##### 



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, 2001

Commission file number 0-30107



| |                                                                                
| | -------------------------------------------------------------------------------
| | FINANCIAL
VENTURES INC.
(Exact Name and Registrant as Specified in its Chapter)

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

As of June 30, 2001 there were 903,800 shares of Class A common stock,
$.01 par value per share, outstanding.





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##### 



FINANCIAL VENTURES, INC.
(A Development Stage Company)
BALANCE SHEET
SEPTEMBER 30, 2001
(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                                                                         |                                      |        | 5,571                          |  
|                                     | Deficit accumulated during the development
stage                                                   |                                      |        | (6,480                         | )
|                                     |                                                                                                    |                                      |        |                               
|                                     |                                                                                                    | Total Stockholders Equity (Deficit) |        |                                |  | 
|                                     |                                                                                                    |                                      |        |                               
|TOTAL STOCKHOLDERS EQUITY (DEFICIT) |                                                                                                    | $                                    |       |                               
|                                     |                                                                                                    |                                      |        |                               

Read accompanying Notes to Financial Statements.

4



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##### 



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

|                                              |                            |   |                    |   |                  |   |                  |       |      |   |                    |   |  |   |         |       |  |   |        |       | 
|--------------------------------------------- | -------------------------- | - | ------------------ | - | ---------------- | - | ---------------- | ----- | ---- | - | ------------------ | - |  | - | ------- | ----- |  | - | ------ | ----- | 
|                                              |                            |   | (Unaudited)        |   |                  |   |                  |       |      |   |                    |   |  |   |        
|                                              |                            |   | Three Months Ended |   | Six Months Ended |   | Period from     
|                                              |                            |   | September 30,      |   | September 30,    |   | December 4, 1996
|                                              |                            |   |                    |   |                  |   | (Inception) to  
|                                              |                            |   | 2001               |   | 2000             |   | 2001             |       | 2000 |   | September 30, 2001
|                                              |                            |   |                    |   |                  |   |                  |       |      |   |                   
|REVENUES                                      |                            | $ |                   |   |                  | $ |                 |       |      | $ |                   |   |  | $ |        |       |  | $ |       |      
|                                              |                            |   |                    |   |                  |   |                  |       |      |   |                    |   |  |   |         |       |  |   |        |      
|EXPENSES                                      |                            |   |                    |   |                  |   |                  |       |      |   |                    |   |  |   |         |       |  |   |        |      
|                                              | General and administrative |   |                    |  |                  |   |                  | 5,000 |      |   |                    |  |  |   |         | 5,000 |  |   |        | 6,480 | 
|                                              |                            |   |                    |   |                  |   |                  |       |      |   |                    |   |  |   |         |       |  |   |        |      
|NET (LOSS)                                    |                            | $ |                   |   |                  | $ | (5,000           | )     |      | $ |                   |   |  | $ | (5,000  | )     |  | $ | (6,480 | )    
|                                              |                            |   |                    |   |                  |   |                  |       |      |   |                    |   |  |   |         |       |  |   |        |      
|(LOSS) PER SHARE                              |                            | $ |                   |   |                  | $ |                 |       |      | $ |                   |   |  | $ |        |       |  |   |        |      
|                                              |                            |   |                    |   |                  |   |                  |       |      |   |                    |   |  |   |         |       |  |   |        |      
|WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING |                            |   | 908,800            |   |                  |   | 906,548          |       |      |   | 908,800            |   |  |   | 905,193 |       |  |   |        |      
|                                              |                            |   |                    |   |                  |   |                  |       |      |   |                    |   |  |   |         |       |  |   |        |      

Read accompanying Notes to Financial Statements.

5



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##### 



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

|                                                                       |                                                                             |                                        |   |                  |   |                  |       |                    |        |   |  |  |  |   |       |     |        |  
|---------------------------------------------------------------------- | --------------------------------------------------------------------------- | -------------------------------------- | - | ---------------- | - | ---------------- | ----- | ------------------ | ------ | - |  |  |  | - | ----- | --- | ------ | -
|                                                                       |                                                                             |                                        |   | Six Months Ended |   | Period from     
|                                                                       |                                                                             |                                        |   | September 30,    |   | December 4, 1996
|                                                                       |                                                                             |                                        |   |                  |   | (Inception) to  
|                                                                       |                                                                             |                                        |   | 2001             |   | 2000             |       | September 30, 2001
|                                                                       |                                                                             |                                        |   |                  |   |                  |       |                   
|CASH FLOWS FROM OPERATING
ACTIVITIES:                                  |                                                                             |                                        |   |                  |   |                  |       |                    |        |   |  |  |  |   |       |    
|                                                                       |                                                                             | Net (loss)                             |   | $                |  |                  |       | $                  | (5,000 | ) |  |  |  |   |       | $   | (6,480 | )
|                                                                       |                                                                             |                                        |   |                  |   |                  |       |                    |        |   |  |  |  |   |       |    
|CASH FLOWS FROM FINANCING
ACTIVITIES:                                  |                                                                             |                                        |   |                  |   |                  |       |                    |        |   |  |  |  |   |       |    
|                                                                       |                                                                             | Proceeds from issuance of
common stock |   |                  |  |                  |       |                    | 5,000  |   |  |  |  |   |       |     | 6,280  |  
|                                                                       |                                                                             | Increase on amount due to
stockholder  |   |                  |  |                  |       |                    |       |   |  |  |  |   |       |     | 200    |  
|                                                                       |                                                                             |                                        |   |                  |   |                  |       |                    |        |   |  |  |  |   |       |    
|NET CASH PROVIDED BY FINANCING
ACTIVITIES                              |                                                                             |                                        |  |                  |   |                  | 5,000 |                    |        |   |  |  |  |   | 6,480 |    
|                                                                       |                                                                             |                                        |   |                  |   |                  |       |                    |        |   |  |  |  |   |       |    
|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.

6



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##### 



FINANCIAL VENTURES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001

|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 Boca Raton, Florida. Since
inception, planned operations have not commenced.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|       
|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, 2001, included in the Companys Form 10-KSB as
filed with the SEC.
|       
|        |  | (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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

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FINANCIAL VENTURES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001

|        |  |                                                                                                                                                                                                                             
|------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|NOTE 2. |  | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)                                                                                                                                                                      
|       
|        |  | Use of Estimates (Continued)                                                                                                                                                                                                
|       
|        |  | 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, 2001 908,800
common shares were issued and outstanding, respectively.                                          

8



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##### 



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

2



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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: November 20, 2002 |  | FINANCIAL VENTURES INC |  |                    
|                        
|                         |  | By:                    |  | /s/ Mathew McNeally
|                         |  |                        |  |                    
|                         |  |                        |  | President CEO      
|                        
|                         |  | By:                    |  | /s/ Ledyard DeWees 
|                         |  |                        |  |                    
|                         |  |                        |  | Secretary          

3