##### 



SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


FORM 10-Q

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
1934

For the period ended September 30, 2002


Commission file number 0-30107

FINANCIAL VENTURES INC.

(Exact Name and Registrant as Specified in its Chapter)


|                                         |  |                                     
|---------------------------------------- |  | ------------------------------------
|Florida                                  |  | 65-0740090                          
|(State of Incorporation)                 |  | (IRS Employer Identification Number)
|                                         |  |                                     
|120 Adelaide Street West                 |  |                                     
|Suite 1214                               |  |                                     
|Toronto, Ontario                         |  |                                     
|Canada                                   |  | M5H 1T1                             
|(Address of Principal Executive Offices) |  | (Zip Code)                          

Registrants telephone number, including area code: 416-214-9735



| |  |  | Former Name, Former Address and Former Fiscal Year, if Changed Since Last
Report:Not Applicable                                                                                                                                                                                                                                                                  
| |  |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | Indicate by check mark whether the registrant: (1) has filed all reports
required by Section 13 or 15(d) of the Securities and Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 Days. Yes (x) No ( ).





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| |  |  | As of September 30, 2002 there were 903,800 shares of Class A common
stock, $.01 par value per share, outstanding.
| |  |  | ------------------------------------------------------------------------------------------------------------------

PART 2
OTHER INFORMATION

Item 1.       Legal Proceedings

None

Item 2.       Changes in Securities

None

Item 3.       Defaults upon Senior

Securities

None

Item 4.       Submissions of Matters to a Vote of

Security Holdings

None

Item 5.       Other Information

None





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##### 



FINANCIAL VENTURES, INC.
(A Development Stage Company)
BALANCE SHEET
SEPTEMBER 30, 2002
(Unaudited)

|                                                                                                    |                                       |   |         |   | 
|--------------------------------------------------------------------------------------------------- | ------------------------------------- | - | ------- | - | 
|ASSETS                                                                                              |                                       |   |         |  
|TOTAL ASSETS                                                                                        |                                       | $ |        |  
|                                                                                                    |                                       |   |         |  
|STOCKHOLDERS EQUITY (DEFICIT)                                                                      |                                       |   |         |  
|STOCKHOLDERS EQUITY

(DEFICIT)                                                                     |                                       |   |         |  
|Common stock, $.001 par value,

50,000,000
shares authorized, 908,800 shares
issued and outstanding |                                       | $ | 909     |  
|Additional paid-in

capital                                                                         |                                       |   | 9,467   |  
|Deficit accumulated during the

development
stage                                                   |                                       |   | (10,376 | )
|                                                                                                    |                                       |   |         |  
|                                                                                                    | Total Stockholders Equity

(Deficit) |   |         |  | 
|                                                                                                    |                                       |   |         |  
|TOTAL STOCKHOLDERS EQUITY

(DEFICIT)                                                               |                                       | $ |        |  
|                                                                                                    |                                       |   |         |  

Read accompanying Notes to Financial Statements.





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##### 



FINANCIAL VENTURES, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)

|                                               |                            |   |                    |   |                  |   |                  |   |      |   |                    |   |  |   |         |   |  |   |             |        | 
|---------------------------------------------- | -------------------------- | - | ------------------ | - | ---------------- | - | ---------------- | - | ---- | - | ------------------ | - |  | - | ------- | - |  | - | ----------- | ------ | 
|                                               |                            |   |                    |   |                  |   |                  |   |      |   |                    |   |  |   |         |   |  |   | Period from
|                                               |                            |   | Three Months Ended |   | Six Months Ended |   | December 4, 1996
|                                               |                            |   | September 30,      |   | September 30,    |   | (Inception) to  
|                                               |                            |   | 2002               |   | 2001             |   | 2002             |   | 2001 |   | September 30, 2002
|                                               |                            |   |                    |   |                  |   |                  |   |      |   |                   
|REVENUES                                       |                            | $ |                   |   |                  | $ |                 |   |      | $ |                   |   |  | $ |        |   |  | $ |            |       
|EXPENSES                                       |                            |   |                    |   |                  |   |                  |   |      |   |                    |   |  |   |         |   |  |   |             |       
|                                               | General and administrative |   |                    |  |                  |   |                  |  |      |   |                    |  |  |   |         |  |  |   |             | 10,376 | 
|                                               |                            |   |                    |   |                  |   |                  |   |      |   |                    |   |  |   |         |   |  |   |             |       
|NET (LOSS)                                     |                            | $ |                   |   |                  | $ |                 |   |      | $ |                   |   |  | $ |        |   |  | $ | (10,376     | )     
|                                               |                            |   |                    |   |                  |   |                  |   |      |   |                    |   |  |   |         |   |  |   |             |       
|(LOSS) PER

SHARE                              |                            | $ |                   |   |                  | $ |                 |   |      | $ |                   |   |  | $ |        |   |  |   |             |       
|                                               |                            |   |                    |   |                  |   |                  |   |      |   |                    |   |  |   |         |   |  |   |             |       
|WEIGHTED AVERAGE NUMBER OF

SHARES
OUTSTANDING |                            |   | 908,800            |   |                  |   | 908,800          |   |      |   | 908,800            |   |  |   | 908,800 |   |  |   |             |       
|                                               |                            |   |                    |   |                  |   |                  |   |      |   |                    |   |  |   |         |   |  |   |             |       

Read accompanying Notes to Financial Statements.





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##### 



FINANCIAL VENTURES, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)

|                                                                        |  |                                                                             |   |                  |   |                  |   |                    |   |   |        |             |         |  
|----------------------------------------------------------------------- |  | --------------------------------------------------------------------------- | - | ---------------- | - | ---------------- | - | ------------------ | - | - | ------ | ----------- | ------- | -
|                                                                        |  |                                                                             |   |                  |   |                  |   |                    |   |   |        | Period from
|                                                                        |  |                                                                             |   | Six Months Ended |   | December 4, 1996
|                                                                        |  |                                                                             |   | September 30,    |   | (Inception) to  
|                                                                        |  |                                                                             |   | 2002             |   | 2001             |   | September 30, 2002
|                                                                        |  |                                                                             |   |                  |   |                  |   |                   
|CASH FLOWS FROM OPERATING
ACTIVITIES:                                   |  |                                                                             |   |                  |   |                  |   |                    |   |   |        |            
|                                                                        |  | Net (loss)                                                                  |   | $                |  |                  |   | $                  |  |   |        | $           | (10,376 | )
|                                                                        |  |                                                                             |   |                  |   |                  |   |                    |   |   |        |             |         |  
|CASH FLOWS FROM FINANCING
ACTIVITIES:                                   |  |                                                                             |   |                  |   |                  |   |                    |   |   |        |            
|                                                                        |  | Proceeds from issuance of
common stock                                      |   |                  |  |                  |   |                    |  |   |        |             | 6,280   |  
|                                                                        |  | Increase in additional paid-in
capital                                      |   |                  |  |                  |   |                    |  |   |        |             | 3,896   |  
|                                                                        |  | Increase on amount due to
stockholder                                       |   |                  |  |                  |   |                    |  |   |        |             | 200     |  
|                                                                        |  |                                                                             |   |                  |   |                  |   |                    |   |   |        |             |         |  
|NET CASH PROVIDED BY FINANCING
ACTIVITIES                               |  |                                                                             |  |                  |   |                  |  |                    |   |   | 10,376 |            
|                                                                        |  |                                                                             |   |                  |   |                  |   |                    |   |   |        |             |         |  
|NET INCREASE (DECREASE) IN

CASH                                        |  |                                                                             |  |                  |   |                  |  |                    |   |   |       |            
|CASH 

BEGINNING                                                       |  |                                                                             |  |                  |   |                  |  |                    |   |   |       |            
|                                                                        |  |                                                                             |   |                  |   |                  |   |                    |   |   |        |             |         |  
|CASH 

ENDING                                                          |  | $                                                                           |  |                  |   | $                |  |                    |   | $ |       |            
|                                                                        |  |                                                                             |   |                  |   |                  |   |                    |   |   |        |             |         |  
|SUPPLEMENTAL DISCLOSURE OF

NONCASH
INVESTING AND FINANCING ACTIVITIES: |  |                                                                             |   |                  |   |                  |   |                    |   |   |        |            
|                                                                        |  | Reclassification of amount due to
stockholder to additional paid-in
capital |   | $                |  |                  |   | $                  |  |   |        | $           | 200     |  
|                                                                        |  |                                                                             |   |                  |   |                  |   |                    |   |   |        |             |         |  

Read accompanying Notes to Financial Statements.





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##### 



FINANCIAL VENTURES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2002

|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|NOTE 1. |  | ORGANIZATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|        |  | Financial Ventures, Inc. was incorporated on December 4, 1996
under the laws of the State of Florida. The company
is engaged in purchasing tropical fish for wholesale. The
companys headquarters is in Toronto, Canada.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|        |  | The Company has no revenues to date. Since inception, the
Company has been dependent upon the receipt of capital
investment or other financing to fund its continuing
activities. In addition to the normal risks associated with a
new business venture, there can be no assurance that the
Companys product development will be successfully completed
or that it will be a commercial success. Further, the Company
is dependent upon certain related parties to provide
continued funding and capital resources.                                                                                                                                                                                                                                                                                                  
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|NOTE 2. |  | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|        |  | Basis of Presentation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|        |  | The accompanying condensed financial statements are
unaudited. These statements have been prepared in accordance
with the rules and regulations of the Securities and Exchange
Commission (SEC). Certain information and footnote
disclosures normally included in financial statements
prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such
rules and regulations. In the opinion of management, all
adjustments (which include only normal recurring adjustments)
considered necessary for a fair presentation have been
included. These financial statements should be read in
conjunction with the Companys financial statements and notes
thereto for the year ended March 31, 2002, included in the
Companys Form 10-KSB as filed with the SEC.





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FINANCIAL VENTURES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2002

|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                
|------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|NOTE 2. |  | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)                                                                                                                                                                                                                                                                                                                                                                                         
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                
|        |  | (Loss) Per Share                                                                                                                                                                                                                                                                                                                                                                                                                               
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                
|        |  | (Loss) per share is computed by dividing net (loss) for the year by
the weighted average number of shares outstanding.                                                                                                                                                                                                                                                                                                                         
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                
|        |  | Use of Estimates                                                                                                                                                                                                                                                                                                                                                                                                                               
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                
|        |  | Management uses estimates and assumptions in preparing financial
statements in accordance with generally accepted accounting
principles. Those estimates and assumptions affect the reported
amounts of assets and liabilities, the disclosure of contingent
assets and liabilities, and the reported revenues and expenses.
Accordingly, actual results could vary from the estimates that were
assumed in preparing the financial statements.
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                
|NOTE 3. |  | CAPITAL STOCK                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                
|        |  | The Company has authorized 50,000,000 common shares with a par
value of $.001 per share. As of September 30, 2002 908,800 common
shares were issued and outstanding.                                                                                                                                                                                                                                                                           





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SIGNATURES

Pursuant to the requirements of the Securities Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.

|                        |  |                        |  |                 | 
|----------------------- |  | ---------------------- |  | --------------- | 
|Dated: January 20, 2003 |  | FINANCIAL VENTURES INC
|                        |  |                        |  |                
|                        |  | By:                    |  | Mathew McNeally
|                        |  |                        |  |                
|                        |  |                        |  | President CEO  
|                        |  |                        |  |                
|                        |  | By:                    |  | John Forbes    
|                        |  |                        |  |                
|                        |  |                        |  | Secretary