| **UNITED    STATES**SECURITIES    AND EXCHANGE COMMISSION**Washington, DC    20549   **FORM    10-KSB/A   
[X]    ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For    the fiscal year ended December 31, 2001   
[     ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1994
For    the transition period from _______ to _______
Commission    File Number: 0-16179   **GEXA CORP.
(Name    of Small Business Issuer in Its Charter)   
Texas
75-0670175
(State or Other    Jurisdiction of Incorporation or Organization)
(IRS Employer    Identification Number)    
24 Greenway Plaza, Suite    1826, Houston, TX
77046
(Address of Principal    Executive Offices)
(Zip Code)   
(713)-961-9399
(Issuer's    telephone number)   
Securities    registered under Section 12 (b) of the Act:
None
(Title of    class)
Securities    registered under Section 12(g) of the Exchange Act:
Common    Stock, par value $.01
(Title of    class)    
Check whether    the issuer: (i) filed all reports required to be filed by Section 13 or 15(d) of the    Exchange Act during the past 12 months (or for such shorter period that the registrant was    required to file such reports), and (ii) has been subject to the filing requirements for    the past 90 days. Yes [  ] No [X]Check if there is no disclosure    of delinquent filers in response to Item 405 of Regulation S-B contained in this form, and    no disclosure will be contained, to the best of the registrant's knowledge, in definitive    proxy or information statements incorporated by reference in Part III of this Form 10-KSB    or any amendment to this Form 10-KSB. [  ]
Issuer’s    revenues for its most recent fiscal year: None
At July 1,    2002, there were 7,377,022 shares of the issuer's common stock issued and outstanding. The    Company's shares are subject to quotation on the OTC:BB market. The Issuer is current in    its reporting requirements under the Exchange Act. Affiliates of the Issuer own 4,500,000    shares of the Issuer’s issued and outstanding common stock.(*) The remaining 2,877,022 shares are held by non-affiliates. The market value of    the common equity held by non-affiliates as of July 1, 2002 is $7,624,108.
DOCUMENTS    INCORPORATED BY REFERENCE:
There are no    documents incorporated by reference in this Annual Report on Form 10-KSB other than as set    forth in Part III, Item 13.(*) Affiliates for the purposes    of this Annual Report refer to the officers, directors and/or persons or firms owning 5%    or more of Issuer’s common stock, both of record and beneficially.**TABLE OF CONTENTS
  
Page
**PART I**
Item 1. Description of    Business.3
Item 2. Description of    Property.16
Item 3. Legal Proceedings. 16
Item 4. Submission of Matters    to a Vote of Security Holders. 16   **PART II
Item 5. Market for Common    Equity and Related Stockholder Matters. 16
Item 6. Management's    Discussion and Analysis. 20
Item 7. Financial Statements. 23
Item 8. Changes In and    Disagreements With Accountants on Accounting and Financial Disclosure.31           **PART III
Item 9. Directors, Executive    Officers, Promoters and Control Persons.32
Item 10. Executive    Compensation. 34
Item 11. Security Ownership of    Certain Beneficial Owners and Management. 35
Item 12. Certain Relationships    and Related Transactions. 36
Item 13. Exhibits and Reports    on Form 8-K.36
**PART I**

ITEM 1. DESCRIPTION OF BUSINESS

Forward-Looking Statements: This amended AnnualReport on Form 10-KSB/A and other statements issued or made from time to time by GexaCorp., a Texas corporation, contain statements which may constitute "Forward-LookingStatements" within the meaning of the Securities Act of 1933, as amended (the"Act") and the Securities Exchange Act of 1934 (the "Exchange Act") bythe Private Securities Litigation Reform Act of 1995, 15 U.S.C.A. Sections  77Z-2 and78U-5 (SUPP. 1996). Those statements include statements regarding the intent, belief orcurrent expectations of Gexa Corp. and its officers and directors as well as theassumptions on which such statements are based. Prospective investors are cautioned thatany such forward-looking statements are not guarantees of future performance and involverisks and uncertainties, and that actual results may differ materially from thosecontemplated by such forward-looking statements. 

General Background and Reports under theExchange Act

Gexa Corp., a Texas corporation, is sometimesreferred to herein as "we", "us", "our" and the"Company". The Company originally registered its shares of common stock underthe Exchange Act in 1987. As a result of being delinquent in our filing requirements underthe Exchange Act, we filed our past due Annual Reports on Form 10-KSB for the years endedDecember 31, 1992, 1993, 1994, 1995, 1997, 1998, 1999 and 2000 on November 30, 2001, allof which contain our audited financial statements for the respective periods. On the sameday on November 30, 2001, we also filed all past due Quarterly Reports on Form 10-QSB forthe years 1992 through 2000. No material change in our business occurred following ourfiling for bankruptcy under Chapter XI of the US Bankruptcy Code and our discharge by theBankruptcy Court in 1992 through the year ended December 31, 2000. 

Change in Control

In March 2001, Mr. Neil Leibman became ourchairman, by the action of the Company's then board of directors consisting of JustinRice, Gary Rice and Robert McDougal. Following Mr. Leibman's appointment to the board andas chairman, Messrs. Justin Rice, Gary Rice and Robert McDougal resigned as board membersof Gexa. Mr. Leibman, than the sole board member of Gexa, appointment Marcie Zlotnik andSteven Bethke to the board of the Company. The new board of Gexa elected Mr. Leibman asChief Executive Officer and Marcie Zlotnik as President of Gexa. Steven Bethke resigned asa board member in October 2001. Mr. Bethke's resignation was not the result of any disputebut rather was the result of the requirements as a full time officer and director of hisown business, Affordable Telecommunications, Houston, TX.

As of the date of this filing, Mr. Leibman haspaid for the benefit of the Company a total of approximately $50,000, which monies havebeen applied principally to pay expenses, including accounting fees, related to thepreparation and filing of our past due reports under the Exchange Act. These filings areintended to permit us to become again current under the reporting requirements of theExchange Act. While we are dependent upon limited interim payments made on behalf of theCompany by Mr. Leibman to pay professional fees, we have no written finance agreement withMr. Leibman to provide any continued funding. 

This Annual Report, as amended, containsdisclosure related to our new business operations of reselling electricity, which became aderegulated industry effective January 1, 2002. On June 19, 2001, Gexa submitted anapplication to the Public Utility Commission of the State of Texas for the purpose ofbecoming a retail reseller of electricity to residential and small commercial customers inTexas. Under Texas law, beginning January 1, 2002, customers may elect to purchaseelectricity from independent resellers, such as Gexa. Our disclosure may involve certainestimates and plans related to the business of reselling electricity, which is a newlyderegulated industry, which assumes certain events, trends and activities will occur andthe projected information based on those assumptions. We do not know that any assumptionsthat we may make will be accurate. In particular, we do not know and cannot predict withany degree of certainty the growth of industry of reselling electricity in the market inState of Texas in which we operate since January 1, 2001. If our assumptions are wrongabout any events, trends and activities, and specifically about this new businessopportunity. Our efforts regarding this new market may be wrong because of our limitedresources.

During the fiscal year 2001, we generated no revenues from anybusiness operations. During the three month period ended March 31, 2002, we started togenerate revenues from our resale of electricity, which totaled $339,126 for such periodand had general and administrative expenses of $263,375. This is compared to no revenuesbut general and administrative expenses of $40,750 during the same period in the prioryear.

We were incorporated under the laws of Nevada onApril 1, 1985. In March 2001, concurrent with our share recapitalization, we werereincorporated under the laws of the State of  Texas. Prior to the filing of ChapterXI under the Federal bankruptcy laws in the United States Bankruptcy Court for theDistrict of Idaho during the period ended June 30, 1992, we were engaged in the businessof acquiring, exploring and developing mining properties. We emerged from this proceedingand our plan of reorganization was approved by creditors and by the United StatesBankruptcy Court in 1992. During the period following our discharge from bankruptcy in1992 and through 2000,  we conducted no commercial mining operations and had no othersignificant business activities. Following the bankruptcy proceeding, we redirected ourefforts and limited resources to seeking potential new business opportunities. 

During the second quarter of 2001, Gexa submittedan application to the Public Utility Commission of the State of Texas for the purpose ofbecoming a retail reseller of electricity to residential and small commercial customers inTexas. Under Texas law, beginning January 1, 2002, customers may elect to purchaseelectricity from independent resellers.

Deregulation of Electric Utilities Market inTexas

In June 1999, the Texas legislature adopted the Texas ElectricChoice Plan, which significantly changed the regulatory structure governing electricutilities in Texas such as:

- starting January 1, 2002, power generators will have to sellelectric energy to wholesale purchasers, including retail electric providers, atunregulated rates, and- starting January 1, 2002, electric utilities in Texas will have to restructure theirbusinesses in order to separate power generation, transmission and distribution, andretail electric provider activities into separate units.

This change  allows competition in the retail electricmarket, which competition started on January 1, 2002. Under Texas legislation, retailcustomers will be entitled to purchase their electricity from any of a number of"retail electric providers," which will have been certified by the PublicUtility Commission of Texas (Texas Utility Commission), such as Gexa Corp.

Gexa filed its initial application with the Texas UtilityCommission which was approved by the Texas Utility Commission on August 3, 2001. Pursuantto this approval, we were authorized to offer electricity to residential and businesscustomers, commencing January 1, 2002.

Our Business

Gexa  became a provider of electricity toresidential and commercial customers in the Texas market. We offer consumers inrestructured retail energy markets competitive energy prices, flexible payment and pricingchoices. As part of our retail electricity package, we offer services such as online billpresentment, fixed price term contracts and balanced billing, all of which we currentlyoffer to our customers.

Gexa is targeting the rapidly restructuringresidential and commercial electricity consumers. We believe we are well-positioned tosucceed because other competitors are not focusing on short term residential and apartmentdweller markets. We have an affiliate program with independent companies such as Lower MyBills.com, EnergyGuide.com and Wattagemonitor.com. In connection with this program, thethird parties to offer services to apartment dwellers and offer new customers one stopshopping for all of their utility and telecommunication services and offer customerselectricity through Gexa Energy at a discount to their present electric provider. Inaddition, we have a cross marketing agreement with Affordable TelecommunicationsTechnology Corporation, a local cell phone distributor, to offers our electricity serviceto their retail customers for a one-time fee per customer. Reference is made to subheading"Strategic Alliances" below. "

Business Strategy

Gexa intends to become a expand beyond the Texas market anddevelop its business as deregulation grows assuming its business model has been proven inTexas. Gexa intends to focus its service and market electricity to the residentialcustomer, in particular apartment dwellers, smaller commercial customers, and largercommercial customers that make equity investments in the Company. We have an agreementwith Trammell Crow Residential Services, Inc., which entity manages 19 apartment complexesin the Houston and Dallas market. This relationship should enable Gexa to reach anincreasingly significant number of residential apartment units/customers. We also haveother agreements with other apartment complexes in the ordinary course of our business andwe intend to enter into similar arrangements to build our business. At present, the onlymaterial contract we have is with Trammell Crow Residential Services.

The Company has entered into marketing arrangements with othercompanies including Affordable Telecommunications, which already market consumer goods andtelecommunication services to one of Gexa’s target markets, the apartment dweller.Through these marketing arrangements, our target tenant customer has the opportunity tosign up for their   primary customer services,  electricity andtelecommunication, through only one phone call or fax. The Company has reached agreementswith 145 apartment complex owners and is in discussion with others, for the purpose ofGexa acquiring the exclusive right to market its electric service to new tenants. Ourservices and the agreements with apartment complexes allow tenants the ease of havingelectricity at the time of move-in, a captive audience for Gexa without having to switchcustomers, and a stipend paid to the complex owner for each new tenant that uses GexaEnergy. The Company is not aware of any competitor known to the Company that is pursuingthis market niche.

Gexa will continue to use the following strategyin the implementation of its business plan:

- Continue to secure favorable apartment locationcontracts throughout the Texas market;- Continue to develop strategic synergistic partnerships with companies offering servicesto our target markets.- Pursue marketing efforts through traditional channels such as independent contractors,kiosks and print media.- Effectively use its sales force to gain commercial and residential customers.- Target and focus on market segments that are not saturated by competition (e.g. smallstrip shopping center tenants utilizing the same strategy as apartment complexes).- Continue to differentiate our service as being flexible, affordable and not the same oldmonopolistic approach.- Quickly establish a critical mass of customers.- Integrate new products and services to customers.- Continue growth and begin national roll out to selective retail energy markets.

Market

The Company plans to target (1) the residential market includingapartments and mobile homes; (2) commercial consumers that use less than 500,000 kWh permonth and who are classified as small commercial consumers, and (3) larger commercialcustomers that have or acquire an interest in Gexa.

Residential Market

- Gexa has established relationships with apartment complexowners for leasing agents to offer the new customer electricity through Gexa Energy. Theleasing agent will handle contacting Gexa for "turn on" of service, making itsimple for the customer. The initial response was met with overwhelming approval andacceptance.- Gexa also has an affiliate program with independent companies such as Lower MyBills.com, EnergyGuide.com and Wattagemonitor.com. In connection with this program, thethird parties to offer services to apartment dwellers and offer new customers one stopshopping for all of their utility and telecommunication services. With this program, thethird parties offer customers electricity through Gexa Energy at a discount to theirpresent electric provider.- Gexa will also hire telemarketers and sales people to call perspective tenants. TheCompany has developed comprehensive marketing collateral including its website, and plansto distribute the materials to apartment complexes.

Large Residential and Small Commercial Market

Gexa's plan is to hire and train a sales staff to marketelectricity to large residential customers and small commercial customers. The staff willuse an approach that has proved successful in the telecommunications industry. The targetcustomers are in many cases the same customers that switched their telecommunicationsservices away from the large, better capitalized providers, to a small, friendly, customerservice oriented providers. 

Large Commercial 

Gexa believes that it is in a unique strategic position, based ona favorable financial partnership with Aquila, Inc. to provide large electricity consumerswith a very competitive rate structure. 

Strategic Alliances

Gexa has established the following strategicalliances:

1. Aquila, Inc. a UtiliCorp United Corp. (NYSE:UCU) subsidiarythat provides Gexa with a credit facility to purchase forward wholesale supply ofelectricity.2. TXU Corp.,  a global energy services company that in the business of electricitygeneration, wholesale energy trading, retail energy marketing, energy delivery and other energy-related services,  provides electricity to Gexa as the power generatorfor residential customers and act as Gexa’s Qualified Scheduling Entity. TXU, as ourQualified Scheduling Entity, has agreed to sell prescheduled electricity to us, whichenables Gexa to match the demand of our own retail customers within a 15 minute interval. 3. Exolink Corp. will develop and provide the electronic data interexchange for Gexa asrequired by the Texas Utility Commission for certification.4. Ebuy Express will assist in marketing the services of Gexa to all of its apartmentcomplex owner members.5. Luminor is providing Gexa and its customers with all of their customized billing needsin addition to providing Gexa with its customer care module. 

Electric Retail Market in Texas

The current opportunity for Gexa in the retailelectricity business is as follows:

- The potential market in Texas is huge and with deregulationhaving commenced in January 2002 is in its infancy. The total residential and smallcommercial electricity marketplace in the United States exceeds $226 billion annually,making it one of the largest consumer markets to undergo competitive regulatoryrestructuring. There can be no assurance, however, that we will be successful in expandingbeyond Texas.- Currently, markets in twelve states are open to retail electric competition. Inaddition, laws or regulatory plans providing for future retail electric competition havebeen adopted in numerous other states.- In Houston (Harris County), Texas alone, there are over 4 million electric metersassociated with residential and small business customers. In Texas there are 5.3 millionresidential customers.- The electric retail industry in Texas is in its earliest stage and the market isvirtually untapped.- Gexa has quickly secured several major residential customers in a market that we believeis being overlooked, the individual apartment dweller. Gexa has contracted with severallarge REIT’s, apartment complex owners and purchasing aggregators all of whom haveexpressed great interest in this area. Gexa believes its marketing partners and commissionarrangements with the apartment complex owners will create a large residential customerbase.

Gexa also believes the sub-prime and high credit risk customerutilizing a pre-paid smart meter is another untapped market (meter reading is scheduled tobe deregulated in 2004 by the Texas PUC). The prepaid electricity market will work in thesame manner as the prepaid phone cards. Customers/consumers will buy and pay for only theelectricity they need with payment made in advance of consumption. These same customersalso generally reside in lower cost apartment complexes. Prepaid service that Gexa offerswill allow greater profit margins and less bad debt. In the Houston, TX market  alone, approximately 30% of the adult population does not have a bank relationship. Whilethere can be no assurance, Gexa believes it will be able to implement its same plan andcapitalize on deregulation on a national basis as it has in Texas. 

Gexa sees a new business opportunity developingwith similar trends that parallel the deregulation of the telephone companiesapproximately sixteen years ago. 

According to the U.S. Department of Energy, thereare currently twelve states and the District of Columbia which permit retail electriccompetition. States that have deregulated retail electricity service, includingresidential customers, are: Arizona, Connecticut, Delaware, District of Columbia, Maine,Maryland, Massachusetts, New Hampshire, New Jersey, New York, Ohio, Pennsylvania and RhodeIsland. In addition, Illinois, Montana and Oregon have deregulated their retailelectricity markets for commercial but not for residential. Since January 2002, Michigan,Texas and Virginia have also deregulated their electric retail markets. In addition, lawsor regulatory plans providing for future retail electric competition have been adopted innumerous other states. Although in many of these jurisdictions, final rules implementingmarket restructuring are not yet finalized and effective, we estimate that by thebeginning of 2002, roughly 50% of the U.S. population, or approximately 55 millionhouseholds, will be in markets where consumers can choose either their electricity ornatural gas provider or both.

Marketing Strategy

Gexa markets its products and services to commercial customers byusing a sales force consisting of both inside and outside sales personnel. The salesforce uses techniques that were used and refined by the Company's management whenthey were involved in the telecommunications industry after deregulation. The Company alsoentered into contractual relationships with shopping center owners. The procedure isessentially the same with apartments, where the landlord offers the tenant electricity attime of move in through a pre-selected provider, such as Gexa.

The Company started also to target large commercial buildingssince the demise of Enron which has left some large commercial customers looking for areplacement for their energy needs.

Competition

While there is competition in the retail electricmarket, we believe that most of the competition concentrates on targeting high-endresidential and business customers that are willing to sign long-term contracts. Many ofthe competitors have longer operating histories, greater financial and personnelresources, and more name recognition. Gexa intends to pursue residential, small businessand selected larger businesses. Apartment dwellers are considered a niche market withinthe residential market. The major providers of electricity in the deregulated Texas marketinclude: TXU, Reliant, First Choice Energy, AEP, Energy, Utility Choice and Cirro.

In addition to the primary competitors listedabove, there will be other retail electric providers who obtain certification. Some of thenew entries are single client companies that are large electricity users, such as arefinery or plant. While all of the competitors are seeking new clients, their strategy isto switch customers and contract with high-end users. Gexa differentiates itself by beinga small company focusing principally on small consumers.We believe that we will also beable to service a  number of large customers by making them feel "special",with our personalized service. 

Technology

All retail electric providers must certify with the ElectricReliability Council of Texas ("ERCOT"). Gexa was certified by ERCOT inDecember 2001. ERCOT is continuously performing five major processes to support the retailprovider: - Registration
- Market Operations
- Power Operations
- Load Profiling, Date Acquisition and Aggregation
- Settlements, Billing and Financial Transfer

ERCOT Core Operations

In its simplest form, ERCOT is responsible forcoordinating and monitoring all communications by and between the Power Generator, theRetail Electric Provider and the Line Transmission Company. ERCOT oversees all aspects ofthese communications from customer sign up, meter reading and billing the between the enduser, Power Generator and Retail Electric Provider. Gexa has agreed to outsource andutilize the services of Exolink Corporation, a leading innovator in the automation ofback-office business processes for the emerging deregulated energy industry. Exolink is acertified processor of retail energy information for the Texas SET group and ERCOT.

Exolink will provide Gexa with an"electronic data interexchange infrastructure" for Gexa as required forcertification. Electronic data interexchange infrastructure provides market rule updatesand access to Online Transaction Service, which allows Gexa to initiate and receive buyand sell transactions of electricity on-line. Through these services, Gexa believes thatit will have the advantage of an automated business process, data validation, data routingand online business control management.

Employees and Employees Relation

The Company's management believes that relationswith its 23 full-time employees are excellent, including its two full-time executiveofficers. We are not a party to any collective bargaining agreements, nor are we aware ofany pending union petitions related to our employees. The Company plans to hire additionalemployees as the Company increases its sales.

Regulation**s**

We are subject to regulation by various federal, state, local andforeign governmental agencies, including the regulations described below. 

In June 1999, the Texas legislature adopted Legislation whichsubstantially amended the regulatory structure governing electric utilities in Texas inorder to allow retail competition. While the Legislation called for the commencement ofretail competition beginning on January 1, 2002, the Texas Utility Commission may delaythe date on which the retail electric market is opened to competition in any power regionin Texas if it determines that the region is unable to offer fair competition and reliableservice to all retail customer classes on that date. Any delay in opening regionalelectric markets may have a negative effect on the Company's revenue growth. While certaincities and cooperative electric service providers in the State of Texas have elected notto permit deregulation, particularly in rural areas. We presently operate in the largestcity area in Texas and the Texas rural areas are not our target market. As a result, we donot believe any determination to delay deregulation in rural or smaller city markets inTexas will have any material adverse affect on Gexa. The largest counties in Texas inwhich we operate are continuing to experience strong competition.

The State law and regulations of the PUC also require electricutilities in Texas to restructure their businesses in order to separate power generation,transmission and distribution, and retail activities into three different units, whethercommonly or separately owned. Generally, the "retail electric providers", suchas Gexa, that have been certified by the Texas Utility Commission obtain or buyelectricity from the wholesale generators at unregulated rates, sell electricity at retailto their customers and pay the transmission and distribution utility a regulated tariffedrate for delivering the electricity to their customers. Retail electric providers are notallowed to own or operate generation assets and their retail prices are not subject totraditional cost-of-service rate regulation. Retail electric providers that are affiliatesof, or successors in interest to, traditional electric utilities may compete statewide forthese sales. Gexa is engaged in retail activities and does not own nor does it operatepower generation, transmission and/or distribution assets. The Company therefore believesthat a change in the regulated tariff for transmission and distribution of electricity bythe Texas Utility Commission may have an adverse impact on its operations, in particularon its gross margins, if the Company can not pass on any increase in such rates and in itscost structure to its retail customer.

The laws and regulations also require the TexasUtility Commission to determine procedures and criteria for designating retail electricproviders to serve as providers of last resort in areas of the state in which retailcompetition is in effect. A provider of last resort is required to offer a standard retailelectric service package for each class of customers designated by the Texas UtilityCommission at a fixed rate approved by the Texas Utility Commission, and is required toprovide the service package to any requesting retail customer in the territory for whichit is the provider of last resort. The Texas Utility Commission is required to designatethe initial providers of last resort by June 1, 2001. In the event that no retail electricprovider applies to be the provider of last resort in a given area of the state, the TexasUtility Commission may require a retail electric provider to become the provider of lastresort as a condition to receiving or maintaining its retail electric providercertificate. In the event that a retail electric provider fails to serve any or all of itscustomers, the provider of last resort is required to offer those customer the standardretail service package for that customer class with no interruption of service to thecustomer. Pursuant to the Legislation, the transmission and distribution utility is notrequired to serve as the provider of last resort. At of the date of this filing, Gexa hasnot been designated by the Texas Utility Commission as a last resort provider. Gexa mayexperience an adverse impact on its results of operation if the fixed rate of the electricservice package determined by the Texas Utility Commission does not exceed the Company'scost structure.

**RISK FACTORS**

The following important factors, among others,could cause actual results to differ from those indicated in forward-looking statementsmade in this document. Further, reference is made to the disclosure in "allcapitalized letters" on the first page following the cover page of this AnnualReport. 

The following factors contain certainforward-looking statements. Forward-looking statements give our current expectations orforecasts of future events. You can identify these statements by the fact that they do notrelate strictly to historical or current facts. They use words such as"anticipate," "estimate," "expect," "project,""intend," "plan," "believe," and other words and terms ofsimilar meaning in connection with any discussion of future operating or financialperformance. From time to time, we also may provide oral or written forward-lookingstatements in other materials we release to the public.

Any or all of our forward-looking statements inthis document and in any other public statements we make may turn out to be wrong. Theycan be affected by inaccurate assumptions we might make or by known or unknown risks anduncertainties. Many factors mentioned in the discussion below will be important indetermining future results. Consequently, no forward-looking statement can be guaranteed.Actual future results may vary materially.

Newly Formed CompanyGexa Corp. is a newly formed company that was created for the purpose of resellingelectricity to residential and business customers under the new deregulation of the Texaselectricity market. Deregulation commenced on January 1, 2002. The Company is subject toall of the risks inherent in any new venture attempting to implement a plan of operationin a relatively new industry. These risks include, but are not limited to, possibleinability to implement our business plan to become a successful reseller of electricity,the inability to fund the working capital requirements for its operations, and competewith more established resellers in the Texas market. There can be no assurance that theCompany will become profitable. 

Dependence of Key PersonnelThe Company is substantially dependent upon the continued services of its presentManagement. To the extent that their services become unavailable, the Company will berequired to retain other qualified personnel; there can be no assurance that it will beable to recruit and hire qualified persons upon acceptable terms.

The market in which the Company competes ishighly competitive, and we may not be able to compete effectively, especially againstestablished industry competitors with significantly greater financial resources. The Company will face competition from many competitors with significantly greaterfinancial resources, well-established brand names and large, existing installed customerbases. We expect the level of competition to intensify in the future. We expectsignificant competition form incumbent providers, traditional and new electricityproviders, which may be better, capitalized than our company. 

Additional Financing RequirementsBecause we had no revenues and no material business activities prior to entering intothe retail electricity business, we were entirely dependent upon the willingness ofour  management to fund the costs associated with compliance with the filingrequirements under the Exchange Act, and other  administrative costs of continuingour corporate existence.  In order for us to become current, our present managementengaged the services of Grassano Accounting P.A. as our new independent public accountant,as reported in our Form 8-K filed November 27, 2001. Since the appointment of Neil Leibmanto the board and becoming CEO, Neil Leibman has advanced approximately $30,000 to theCompany, which the Company recorded as additional paid-in capital. No additionalrestricted shares were issued to Mr. Leibman for this capital contribution. The funds wereprincipally used for administrative costs including accounting fees and other expenses. Inaddition, Mr. Leibman loaned the Company $100,000 which was used to fund the requiredsecurity deposit for our application with the Texas Utility Commission. The Company issued11,000 restricted shares to CR Capital Services, Inc., an unaffiliated company that hasbeen providing corporate securities compliance services since April 2001. Their serviceshave included the preparation and filing of the Company's annual reports on Form 10-KSBand quarterly reports on Form 10-QSB past due under the Exchange Act as well as thisamended Form 10-KSB. In fact, we have been dependent upon the willingness of  thirdparty consultants to provide services to us in consideration for our agreement to issueshares in lieu of cash compensation, in amounts to be determined, because we will notachieve any revenues until, at the earliest, the consummation of a business combination orour commencement of business operations. We anticipate that we will have available to ussufficient resources, however limited, to continue to pay accounting fees and othermiscellaneous expenses that may be required upon commencing our retail electricitybusiness operations. In the event that our available resources from our management proveto be insufficient, we will be required to seek additional financing. Our failure tosecure additional financing could have a material adverse affect on our ability to developour current business operations. We do not have any arrangements with any bank orfinancial institution to secure additional financing and there can be no assurance thatany such arrangement, if required or otherwise sought, would be available on terms deemedto be commercially acceptable and in our best interests.

State Blue Sky Registration; Potential Limitations on Resaleof the SecuritiesBecause the class of common stock registered under the Exchange Act have not beenregistered for resale under the Act or the "blue sky" laws of any state, theholders of such shares and persons who desire to purchase them in any trading market thatmight develop in the future, should be aware that there may be significant state blue-skylaw restrictions upon the ability of investors to resell our securities. Accordingly,investors should consider the secondary market for the Company's securities to be alimited one. 

It is the intention of the management to seekcoverage and publication of information regarding the Company in an accepted publicationmanual which permits a manual exemption. The manual exemption permits a security to bedistributed in a particular state without being registered if the company issuing thesecurity has a listing for that security in a securities manual recognized by the state.However, it is not enough for the security to be listed in a recognized manual. Thelisting entry must contain (1) the names of issuers, officers, and directors, (2) anissuer’s balance sheet, and (3) a profit and loss statement for either the fiscalyear preceding the balance sheet or for the most recent fiscal year of operations.Furthermore, the manual exemption is a nonissuer exemption restricted to secondary tradingtransactions, making it unavailable for issuers selling newly issued securities.

Most of the accepted manuals are those published in Standard andPoor’s, Moody’s Investor Service, Fitch’s Investment Service, andBest’s Insurance Reports, and many states expressly recognize these manuals. Asmaller number of states declare that they "recognize securities manuals" but donot specify the recognized manuals. The following states do not have any provisions andtherefore do not expressly recognize the manual exemption: Alabama, Georgia, Illinois,Kentucky, Louisiana, Montana, South Dakota, Tennessee, Vermont and Wisconsin. 

The Company Does Not Anticipate PayingDividends. The Company has not paid dividends on the common stock  and we do not anticipatepaying any dividends on the common stock for the foreseeable future, if at all. We intendto retain any earnings we receive to finance the expansion of our business operations as areseller of electricity, to repay outstanding and future indebtedness and for generalcorporate purposes. 

Possible Issuance of Additional SecuritiesOur Articles of Incorporation authorize the issuance of 75,000,000 shares of CommonStock, par value $0.01. We may issue additional shares in consideration for legal andconsulting services as well as a substantial number of additional shares in connectionwith our intent to pursue new business opportunities. To the extent that additional sharesof Common Stock are issued, our shareholders would experience dilution of their respectiveownership interests in the Company. Additionally, if we issue a substantial number ofshares of Common Stock in connection with our intent to pursue new business opportunities,a change in control of the Company may occur which may affect, among other things, ourability to utilize net operating loss carry forwards, if any. Furthermore, the issuance ofa substantial number of shares of Common Stock may adversely affect prevailing marketprices, if any, for the Common Stock and could impair our ability to raise additionalcapital through the sale of its equity securities.

Our Articles of Incorporation also authorizes theissuance of 2,500,000 shares of preferred stock (the "Preferred Stock"), parvalue $0.05, with such designations, powers, preferences, rights, qualifications,limitations and restrictions and in such series as our Board of Directors, subject to thelaws of the State of Texas, may determine from time to time. Accordingly, our Board ofDirectors is empowered, without shareholder approval, to issue Preferred Stock withdividend, liquidation, conversion, voting or other rights that could adversely affect thevoting power or other rights of the holders of Common Stock. In addition, the PreferredStock could be utilized, under certain circumstances, as a method of discouraging,delaying or preventing a change in control of the Company. Although we do not currentlyintend to issue any shares of Preferred Stock, there can be no assurance that we will notdo so in the future. As of the date hereof, we have no shares of Preferred Stock issuedand outstanding.

Compliance with Penny Stock RulesOur securities will initially be considered a "penny stock" as defined inthe Exchange Act and the rules thereunder, since the price of our shares of Common Stockis less than $5. Unless our Common Stock is otherwise excluded from the definition of"penny stock," the penny stock rules apply with respect to that particularsecurity. The penny stock rules require a broker-dealer prior to a transaction in pennystock not otherwise exempt from the rules, to deliver a standardized risk disclosuredocument prepared by the SEC that provides information about penny stocks and the natureand level of risks in the penny stock market. The broker-dealer also must provide thecustomer with current bid and offer quotations for the penny stock, the compensation ofthe broker-dealer and its sales person in the transaction, and monthly account statementsshowing the market value of each penny stock held in the customer's account. In addition,the penny stock rules require that the broker-dealer, not otherwise exempt from suchrules, must make a special written determination that the penny stock is suitable for thepurchaser and receive the purchaser's written agreement to the transaction. Thesedisclosure rules have the effect of reducing the level of trading activity in thesecondary market for a stock that becomes subject to the penny stock rules. So long as thecommon stock is subject to the penny stock rules, it may become more difficult to sellsuch securities. Such requirements, if applicable, could result in reduction in the levelof trading activity for that particular security of Gexa and could make it more difficultfor investors to sell that particular security. 

General Economic RisksThe Company’s current and future business plans are dependent, in large part, on thestate of the general economy. Adverse changes in national and local economic conditionsmay cause substantial reduction in projected revenue, and may adversely affect aninvestment therein. These conditions and other factors beyond the Company’s controlinclude, but are not limited to: (i) regulatory changes; and (ii) changes in operations,pricing and other controls.

Security RisksDespite the implementation of security measures, the Company’s networks may bevulnerable to unauthorized access, computer viruses and other disruptive problems. A partywho is able to circumvent security measures could misappropriate proprietary informationor cause interruptions in the Company’s Internet operations. The Company may berequired to expend significant capital or other resources to protect against the threat ofsecurity breaches or to alleviate problems caused by such breaches. Although the Companyintends to continue to implement industry-standard security measures, there can be noassurance that measures implemented by the Company will not be circumvented in the future.

Competitive restructuring of the electric market may bedelayed or does not result in viable competitive market rules, our business will beadversely affectedTo date, only a limited number of markets have been opened to retail energy competition.In many of these markets, the market rules adopted have not resulted in energy serviceproviders being able to compete successfully with the incumbent utilities, andcustomer-switching rates have been low. Only recently have a small number of marketsopened to competition under rules that we believe may offer attractive competitiveopportunities. Our business model depends on other favorable markets opening under viablecompetitive rules in a timely manner. In any particular market, there are a number ofrules, which will ultimately determine the attractiveness of that market. Markets that weenter may have both favorable and unfavorable rules. If the trend towards competitiverestructuring of retail energy markets does not continue or is delayed or reversed, ourbusiness prospects and financial condition could be materially adversely impaired.

Retail energy market restructuring has been and will continue tobe a complicated regulatory process, with competing interests advanced not only byrelevant state and federal utility regulators, but also by state legislators, federallegislators, incumbent utilities, consumer advocacy groups, and potential marketparticipants. As a result, the extent to which there are legitimate competitiveopportunities for alternative energy suppliers in a given jurisdiction may vary widely,and we cannot assure you that regulatory structures will offer us competitiveopportunities to sell energy to consumers on a profitable basis. The regulatory processcould be negatively impacted by a number of factors, including interruptions of service,significant or rapid price increases, and other factors, which may be attributed byopponents of competition in these markets to restructuring and to the lack of regulatorycontrol. The legislative and regulatory processes in some states take prolonged periods.In a number of jurisdictions, it may be many years from the date legislation is enacteduntil restructuring is completed.

In addition, although most retail energy marketrestructuring has been conducted at the state and local levels, bills have been proposedin Congress in the past that would preempt state law concerning the restructuring of theretail energy markets. Although none of these initiatives has been successful, we cannotassure you that federal legislation will not be passed in the future that could materiallyadversely affect our business.

We may have difficulty obtaining a sufficient number ofcustomersWe anticipate that we will incur significant costs as we enter new markets and pursuecustomers by utilizing a variety of marketing methods. In order for us to recover theseexpenses, we must attract and retain a large number of customers to our service.

We may experience difficulty attracting customers because manycustomers may be reluctant to switch to a new company for the supply of a commodity ascritical to their well being as electric power. A major focus of our marketing effortswill be to convince customers that we will be a reliable provider with sufficientresources to meet our commitments. If our marketing strategy is not successful, ourbusiness, results of operations, and financial condition will be materially adverselyaffected.

We will be required to rely on utility companies with whom wewill be competing to perform some functions for our customersUnder the regulatory structures adopted in most jurisdictions, we will be required toenter into agreements with local incumbent utilities for use of the local distributionsystems, and for the creation and operation of functional interfaces necessary for us toserve our customers. Any delay in these negotiations or our inability to enter intoreasonable agreements could delay or negatively impact our ability to serve customers inthose jurisdictions, which could have a material negative impact on our business, resultsof operations, and financial condition.

We will also be dependent on local utilities for maintenance ofthe infrastructure through which we will deliver electricity and natural gas to ourcustomers. We are limited in our ability to control the level of service the utilitiesprovide to our customers. Any infrastructure failure that interrupts or impairs deliveryof electricity or natural gas to our customers could materially negatively impact thesatisfaction of our customers with our service, which could materially adversely affectour business.

Regulations in many markets require that the services of readingour customers' energy meters and the billing and collection process be retained by thelocal utility. In those states, we will be required to rely on the local utility toprovide us with our customers' information regarding energy usage and to pay us for ourcustomers' usage based on what the local utility collects from our customers. We may belimited in our ability to confirm the accuracy of the information provided by the localutility and we may not be able to control when we receive payment from the local utility.We also may be limited in our ability to create a supplier relationship with ourcustomers. If we do not receive payments from the local utility on a timely basis, ourworking capital may be impaired.

In some markets, we will be required to bear credit risk andbilling responsibility for our customersIn some markets, we are responsible for the billing and collection functions for ourcustomers. In many of these markets, we may be limited in our ability to terminate serviceto customers who are delinquent in payment. Even if we terminate service to customers whofail to pay their utility bill in a timely manner, we may remain liable to our suppliersof electricity and natural gas for the cost of those commodities and to the localutilities for services related to the transmission and distribution of electricity andnatural gas to those customers. The failure of our customers to pay their bills in atimely manner or our failure to maintain adequate billing and collection programs couldmaterially adversely affect our business.

Our business model will depend in part on the continued growthand use of the Internet and e-commerce. Although we will offer our products and services through many channels, an important partof our marketing and customer service strategy will be to access and serve our customersthrough Internet websites. Our business could be materially adversely affected if use ofthe Internet does not continue to develop, develops more slowly than expected, or becomesregulated in ways that hinder our marketing efforts.

Capacity constraints caused by growth in the use of the Internetmay, unless resolved, impede further development of the Internet to the extent that usersexperience delays, transmission errors and other difficulties. In addition, the adoptionof the Internet for commerce and communications, particularly by those individuals andcompanies that have historically relied upon alternative means of commerce andcommunication, generally requires the understanding and acceptance by our customers of anew way of conducting business and exchanging information. Further, any state or federalregulations that impose taxes upon commerce conducted over the Internet or define privacyrights with respect to the use of the Internet could negatively impact the usefulness ofthe Internet as a commercial medium. Therefore, if the necessary infrastructure, products,services or facilities are not developed, or if the Internet does not become a viablecommercial medium, our business, results of operations and financial condition could bematerially adversely affected.

We may not be able to manage our growth successfullyWe hope to grow and develop our business rapidly. The development of our operations willdepend upon, among other things, our ability to expand our customer base in our initialmarkets and to enter new markets in a timely manner at reasonable costs. In addition, weanticipate that our employee base will grow to accommodate our increased customer base. Aswe expand our operations, we may encounter difficulties integrating new customers andemployees as well as any legacy systems of acquired entities, such as the Columbiabusiness. We also may experience difficulty managing the growth of a portfolio ofcustomers that is diverse both with respect to the types of services they will require,the market rules in their jurisdiction and the infrastructure delivering our products tothose customers.

Expanding our operations may also require continued developmentof our operating and financial controls and may place additional stress on our managementand operational resources. If we are unable to manage our growth and developmentsuccessfully, our operating results and financial condition could be materially adverselyaffected.

We may face strong competition from incumbent utilities andother competitorsIn most markets, our principal competitor may be the local incumbent utility company orits unregulated affiliates. The incumbent utilities have the advantage of long-standingrelationships with their customers, and they may have longer operating histories, greaterfinancial and other resources and greater name recognition in their markets than we do. Inaddition, incumbent utilities have been subject to regulatory oversight, in some cases forclose to a century, and thus have a significant amount of experience regarding theregulators' policy preferences as well as a critical economic interest in the outcome ofproceedings concerning their revenues and terms and conditions of service. Incumbentutilities may seek to decrease their tariffed retail rates to limit or to preclude theopportunities for competitive energy suppliers, and otherwise seek to establish rates,terms and conditions to the disadvantage of competitive energy suppliers.

Some of our competitors, including incumbentutilities, have formed alliances and joint ventures in order to compete in therestructured retail electricity and natural gas industry. Many customers of theseincumbent utilities may decide to stay with their long-time energy provider if they havebeen satisfied with its service in the past. Therefore, it may be difficult for us tocompete against incumbent utilities and their affiliates for customers who are satisfiedwith their historical utility provider.

In addition to competition from the incumbentutilities and their affiliates, we may face competition from a number of other energyservice providers, including Internet start-up companies focusing on Internet marketingand online services, and other energy industry participants who may develop businessesthat will compete with us in both local and national markets. We also may face competitionfrom other nationally branded providers of consumer products and services. Some of thesecompetitors or potential competitors may be larger and better capitalized than us.

No Assurance of LiquidityThe liquidity of our common stock traded in the OTC:BB market is currently limited  and there can be no assurance that an active liquid trading market will develop in thenear future. Furthermore, certain shares are "Restricted Securities" as thatterm is defined in Rule 144 under the 1933 Act and, as a result, cannot be resold withoutregistration under the 1933 Act or an exemption from registration. As a result, purchasersmust bear the economic risk of their investments for an indefinite period of time and mayhave difficulty in selling the shares, if an when they decide to do so.

Need to comply with extensive governmental regulation canincrease our costs and slow our growthSignificant regulations imposed at the international, federal, state and local levelsgovern the provision of utility services and affect our business and our existing andpotential competitors. Delays in receiving required regulatory approvals, the enactment ofnew and adverse legislation, regulations or regulatory requirements or the application ofexisting laws and regulations to certain services may have a material adverse effect onour business, financial condition, results of operations and cash flow. In addition,future legislative, judicial and regulatory agency actions could alter competitiveconditions in the markets in which we intend to operate, in ways not necessarily to ouradvantage. 

ITEM 2. DESCRIPTION OF PROPERTY

The Company's offices are presently located at 24Greenway Plaza, Suite 1826, Houston, TX, which space was provided to us by  NeilLeibman on a rent-free basis during 2001. In 2001, we issued 2,840,000 restricted sharesto Neil Leibman for no cash-consideration. This issuance was recorded as compensationexpense in the aggregate amount of $28,400. We have attributed a nominal amount notexceeding $100 per month for our use of Mr. Leibman's office facilities. Effective June15, 2002, the Company signed a five year lease with an unaffiliated party for 4,100 squarefeet of office space at 24 Greenway Plaza, Houston, TX at a monthly rent of $8,100. TheCompany believes that its current facilities are sufficient for the foreseeable future. 

ITEM 3. LEGAL PROCEEDINGS

None.

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

None.

 
**PART II**
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

(A) Market Information

Our common stock was traded on the OTC Bulletin Board(OTCBB) under the symbol "GEXA" until our common stock was delisted in 1992following our bankruptcy filing under Chapter XI. Following delisting,  our commonstock was quoted from time to time on the pink sheets under the symbol GEXA. However, wedo not believe that there has been any active trading market in the Company's common stockfrom 1999 through 2001. The Company changed its symbol to GEXC in March 31, 2001. Ourcommon stock was also not eligible for quotation on the OTCBB because we were not currentin our reporting obligations under the Exchange Act. Our common stock became subject toquotation on the OTC:BB market on January 2, 2002. 

The following information withrespect to the high and low bid price of our shares was obtained from the NationalQuotation Bureau. On February 10, 2001, our shares were subject to a 1 for 25 reversesplit, and the table below reflects such information.

  
High
LowCalendar 2001
Quarter    Ended March 31,*
$0.75
$0.75Quarter Ended June 30,
$1.45
$0.25Quarter Ended September 30,
$3.00
$1.10Year Ended December 31,    2001
$3.00
$1.01  Calendar 2002
Quarter    Ended March 31,
$2.60
$7.00Period Ending June 26, 2002$3.30$5.00
(*)    On February 10, 2001, we had a 1 for 25 reverse stock split and the price of the shares    reflects this share recapitalization.
(B) Holders of Common Stock

At June 12, 2002, there were approximately 2,606 holders of record of Gexa Corp.'scommon stock.

(C) Dividends

We have never paid any of dividends on our Common Stock, have no fundsfrom which to pay dividends and do not intend to pay dividends for the foreseeable future.We intend to retain earnings, if any, to finance the development and expansion of ourbusiness. Payment of dividends in the future will depend, among other things, upon ourability to generate earnings, its need for capital and its overall financial condition.

Recent Sales of Unregistered Securities

The followinginformation is given with regard to unregistered securities sold by Gexa during the pastthree years, including the dates and amounts of securities sold; the persons to whom wesold the securities; the consideration received in connection with such sales and if thesecurities were issued or sold other than for cash, the description of the transaction andthe type and amount of consideration received. During 1999, 2000 and the period throughMarch 20, 2001, the Company did not issue or sell any restricted shares.
DateTitleAmount of Securities SoldPersonsCash    or Non Cash Consideration 03/21/01Common Stock2,840,000Neil Leibman, Officer and DirectorNon-cash compensation for services provided valued at $.01 per    share(4)03/21/01Common Stock960,000Marcie Zlotnik, Officer and DirectorNon-cash compensation for services provided valued at $.01 per    share(4)04/03/01Common Stock10,000Mark FichterNon-cash consideration for business consulting services 04/03/01Common Stock30,000Meryl RobertsNon-cash consideration for business consulting services 04/03/01Common Stock40,000Sundowner Holdings, Inc.Non-cash consideration for business consulting services 04/15/01Common Stock11,000CR Capital Services, Inc.Non-cash consideration for securities consulting services (3)04/20/01Common Stock75,000Jack KamrathNon-cash consideration for business consulting services 04/20/01Common Stock500,000Affordable Telecommunications Technology CorporationPrivate Placement for $0.10 per share or $50,000(1)05/10/01Common Stock8,000Richard T. WagnerConverted preferred stock into common stock at 1 for 2507/17/01Common Stock4,761Justin L. RiceConverted preferred stock into common stock at 1 for 2508/03/01Common Stock300,000Boxer Capital, Ltd.Purchase of assets of EZ Utilities, Inc. valued at $.285 per    share(2)08/07/01Common Stock216Robert D. DougalConverted preferred stock into common stock at 1 for 2508/07/01Common Stock4,761Gary L. RiceConverted preferred stock into common stock at 1 for 2508/27/01Common Stock10,000Virginia BrownPrivate Placement for $1.25 per share or $12,500(1)08/27/01Common Stock12,000Angelo ControneoPrivate Placement for $1.25 per share or $15,000(1)08/27/01Common Stock1,500Anthony DecarolisPrivate Placement for $1.25 per share or $1,875(1)08/27/01Common Stock1,000Thomas GentilePrivate Placement for $1.25 per share or $1,250(1)08/27/01Common Stock10,000James KrzystofikPrivate Placement for $1.25 per share or $12,500(1)08/27/01Common Stock2,000Frank LeskinenPrivate Placement for $1.25 per share or $2,500(1)08/27/01Common Stock8,000E. Vince Matthews IIIPrivate Placement for $1.25 per share or $10,000(1)08/27/01Common Stock1,500Robert SanzoverinoPrivate Placement for $1.25 per share or $1,875(1)08/27/01Common Stock25,000Bernhard J. Seringer IIIPrivate Placement for $1.25 per share or $31,250(1)08/27/01Common Stock22,500John SeringerPrivate Placement for $1.25 per share or $28,125(1)09/01/01Common Stock40,000Marcie Zlotnick, Officer and DirectorNon-cash compensation for services valued at $.20 per share or    $8,00009/10/01Common Stock12,000Azar Computer, Inc.Private Placement for $1.25 per share or $15,000(1)09/10/01Common Stock10,000Danie BrentPrivate Placement for $1.25 per share or $12,500(1)09/10/01Common Stock24,000Mike CraddockPrivate Placement for $1.25 per share or $30,000(1)09/10/01Common Stock2,500Richard GowardPrivate Placement for $1.25 per share or $3,125(1)09/10/01Common Stock16,000Grover Family LPPrivate Placement for $1.25 per share or $20,000(1)09/10/01Common Stock24,000John MiddletonPrivate Placement for $1.25 per share or $30,000(1)09/10/01Common Stock40,000Michael & Deena Santori JTTENPrivate Placement for $1.25 per share or $50,000(1)09/10/01Common Stock8,000Roger ShippPrivate Placement for $1.25 per share or $10,000(1)09/10/01Common Stock8,000Sharon TuanPrivate Placement for $1.25 per share or $10,000(1)09/10/01Common Stock8,000Thomas WilkinsonPrivate Placement for $1.25 per share or $10,000(1)10/12/01Common Stock40,000Bob AllisonPrivate Placement for $1.25 per share or $50,000(1)10/12/01Common Stock8,000Paul BessettePrivate Placement for $1.25 per share or $10,000(1)10/12/01Common Stock8,000Mike CradockPrivate Placement for $1.25 per share or $10,000(1)10/12/01Common Stock4,000Bill FrenchPrivate Placement for $1.25 per share or $5,000(1)10/12/01Common Stock10,000James KrzystofikPrivate Placement for $1.25 per share or $12,500(1)10/12/01Common Stock12,000Marcus & Trina Malinak, JTTENPrivate Placement for $1.25 per share or $15,000(1)10/12/01Common Stock20,000Mike McAuliffePrivate Placement for $1.25 per share or $25,000(1)10/12/01Common Stock8,000John McCormick, Jr.Private Placement for $1.25 per share or $10,000(1)10/12/01Common Stock20,000Odyssey Marketing GroupPrivate Placement for $1.25 per share or $25,000(1)10/12/01Common Stock10,000Bradford N. OeschShares issued in lieu of interest payment on 6%  note10/12/01Common Stock8,000Norris TaylorPrivate Placement for $1.25 per share or $10,000(1)10/12/01Common Stock2,500Karl VictorPrivate Placement for $1.25 per share or $3,125(1)12/03/01Common Stock20,000Stanley BeardPrivate Placement for $1.25 per share or $25,000(1)12/03/01Common Stock8,000David GlosnerPrivate Placement for $1.25 per share or $10,000(1)12/03/01Common Stock8,000Robert GlosnerPrivate Placement for $1.25 per share or $10,000(1)12/03/01Common Stock8,000Dewey CoffmanPrivate Placement for $1.25 per share or $10,000(1)12/03/01Common Stock16,000Brian EllardPrivate Placement for $1.25 per share or $20,000(1)12/03/01Common Stock10,000Robert BatchPrivate Placement for $1.25 per share or $12,500(1)12/03/01Common Stock8,000Robert CarzaPrivate Placement for $1.25 per share or $10,000(1)12/03/01Common Stock35,000Holland Business Ventures, Inc.Private Placement for $1.25 per share or $43,750(1)12/03/01Common Stock7,000Susan L. HollandPrivate Placement for $1.25 per share or $8,750(1)12/03/01Common Stock4,000Mastermind Alliance, Inc.Private Placement for $1.25 per share or $5,000(1)12/03/01Common Stock24,000Doug & Stacey Mullen, JTTENPrivate Placement for $1.25 per share or $30,000(1)12/03/01Common Stock10,000Shane & Shelly Phillips, JTTENPrivate Placement for $1.25 per share or $12,500(1)12/03/01Common Stock8,000Mouna RaadPrivate Placement for $1.25 per share or $10,000(1)12/03/01Common Stock8,000Mike SamouchPrivate Placement for $1.25 per share or $10,000(1)12/03/01Common Stock12,000Bob StamatatosPrivate Placement for $1.25 per share or $15,000(1)12/03/01Common Stock8,000Maryann ThomsonPrivate Placement for $1.25 per share or $10,000(1)12/03/01Common Stock4,000Neil WestPrivate Placement for $1.25 per share or $5,000(1)12/17/01Common Stock120,000Steven H. BethkeNon cash-compensation for services as director 12/19/01Common Stock2,000Adolfo CelisNon-cash compensation to employee valued at $1.25 per share12/19/01Common Stock2,000Jody HeinholdNon-cash compensation to employee valued at $1.25 per share12/03/01Common Stock2,500Jamie BigellNon-cash compensation to employee valued at $1.25 per share12/03/01Common Stock360,000Neil Leibman, Officer and DirectorConverted a $25,000 note into restricted shares at $.07 per share(4)(1) We relied upon Section 4(2) of    the Act as the basis for the exemption from the registration requirements of the Act and    there was no public solicitation involved. The shares of restricted common stock were sold    to private investors who are "accredited investors" as defined under Rule    501(a)(3) under the Act. All recipients either received adequate information about the    Company or had access, through employment or other relationships, to such information.(2) On July 1, 2001, the Company purchased assets of EZ    Utilities, an entity controlled by Neil Leibman, our CEO and Chairman, valued at $85,600,    which consisted of software and contracts with vendors, for 300,000 restricted shares and    the assumption of a $25,000 note payable. Boxer Capital, Ltd. is an entity controlled by    our CEO and Chairman, Mr. Leibman.(3) The shares were expensed in the first quarter of 2002 for    services from April 15, 2001. (4) The 2,840,000 shares and 960,000 restricted shares issued    to our executive officers upon their appointment and acquisition of control were valued at    $.01 per share at the date of issuance. There was no trading market in our shares at the    date of issuance and the Company believes that the price represented the fair value of the    shares. The Company believes that the shares issued upon conversion of the note    represented the fair value of the shares on such date.
ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
*The following discussion should be read in conjunction with thefinancial statements and notes thereto and the other financial information includedelsewhere in this prospectus. This discussion contains forward-looking statements thatinvolve risks and uncertainties. Our plan of operation could differ materially from thoseanticipated in these forward looking statements as a result of any number of factors,including those set forth under "Risk Factors" and elsewhere in this annualreport..*
Overview

During fiscal year 2001, we entered into thebusiness of reselling electricity in Texas, which became a deregulated industry effectiveJanuary 1, 2002. On June 19, 2001, Gexa submitted an application to the Public UtilityCommission of the State of Texas for the purpose of becoming a retail reseller ofelectricity to residential and small commercial customers in Texas. This application wasapproved on August 3, 2001. Under Texas law, beginning January 1, 2002, customers couldelect to purchase electricity from independent resellers, such as Gexa. Gexa is targetingthe rapidly restructuring residential and commercial electricity consumers. We believe weare well-positioned to succeed because other competitors are not focusing on short termresidential and apartment dweller markets. 

Plan of Operation

During 2001, Gexa commenced its plan intention to become aprovider of electricity with the intention of growing along with deregulation after ourbusiness model has been proven in Texas. Gexa's intention is to focus its service andmarket electricity to the residential customer, in particular apartment dwellers, smallercommercial customers, and larger commercial customers that make equity investments inGexa. Reference is also made to our quarterly report on Form 10-QSB for the period endedMarch 31, 2002 that was filed with the SEC on May 13, 2002 with respect to our operationsafter the year ended December 31, 2001.

During 2001, we commenced our plan to enter into marketingagreements with companies that already market consumer goods and telecommunicationservices to one of Gexa’s target markets, the apartment dweller. Through third partymarketing agreements, our target tenant customers have the opportunity to sign up for allof their services, including electricity and telecommunication needs, in one phone call orfax. As part of our plan, we negotiated to enter into agreements with  apartmentcomplex owners for the purpose of granting Gexa the exclusive right to market to newtenants their electric service with Gexa as a reseller, and allow tenants the ease ofhaving electricity at the time of move-in, a captive audience for Gexa without having toswitch customers, and a stipend paid to the complex owner for each new tenant that usesGexa's services. 

Gexa shall use the following strategy in theimplementation of its plan of operation:

- Continue to secure favorable apartment locationcontracts throughout the Texas market;- Continue to develop strategic synergistic partnerships with companies offering servicesto our target markets.- Pursue marketing efforts through traditional channels such as independent contractors,kiosks and print media.- Effectively use its sales force to gain commercial and residential customers.- Target and focus on market segments that are not saturated by competition (e.g. smallstrip shopping center tenants utilizing the same strategy as apartment complexes).- Continue to differentiate our service as being flexible, affordable and not the same oldmonopolistic approach.- Quickly establish a critical mass of customers.- Integrate new products and services to customers.- Continue growth and expand into selective retail energy markets beyond Texas.

The Company plans to target (1) the residential market includingapartments and mobile homes; (2) commercial consumers that use less than 500,000 kWh permonth and classified as small commercial consumers, and (3) larger commercial customersthat have or acquire an interest in Gexa.

Residential Market

- Gexa's plan is to establish strategic relationships withapartment complex owners that will require leasing agents to offer the new customerelectricity through Gexa. The leasing agent will contact Gexa for "turn on" ofservice, making it simple for the customer. The initial response was met with approval andacceptance.- Gexa's involves signing marketing agreements with companies offering bundled services toapartment dwellers. These marketing companies offer new customers one-stop shopping forall of their utility and telecommunication services. As part of this effort, the marketingcompanies shall offer customers electricity through Gexa at a discount from their presentelectricity provider.- Gexa's plan pro includes hiring telemarketers and sales personnel to call prospectivetenant/customers. The Company has developed marketing material including its website andto distribute the materials to apartment complexes.

Large Residential and Small Commercial

Gexa's plan includes hiring sales personnel to resell electricityto large residential customers and small commercial customers. This plan is similar to the  approach that had proved to be successful in marketing telecommunications productsand services. The target customers are in many cases the same customers that have switchedtheir telecommunications services from the large, better capitalized companies, to small,friendly, customer service oriented companies such as Gexa. 

Large Commercial 

Gexa believes that its strategy will provide it with a verycompetitive position, enabling it to large electricity consumers competitive rates. Thisbelief is based on a favorable financial relationship with Aquila, Inc.

During 2001, we had not yet effectuatedsignificant portions of our business strategy.  There can be no assurance that we webe able to implement and sustain  our business strategies during the near term andforeseeable future . The successful implementation of our plan of operation is subject toa number of risks. Potential investors should carefully read the disclosure under"Risk Factors". 

On July 1, 2001, the Company purchased the assetsof EZ Utilities Corp., a Texas corporation, for 300,000 shares of restricted common stock.Neil Leibman, the Company's CEO/Chairman, was President and majority shareholder ofEZ-Utilities Corp. 

Liquidity and Capital Resources

We had no assets and no liabilities at December 31, 2000. AtDecember 31, 2001, we had current assets of $585,514 in cash and cash equivalents. We hadtotal other assets of $493,762 consisting of $393,762 in intangible assets and $100,000 insecurity deposits required for our Texas Utility Commission license application. We hadtotal assets of $1,080,748 at December 31, 2001. 

Our total current liabilities at December 31, 2001, were$221,373, which consisted mainly of accounts payable. We had also a $100,000 long-termnote outstanding as of December 31, 2001, payable to Neil Leibman.

We had negative cash flow from operations of $38,122 during 2001.Our cash used in investing activities was $309,712 during 2001. We purchased billingsoftware valued at $308,162 and computer equipment valued at $1,550 in 2001. We generated$933,348 from financing activities in 2001 through the issuance of restricted shares. Wereceived $200,000 from the issuance of notes, $902,725 from the issuance of restrictedshares and $30,800 from contributions by our officers.

Gexa is targeting the rapidly growing residentialand commercial electricity consumers as a result of the deregulation restructuring in theelectricity industry. We believe we are well-positioned to succeed because othercompetitors are not focusing on the short-term residential and apartment dweller markets.We have implemented cross marketing and affiliate program with third parties that sellproducts and services to this potential market, including stores marketing cell phonestores and bundled service providers. Reference is made to subheading "Our managementteam has significant marketing experience in a deregulated environment.  See thediscussion under Item 9. Directors and Executive Officers of the Registrant below.

We may determine to seek to raise additionalfunds from the sale of equity or debt securities or from other borrowings. We may issueadditional shares and to the extent that such additional shares are issued, ourshareholders will experience a dilution in their ownership interest. 

During 2001, we were able to borrow funds fromNeil Leibman, our Chairman/CEO and principal shareholder. Our limited resources may makeit difficult to borrow additional funds from unaffiliated parties and there is noassurance that we will be able to continue to borrow funds from our officers/directors.The amount and nature of any borrowing by us will depend on numerous factors, includingGexa's capital requirements, potential lenders' evaluation of Gexa's ability to meet debtservice on borrowing and prevailing conditions in the financial markets, as well asgeneral economic conditions. The inability of Gexa to borrow additional funds, or toprovide funds for an additional infusion of capital, may have a materially adverse impacton Gexa's financial condition and future prospects. To the extent that debt financingultimately proves to be available, any borrowing will subject Gexa to risks, such as thepossible requirement to collateralize debt financing, features that may be associated withconvertible debt, if any, and other risks of failure to repay debt on a timely basis.There can be no assurance that our executive officers will continue to loan money to theCompany.

Expected Purchase of Assets

The Company does not intend to make any materialexpenditure for the purchase additional assets during the next twelve months. The Companybelieves that it is adequately equipped to meet potential demand for its products andservices.

Changes in the Number of Employees

We currently have 23 full-time employeesincluding our two full-time executive officers. In the event that our business grows morethat we anticipate, we may be required to hire additional personnel but believe that insuch event we would be able to do so from cash flow from increased operations. We alsobelieve that there are qualified personnel in the Houston, TX area with skills inmarketing our products and services, as well as administrative personnel, if we wererequired to hire more people. 

ITEM 7. FINANCIAL STATEMENTS

Set forth below are the audited financial statements for the Companyfor the year ended December 31, 2001 and 2000.

**INDEX    TO FINANCIAL STATEMENTS**
Page  Independent Auditors'    Report22
     Balance Sheets December 31, 2001 and December 31, 200023
     Statements of Operations24  Stockholders' Equity25
     Statements of Cash Flows26  Notes to Financial    Statements27
 

**Independent Auditors’ Report**

Board of DirectorsGexa Corp.24 Greenway Plaza, Suite 1826Houston, Texas 77046

Members of the Board:

We have audited the accompanying balance sheets of Gexa Corp. (adevelopment stage enterprise) as of December 31, 2001 and 2000, and the relatedstatements of operations, stockholders’ equity and cash flows for the years thenended and for the period from January 1, 2001 (date of inception) to December 31, 2001.These financial statements are the responsibility of Company’s management. Ourresponsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statements are freeof material misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believe that our auditprovides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Gexa Corporation (adevelopment stage enterprise) as of December 31, 2001 and 2000, and the results of itsoperations, its changes in stockholders’ equity and its cash flows for the years thenended and for the period from January 1, 2001 (date of inception) to December 31, 2001 inconformity with accounting principles generally accepted in the United States of America.

/ s / Grassano Accounting, P.A.

Boca Raton, FloridaMarch 11, 2002 (except for Note 6 and 8, which are as of May 31, 2002

**GEXA    CORP.**
(A    Development Stage Enterprise)
Balance    Sheets  
ASSETS
Dec.    31, 2001
Dec.    31, 2000Current assets:   Cash and cash    equivalents$585,514$-          Total current assets585,514-Property and equipment:   Computer equipment1,550-    Less:    Accumulated depreciation78-          Net property and equipment1,472-Other assets:   EZ-Utilities web    site85,600-   Deposit-PUC100,000   Deferred income    taxes157,486          Total other assets343,086-     Total    Assets
$
930,072
$
-  
LIABILITIES    AND STOCKHOLDERS' EQUITYCurrent liabilities:   Accounts payable
$217,505$-   Customer deposits350-   Accrued interest    payable3,518-          Total current liabilities221,373-Long-term liabilities   Notes    payable-officer100,000-          Total liabilities321,373-Stockholders' equity (deficit):   Preferred stock,    $.05 par value;    2,500,000 shares    authorized; 944,495   shares issued and    outstanding in 2000-47,225   Common stock, $.01    par value; 75,000,000 shares    authorized;    6,485,422 shares issued and outstanding    in 2001 and    8,504,425 shares issued and outstanding    in 200064,85485,044   Additional paid-in    capital
3,723,205
2,685,512   Deficit accumulated    during development stage(361,579)(2,817,781)      Accumulated deficit from prior operations
(2,817,781)
(2,817,781)     Total    stockholders' equity
608,699
-          Total Stockholders' Equity and Liabilities
$
930,072
$
-
The accompanying notes to financial statements are an    integral part of these financial statements.
**GEXA CORP.**
(A Development Stage    Enterprise)
Statements of OperationsJanuary 1, 2001
Year Ended    December 31,(Inception) toDecember 31,200120002001Revenues$-$-$-Operating expenses   Administrative209,668-209,668  Income (loss) from operations(209,668)-(209,668)  Other income (expense)   Interest income4,783-4,783   Interest expense(6,018)-(6,018)  Income before taxes(519,065)-(519,065)   Income tax benefit157,486-157,486  Net income (loss)$(361,579)$-$(361,579)Basic net income (loss) per share$(.09)$-$(.09)Basic weighted average common shares outstanding4,209,177348,1424,209,177  Diluted net income (loss) per share$(.09)$-$(.09)Diluted weighted average common shares outstanding4,209,177385,9224,209,177The accompanying notes to financial statements    are an integral part of these financial statements.**GEXA CORP.**(A Development    Stage Enterprise)Statements of Stockholders' Equity**For the Years Ended December 31, 2001 and 2000            
Deficit  
Addi-
Accumulated
Accumulated  
Preferred    Stock
Common    Stock
tional
During
Deficit  
Number
Number
Paid-in
Development
Prior
of Shares
Amount
of Shares
Amount
Capital
Stage
Operations
TotalBalance, Dec. 31, 1999    (unaudited)944,495
$47,2258,504,425
$85,044
$2,685,512$
-
$
(2,817,781)
$-Net income (loss)             
--Balance, Dec. 31, 2000944,49547,2258,504,42585,0442,685,512
(2,817,781)-Converted preferredstock intocommon stock(944,495)(47,225)944,4959,44537,780--1 to 25 reverse stock split(9,062,998)(90,630)90,630--Issued commonstock for services4,115,00041,1507,68048,830Issued commonstock to EZ-utilities web site300,0003,00057,60060,600Issued commonstock for note interest10,0001002,4002,500Investors purchasedcommon stock1,314,50013,145889,580902,725Contributions by officers30,80030,800Issued common stockto repay officer loan360,0003,60021,40025,000Broker's commissionsand other(100,177)(100,177)Net income (loss)          
(361,579)
-
(361,579)Balance, Dec. 31, 2001
-
$-6,485,422
$64,854
$3,723,205
(361,579)
$
(2,817,781)
$608,699The accompanying    notes to financial statements are an integral part of these financial statements.
**GEXA CORP.**
(A Development Stage    Enterprise)
Statements of Cash FlowJanuary 1, 2001
Year Ended    December 31,(Inception) toDecember 31,  200120002001Cash Flow from Operating activities:Net income (loss)$(361,579)$-$(361,579)Adjustments to reconcile net income (loss) to net cash used    in operating activities   Depreciation78-78   Stock issued to officers, directors and    consultants for services48,830-48,830   Stock issued to pay note interest2,500-2,500   Increase in deposits(100,000)-(100,000)   Increase in deferred income taxes(157,486)(157,486)   Increase in accounts payable217,505-217,505   Increase in customer deposits350-350   Increase in accrued interest payable3,518-3,518Net cash provided by (used in) operating activities(346,284)-(346,284)  Cash flows from investing activities:   Purchase of computer equipment(1,550)-(1,550)Net cash provided by (used in) investing activities(1,550)-(1,550)  Cash flows from financing activities:   Proceeds from notes payable200,000-200,000   Proceeds from sale of common stock902,725-902,725   Additional contributions by officers30,800-30,800   Payment on note payable(100,000)-(100,000)   Payments to corporation consultants(33,500)-(33,500)   Payments to stock brokers(60,510)-(60,510)    Payments for stock offering expenses(6,167)-(6,167)Net cash provided by (used in) financing activities933,348-933,348Increase (decrease) in cash585,514-585,514Cash at beginning of period---Cash at end of period$585,514$-$585,514The accompanying notes to financial statements    are an integral part of these financial statements.
Supplemental Disclosure of Cash Flows Information

Cash paid during the period for interest $           0 $            0 $             0

Supplemental Disclosure of Noncash Transactions

On March 21, 2001, the board authorized the issuance of2,840,000 shares of common stock to the Company’s Chairman, 960,000 shares to theCompany’s President, 120,000 shares to three directors, and 155,000 shares toconsultants for services rendered at a price of $.01 per share.

On July 1, 2001, the Company purchased assets valued at$85,600 of EZ-Utilities Corp. for 300,000 shares of common stock and the assumption of a$25,000 note payable to the Company’s Chairman. The assets consist of a web-site thatserves as a portal for utility and other services. The stock was priced at $.202 pershare.

On September 1, 2001, the company issued 40,000 sharesof common stock to its President for services rendered at a price of $.202 per share. OnOctober 1, 2001, the Company issued 10,000 shares of common stock to repay three months ofinterest on a $100,000 note. (See Note 3.) On December 31, 2001, the Company issued360,000 shares of common stock to Chairman to repay the above $25,000 note.

**Gexa Corp.**(A Development Stage Enterprise)Notes to Financial Statements
**1.**Organization:**

GEXA Corporation (the Company or GEXA) was incorporated on April 1,1985 under the laws of the state of Nevada for the purpose of exploring and developingsilver and gold mineral properties in the Western United States.

On November 1, 1989, the Company ceased being a development stagecompany with the commencement of commercial production of gold at the Mother Lode mine, aheap leach facility near Beatty, Nevada. 

During the three months ended June 30, 1992, the Company filed forbankruptcy and disposed of all of its assets and liabilities. It was inactive since thebankruptcy settlement until new management and investors assumed control of the Company atthe beginning of 2001. Since January 1, 2001, the Company has devoted its activities toraising capital and to become a licensed retail electricity provider. Accordingly, theCompany is classified as a Development Stage Enterprise, effective January 1, 2001.
**2. Significant Accounting Policies:**
**Use of estimates:**

The preparation of financial statements in conformity with generallyaccepted accounting principles requires management to make estimates and assumptions thataffect certain reported amounts and disclosures. Accordingly, actual results could differfrom those estimates.
**Cash and Cash Equivalents:**
The Company considers all highly liquid short-term investmentspurchased with a maturity of three months or less to be cash equivalents.
**Property, Equipment and Depreciation:**
Property additions, major renewals and betterments are included in theassets accounts at cost. Maintenance, repairs and minor renewals are charged to earningswhen incurred.

Depreciation is computed using the modified accelerated cost recoverysystem over the estimated useful lives of the assets, which is five years for computerequipment. Although, this method is not a generally accepted accounting principle, thedifference between it and any other acceptable method is immaterial to the currentfinancial statements.
**Long-Lived Assets:**
The Company periodically reviews the values assigned to long-livedassets, such as property and equipment and acquired customer bases, to determine whetherany impairments are other than temporary. Management believes that the long-lived assetsin the accompanying balance sheets are appropriately valued.
**Income Taxes:**
The Company accounts for income taxes under the Financial AccountingStandards Board of Financial Accounting Standards No. 109, "Accounting for IncomeTaxes" (Statement 109"). Under statement 109, deferred tax assets andliabilities are recognized for the future tax consequences attributable to differencesbetween the financial statement carrying amounts of existing assets and liabilities andtheir respective tax basis. Deferred tax assets and liabilities are measured using enactedtax rates expected to apply to taxable income in the years in which those temporarydifferences are expected to be recovered or settled. Under Statement 109, the effect ondeferred tax assets and liabilities of a change in tax rates is recognized income in theperiod that includes the enactment date.
**Earnings (loss) per share:**
The Company presents "basic" earnings (loss) per share and,if applicable, "diluted" earnings per share pursuant to the provisions ofStatement of Financial Accounting Standards No. 128, Earnings per Share ("SFAS128"). The basic weighted average number of shares was computed as if the February10, 2001 1 to 25 reverse stock split occurred on December 31, 1999. Basic earnings (loss)per share is calculated by dividing net income or loss by the weighted average number ofshares outstanding during each period. The calculation of diluted earnings (loss) pershare is similar to that of basic earnings per share, except that the denominator isincreased to include the number of additional common shares that would have beenoutstanding if all of the stock warrants were exercised. Because of the net loss, dilutedearnings (loss) per share will be the same as basic for the year ending December 31, 2001.
**Comprehensive income:**
Statement of Financial Accounting Standards No. 130 "ReportingComprehensive Income," (SFAS 130), requires that total comprehensive income bereported in the financial statements. There were no components of comprehensive income;consequently, no separate statement of comprehensive income has been presented.
**Recent accounting pronouncements:**
In the periods reported, the Company was subject to the provisions ofStatement of Financial Accounting Standards No. 131 ("SFAS 131"),"Disclosures about Segments of an Enterprise and Related Information." Thisstatement had no impact on the Company’s financial statements as the Company’sfinancial statements reflect how the "key operating decisions maker" views thebusiness. The Company will continue to review this statement over time to determine if anyadditional disclosures are necessary based on evolving circumstances.
**3. Notes Payable**
On May 31, 2001, the Chairman of the Company lent the Company $100,000 for five yearsevidenced by an unsecured promissory note with an interest rate of 6% per annum. On June30, 2001, an unrelated individual advanced the Company $100,000 and received 10,000 sharesof common stock as interest when the note was repaid on October 1, 2001. On July 1, 2001,the Company assumed a five-year 6%, $25,000 note payable to the Chairman. 

On December 31, 2001, the Company repaid this note and accrued by issuing 360,000shares of common stock to the Chairman.
**4. Stock Transactions**
On February 10, 2001, the 944,495 shares of convertible preferred stockwere converted into 944,495 shares of common stock. On the same day, the board ofdirectors voted to execute a 1 to 25 reverse stock split.

On March 21, 2001, the board authorized the issuance of 2,840,000shares of common stock to the Company’s Chairman, 960,000 shares to theCompany’s President, 120,000 shares to a third director, and 155,000 shares toconsultants for services rendered at a price of $.01 per share.

On April 19, 2001, the Company sold 500,000 shares of stock to anunaffiliated corporation for $50,000. The assets consisted of a web site that serves as asign-up portal for utility and other services. The Company also assumed a $25,000 notepayable to the Company's CEO/Chairman. 

On July 1, 2001, the Company purchased the assets of EZ UtilitiesCorp., a Texas corporation, for 300,000 shares of common stock. Neil Leibman, theCompany's CEO/Chairman, was President and majority shareholder of EZ-Utilities Corp. TheCompany intends to sell the portal including the underlying contracts, contracts relatingto the continued services and maintenance of the site itself.

On September 1, 2001, the Company issued 40,000 shares of common stockto its President for services rendered at a price of $.202 per share.

On October 1, 2001, the company issued 10,000 shares of common stock torepay three months of interest on a $100,000 note. (See Note 3.)

During the year ending on December 31, 2001, the Company sold 814,500to unrelated investors.

On September 30, 2001, the Board authorized stock options to theCEO/Chairman and President/Director, to purchase 300,000 shares of common stock each, at$1.50 per share, expiring at December 31, 2005; and stock options to employees, topurchase 5,500 shares of common stock at $1.75 per share, expiring at December 31, 2002.Under APB 25, since the fair market value of the common stock is less than or equal to thestrike price, no compensation has been recorded. (See Note 5.)

On December 31, 2001, the Company issued 360,000 shares of common stockto repay the $25,000 note. (See above.)
**5. Stock Option Activity**
Average per share
Shares subject to optionExercise    priceMarket    priceOption granted Sept. 30, 2001 to officers
600,000$1.50$1.50Option granted Sept. 30, 2001 to other employees5,5001.751.50Options exercised---Balance at December 31, 2001605,500$1.50$3.01
**6. Income Taxes**

At December 31, 2001, the Company has a deferred income tax asset of $157,486,resulting from the net operating loss for the year then ended (which expires in the year2016) and from the tax deferred billing and data transfer set-up costs of $308,162. Theseset-up costs will be amortized over five years beginning in 2002 for taxes purposes. Theincome tax benefit decreased the net loss per share by $.03.

**7. Concentration of Credit Risk**

During the year ended December 31, 2001, the Company has maintained cash balances whichdid exceed the Federal Deposit insurance (F.D.I.C.) limit of $100,000.

**8. Billing and Data Transfer Set-up Costs**

At May 31, 2002, it was determined that $308,162 of costs to set up the billing anddata transfer system should be included in administrative expenses rather than capitalizedas amortizable intangible assets. Consequently, the total assets were reduced by thatamount, and the net loss was increased by the same amount. This reclassification alsoincreased the net loss per share by $.07.

At the same date, the remaining $85,000 of intangible assets were reclassified toEZ-Utilities web site. (See Note 7.)

**9. Subsequent Event**

As of January 1, 2002, the Company entered into an agreement with anunrelated corporation who will provide a credit facility. The corporation will receive agraduated credit fee beginning at the rate of 0.50% for the first $2,500,000 ofelectricity purchases. The corporation also received 300,000 stock options exercisable at$0.05 per share beginning on December 31, 2004. The corporation’s stock optionsrepresent a 5% anti-dilution equity ownership through December 31, 2004.

 

ITEM 8. CHANGES IN AND DISAGREEMENTS WITHACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Reference is made to the Company's Form 8-K,filed on November 27, 2001 regarding the engagement of Grassano Accounting. During theprior two years, the Company did not have an independent accountant.

**PART III**

ITEM 9. DIRECTORS AND EXECUTIVE OFFICERS OF THEREGISTRANT

At present, wehave two executive officers and seven directors. By action of the board of directors, eachof our directors is elected and serves for a term of one year or until the next meeting ofshareholders and until their respective successors will have been elected and will havequalified. There is no staggered term for directors.

The following table sets forth as the name, age and position held with respect to ourdirectors and executive officers:
Name
Age
Positions
TermNeil Leibman
41
CEO, Chairman
one yearMarcie Zlotnik39President, and    Directorone yearStuart C. Gaylor40Directorone yearDan C. Fogarty37Directorone yearBobby Orr41Directorone yearTom D. O'Leary43Directorone yearBrenda Jenkins48Directorone year
Mr. Leibman, CEO and Chairman, since March 2001: Mr. Neil Leibman hasan undergraduate degree from Emory University and a Juris Doctor and Master of BusinessAdministration degree from the State University of New York at Buffalo. Since 1984, Mr.Leibman has been practicing law in Texas. His law firm is specialized in corporate law andbusiness litigation. Mr. Leibman currently sits on the Board of Directors of SundownerPools & Landscape, Inc. and EZ Utilities Corp. In addition, he serves as Vice Chairmanof the Board of Trustee of The Fay School and on the Development Council of TexasChildren's Hospital. Mr. Leibman has not held any position in a reporting public companyduring the past five years.

Ms. Marcie Zlotnik, President and Director since March 2001: Ms.Zlotnik graduated in 1987 from the University of Texas at Austin with a Bachelor ofBusiness Administration in Accounting. Ms. Zlotnik has been working in thetelecommunication industry for the last 10 years. From 1994 to 2000, Ms. Zlotnik wasPresident and CEO of TotalNet Communications, Inc., a long distance telephone company inHouston, TX. Prior to her position at TotalNet Communications, Ms. Zlotnik was ChiefOperating Officer of Coastal Telephone Company, Houston, TX from 1988 to 1994, which wassold to Broadwing Communication. Ms. Zlotnik has not held a position with any otherreporting public company during the past five years.

Stuart C. Gaylor, Director since March 2001: Mr. Gayloris a 1983 graduate of the University of Texas where he graduated with a Bachelor ofBusiness Administration degree with a major in Accounting and Data Processing. Since 1999,Mr. Gaylor has been President and Chief Financial Officer of Al’s Formal Wear ofHouston, Ltd., one of the largest formal wear retail and rental chains in the US.Al’s Formal wear is the parent company of BridesMart, Ascot Tuxedos, Louise Blum,A.B. Graham Formal Clothiers and Ascot Formal Wear. Mr. Gaylor has not held a positionwith any other reporting public company during the past five years.

Dan C. Fogarty, Director since March 2001: Mr. Fogartygraduated in 1990 with a B.A. in Marketing from St. Edwards University. Mr. Fogarty servedas an account supervisor for Banner Radio, Houston, TX until 1993 when he joined FogartyKlein Monroe, a full service marketing and advertising agency with annual billings of over$250 million, as head of its non-traditional media unit. In 1999, he co-founded and becamea director of Worldtalk, L.L.C., a company that provides long distance service to CentralAmerica and Spanish speaking Caribbean. Mr. Fogarty has not held a position with any otherreporting public company during the past five years.

Bobby Orr, Director since August 2001: Mr. Orr graduatedfrom the University of Texas in 1979. During the past five years, Mr. Orr has beenpresident and control person of Orr Realty Corporation, Houston, Texas, which is engagedin the real estate business in the state of Texas. Currently, Mr. Orr's company developscommercial real estate projects, for resale and also manages its own commercial realestate portfolio of projects. Mr. Orr has not held a position with any other reportingpublic company during the past five years.

Tom D. O'Leary, Director since January 2002: Mr.O'Leary received in 1981an undergraduate degree of Architecture and a Master of BusinessAdministration degree in 1984, both from the University of Houston.  Since 1991 hehas been president of PDS Group and PDS Management Group, LLC, a real estate managementcompany focused on independent oversight for construction and development projectsthroughout the Southwest.  Mr. O'Leary currently is a member of the board of The FaySchool and MUD 89 located in Montgomery, County, Texas. Mr. O'Leary has not held aposition with any other reporting public company during the last five years.

Brenda Jenkins, Director since March 1,2002: Ms. Jenkinshas been an independent consultant to energy companies since leaving her position asexecutive director of the Texas Utility Commission, which is a Texas State agency thatregulated utilities. Ms. Jenkins has not held a position with any other reporting publiccompany during the past five years.

Section 16(a) Beneficial Ownership Reporting Compliance:
Name of Officer/Director
Forms FiledNeil Leibman
Forms 3 and 5Marcie ZlotnikForms 3 and 5Stuart C. GaylornoneDan C. FogartynoneBobby OrrnoneTom D. O'LearynoneBrenda Jenkinsnone
ITEM 10. EXECUTIVE COMPENSATION
          
Long Term Compensation        
Annual Compensation
Awards
Payouts  
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
Name and Principal    Position(1)
Year
Salary
Bonus 
Other Annual    Compensation
Restricted Stock Award
Securities Underlying    Options/SAR 
LTIP Payouts 
All other compensation         
($)($)($)($)(#)($)($)
Neil Leibman, CEO and    Chairman, since 3/20012001
20,000028,400(2)0000Marcie Zlotnik, President and Director    since 3/2001200112,950010,000(2)0000Stuart C. Gaylor, Director since 3/200120010000000Stuart C. Fogarty, Director since 3/200120010000000Bobby Orr, Director since 3/200120010000000Steven Bethke, Director    3/2001 to 10/20012001001,200(2)0000Justin L. Rice2000-19910000000Gary L. Rice2000-19910000000David E.P. Lindh2000-19910000000Henry C.B. Lindh2000-19910000000Robert McDougal2000-19910000000Dale Stringfellow2000-19910000000Laura B. Kalbfleisch2000-19910000000(1) All our present officers commenced    serving in their respective positions in March 2001. Since our discharge from bankruptcy    in 1992, we paid no executive compensation, because we lacked the cash flow and financial    resources. The Company has no employment agreement with any of its officers and    directors.     (2) These restricted shares were issued to Mr. Leibman and Ms.Zlotnik for services to the    Company as full-time executive officers and directors. The Company issued 2,840,000    restricted shares at $.01 par value to Mr. Leibman and 1,000,000 restricted shares to Mrs.    Zlotnik at $.01 par value. The Company issued 120,000 restricted shares to Mr. Bethke as    non-cash compensation for service as director and consulting with the Company in    connection with cross-marketing arrangements with retail vendors.
The following table sets forth information regarding the grant of options to ourexecutive officers and directors during the fiscal year ended December 31, 2001.

Name
Individual Grants 
Number of Securities Underlying Options Granted (1)   
Exercise or Base Price Per Share(1) 
Expiration DateNeil    Leibman, CEO and Chairman
300,000 Options
$
1.50  December 31, 2005Marcie Zlotnik, President and Director
300,000 Options
$
1.50  December 31, 2005
See note 4 to the notes to financial statements with respect to theoption grant.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth certain information regarding thebeneficial ownership of the Common Stock of Gexa as of March 25, 2002, and the date of thefiling of this Form 10-KSB for the year ended December 31, 2001, beneficially by eachperson owning more than 5% of such common shares and the directors and executive officers,and by all officers and directors, as a group.
Name and Address of Beneficial    Owner
Amount and    Nature of Beneficial Ownership
Percent of    Class Outstanding(a)Neil Leibman, CEO, 24 Greenway,    Suite 1826, Houston, TX 77046(1)3,500,000
47.94%Marcie Zlotnik, President, 24    Greenway, Suite 1826, Houston, TX 77046(2)1,000,000
13.70%All Officers and Directors as a Group (one person)
4,500,000
61.64%(a) Based on 7,377,022    shares of Common Stock outstanding as of March 25, 2002.
(1)    Mr. Leibman became the Company’s CEO and director in March 2001. These shares include    the restricted shares issued to Boxer Capital, Ltd., an entity controlled by Mr. Leibman    and 360,000 restricted shares issued in connection with the conversion of a $25,000 note.(2) Ms. Zlotnik became    the Company’s President and director in March 2001.
ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The following transactions or proposed transactions, to which the Company was or is tobe a party, in which any Officer, Director or Control Person had a direct or indirectmaterial interest occurred during the last two fiscal years: 

On March 21, 2001, the Company issued 2,840,000shares of common stock to the Company’s Chairman, Neil Leibman and 960,000 shares tothe Company’s President, Marcie Zlotnik. The shares issued to Mr. Leibman and Mrs.Zlotnick were issued as non-cash compensation for services to the Company as full-timeexecutive officers and directors, at a value of $.01 per share. There was no tradingmarket for the shares and the Company believes that the compensation represented the fairvalue of the shares on the date of issuance. The Company issued 120,000 restricted sharesas non-cash compensation to Steven H. Bethke for services as director from March, 2001 andconsulting with the Company in connection with cross-marketing arrangements with retailvendors. The shares issued to Mr. Bethke were valued at $.01 per shares, which the Companybelieves was the fair value of the restricted shares on the date the Company agreed toissue these shares. Mr. Bethke has resigned as director of the Company in October 2001.There was no dispute with the former director on any matter and the resignation was topermit the former director to devote his full time the his own operatingtelecommunications business.

On May 31, 2001, Mr. Leibman, our CEO andChairman lent the Company $100,000 for five years evidenced by an unsecured promissorynote with an interest rate of 6% per annum. This $100,000 note is the only note owed toMr. Leibman at present. This note was issued to Mr. Leibman for his loan to fund thecompany's security deposit required for the application with the Texas Utility Commission.On October 1, 2001, the Company issued 10,000 restricted shares to repay three months ofinterest on the $100,000 note. On July 1, 2001, the Company purchased assets valued at$85,600, which consisted of software development and contracts with vendors, of EZUtilities, an entity controlled by Neil Leibman, our CEO and Chairman, for 300,000restricted shares and the assumption of a $25,000 note payable to our CEO/Chairman. The$25,000 note was converted by Mr. Leibman into 360,000 restricted shares of the Company onDecember 31, 2001. On September 1, 2001, the Company issued 40,000 restricted shares ofcommon stock to Marcie Zlotnik, the Company's President, for services rendered. OnDecember 31, 2001, Mr. Leibman converted the $25,000 note issued in connection with thepurchase of assets of EZ Utilities, Inc. into 360,000 restricted shares at a value of $.07per share. There was no trading market for the shares and the Company believes that theconversion price of $.07 represented the fair value of the shares on the date of issuanceof the restricted shares. 

 

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

(A) Exhibits

Exhibit No.
Description
3.1
Articles of    Incorporation (incorporated by reference to Exhibit 3.1 to the Registration Statement on    Form 10-12g filed September 3, 1987.
3.2
Bylaws    (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form    10-12g filed September 3, 1987.
10.1Trammell Crow    Residential Services Agreement, Inc. filed herewith.
13(i)The Registrant's    Current Reports on Form 8-K filed on June 21, 2001 and November 27, 2001, which are    incorporated by reference.99.4Approval Notice from the Texas    Utility Commission for Retail Electric Provider dated August 3, 2001, filed herewith.
(B) Reports on Form 8-K

Gexa Corp. filed a Form 8-K on November 27, 2001reporting a change in accountants, which change took place during the period ended June30, 2001. The effective date of the Company's change in accountant was June 28, 2001. OnJune 21, 2001, Gexa Corp. filed a Form 8-K reporting a change in control of theregistrant.
**SIGNATURES**
Pursuant to the requirements of Section 13 or 15(d) of the SecuritiesExchange Act of 1934, the Registrant has duly caused this report to be signed on itsbehalf by the undersigned, thereunto duly authorized.

Gexa Corp.  
By: /s/ Marcie ZlotnikMarcie Zlotnik, President
Houston, TX
Dated: July 3, 2002******************** |
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