UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549


                           FORM 10-KSB

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

           For the fiscal year ended December 31, 2001.

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND
     EXCHANGE ACT OF 1934

                Commission file number: 000-30991

             SKINOVATION PHARMACEUTICAL INCORPORATED
       ---------------------------------------------------
      (Exact name of Registrant as specified in its charter)

Nevada                                             87-0458170
-----------------------------------------          -------------------
(State or other jurisdiction of                    (I.R.S. Employer
incorporation or organization)                     Identification No.)

525 South 300 East, Salt Lake City, Utah           84111
-----------------------------------------          --------------------
(Address of principal executive offices)           (Zip code)

Issuer's telephone number, including area code: (801) 323-2395

Securities registered pursuant to Section 12(b) of the Act: None.

Securities registered pursuant to Section 12(g) of the Act: Common Stock

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file
such reports) and (2) has been subject to such filing requirements for the
past 90 days.
Yes [X]  No [ ]

Check if disclosure of delinquent filers in response to item 405 of Regulation
S-B is not contained herein, and will not be contained, to the best of
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.   [x]

State issuer's revenue for its most recent fiscal year: None.

A market value of the voting stock held by non-affiliates cannot be determined
because the registrant does not have an active trading market.

As of March 27, 2002 the registrant had 708,000 shares of common stock
outstanding.

Documents incorporated by reference: None.

Transitional Small Business Disclosure Format (check one): Yes [ ]____ No [X]


<PAGE>


                              PART I

Item 1.  Description of business............................................2
Item 2.  Description of properties..........................................6
Item 3.  Legal proceedings..................................................6
Item 4.  Submission of matters to a vote of security holders................6

                             PART II

Item 5.  Market for common equity and related stockholder matters...........7
Item 6.  Plan of operations.................................................7
Item 7.  Financial statements...............................................7
Item 8.  Changes in and disagreements with accountants ....................18

                             PART III

Item 9.  Directors and executive officers; compliance with Section 16(a)...18
Item 10. Executive compensation............................................18
Item 11. Security ownership of certain beneficial owners and management....19
Item 12. Certain relationships and related transactions....................20
Item 13. Exhibits and reports on Form 8-K..................................20



                    FORWARD LOOKING STATEMENTS

     In this annual report references to "Skinovation," "we," "us," and "our"
refer to Skinovation Pharmaceutical Incorporated.


     This annual report contains certain forward-looking statements.  For this
purpose any statements contained in this annual report that are not statements
of historical fact may be deemed to be forward-looking statements.  Without
limiting the foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," "estimate" or "continue" or comparable terminology are intended
to identify forward-looking statements.  These statements by their nature
involve substantial risks and uncertainties, and actual results may differ
materially depending on a variety of factors, many of which are not within
Skinovation's control.  These factors include but are not limited to economic
conditions generally and in the industries in which Skinovation may
participate, competition within Skinovation's chosen industry, technological
advances and failure by Skinovation to successfully develop business
relationships.

                                2
<PAGE>

                              PART I

                 ITEM 1: DESCRIPTION OF BUSINESS

Business Development

     We were originally incorporated in the state of Nevada on January 15,
1988 as Data Financial Corporation ("Data Financial").  In 1992 Data Financial
obtained a license to certain pharmaceutical products and on August 5, 1992,
Data Financial changed its name to Skinovation Pharmaceutical Incorporated. In
1993, a court of law determined that we did not own the license for the
pharmaceutical products and we have not had operations since that time.

Our Plan

     We are a "blank check" company and have had recurring operating losses
for the past two fiscal years.  Our independent auditors have expressed doubt
that we can continue as a going concern unless we obtain financing to continue
operations.

     Our business plan is to seek, investigate, and, if warranted, acquire an
interest in a business opportunity.  Our acquisition of a business opportunity
may be made by merger, exchange of stock, or otherwise.  We have very limited
sources of capital, and we probably will only be able to take advantage of one
business opportunity. At the present time we have not identified any business
opportunity that we plan to pursue, nor have we reached any preliminary or
definitive agreements or understandings with any person concerning an
acquisition or merger.

     Based on current economic and regulatory conditions, management believes
that it is possible, if not probable, for a company like ours, without many
assets or liabilities, to negotiate a merger or acquisition with a viable
private company.  The opportunity arises principally because of the high legal
and accounting fees and the length of time associated with the registration
process of "going public."  However, should any of these conditions change, it
is very possible that there would be little or no economic value for anyone
taking over control of Skinovation.

     Our search for a business opportunity will not be limited to any
particular geographical area or industry and includes both U.S. and
international companies.  Our management has unrestricted discretion in
seeking and participating in a business opportunity, subject to the
availability of such opportunities, economic conditions and other factors.
Our management believes that companies who desire a public market to enhance
liquidity for current stockholders, or plan to acquire additional assets
through issuance of securities rather than for cash will be potential merger
or acquisition candidates.

     The selection of a business opportunity in which to participate is
complex and extremely risky and will be made by management in the exercise of
its business judgement.  There is no assurance that we will be able to
identify and acquire any business opportunity which will ultimately prove to
be beneficial to us and our stockholders.  Should a merger or acquisition
prove unsuccessful, it is possible management may decide not to pursue further
acquisition activities and management may abandon its activities and we may
become dormant or be dissolved.

     Our activities are subject to several significant risks which arise
primarily as a result of the fact that we have no specific business and may
acquire or participate in a business opportunity based on the decision of
management which will, in all probability, act without consent, vote, or
approval of our stockholders.

     It is possible that the range of business opportunities that might be
available for consideration by us could be limited by impact of the SEC
regulations regarding purchase and sale of "penny stock."  Our common stock is
not publicly traded at this time and we cannot assure that a market will
develop or that a stockholder ever will be

                                3
<PAGE>

able to liquidate his investments without considerable delay, if at all.  If a
market develops, our shares will likely be subject to the rules of the Penny
Stock Suitability Reform Act of 1990. The liquidity of penny stock is affected
by specific disclosure procedures required by this Act to be followed by all
broker-dealers, including but not limited to, determining the suitability of
the stock for a particular customer, and obtaining a written agreement from
the customer to purchase the stock.  This rule may affect the ability of
broker-dealers to sell our securities and may affect the ability of purchasers
to sell our securities in any market.

Investigation and Selection of Business Opportunities

     We anticipate that business opportunities will come to our attention from
various sources, including our officers and directors, our stockholders,
professional advisors such as attorneys and accountants, securities
broker-dealers, investment banking firms, venture capitalists, members of the
financial community and others who may present unsolicited proposals.
Management expects that prior personal and business relationships may lead to
contacts with these various sources.

     Our management will analyze the business opportunities, however, none of
our management are professional business analysts.  (See, Part III, Item 9:
"Directors and Executive Officers . . .")  Our management has had limited
experience with mergers and acquisitions of business opportunities and has not
been involved with an initial public offering.  Management may rely on
promoters or their affiliates, principal stockholders or associates to assist
in the investigation and selection of business opportunities.

     Certain conflicts of interest exist or may develop between us and our
officers and directors.  Our management has other business interests to which
they currently devote attention, which include their primary employment and
management of other blank check reporting companies.  They may be expected to
continue to devote their attention to these other business interests although
management time should be devoted to our business.  As a result, conflicts of
interest may arise that can be resolved only through their exercise of
judgement in a manner which is consistent with their fiduciary duties to us.
In particular, our officers and directors are directors of other blank check
companies with a structure and a business plan which is identical to ours and
they may be involved with other blank check companies in the future.  In the
process of negotiations for an acquisition or merger or determination of
consulting fees related to investigation of a business opportunity our
principal stockholders and management may consider their own personal
pecuniary benefit or the interests of other blank check companies they are
affiliated with rather than the best interests of our other stockholders.

     We presently do not foresee entering into a merger or acquisition
transaction with any business with which our officers or directors are
currently affiliated. We may acquire or merge with companies of which our
management's  affiliates or associates have a direct or indirect ownership
interest.  If we determine in the future that a transaction with an affiliate
would be in our best interest we are permitted by Nevada law to enter into
such a transaction if:

     (1)     The material facts regarding the relationship or interest of the
affiliate in the contract or transaction are disclosed or are known to the
board of directors.  The board authorizes the contract or transaction by the
affirmative vote of a majority of the disinterested directors, even though the
disinterested directors constitute less than a quorum; or

     (2)     The material facts regarding the relationship or interest of the
affiliate in the contract transaction are disclosed or are known to the
stockholders entitled to vote on the transaction, and the contract or
transaction is specifically approved by vote of the stockholders; or

     (3) The contract or transaction is fair to us at the time it is
authorized, approved or ratified by the board of directors or the
stockholders.

     A decision to participate in a specific business opportunity may be made
upon our management's analysis

                                4
<PAGE>

of the quality of the business opportunity's management and personnel, the
anticipated acceptability of its new products or marketing concept, the merit
of its technological changes, the perceived benefit that it will derive from
becoming a publicly held entity, and numerous other factors which are
difficult, if not impossible, to analyze through the application of any
objective criteria.  In many instances, we anticipate that the historical
operations of a specific business opportunity may not necessarily be
indicative of the potential for the future because of the possible need to
substantially shift marketing approaches, significantly expand operations,
change product emphasis, change or substantially augment management, or make
other changes.  We will be dependent upon the owners of a business opportunity
to identify any such problems which may exist and to implement, or be
primarily responsible for, the implementation of required changes.

     In our analysis of a business opportunity we anticipate that we will
consider, among other things, the following factors:

     (1)   Potential for growth and profitability, indicated by new
technology, anticipated market expansion, or new products;

     (2)   Our perception of how any particular business opportunity will be
received by the investment community and by our stockholders;

     (3)   Whether, following the business combination, the financial
condition of the business opportunity would be, or would have a significant
prospect in the foreseeable future of becoming sufficient to enable our
securities to qualify for listing on a exchange or on a national automated
securities quotation system, such as NASDAQ.

     (4)   Capital requirements and anticipated availability of required
funds, to be provided by us or from operations, through the sale of additional
securities, through joint ventures or similar arrangements, or from other
sources;

     (5)   The extent to which the business opportunity can be advanced;

     (6)   Competitive position as compared to other companies of similar size
and experience within the industry segment as well as within the industry as a
whole;

     (7)   Strength and diversity of existing management, or management
prospect that are scheduled for recruitment;

     (8)   The cost of our participation as compared to the perceived tangible
and intangible values and potential; and

     (9)   The accessibility of required management expertise, personnel, raw
materials, services, professional assistance, and other required items.

     No one of the factors described above will be controlling in the
selection of a business opportunity.  Management will attempt to analyze all
factors appropriate to each opportunity and make a determination based upon
reasonable investigative measures and available data. Potential business
opportunities may occur in many different industries and at various stages of
development.  Thus, the task of comparative investigation and analysis of such
business opportunities will be extremely difficult and complex. Potential
investors must recognize that because of our limited capital available for
investigation and management's limited experience in business analysis, we may
not discover or adequately evaluate adverse facts about the opportunity to be
acquired.

                                5
<PAGE>

Form of Acquisition

     We cannot predict the manner in which we may participate in a business
opportunity. Specific business opportunities will be reviewed as well as our
needs and desires and those of the promoters of the opportunity.  The legal
structure or method deemed by management to be suitable will be selected based
upon our review and our relative negotiating strength. Such method may
include, but are not limited to, leases, purchase and sale agreements,
licenses, joint ventures and other contractual arrangements. We may act
directly or indirectly through an interest in a partnership, corporation or
other forms of organization.  We may be required to merge, consolidate or
reorganize with other corporations or forms of business organization. In
addition, our present management and stockholders most likely will not have
control of a majority of our voting shares following a merger or
reorganization transaction. As part of such a transaction, our existing
directors may resign and new directors may be appointed without any vote by
our stockholders.

     We likely will acquire our participation in a business opportunity
through the issuance of common stock or other securities.  Although the terms
of any such transaction cannot be predicted, it should be noted that issuance
of additional shares also may be done simultaneously with a sale or transfer
of shares representing a controlling interest by current principal
stockholders.

Competition

     We expect to encounter substantial competition in our effort to locate
attractive opportunities.  Business development companies, venture capital
partnerships and corporations, venture capital affiliates of large industrial
and financial companies, small investment companies, and wealthy individuals
will be our primary competition. Many of these entities will have
significantly greater experience, resources and managerial capabilities than
we do and will be in a better position than we are to obtain access to
attractive business opportunities.  We also will experience competition from
other public "blank check" companies, many of which may have more funds
available for these transactions.

Employees

     We currently have no employees.  Our management expects to confer with
consultants, attorneys and accountants as necessary.  We do not anticipate a
need to engage any full-time employees so long as we are seeking and
evaluating business opportunities.  We will determine the need for employees
based upon the specific business opportunity.


                ITEM 2: DESCRIPTION OF PROPERTIES

     We do not currently own or lease any property.  Until we pursue a viable
business opportunity and recognize income, we will not seek independent office
space.


               ITEM 3: LEGAL PROCEEDINGS

     We are not a party to any proceedings or threatened proceedings as of the
date of this filing.


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

     We have not submitted a matter to a vote of our shareholders during the
fourth quarter of the 2001 fiscal year.

                                6
<PAGE>

                             PART II

ITEM 5: MARKET PRICE FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

     We have had no market activity in our stock as of this filing.  As of
March 27, 2002 we have approximately 366 stockholders of record holding
373,000 restricted shares, as that term is defined in Rule 144, and 280,000
unrestricted shares .  We have not declared dividends on our common stock and
do not anticipate paying dividends on our common stock in the foreseeable
future.

Recent Sales of Unregistered Securities

     The following discussion describes all securities sold by us within the
past three years without registration:

     On August 14, 2000 we issued an aggregate of 25,000 common shares valued
at $2,500 to our officers in consideration for their services rendered in that
capacity.  5,000 shares were issued to John Peters, our President, 10,000
shares, each, were issued to Anita Patterson, our Director, and Jeanne Ball,
our Secretary/Treasurer and a Director.  We relied on an exemption from
registration for a private transaction not involving a public distribution
provided by Section 4(2) under the Securities Act.

     On July 19, 2000 we issued 30,000 common shares valued at $3,000 to
Principal Holdings, Inc.  The shares were issued for consulting services
provided to us by Principal Holdings.  We relied on an exemption from
registration for a private transaction not involving a public distribution
provided by Section 4(2) under the Securities Act.

     On March 20, 1998 we issued 48,000 shares valued at $4,800 to Lorri
Biljanic for consulting services.  We relied on an exemption from registration
for a private transaction not involving a public distribution provided by
Section 4(2) under the Securities Act.


                    ITEM 6: PLAN OF OPERATION

     We are a development stage company and have no assets and have
experienced losses from inception.  For the fiscal year ended December 31,
2001 we had no cash on hand and total current liabilities of $28,776, which is
a note payable owed to Mutual Ventures Corporation for accounting and legal
fees paid on our behalf in fiscal year 1999.

     We have no commitments for capital expenditures for the next twelve
months.  During the next twelve months we believe that our current cash needs
can be met by loans from our directors, officers and stockholders based on
understandings we have with these individuals.  These understandings are not
written agreements and therefore these persons are not obligated to provide
funds.  We may repay these loans, costs of services  and advancements with
cash, if available, or we may convert them into common stock.  Management
anticipates future private placements of our common shares will help fund
future operations.

      Our management intends to actively seek business opportunities during
the next twelve months.      If we obtain a business opportunity, then it may
be necessary to raise additional capital through the sale of our common stock.
We intend to issue such stock pursuant to exemptions provided by federal and
state securities laws.  The purchasers and manner of issuance will be
determined according to our financial needs and the available exemptions.  We
do not currently intend to make a public offering of our stock.  We also note
that if we issue more shares of our common stock our shareholders may
experience dilution in the value per share of their common stock.


                   ITEM 7: FINANCIAL STATEMENTS


                                7
<PAGE>













                 Skinovation Pharmaceutical, Inc.

                       Financial Statements

                    December 31, 2001 and 2000



<PAGE> 8

                             CONTENTS


Independent Auditor's Report ..............................................3

Balance Sheets.............................................................4

Statements of Operations ..................................................5

Statements of Stockholders' Equity.........................................6

Statements of Cash Flows ..................................................7

Notes to the Financial Statements .........................................8




<PAGE> 9


                      CHISHOLM & ASSOCIATES
A Professional           Certified Public Accountants    Office (801)292-8756
Corporation                    P.O. Box 540216              Fax (801)292-8809
                   North Salt Lake, Utah 84054
_____________________________________________________________________________




                   INDEPENDENT AUDITOR'S REPORT



To the Board of Directors and Stockholders
of Skinovation Pharmaceutical, Inc.

We have audited the accompanying balance sheets of Skinovation Pharmaceutical,
Inc. (a development stage company) as of December 31, 2001 and 2000 and the
related statements of operations, stockholders' equity and cash flows for the
years ended December 31, 2001 and 2000 and from inception January 15, 1988
through December 31, 2001.  These financial statements are the responsibility
of the Company's management.  Our responsibility is to express an opinion on
these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards in the United States of America.  Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Skinovation Pharmaceutical,
Inc. (a development stage company) as of December 31, 2001 and 2000 and the
results of its operations and cash flows for the years ended December 31, 2001
and 2000 and from inception January 15, 1988 through December 31, 2001 in
conformity with generally accepted accounting principles in the United States
of America.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern.  The Company has suffered recurring
losses from operations which raises substantial doubt about its ability to
continue as a going concern.  Management's plans in regard to these matters
are described in Note 2.  The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.


/S/ Chisholm & Associates

Chisholm & Associates
North Salt Lake, Utah
January 2, 2002




<PAGE> 10




                 Skinovation Pharmaceutical, Inc.
                  (A Development Stage Company)
                          Balance Sheets


                              ASSETS

                                                          December 31
                                                      2001           2000
                                                 -------------- -------------

CURRENT ASSETS

Cash (Note 1)                                    $           -  $          -
                                                 -------------- -------------

  Total Assets                                   $           -  $          -
                                                 ============== =============


               LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts Payable - related party (Note 5)        $      28,776  $     28,776
                                                 -------------- -------------

  Total Liabilities                                     28,776        28,776
                                                 -------------- -------------

STOCKHOLDERS' EQUITY

Common Stock, $.001 par value; 50,000,000
  shares  authorized; 708,000 shares issued
  and outstanding                                          708           708

Additional Paid - in Capital                            25,148        25,148

Deficit Accumulated during the development stage       (54,632)      (54,632)
                                                 -------------- -------------

  Total Stockholders' Equity (deficit)                 (28,776)      (28,776)
                                                 -------------- -------------

Total Liabilities and Stockholders' Equity       $           -  $          -
                                                 ============== =============











The accompanying notes are an integral part of these financial statements

                               -4-

<PAGE> 11


                 Skinovation Pharmaceutical, Inc.
                  (A Development Stage Company)
                     Statement of Operations


                                                              From
                                       For the Years Ended    Inception on
                                            December 31       January 15, 1988
                                      2001           2000     to Dec. 31, 2001
                                  ------------- ------------- ----------------

REVENUES                          $          -  $          -  $       27,937
                                  ------------- ------------- ----------------
EXPENSES

  General & Administrative                   -         5,500         119,644
                                  ------------- ------------- ----------------

    Total Expenses                           -         5,500         119,644
                                  ------------- ------------- ----------------

Net loss before discontinued
  operations                                 -             -         (91,707)

Gain on disposal of operations               -             -          37,075
                                  ------------- ------------- ----------------

Net Loss                          $          -  $     (5,500) $      (54,632)
                                  ============= ============= ================

Net Loss Per Share                $             $      (0.01) $        (0.16)
                                  ============= ============= ================

Weighted average shares outstanding    708,000       678,417         334,060
                                  ============= ============= ================



















The accompanying notes are an integral part of these financial statements

                               -5-
<PAGE> 12


                 Skinovation Pharmaceutical Inc.
                  (A Development Stage Company)
                Statements of Stockholders' Equity
   From Inception on January 15, 1988 through December 31, 2001

                                                                 Deficit
                                                                 Accumulated
                                                     Additional  During the
                                Common Stock         Paid in     Development
                             Shares       Amount     Capital     Stage
                           ------------- ----------- ----------- -------------

Balance, January 15, 1988             -           -           -             -

Stock issued for cash
 at $.067                        30,000  $       30 $     1,970             -

Net (loss) for the year
 ended December 31, 1988              -           -           -        (1,950)

Net (loss) for the year
 ended December 31, 1989              -           -           -           (10)

Net (loss) for the year
 ended December 31, 1990              -           -           -           (10)

Net (loss) for the year
 ended December 31, 1991              -           -           -           (10)

Stock issued for cash
 at $.033                       270,000         270       8,730             -

Net (loss) for the year
 ended December 31, 1992              -           -           -        (9,757)

Net gain for the year
 ended December 31, 1993              -           -           -           737
                           ------------- ----------- ----------- -------------

Balance - December 31, 1993     300,000         300      10,700       (11,000)

Shares canceled (Note 3)       (206,632)       (207)        207             -

Net (loss) for the year
 ended December 31, 1994              -           -           -             -
                           ------------- ----------- ----------- -------------
Balance - December 31, 1994      93,368          93      10,907       (11,000)

Net (loss) for the year
 ended December 31, 1995              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 1995      93,368          93      10,907       (11,000)

Net (loss) for the year
 ended December 31, 1996              -           -           -        (1,424)
                           ------------- ----------- ----------- -------------

Balance - December 31, 1996      93,368          93      10,907       (12,424)

Stock issued for services         6,632           7         126             -

Stock issued for debt
 satisfaction                     5,000           5       1,418             -

Stock issued for cash           500,000         500       9,500             -

Stock offering costs                  -           -      (7,000)            -

Net (loss) for the year
 ended December 31, 1997              -           -           -        (3,508)
                           ------------- ----------- ----------- -------------

Balance - December 31, 1997     605,000         605      14,951       (15,932)

Stock issued for services        48,000          48       4,752             -

Net (loss) for the year
 ended December 31, 1998              -           -           -       (19,000)
                           ------------- ----------- ----------- -------------

Balance - December 31, 1998     653,000         653      19,703       (34,932)

Net (loss) for the year
 ended December 31, 1999              -           -           -       (14,200)
                           ------------- ----------- ----------- -------------

Balance - December 31, 1999     653,000         653      19,703       (49,132)

Stock issued for services        55,000          55       5,445             -

Net (loss) for the year
 ended December 31, 2000              -           -           -        (5,500)
                           ------------- ----------- ----------- -------------

Balance - December 31, 2000     708,000         708      25,148       (54,632)

Net (loss) for the year
 ended December 31, 2001              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 2001     708,000  $      708  $   25,148  $    (54,632)
                           ============= =========== =========== =============




The accompanying notes are an integral part of these financial statements

                               -6-

<PAGE> 13
<TABLE>
<CAPTION>


                 Skinovation Pharmaceutical, Inc.
                  (A Development Stage Company)
                     Statement of Cash Flows



                                                                    From
                                             For the Years Ended    Inception on
                                                  December 31       January 15, 1988
                                        --------------------------- Through
                                            2001           2000     December 31,2001
                                        ------------- ------------- ----------------

                                     <c>           <c>           <c>
Cash Flows from Operating Activities

  Net Loss                              $          -  $     (5,500) $       (54,632)
  Adjustments for non-cash items:
   Stock issued for debt repayment                 -             -            1,424
   Shares issued for services                      -         5,500           10,433
   Increase  in Accounts Payable                   -             -           28,776
   Loss on disposal of PP&E                        -             -            5,263
                                        ------------- ------------- ----------------
  Net Cash Provided (Used) by
   Operating Activities                            -             -           (8,736)
                                        ------------- ------------- ----------------

Cash Flows from Investing Activities:

  Cash paid for PP&E                               -             -           (5,264)
                                        ------------- ------------- ----------------
  Net Cash Provided (Used) in
   Investing Activities                            -             -           (5,264)
                                        ------------- ------------- ----------------

Cash Flows from Financing Activities:
  Cash paid for offering cost                      -             -           (7,000)
  Issued common stock for cash                     -             -           21,000
                                        ------------- ------------- ----------------
  Net cash Provided by
   Financing Activities                            -             -           14,000
                                        ------------- ------------- ----------------

Increase (Decrease) in Cash                        -             -                -

Cash, beginning of period                          -             -                -
                                        ------------- ------------- ----------------

Cash, end of period                     $          -  $          -  $             -
                                        ============= ============= ================

Supplemental Cash Flow Information:

  Stock issued for debt repayment       $          -  $          -  $         1,424
  Stock issued for services             $          -  $      5,500  $        10,433

  Cash Paid For:
    Interest                            $          -  $          -  $             -
    Income Taxes                        $          -  $          -  $             -








The accompanying notes are an integral part of these financial statements

                               -7-

</TABLE>
<PAGE> 14
                 Skinovation Pharmaceutical, Inc.
                  (A Development Stage Company)
                Notes to the Financial Statements
                    December 31, 2001 and 2000

NOTE 1 - Summary of Significant Accounting Policies

     a.  Organization

         The Company was incorporated under the laws of the state of Nevada on
January 15, 1988 as Data Financial Corporation.  The Company began operations
when it became the recipient of a license to certain pharmaceutical products,
it also changed its name to Skinovation Pharmaceutical, Inc.  In 1993, it was
legally determined that the Company did not own the license it was operating
under.  The Company was ordered to cease and desist operations.  The Company
has been dormant since that time.

     b.   Accounting Method

          The Company recognizes income and expense on the accrual basis of
accounting.

     c.   Earnings (Loss) Per Share

          The computation of earnings per share of common stock is based on
the weighted average number of shares outstanding at the date of the financial
statements
                                       Income (loss)  Shares       Per Share
                                       (Numerator)   (Denominator) Amount
                                       ------------- ------------- -----------
For the year ended December 31, 2001:

Basic EPS
 Income (loss) to common stockholders  $          -       708,000  $        -
                                       ============= ============= ===========

For the year ended December 31, 2000:

Basic EPS
 Income (loss) to common stockholders  $      5,500       678,417  $     (.01)
                                       ============= ============= ===========

From inception on March 11, 1986 to
December 31, 2001:

Basic EPS
 Income (loss) to common stockholders  $    (54,632)      334,060  $    (0.16)
                                       ============= ============= ===========

     d.  Cash and Cash Equivalents

         The Company considers all highly liquid investments with maturities
of three months or less to be cash equivalents.





                               -8-
<PAGE> 15


                 Skinovation Pharmaceutical, Inc.
                  (A Development Stage Company)
                Notes to the Financial Statements
                    December 31, 2001 and 2000

NOTE 1 - Summary of Significant Accounting Policies (continued)

     e.  Provision for Income Taxes

         No provision for income taxes have been recorded due to net operating
loss carryforwards totaling approximately $54,632 that will be offset against
future taxable income.  These NOL carryforwards begin to expire in the year
2003.  No tax benefit has been reported in the financial statements because
the Company believes there is a 50% or greater chance the carryforward will
expire unused.

     Deferred tax asset and the valuation account is as follows as December
31, 2001 and 2000:

                                                      December 31,
                                                   2001         2000
                                              ------------- -------------

     Deferred tax asset:
          NOL carryforward                    $      8,658  $      8,658

          Valuation allowance                    (   8,658)     (  8,658)
                                              ------------- -------------

                                              $          -  $          -
                                              ============= =============




     f.  Use of estimates

         The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period.  Actual results could differ from those estimates.

NOTE 2 - Going Concern

         The accompanying financial statements have been prepared assuming
that the Company will continue as a going concern.  The Company has no assets
and has had recurring operating losses for the past several years and is
dependent upon financing to continue operations.  The financial statements do
not include any adjustments that might result from the outcome of this
uncertainty.  It is management's plan to find an operating company to merge
with, thus creating necessary operating revenue.





                               -9-
<PAGE> 16


                 Skinovation Pharmaceutical, Inc.
                  (A Development Stage Company)
                Notes to the Financial Statements
                    December 31, 2001 and 2000

NOTE 3 - Development Stage Company

         The Company is a development stage company as defined in Financial
Accounting Standards Board Statement No. 7.  It is concentrating substantially
all of its efforts in raising capital and searching for a business operation
with which to merge, or assets to acquire, in order to generate significant
operations.

NOTE 4 - Stock Transactions

         On January 3, 1992, the Company's Board of Directors authorized a 3
shares for 1 share forward stock split, and on January 13, 1997 the Board
authorized a 1 for 100 reverse split.  The Company's financial statements have
been retroactively restated to show the effects of the stock splits.

         Since the discontinuance of operations in 1993, shareholders have
returned 206,632 shares of outstanding common stock for cancellation, as
requested by the Board of Directors.

         On March 20, 1998 the Company issued 48,000 shares of its common
stock for services valued at $4,800.

         On July 19, 2000 the Company issued 30,000 shares of its common stock
for services valued at $3,000.

         On August 14, 2000 the Company issued 25, 000 shares of its common
stock for services valued at $2,500.

NOTE 5 - Related Party Transactions

         During the year ended December 31, 1999, 1998, and 1997 the Company
incurred $14,200, $14,200 and $376 respectively, of professional fees payable
to  Mutual Ventures Corp.  An officer of the Company is an employee of Mutual
Ventures Corp.







                               -10-

<PAGE> 17

      ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

     We have had no change in, or disagreements with, our principal
independent accountant during our last two fiscal years.


                             PART III

ITEM 9: DIRECTORS AND EXECUTIVE OFFICERS; COMPLIANCE WITH SECTION 16(a)

     Our executive officers and directors and their respective ages, positions
and term of office are set forth below.  Biographical information for each of
those persons is also presented below.  Our bylaws require three directors who
serve for terms of one year or until they are replaced by a qualified
director.  Our executive officers are chosen by our Board of Directors and
serve at its discretion.  We have one vacancy on our Board which we intend to
fill within the next 90 days.  There are no existing family relationships
between or among any of our executive officers or directors.

                                                           Director or
Name               Age     Position Held                   Officer Since
---------------    ----    ------------------------------  -------------
John W. Peters      50     President, Director             June 20, 2000
M. Jeanne Ball      44     Secretary/Treasurer, Director   March 20, 1998

     John W. Peters.    Since July 1999 he has been the manager of Development
Specialties, Inc. a property management company.  Since 1995 to the present he
has been President and Chairman of the Board of Earth Products and
Technologies, Inc, a reporting company.  From 1993 to 1995 he was employed as
Earth Products' operations manager.  Prior business experience includes
President and executive officer of Certified Environmental Laboratories, Inc.
and Vice President of Sales and Marketing for Comco Communications Corp. in
California.  He is a director of Bingham Canyon Corporation, and Cancer
Capital Corp., blank check operating companies.  Mr. Peters studied business
administration at Long Beach Community College and California Polytechnic
State University in San Louis Obispo, California.

     M. Jeanne Ball  For the past five years, Mrs. Ball, has worked as an
independent contractor performing duties of a legal secretary for an attorney.
She is a Director of Galaxy Specialties, Inc. and Wings & Things, Inc., blank
check reporting companies.

Section 16(a) Beneficial Ownership Reporting Compliance

     Section 16(a) of the Securities Exchange Act of 1934 requires our
directors, executive officers and persons who own more than five percent of a
registered class of our equity securities, to file with the Securities and
Exchange Commission initial reports of ownership and reports of changes in
ownership of common stock and our other equity securities.  Officers,
directors and greater than ten-percent beneficial owners are required by SEC
regulations to furnish us with copies of all Section 16(a) reports they file.
Based solely upon review of the copies of such forms furnished to us during
the fiscal year ended December 31, 2001, we believe all filing requirements
under Section 16(a) were complied with in a timely manner.


                 ITEM 10: EXECUTIVE COMPENSATION

     None of our named executive officers received any cash compensation,
bonuses, stock appreciation rights, long term compensation, stock awards or
long-term incentive rights in excess of $100,000 from us during the past three
fiscal years.  John W. Peters, our President, who acts in the capacity similar
to Chief Executive Officer did not receive compensation during the 2001 fiscal
year.   Mr. Peters did receive shares valued at $500 for his services


                                18
<PAGE>

during fiscal year 2000.  We have not entered into employment contracts with
our executive officers and their compensation, if any, will be determined at
the discretion of our Board of Directors.

Compensation of Directors

     We do not have any standard arrangement for compensation of our directors
for any services provided as director, including services for committee
participation or for special assignments.


ITEM 11: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     The following table sets forth the beneficial ownership of our
outstanding common stock of each person or group known by us to own
beneficially more than 5% of our outstanding common stock, as well as
management's ownership.  Beneficial ownership is determined in accordance with
the rules of the SEC and generally includes voting or investment power with
respect to securities.  Except as indicated by footnote, the persons named in
the table below have sole voting power and investment power with respect to
all shares of common stock shown as beneficially owned by them.  The
percentage of beneficial ownership is based on 708,000 shares of common stock
outstanding as of March 27, 2002.


                    CERTAIN BENEFICIAL OWNERS

                                           Common Stock Beneficially Owned
                                           -------------------------------
Name and Address of                    Number of Shares of
Beneficial Owners                      Common Stock        Percentage of Class
-------------------------------------  ------------------- -------------------
Donald R. Mayer                              250,000            35.3%
6 E.  Northridge Lane
Sandy, Utah 84092

National Financial Services Corporation       50,000             7.1%
200 Liberty Street
One World Financial Center
New York, New York 10281

Arthur Candland                               44,000             6.2%
5295 S.  300 W., Suite 499
Murray, Utah 84107


                            MANAGEMENT

                                            Common Stock Beneficially Owned
                                            --------------------------------
Name and Address of                    Number of Shares of
Beneficial Owners                      Common Stock        Percentage of Class
------------------------------------   ------------------- -------------------

John W. Peters                                35,000             4.9%
525 South 300 East
Salt Lake City, Utah 84111

M. Jeanne Ball                                10,000             1.4%
968 Bloomsbury Cove
Murray, Utah 84123

                                19
<PAGE>


All directors and officers as a group         40,000             5.6%


     ITEM 12: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     We have not engaged in any transactions in excess of $60,000 during the
past two years involving our executive officers, directors, 5% stockholders or
immediate family members of such persons.


            ITEM 13: EXHIBITS AND REPORTS ON FORM 8-K

Exhibits

Exhibit
Number          Description
----------      -----------

3.1             Articles of Incorporation, as amended

3.2             Bylaws of Skinovation Pharmaceutical Incorporated
                (Incorporated by reference to exhibit 3.3 of the Form-SB,
                filed July 11, 2000)


Reports on Form 8-K

     None

<PAGE

                            SIGNATURES

     In accordance with Section 13 or 15(d) of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


     Date 3/29/2002           Skinovation Pharmaceutical Incorporated

                                 /s/ John W. Peters
                              By:____________________________________________
                                 John W. Peters, President and Director



     In accordance with the Exchange Act, this report has been signed below by
the following person on behalf of the registrant and in the capacities and on
the dates indicated.



                                 /s/ M. Jeanne Ball
Date: 3/29/2002               By:___________________________________________
                                 M. Jeanne Ball, Secretary/Treasurer and
                                 Director