| **UNITED    STATES**SECURITIES    AND EXCHANGE COMMISSION**Washington, DC    20549   **FORM    10-KSB   
[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, Ste 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 March 27,    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 March 27, 2002 is $11,508,088.
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.15
Item 3. Legal Proceedings. 15
Item 4. Submission of Matters    to a Vote of Security Holders. 15   **PART II
Item 5. Market for Common    Equity and Related Stockholder Matters. 15
Item 6. Management's    Discussion and Analysis. 20
Item 7. Financial Statements. 22
Item 8. Changes In and    Disagreements With Accountants on Accounting and Financial Disclosure.30           **PART III
Item 9. Directors, Executive    Officers, Promoters and Control Persons.31
Item 10. Executive    Compensation. 33
Item 11. Security Ownership of    Certain Beneficial Owners and Management. 34
Item 12. Certain Relationships    and Related Transactions. 35
Item 13. Exhibits and Reports    on Form 8-K.35
**PART I**

ITEM 1. DESCRIPTION OF BUSINESS

Forward-Looking Statements: This Annual Report on Form 10-KSB and otherstatements issued or made from time to time by Gexa Corp., a Texas corporation containstatements which may constitute "Forward-Looking Statements" within the meaningof the Securities Act of 1933, as amended (the "Act") and the SecuritiesExchange Act of 1934 (the "Exchange Act") by the Private Securities LitigationReform Act of 1995, 15 U.S.C.A. Sections  77Z-2 and 78U-5 (SUPP. 1996). Thosestatements include statements regarding the intent, belief or current expectations of GexaCorp. and its officers and directors as well as the assumptions on which such statementsare based. Prospective investors are cautioned that any such forward-looking statementsare not guarantees of future performance and involve risks and uncertainties, and thatactual results may differ materially from those contemplated by such forward-lookingstatements. 

General Background and Reports under the Exchange Act

Gexa Corp., a Texas corporation, is sometimes referred to herein as"we", "us", "our" and the "Company". We havepreviously filed our Annual Reports on Form 10-KSB for the years ended December 31, 1992,1993, 1994, 1995, 1997, 1998, 1999 and 2000, all of which contain our audited financialstatements for the respective periods. No material change in our business occurredfollowing our filing for bankruptcy under Chapter XI of the US Bankruptcy Code and ourdischarge by the Bankruptcy Court in 1992 through the year ended December 31, 2000. 

This Annual Report contains disclosure related to our new businessoperations of reselling electricity which became a deregulated industry effective January1, 2002. On June 19, 2001, Gexa submitted an application to the Public Utility Commissionof the State of Texas for the purpose of becoming a retail reseller of electricity toresidential and small commercial customers in Texas. Under Texas law, beginning January 1,2002, customers may elect to purchase electricity from independent resellers, such asGexa. Our disclosure may involve certain estimates and plans related to the business ofreselling electricity, which is a newly deregulated industry, which assumes certainevents, trends and activities will occur and the projected information based on thoseassumptions. We do not know that any assumptions that we may make will be accurate. Inparticular, we do not know and cannot predict with any degree of certainty the growth ofindustry of reselling electricity in the market in State of Texas in which we operatesince January 1, 2001. If our assumptions are wrong about any events, trends andactivities, and specifically about this new business opportunity. Our efforts regardingthis new market may be wrong because of our limited resources.

During the fiscal year 2001, we generated no revenues from any business operations.During the three month period ended September 30, 2001, we had administrative expenses of$78,910 and therefore had a net loss in the same amount. We had no expenses nor incomeduring the same period of  the prior year.

We were incorporated under the laws of Nevada on April 1, 1985. InMarch 2001, concurrent with our share recapitalization, we were reincorporated under thelaws of the State of  Texas. Prior to the filing of Chapter XI under the Federalbankruptcy laws in the United States Bankruptcy Court for the District of Idaho during theperiod ended June 30, 1992, we were engaged in the business of acquiring, exploring anddeveloping mining properties. We emerged from this proceeding and our plan ofreorganization was approved by creditors and by the United States Bankruptcy Court in1992. During the period following our discharge from bankruptcy through 2000,  weconducted no commercial mining operations and had no other significant businessactivities. Following the bankruptcy we redirected our efforts and limited resources toseeking potential new business opportunities. 

During the second quarter of 2001, Gexa submitted an application to thePublic Utility Commission of the State of Texas for the purpose of becoming a retailreseller of electricity to residential and small commercial customers in Texas. UnderTexas law, beginning January 1, 2002, customers may elect to purchase electricity fromindependent resellers. 

Deregulation of Electric Utilities Market in Texas

In June 1999, the Texas legislature adopted the Texas Electric Choice Plan, whichsignificantly changed the regulatory structure governing electric utilities in Texas suchas:

- starting January 1, 2002, power generators will have to sell electric energy towholesale purchasers, including retail electric providers, at unregulated 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 electric market, which competitionstarted on January 1, 2002. Under Texas legislation, retail customers will be entitled topurchase their electricity from any of a number of "retail electric providers,"which will have been certified by the Public Utility Commission of Texas (Texas UtilityCommission), such as Gexa Corp.

Gexa filed its initial application with the Texas Utility Commission in August 2000. InDecember 2000, the Texas Utility Commission approved our application pursuant to which weare allowed to offer electricity to residential and business customers.

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. In addition to providing electricity, we offer additional services such ascustomized energy solutions for residential and commercial customers.

Gexa is targeting the rapidly restructuring residentialand commercial electricity consumers. We believe we are well-positioned to succeed becauseother competitors are not focusing on short term residential and apartment dwellermarkets. We have cross marketing and affiliate programs with companies that sell goods tothis potential market such as cell phone stores and bundled service providers; and ourmanagement team has significant marketing experience in a deregulated environment. TheCompany has already been successful against larger, better capitalized companies inselling to its target market (residential and commercial customers) in a deregulatedenvironment.
***Business Strategy

Gexa intends to become a national provider of electricity and grow alongwith deregulation after its business model has been proven in Texas. Gexa intends to focusits service and market electricity to the residential customer, in particular apartmentdwellers, smaller commercial customers, and larger commercial customers that make equityinvestments in the Company. Through its marketing agreements, Gexa can reach tens ofthousands of apartment units immediately. 

The Company has entered into marketing agreements with severalcompanies, which already market consumer goods and telecommunication services to one ofGexa’s target markets, the apartment dweller. Through these marketing agreements, thetenant has the opportunity to sign up for all of their services, including electricity andtelecommunication needs in one phone call or fax. The Company has also reached agreementswith a couple of apartment complex owners and is in discussion with others, which willallow Gexa the exclusive right to market new tenants for electric service provided byGexa. These services allow tenants the ease of having electricity at the time of move-in,a captive audience for Gexa without having to switch customers, and a stipend paid to thecomplex owner for each new tenant that uses Gexa Energy. There is no known competitorknown to the Company that is pursuing this market.

Gexa will continue to use the following strategy in theimplementation 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.

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 an equity position in Gexa Energy.

Residential Market

- Gexa has established strategic relationships with apartment complexowners that will require leasing agents to offer the new customer electricity through GexaEnergy. The leasing agent will handle contacting Gexa for "turn on" of service,making it simple for the customer. The initial response was met with overwhelming approvaland acceptance.- Gexa has also signed a marketing agreement 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 its program, the marketingcompanies shall 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

Gexa will hire and train a sales team to sell electricity to largeresidential customers and small commercial customers. The sales team will use an approachthat proved very successful in the telecommunications industry. The target customers arein many cases the same customers that switched their telecommunications services away fromthe large better, capitalized companies to a small, friendly, customer service orientedcompany. In addition, the collapse of Enron has left this market wide open for GexaEnergy.

Large Commercial 

Gexa is in a unique strategic position. The Company can give largeelectricity consumers a competitive rate based on a favorable financial partnership withAquila, Inc.. 

Strategic Alliances:

Gexa has established the following strategic alliances:

1. Aquila, Inc. a UtiliCorp United Corp (NYSE:UCU) subsidiary thatprovides Gexa Energy a credit facility to purchase forward wholesale supply ofelectricity.2. TXU: will provide electricity to Gexa as the power generator for residential customersand act as Gexa’s Qualified Scheduling Entity.3. Exolink Corp.: will develop the electronic data interexchange for Gexa as required forcertification.4. Ebuy Express: will market the services of Gexa to all of its apartment complex ownermembers.5. Luminor: will provide 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 alone is huge and in its infancy. Thetotal residential and small commercial electricity marketplace in the United Statesexceeds $226 billion annually, making it one of the largest consumer markets to undergocompetitive regulatory restructuring.- 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 Harris County, Texas alone, there are over 4 million (4,000,000) 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 isuntapped.- Gexa has quickly secured several major residential customers in a market that is beingoverlooked, the individual apartment dweller. Gexa has contracted with several largeREIT’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.- With limited resources, Gexa’s management team was extremely successful in sellingto both commercial and residential customers when the telecommunications industryderegulated. In that industry, they organized a sales force that was instrumental inhelping the company grow over 1,000% per year over a three year time period. In 1995, thatcompany was named Houston’s fastest growing company. It was also profitable duringthis period.

Gexa also believes the sub-prime and high credit riskcustomer utilizing a pre-paid smart meter is another untapped market (meter reading isscheduled to be deregulated in 2004 by the Texas PUC). The prepaid market will workexactly like the prepaid phone cards where 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 allows greater profitmargins and less bad debt. In Houston alone, 30% of the people do not have a bankrelationship. Gexa believes it can implement its same plan and capitalize on deregulationon a national basis. 

Gexa sees a new business opportunity developing withsimilar trends that parallel the deregulation of the telephone companies some sixteenyears ago. 

Gexa estimates that the total residential and commercialelectric and natural gas marketplace in the United States exceeds $226 billion annually,making it one of the largest consumer markets to undergo competitive regulatoryrestructuring. Currently, markets in twelve states are open to retail electriccompetition. States that have deregulated retail markets including residential customersare Arizona, Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts,New Hampshire, New Jersey, New York, Ohio, Pennsylvania and Rhode Island. Illinois,Montana and Oregon have deregulated their retail electricity markets except forresidential. Michigan, Texas and Virginia will be fully deregulated in 2002. In addition,laws or regulatory plans providing for future retail electric competition have beenadopted in numerous other states. Although in many of these jurisdictions, final rulesimplementing market restructuring are not yet finalized and effective, we estimate that bythe beginning 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. As was the case in the deregulation of the long-distancetelephone markets, we believe that a significant percentage of consumers will be receptiveto switching from their monopoly energy providers to competitive providers.

The Company's Marketing Strategy

Gexa markets its products and services to commercial customer by using asales force consisting of inside and outside sales people. The sales force  usestechniques used and refined by the Company's management when the telecommunicationsindustry was deregulated. The Company also entered into contractual relationships withshopping center owners. The procedure is essentially the same as with an apartment, thelandlord offers the tenant electricity at time of move in through a pre-selected provider,such as Gexa.

The Company started also to target large commercial buildings since thedemise of Enron which has left some large commercial customers looking for a replacementfor their initial energy needs.
***Competition

While there is competition in the retail electricmarket, most of the competitors are targeting high-end residential and business customersthat are willing to sign long-term contracts. Gexa intends to pursue residential, smallbusiness and selected larger businesses. Apartment dwellers are considered a niche marketwithin the residential market.

In addition to the primary competitors listed above,there will be other retail electric providers certified. Some of the new entries aresingle client companies that are large electricity users, such as a refinery or plant.While all of the competitors are looking to sign new clients, their strategy is to switchcustomers and contract with high end users. Gexa differentiates itself by being a smallcompany focusing on small consumers. It can therefore obtain a certain number of largecustomers by making them feel "special". 
**Technology

Gexa has built a single network architecture that provides an integratedbackbone for the multiple platforms required for the competitive retail marketregistration process. All servers are owned and operated by Gexa in Houston, Texas.

All retail electric providers must certify with the Electric ReliabilityCouncil of Texas ("ERCOT"). ERCOT is continuously performing five majorprocesses to support the retail provider: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 market interfacedevelopment; ongoing maintenance and market rule updates associated with the interface tothe UDC markets including EPI mapping and other applicable communication protocols. Also,Exolink will provide access to Exolink’s Online Transaction Service, which allowsGexa to initiate and receive transactions on-line. Through these services, Gexa will havethe advantage of an automated business process, data validation, data routing and onlineexception management.

Regulation**s**

We are subject to regulation by various federal, state, local and foreign governmentalagencies, including the regulations described below. 

In June 1999, the Texas legislature adopted Legislation which substantially amended theregulatory structure governing electric utilities in Texas in order to allow retailcompetition. The Legislation calls for the commencement of retail competition beginning onJanuary 1, 2002, the Texas Utility Commission may delay the date on which the retailelectric market is opened to competition in any power region in Texas if it determinesthat the region is unable to offer fair competition and reliable service to all retailcustomer classes on that date. 

The Legislation also requires electric utilities in Texas to restructure theirbusinesses in order to separate power generation, transmission and distribution, andretail activities into three different units, whether commonly or separately owned.Generally, the "retail electric providers", such as Gexa, that have beencertified by the Texas Utility Commission obtain or buy electricity from the wholesalegenerators at unregulated rates, sell electricity at retail to their customers and pay thetransmission and distribution utility a regulated tariffed rate for delivering theelectricity to their customers. Retail electric providers are not allowed to own oroperate generation assets and their retail prices are not subject to traditionalcost-of-service rate regulation. Retail electric providers that are affiliates of, orsuccessors in interest to, traditional electric utilities may compete statewide for thesesales. 

The Legislation requires the Texas Utility Commission to determineprocedures and criteria for designating retail electric providers to serve as providers oflast resort in areas of the state in which retail competition is in effect. A provider oflast resort is required to offer a standard retail electric service package for each classof customers designated by the Texas Utility Commission at a fixed rate approved by theTexas Utility Commission, and is required to provide the service package to any requestingretail customer in the territory for which it is the provider of last resort. The TexasUtility Commission is required to designate the initial providers of last resort by June1, 2001. In the event that no retail electric provider applies to be the provider of lastresort in a given area of the state, the Texas Utility Commission may require a retailelectric provider to become the provider of last resort as a condition to receiving ormaintaining its retail electric provider certificate. In the event that a retail electricprovider fails to serve any or all of its customers, the provider of last resort isrequired to offer those customer the standard retail service package for that customerclass with no interruption of service to the customer. Pursuant to the Legislation, thetransmission and distribution utility is not required to serve as the provider of lastresort. 

**RISK FACTORS**

The following important factors, among others, could cause actualresults to differ from those indicated in forward-looking statements made in thisdocument. Further, reference is made to the disclosure in "all capitalizedletters" on the first page following the cover page of this Annual Report. 

The following factors contain certain forward-looking statements.Forward-looking statements give our current expectations or forecasts of future events.You can identify these statements by the fact that they do not relate strictly tohistorical or current facts. They use words such as "anticipate,""estimate," "expect," "project," "intend,""plan," "believe," and other words and terms of similar meaning inconnection with any discussion of future operating or financial performance. From time totime, we also may provide oral or written forward-looking statements in other materials werelease to the public.

Any or all of our forward-looking statements in this document and inany other public statements we make may turn out to be wrong. They can be affected byinaccurate assumptions we might make or by known or unknown risks and uncertainties. Manyfactors mentioned in the discussion below will be important in determining future results.Consequently, no forward-looking statement can be guaranteed. Actual future results mayvary materially.

Newly Formed CompanyGexa Corp. is a newly formed company created for the purpose of providing electricityto residential and business customers under the new deregulation of the electricitymarket. Since its inception, the primary business has been the formation of the companyand the drafting of its business model. The Company has no operations, and with notprofit, and future success is, to some degree dependent upon management’s ability toexpand its operations through implementation of its business plan and model. Managementwill have broad discretion to allocate the proceeds of this offering toward futureacquisitions. The Company is subject to all of the risks inherent in attempting to expanda relatively new business venture. These risks include, but are not limited to, possibleinability to implement its business plan, the existence of undisclosed actual orcontingent liabilities, and the inability to fund the working capital requirements of itsbusiness plan. There can be no assurance that the Company will become profitable, or thatit will provide a return on invested capital.

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 is highlycompetitive, and we may not be able to compete effectively, especially against establishedindustry 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. Our present management has advancedapproximately $30,000 for administrative costs related to accounting expenses and thereinstatement of the corporate existence under the laws of the State of Texas. Inaddition, we are currently negotiating with CR Capital Services, Inc., a company providingcorporate securities compliance services, for payment for services in connection with thepreparation and filing of this Form 10-KSB and our Quarterly Reports due under theExchange Act. In fact, we were dependent upon the willingness of  third partyconsultants to provide services to us in consideration for our agreement to issue sharesin lieu of cash compensation, in amounts to be determined, because we will not achieve anyrevenues until, at the earliest, the consummation of a business combination or ourcommencement 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 Resale of 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 seek coverage and publicationof information regarding the Company in an accepted publication manual which permits amanual exemption. The manual exemption permits a security to be distributed in aparticular state without being registered if the company issuing the security has alisting for that security in a securities manual recognized by the state. However, it isnot enough for the security to be listed in a recognized manual. The listing entry mustcontain (1) the names of issuers, officers, and directors, (2) an issuer’s balancesheet, and (3) a profit and loss statement for either the fiscal year preceding thebalance sheet or for the most recent fiscal year of operations. Furthermore, the manualexemption is a nonissuer exemption restricted to secondary trading transactions, making itunavailable for issuers selling newly issued securities.

Most of the accepted manuals are those published in Standard and Poor’s,Moody’s Investor Service, Fitch’s Investment Service, and Best’s InsuranceReports, and many states expressly recognize these manuals. A smaller number of statesdeclare that they "recognize securities manuals" but do not specify therecognized manuals. The following states do not have any provisions and therefore do notexpressly recognize the manual exemption: Alabama, Georgia, Illinois, Kentucky, Louisiana,Montana, South Dakota, Tennessee, Vermont and Wisconsin. 

Dividends UnlikelyWe do not expect to pay dividends for the foreseeable future because we have norevenues or capital and any potential business operations or acquisition will require theuse of any financial resources prior to the consummation of a Business Combination. Thepayment of dividends after consummating a Business Combination, if any, will be contingentupon our revenues and earnings, if any, capital requirements and general financialcondition subsequent to consummation of a Business Combination. The payment of anydividends subsequent to a Business Combination will be within the discretion of our Boardof Directors as then constituted. It is our expectation that any future managementfollowing a Business Combination will determine to retain all earnings, if any, for use inthe future business operations and accordingly, we do not anticipate declaring anydividends in the foreseeable future. 

Possible Issuance of Additional SecuritiesOur Articles of Incorporation authorize the issuance of 75,000,000 shares of Common Stock,par value $0.01. We may issue additional shares in consideration for legal and consultingservices as well as a substantial number of additional shares in connection with ourintent to pursue new business opportunities. To the extent that additional shares ofCommon 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 the issuance of 2,500,000shares of preferred stock (the "Preferred Stock"), par value $0.05, with suchdesignations, powers, preferences, rights, qualifications, limitations and restrictionsand in such series as our Board of Directors, subject to the laws of the State of Texas,may determine from time to time. Accordingly, our Board of Directors is empowered, withoutshareholder approval, to issue Preferred Stock with dividend, liquidation, conversion,voting or other rights that could adversely affect the voting power or other rights of theholders of Common Stock. In addition, the Preferred Stock could be utilized, under certaincircumstances, as a method of discouraging, delaying or preventing a change in control ofthe Company. Although we do not currently intend to issue any shares of Preferred Stock,there can be no assurance that we will not do so in the future. As of the date hereof, wehave no shares of Preferred Stock issued and 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 electricmarket may be delayed or does not result in viable competitive market rules, our businesswill be adversely 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 to be a complicatedregulatory process, with competing interests advanced not only by relevant state andfederal utility regulators, but also by state legislators, federal legislators, incumbentutilities, consumer advocacy groups, and potential market participants. As a result, theextent to which there are legitimate competitive opportunities for alternative energysuppliers in a given jurisdiction may vary widely, and we cannot assure you thatregulatory structures will offer us competitive opportunities to sell energy to consumerson a profitable basis. The regulatory process could be negatively impacted by a number offactors, including interruptions of service, significant or rapid price increases, andother factors, which may be attributed by opponents of competition in these markets torestructuring and to the lack of regulatory control. The legislative and regulatoryprocesses in some states take prolonged periods. In a number of jurisdictions, it may bemany years from the date legislation is enacted until restructuring is completed.

In addition, although most retail energy market restructuring has beenconducted at the state and local levels, bills have been proposed in Congress in the pastthat would preempt state law concerning the restructuring of the retail energy markets.Although none of these initiatives has been successful, we cannot assure you that federallegislation will not be passed in the future that could materially adversely affect ourbusiness.

We may have difficulty obtaining a sufficient number of customersWe 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 many customersmay be reluctant to switch to a new company for the supply of a commodity as critical totheir well being as electric power. A major focus of our marketing efforts will be toconvince customers that we will be a reliable provider with sufficient resources to meetour commitments. If our marketing strategy is not successful, our business, results ofoperations, and financial condition will be materially adversely affected.

We will be required to rely on utility companies with whom we will be competing toperform 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 of theinfrastructure through which we will deliver electricity and natural gas to our customers.We are limited in our ability to control the level of service the utilities provide to ourcustomers. Any infrastructure failure that interrupts or impairs delivery of electricityor natural gas to our customers could materially negatively impact the satisfaction of ourcustomers with our service, which could materially adversely affect our business.

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

In some markets, we will be required to bear credit risk and billingresponsibility 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 growth and use of the internetand 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 Internet may,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 development of ouroperating and financial controls and may place additional stress on our management andoperational resources. If we are unable to manage our growth and development successfully,our operating results and financial condition could be materially adversely affected.

We may face strong competition from incumbent utilities and other 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 incumbent utilities,have formed alliances and joint ventures in order to compete in the restructured retailelectricity and natural gas industry. Many customers of these incumbent utilities maydecide to stay with their long-time energy provider if they have been satisfied with itsservice in the past. Therefore, it may be difficult for us to compete against incumbentutilities and their affiliates for customers who are satisfied with their historicalutility provider.

In addition to competition from the incumbent utilitiesand their affiliates, we may face competition from a number of other energy serviceproviders, including Internet start-up companies focusing on Internet marketing and onlineservices, and other energy industry participants who may develop businesses that willcompete with us in both local and national markets. We also may face competition fromother 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 can increaseour 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 24 Greenway Plaza, Suite1826, Houston, Texas, which space is provided to us by Mr. Neil Leibman. The officefacility consist of approximately 800 square feet of office space. The space madeavailable to us at the offices of Mr. Leibman are sufficient for the foreseeable future,until such time as we shall consummate a new business opportunity.

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 listed for trading on the OTC Bulletin Board (OTCBB) under thesymbol "GEXA" until our common stock was delisted in 1992 following ourbankruptcy filing under Chapter XI after which date our common stock was quoted from timeto time on the pink sheets under the symbol GEXA. However, we do not believe that therehas been any active trading market in the Company's common stock during 1999 and 2000. TheCompany changed its symbol to GECX in March 31, 2001. We were also delisted from the OTCBBas a result of our not being a current reporting company under the Exchange Act. Ourcommon stock became again subject to quotation 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 2002Period Ending February 14,    2002$7.00$2.75
(*)    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 March 25, 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. 
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    share03/21/01Common Stock960,000Marcie Zlotnik, Officer and DirectorNon-cash compensation for services provided valued at $.01 per    share04/03/01Common Stock10,000Mark Fichternon-cash consideration for business consulting services provided04/03/01Common Stock30,000Meryl Robertsnon-cash consideration for business consulting services provided04/03/01Common Stock40,000Sundowner Holdings, Inc.non-cash consideration for business consulting services provided04/20/01Common Stock75,000Jack Kamrathnon-cash consideration for business consulting services provided04/20/01Common 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 $.2 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 provided, valued at $.2 per    share09/10/01Common 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 cash for interest payment of 6% p.a on a 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 Stock24,000Douh & 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. BethkeFor services as former director, non cash-compensation12/19/01Common Stock2,000Adolfo CelisNon-cash compensation to employee12/19/01Common Stock2,000Jody HeinholdNon-cash compensation to employee12/03/01Common Stock2,500Jamie BigellNon-cash compensation to employee12/03/01Common Stock360,000Neil Leibman, Officer and DirectorConverted a $25,000 note into restricted shares(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 valued at $85,600, which consisted of software and contracts with vendors, an    entity controlled by Neil Leibman, our CEO and Chairman, 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.
ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS

The following discussion and analysis and plan of operation containsome forward-looking statements. Forward-looking statements give our current expectationsor forecasts of future events. You can identify these statements by the fact that they donot relate 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 forward-looking statements in othermaterials we release to the public.

Also note that we provide cautionary discussion of risks, uncertaintiesand possibly inaccurate assumptions relevant to our business under the section entitled"Risk Factors" under Item 1 Part 1. Other factors besides those listed couldalso adversely affect us in the future.

Overview

During fiscal year 2001, we entered into the business of resellingelectricity in Texas, which became a deregulated industry effective January 1, 2002. OnJune 19, 2001, Gexa submitted an application to the Public Utility Commission of the Stateof Texas for the purpose of becoming a retail reseller of electricity to residential andsmall commercial customers in Texas. Under Texas law, beginning January 1, 2002, customersmay elect to purchase electricity from independent resellers, such as Gexa. Gexa istargeting the rapidly restructuring residential and commercial electricity consumers. Webelieve we are well-positioned to succeed because other competitors are not focusing onshort term residential and apartment dweller markets. We have cross marketing andaffiliate programs with companies that sell goods to this potential market such as cellphone stores and bundled service providers; and our management team has significantmarketing experience in a deregulated environment. The Company has already been successfulagainst larger, better capitalized companies in selling to its target market (residentialand commercial customers) in a deregulated environment. See also disclosure under Item 1.Description of Business.

Results of Operations

During the years ended December 31, 2001 and 2000, we generated no revenues from anybusiness operations. We incurred administrative expenses of $209,668 in fiscal year endedDecember 31, 2001 compared to no administrative expenses in fiscal year ended December 31,2000. Our adminitrative expenses in 2001 were principally related to the submission of 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, which application was approved in August 2001. In fiscal year 2001, we had interestincome in the amount of $4,783, which interest income was offset by interest expenses of$6,018. We had a net loss of $210,903 or $(.05) per share in 2001.

Liquidity and Capital Resources

We had no assets and no liabilities in fiscal year 2000.

At December 31, 2001, we had current assets of $585,514 in cash and cash equivalents.We had total other assets of $493,762 consisting of $393,762 in intengible assets and$100,000 deposited in connection with our PUC license application. We had total assets of$1,080,748 at December 31, 2001. 

Our total current liabilities at December 31, 2001 were $221,373, which consistedmainly of accounts payable. We had also a $100,000 long-term note outstanding as ofDecember 31, 2001. 

We had negative cash flow from operations of $38,122. Our cash used in investingactivities was $309,712 during 2001. We purchased billing software valued at $308,162 andcomputer equipment valued at $1,550 in 2001. We generated $933,348 from financingactivities in 2001 through the issuance. We received $200,000 from the issuance of notes,$902,725 from the issuance of restricted shares and $30,800 from contributions by ourofficers.

Gexa is targeting the rapidly restructuring residential and commercialelectricity consumers. We believe we are well-positioned to succeed because othercompetitors are not focusing on short term residential and apartment dweller markets. Wehave cross marketing and affiliate programs with companies that sell goods to thispotential market such as cell phone stores and bundled service providers; and ourmanagement team has significant marketing experience in a deregulated environment. TheCompany has already been successful against larger, better capitalized companies inselling to its target market (residential and commercial customers) in a deregulatedenvironment.

We may determine to seek to raise additional funds from the sale ofequity or debt securities or other borrowings. We may issue additional shares to theextent that such additional shares are issued, our shareholders will experience a dilutionin their ownership interest. 

There currently are no limitations on our ability to borrow funds.However, our limited resources and may make it difficult to borrow additional funds. Theamount and nature of any borrowing by us will depend on numerous factors, including Gexa'scapital requirements, potential lenders' evaluation of Gexa's ability to meet debt serviceon borrowing and the then 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 material adverse affect onGexa's financial condition and future prospects. To the extent that debt financingultimately proves to be available, any borrowing will subject Gexa to various risks.

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

**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:   Intangible assets393,762-   Deposit-PUC100,000-          Total other assets493,762-     Total    Assets
$
1,080,748
$
-  
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(210,903)(2,817,781)      Accumulated deficit from prior operations
(2,817,781)
(2,817,781)     Total    stockholders' equity
759,375
-          Total Stockholders' Equity and Liabilities
$
1,080,748
$
-
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$-$-$-Operating expenses   Administrative209,668-209,668Income (loss) from operations(209,668)-(209,668)Other income (expense)   Interest income4,783-4,783   Interest expense(6,018)-(6,018)Net income (loss)$(210,903)$-$(210,903)$(.05)$-$(.05)Basic net income (loss) per shareBasic weighted average common shares outstanding4,209,177348,1424,209,177Diluted net income (loss) per share$(.05)$-$(.05)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 assets300,0003,00057,60060,600Issued 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)          
(210,903)
-
(210,903)Balance, Dec. 31, 2001
-
$-6,485,422
$64,854
$3,723,205
(210,903)
$
(2,817,781)
$759,375The accompanying    notes to financial statements are an integral part of these financial statements.
**GEXA CORP.**
(A Development Stage    Enterprise)
Statements of Cash FlowJanuary 1, 2001
Year Ended    December 31,(Inception) toDecember 31,200120002001Cash Flow from Operating activities:Net cash provided (used in) operating activitiesNet income (loss)$(210,903)$-$(210,903)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 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(38,122)-(38,122)Cash flows from investing activities:   Purchase of intangible assets(308,162)-(308,162)   Purchase of computer equipment(1,550)-(1,550)Net cash provided by (used in) investing activities(308,712)-(308,162)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, which consisted of software development and contracts with vendors, of EZUtilities for 300,000 shares of common stock and the assumption of a $25,000 note payableto the Company’s Chairman. The stock was priced at $.202 per share.

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.
**Intangible Assets:**
Intangible assets consist of: $85,600 for software development andcontracts with vendors purchased from EZ Utilities (see Statement of CashFlows-Supplemental Disclosure of Noncash Transactions), $233,162 for developing thebilling and data transfer system, and $75,000 for the ERCOT setup. The assets will beamortized over their useful lives when operations begin in the year 2002.
**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 pursuant to the asset andliability method which required deferred income tax assets and liabilities to be computedannually for temporary differences between the financial statement and tax bases of assetsand liabilities that will result in taxable or deductible amounts in the future based onenacted tax laws and rates applicable to the periods in which the differences are expectedto affect taxable income. Valuation allowances are established when necessary to reducedeferred tax assets to the amount expected to be realized. The income tax provision orcredit is the tax payable or refundable for the period plus or minus the change during theperiod in deferred tax assets and liabilities.
**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 three directors, 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.

On July 1, 2001, the Company purchased the assets of EZ Utilities for300,000 shares of common stock. (See Statement of Cash Flows.)

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 theChairman and President, to purchase 600,000 shares of common stock at $1.50 per share,expiring at December 31, 2005; and stock options to employees, to purchase 5,500 shares ofcommon stock at $1.75 per share, expiring at December 31, 2002. Under APB 25, since thefair market value of the common stock is less than the strike price, no compensation hasbeen recorded. 

On December 31, 2001, the Company issued 360,000 shares of common stockto repay the $25,000 note.
**5. Income Taxes**
At December 31, 2001, the Company has the following net operating loss carryforwards:
Financial Statement BasisIncome Tax BasisYear of Expiration137,978819,3492002424,933992,2972003995,432813,3162004682,1401,047,8352005210,903155,0332016$2,451,386$3,827,830
The Company’s postacquisition (Note 1) net operating loss (NOL)carryforward is accorded different treatment than the preacquisition NOL carryforwardunder the Internal Revenue Code and, accordingly, available amounts of the NOL may bereduced.
**6. 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.

**7. 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

None.

**PART III**

ITEM 9. DIRECTORS AND EXECUTIVE OFFICERS OF THEREGISTRANT

At present, we have two executiveofficers and five directors. We have elected to maintain seven board seats to serve threeyear staggered terms. We may elect more additional directors and appoint additionalofficers in connection with a Business Combination transaction. Our director(s) areelected to serve until the next annual meeting of shareholders and until his (their)respective successors will have been elected and will have qualified.

The following table sets forth as the name, age and position held with respect to ourdirectors and executive officer:
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 year
Mr. Leibman, CEO: Mr. Neil Leibman has an undergraduate degree fromEmroy University and a Juris Doctor and Master of Business Administration degree from theState University of New York at Buffalo. Since 1984, Mr. Leibman has been practicing lawin Texas. His law firm is specialized in corporate law and business litigation. Mr.Leibman currently sits on the Board of Directors of Sundowner Pools & Landscape, Inc.and EZUtilities Corp. In addition, he serves as Vice Chairman of the Board of Trustee ofThe Fay School and on the Development Council of Texas Childrin's Hospital. Mr. Leibmanhas not held any position in a reporting public company during the last five years.

Ms. Marcie Zlotnik, President: Ms. Zlotnik graduated in 1987 from the University ofTexas at Austin with a Bachelor of Business Administration in Accounting. Ms. Zlotnik hasbeen working in the telecommunication industry for the last 10 years. During these years,Mr. Zlotnik was Chief Operating Officer for Coastal Telephone Company, which was sold toBroadwing Communication. Following her managing position at Coastal Telephone Company, Ms.Zlotnik became President of TotalNet Communications, Inc., a long distance telephonecompany in Houston, Texas. Mrs. Zlotnik has not held any position in a reporting publiccompany during the last five years.

Stuart C. Gaylor: Mr. Gaylor is a 1983 graduate of the University ofTexas where he graduated with a Bachelor of Business Administration degree with a major inAccounting and Data Processing. Mr. Gaylor is President and Chief Financial Officer ofAl’s Formal Wear of Houston, Ltd., one of the country’s largest formal wearretail and rental chains. Al’s Formal wear is the parent company of BridesMart, AscotTuxedos, Louise Blum, A.B. Graham Formal Clothiers and Ascot Formal Wear.

Dan C. Fogarty: Mr. Fogarty graduated in 1990 with a B.A. in Marketingfrom St. Edwards University. Mr. Fogarty served as an account supervisor for Banner Radioin Houston until 1993 when he joined Fogarty Klein Monroe, a full service marketing andadvertising agency with annual billings of over $250 million to head up itsnon-traditional media unit. In 1999, he co-founded Worldtalk, L.L.C., a company thatprovides long distance service to Central America and the Spanish speaking Caribbean. Mr.Fogarty also serves as a director of Worldtalk.

Bobby Orr: Mr. Orr graduated from the University of Texas. For the lastfive years, he has been involved in every aspect of the real estate business. Currently,Mr. Orr develops commercial projects, which he either sells and manages or maintains forhis own portfolio of projects.

Tom D. O'Leary:  Mr. O'Leary received in 1981an undergraduatedegree of Architecture and a Master of Business Administration degree in 1984, both fromthe University of Houston.  Since 1991 he has been president of PDS Group and PDSManagement Group, LLC, a real estate project management company focused on independentoversight for construction and development projects throughout the Southwest.  Mr.O'Leary currently sits on the Board of The Fay School and MUD 89 located in MontgomeryCounty.

Section 16(a) Beneficial Ownership Reporting Compliance:
Name of Officer/Director
Forms FiledNeil Leibman
Forms 3  and 5Marcie ZlotnikForms 3 and 5
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,    Director, Since 3-20012001
20,00002,840,000(2)0000Marcie Zlotnik, President, Director since    3-2001200112,95001,000,000(2)0000Stuart C. Gaylor, Director since 3-200120010000000Stuart C. Fogarty, Director since 3-200120010000000Bobby Orr, Director since 3-200120010000000Justin L. Rice2000-19910000000Gary L. Rice2000-19910000000David E.P. Lindh2000-19910000000Henry C.B. Lindh2000-19910000000Robert McDougal2000-19910000000Dale Stringfellow2000-19910000000Laura B. Kalbfleisch2000-19910000000
(1) All new officers    commenced serving in such positions since 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 for services as officer and director to    the Company. The restricted shares issued to our CEO and Chairman were valued at $36,000    and the 1,000,000 restricted shares issued to our President were valued at 14,080.
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 after 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 2,840,000 shares of common stockto the Company’s Chairman, Neil Leibman and 960,000 shares to the Company’sPresident, Marcie Zlotnik. The Company issued issued 120,000 restricted shares to formerdirectors of the Company.

On May 31, 2001, Mr. Leibman, our CEO and Chairman lent the Company$100,000 for five years evidenced by an unsecured promissory note with an interest rate of6% per annum. On October 1, 2001, the Company issued 10,000 restricted shares to repaythree months of interest on the $100,000 note. On July 1, 2001, the Company purchasedassets valued at $85,600, which consisted of software development and contracts withvendors, of EZ Utilities, an entity controlled by Neil Leibman, our CEO and Chairman, for300,000 restricted shares and the assumption of a $25,000 note payable to our CEO andChairman. The note was converted into 360,000 restricted shares of the Company on December31, 2001. On September 1, 2001, the company issued 40,000 restricted shares of commonstock to Marcie Zlotnik, the Company's President, for services rendered. On December 31,2001, Mr. Leibman converted a $25,000 note issued to him in connection with the EZUtilities, Inc. assets purchase into 360,000 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.
13(i)The    Registrant's Current Report on Form 8-K filed on June 21, 2001 and November 27, 2001,    which are incorporated by reference.
(B) Reports on Form 8-K

Gexa Corp. filed a Form 8-K on November 27, 2001 reporting a change inaccountants, which change took place during the period ended June 30, 2001. The effectivedate of the Company's change in accountant was June 28, 2001, as disclosed in the Form8-K.
**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: March 27, 2002**************************** |
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