash Flows from
Financing Activities                           0          6,300
                                  -------------- --------------

Net Increase (Decrease)
in Cash                                   (4,944)         5,070

Cash, Beginning of
Period                                      5070              0
                                  -------------- --------------

Cash, End of Period                          126          5,070
                                  ============== ==============

</table>

                                       5
<PAGE>


                                 GBO Corporation
                          (A Development Stage Company)


                          NOTES TO FINANCIAL STATEMENTS

                    Note 1. GENERAL ORGANIZATION AND BUSINESS


GBO  Corporation  (the  Company) was organized in the state of Nevada on January
18,  2002.  The Company is currently  in its  development  stage and to date its
activities have been limited to organization and capital formation.  The Company
currently has no operations  and, in accordance with SFAS No. 7, is considered a
development stage company.

Note 2.   INTERIM FINANCIAL INFORMATION

The  accompanying  unaudited  financial  statements  have been  prepared  by the
Company, in accordance with generally accepted accounting principles pursuant to
Regulation S-B of the Securities and Exchanges  Commission.  Certain information
and  footnote  disclosures  normally  included in audited  financial  statements
prepared in accordance with generally accepted  accounting  principles have been
condensed or omitted. Accordingly,  these interim financial statements should be
read in  conjunction  with with the Company's  financial  statements and related
notes as  contained  in Form 10-SB for the period  beginning  January  18,  2002
(inception),  and ended  February 28, 2002.  In the opinion of  management,  the
interim financial statements reflect all adjustments, including normal recurring
adjustments,  necessary for fair presentation of the interim periods  presented.
The  results of  operations  for the six months  ended  June 30,  2002,  are not
necessarily  indicative  of results of  operations  to be expected  for the full
year.


                                       6
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