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                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C.  20549

                           FORM 10KSB

[X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934
      For the fiscal year ended June 30, 2001

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
      OF THE SECURITIES EXCHANGE ACT OF 1934
      For the transition period from _________ to ______

      Commission File No.  333-41644

              INTERNATIONAL FOOD PRODUCTS GROUP, INC.
              ---------------------------------------
      (Exact name of Registrant as specified in its charter)

                 GOLDEN CHOICE FOODS CORPORATION
                 -------------------------------
                    Former Name if Applicable


NEVADA                                     33-0903004
-------------------------------            -------------
(State or other jurisdiction of            (I.R.S. Employer
incorporation or organization)             Identification Number)

180 Newport Center Drive, Suite 180
Newport Beach, CA                           92660
-----------------------------------         ---------------
(Address of principal executive offices)    (Zip Code)

Registrant's telephone number, including area code: (949) 720-8470

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

Securities registered pursuant to Section 12 (g) of the Act:
50,000,000 common shares par value $0.001 per share

Check whether the issuer (l) has 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 (2)
has been subject to such filing requirements for the past
90 days. [ X ] Yes [   ] No

Check if there is no disclosure of delinquent filers in
response to Item 405 of Regulation S-B is not contained in
this form, and no disclosure will 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 ]

Revenues for the fiscal year ending June 30, 2001 were $
1,860,715

The aggregate market value of the voting stock held by non-
affiliates computed by reference to the last reported sale
price of such stock as of June 30, 2001 is $9,986,031.

The number of shares of the issuer's Common Stock
outstanding as of June 30, 2001 is 18,643,274.

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

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                          PART I

Item 1. Description of Business

Corporate History

International Food Products Group, Inc.(IFPG)
formerly Golden Choice Foods Corporation dba Golden Choice
Foods was incorporated in April 1996 pursuant to the  laws
of the  state of  Delaware.  On June 1, 2000, the Company
re-domiciled in the state of Nevada. In April, 2001 the
Company changed its name to International Food Products
Group, Inc.(IFPG) and is fully reporting with the SEC
pursuant to Section 12(g) of the Securities Exchange Act.
IFPG recently filed with the NASD its application for a
listing symbol on the OTC Bulletin Board which is necessary
to initiate the public trading of its shares.

General Overview

IFPG is a developer  and marketer of new food
products.  By its fiscal year end for 2004, managements
goal is to be generating revenues in excess of twenty five
million dollars per year.  We believe this can be
accomplished through sales generated from existing brands,
newly developed products and acquisitions of small,
regional marketing/manufacturing companies.  These numbers
could even increase through acquisitions that have already
been identified.

Using less than two million dollars of investment
capital, IFPG  has been engaged in product development
since its inception, resulting in the issuance of two U.S.
design patents, one of which, G.O.T. Friesr, has been
successfully introduced into the market place. IFPG has
also completed  the development of a number of significant
new products that are now ready for market introduction,
the issuance of numerous registrations and trademarks for
its corporate names, brands, product names, flavors, and a
signature character named Gotfrie!

IFPG  is positioned  for rapid growth.  In addition to
the products mentioned above, other new items will be
introduced  in 2001 adding to  its continuing  expansion.
The Company is  negotiating to acquire a fully developed
appetizer/entree ready for packaging and marketing.  This
product could be ready for introduction as early as the
third quarter of 2002.   Additionally, the Company has
identified two regionally branded manufactures that are
potential acquisition candidates.  These acquisitions would
be the basis for significant growth during the following
years.  Management is aware of other local and regional
brands that we believe could be acquired which would add
positively to IFPG's profitability and increased sales.
Management has been planning and preparing for this
anticipated  growth,  and is committed to achieving
optimum  results.

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Products

G.O.T. FRIES (R)

G.O.T. FRIES (R) (Great Original Tasting!) - a crinkle-
cut French-fry style snack, the first mainstream  brand to
be introduced  into the consumer  market by IFPG, is  the
result of two years  of product development.  Made from
potato and corn, extruded,  and baked to a light crunchy
texture, they contain less fat than most  traditional
items found on the snack aisle,  yet have an
extraordinarily  high flavor profile.  It cannot be
overemphasized  that their  originality  has been
recognized  with  the  issuance  of a US  design  patent.
G.O.T. FRIES (R) is currently available in three flavors:
"All American" (TM),  "Southwestern", and "Traditional-Lightly
Salted".

We believe  G.O.T. FRIES (R) is as  interesting a product
to enter the snack  food  industry  as any in the past
twenty  years.  We believe it stands alone on the chip
aisle without a direct  competitor.  The Snack Food
Industry Association reported that G.O.T. FRIES (R) ranked
number 14 on the top 20 list of new/re-launched snack
category products this past year out of the thousand of
products introduced.  Considering the brand has no
advertising and very little on-shelf exposure, that
represents a remarkable achievement. Although all salty
snacks compete for the same customer,  most of these snacks
are grouped  under broad  headings  such as potato  chips,
corn chips, tortilla chips, cheese puffs or pretzels.
G.O.T. FRIES (R) does not fall under one of these types of
classifications, thereby causing it to standout amongst the
crowd of salty snacks.  Because of this  distinction, many
snack  buyers  have  wanted to place G.O.T. FRIES (R) on their
aisle.  It is a product that is identifiable and
recognizable  to all  consumers.  The French-fry  is one of
the  most popular foods in America.  MacDonald's (R),  alone,
sells over nine million (9,000,000)  orders  of  french-
fries  per  day.  Sandwich  shops,  not possessing a deep
fryer,  want a product  that will attract  french-fry
customers.  G.O.T. FRIES (R) appears to be the first potential
product to fill this  requirement, because  it is  also
microwavable.  G.O.T. FRIES (R) also benefits indirectly from
the advertising by the milk industry - with its "Got milk"
campaign.  This benefit is a result of the consumer
awareness with the term "GOT". The "Got Milk" ad campaign
appeared to be very successful in drawing the attention of
viewers with its funny and  interesting  tales.  Since most
consumers  have seen at least one or more of the "Got Milk"
commercials,  it is management's belief that when the
consumer sees the word got in G.O.T. FRIES (R) that they will
be more apt to look closer at the  packaging,  thereby
increasing  the chance for a purchase.

JUST POPPED (TM) popcorn

Popcorn sales are on the rise in the United States and
IFPG believes with its branded line of creative new
products that   it can capture a share of the market.  With
its two distinctive lines of popcorn, Kettle corn\Kettle
Corn - Organic and Chicago style Caramel & Cheese, IFPG is
ready to begin delivery to the country's major retailers such


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as Sam's, Wal-Mart, Walgreen's, and B.J.'s amongst
others.  JUST POPPEDT popcorn is manufactured in the
Chicago area and will be distributed on a national basis.

California Cheese Puffs (TM)

California Cheese Puffs (TM) will be manufactured and
distributed in Southern California, Las Vegas and parts of
Arizona.  A shortage of cheese puff manufactures exists in
these regions and IFPG will fill this need with its upscale
product.  Cheese puffs are considered a commodity snack and
require minimal promotional dollars to be spent against the
sales of the product.  The Company has identified the major
purchasers of cheese puffs and expects to begin shipping to
them in  October, 2001.

AW-Shucks TM

AW-SHUCKS (TM), a branded line of corn based products
currently consisting of AW-SHUCKS Stone Ground Tortilla
Chips (TM) with flavors such as Hot Tamale Madness (TM), and Fajita
Grill (TM) and AW-SHUCKS Corn Off the Cob (TM), is an extruded
snack resembling corn being sliced off of the cob, again in
unique flavors.  AW-Shucks TM - Corn Off the Cob is
protected by a US Design patent and the Company expects to
introduce it in first Quarter of 2003.

Other Products

IFPG has other  products in  development.  These
will have both regional and national potential. Most of
these products  revolve  around  IFPG's   ability  to
manufacture   unique, recognizable,  3-dimensional  shapes,
that, combined with management's  expertise  with
licensing, should allow the Company to expand into the
lucrative entertainment industry, i.e. Pokemon,
Flintstones, etc. Most of these shapes are proprietary and
timing of their introduction into the market has yet to be
determined.

Product Development

As is apparent  from the current  products  the
Company has developed and subsequently  patented,
management  believes it can formulate other product
opportunities that will be successful in the consumer
market.  The Company has several projects in various stages
of development.  Management takes great pride in its hands-
on  approach to product development. Much of its time is
spent on creating  new  and unique opportunities. The
Company works  with  various flavor-creators,  to formulate
new and interesting seasonings.  It also draws on the
creative  artistry of  advertising  agencies and
independent artists.  The management  team is
knowledgeable and experienced in the  operation of all
equipment utilized in the extrusion manufacturing process.

Business Strategy

IFPG's immediate objective is to reach over five
million eight hundred thousand dollars ($5,800,000) in
sales volume through June 30, 2002, eleven million eight
hundred

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thousand  dollars ($11,800,000) through June 30,
2003, and  twenty five million  dollars  ($25,000,000)
through June 30, 2004. Although  the projections  may
appear  aggressive,  management  feels that they  actually
are conservative considering  the size of the  category and
the  potential  for its new snack  item introductions.
To accomplish this, management will continue to introduce
new products as well as seek acquisition candidates in both
product sales and manufacturing.

Operations

Since the inception of the business, management
has maintained a policy that during the early growth years
of the Company,  any operation that can be subcontracted
will be subcontracted.  This gives IFPG limited exposure to
labor costs and greater flexibility in carrying out its
business plan. In all operational  areas,  this provides
IFPG with complete  services,  from proven professionals,
at reduced costs rather than increased staffing costs that
are not  practical  at this time,  thereby  protecting
IFPG's  profit margin.

Of particular  concern are the areas of
manufacturing  and distribution of  product.  These two
strategic  areas are the most  likely to impact  IFPG  in
terms of capital  resources  and its ability to meet its
customer's demands for on-time deliveries.  By sub-
contracting  it's manufacturing,  cost of goods sold
becomes a fixed cost, thereby requiring less investment in
production assets.

Freight  is  one of  the Company's most
significant  expenses.  Management  continues  to seek and
implement  strategies for reducing the cost of shipping.

Rather than assume the financial burden of a full
time shipping staff, the Company contracts  the services of
a  transportation agency. For a flat monthly fee and a
percentage  of the actual cost of the  shipment,  the
agency acts as the shipping department. As IFPG adds more
shipping  points,  the agency will  also  service  those
locations.

By  using  these sub-contractors,  IFPG  is able
to get the highest  quality of service for a fixed cost,
giving it the flexibility to make rapid  business
decisions,  allowing for immediate  expansion or reduction
with little impact to its internal  structure.

This strategy gives IFPG the ability to grow
operationally at a rapid rate without the need for
additional  capital  or  personnel.  It also  makes it
easier to manage and integrate all of its resources.  As
sales increase, management will select other co-packers
strategically  located.  This will reduce the cost of
shipping by selecting the manufacturer closest to the point
of origination of the ordering customer, as well as,
increase IFPG's  ability  to make  on-time-deliveries.
This will lead to better customer  service.  As a result of
the lower freight costs and the fixed cost of production,
IFPG will be able to sell its products at a reduced cost to
its customers, thereby enabling the stores to sell to the
ultimate consumer at the lowest possible price.  By using
the service of multiple co-packers, IFPG will not be faced
with the additional  overhead resulting from the variable

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costs associated  with  owning its own plant or having to
provide the capital to acquire  its own  facility.  Another
great  benefit is the fact that IFPG will be able to keep
finished goods inventory at a minimum.

Sales Overview

IFPG will focus the sale of its products in the
following market segments:

   * Retail (grocery chains, food markets, & drug stores)
   * Mass merchandisers and Club Stores
   * Food service (sandwich shops, arenas, stadiums, etc.)

Management  expects  the Company's  growth  to
come  primarily  from retail,  mass  merchandisers and club
stores.  The Company employs a master sales broker to
direct its sales efforts.  This master sales broker directs
a sales force consisting of individual food brokers and in
some cases other master food brokers.  These brokers are
selected for their experience in selected market segments
and for their existing relationships with  selected
accounts within their respective sales territories.  As the
Company grows it will hire 2 to 3 regional sales managers
to make direct sales calls and to grow the broker networks
in the various  market  segments
The Market

As discussed  earlier,  every  segment of retail
is a target market for the Company. The most significant is
the grocery industry;  which is one of the largest and most
competitive  business sectors in our economy.  Like many
businesses,  consolidation has been the operative word in
the last few years. Of the total retail grocery business
nationally,  of two hundred and fifty billion dollars
($250,000,000,000),  the top ten chains represent forty-
four percent (44%) or one hundred and ten billion dollars
($110,000,000,000). Likewise, the suppliers or vendors to
the retail trade are also merging.  The result is that many
of the consumer  identifiable  brands  are part of large
national  and  multi-national companies,  all competing for
the precious  selling space provided by the retail trade.
While  Fortune 500  companies own many of the  "household"
names,  over twenty  thousand  (20,000)  different
companies are  represented in the average supermarket. The
grocery business is truly a multi-varied,  multi-
opportunistic, and entrepreneurial microcosm of the
American economy.

Within the consumer goods retail  business,  the snack
food industry is one of the  largest  and  highest  volume
categories  - a fifty  billion-dollar ($50,000,000,000)
business   worldwide   and  over  twenty   billion
dollars ($20,000,000,000) domestically.  Growing at an
annual rate of ten percent (10%), this "power" category is
dominated by one multinational  company.  However, this
dominance  presents many  opportunities.  Because  snack
foods appeal to nearly every consumer,  regardless of
demographics, literally every type of retailer, grocery
chains,  gas  stations,  mass  merchandisers,   food
service,  vending machines,  drug stores,  military and
club stores carries some snack selections.  These
retailers  are on the lookout  for more  varied  sources of
supply,  not wishing to be dependent upon the dominant
company. Consumers,

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ever fickle, are constantly looking
for new snacks to try because  snacks are an impulse driven
purchase. To put these dynamics into statistical
perspective, a one-tenth of one percent  (.1%) share of the
snack  business  represents  fifty  million  dollars
($50,000,000) in business. That spells opportunity!

Sales and Marketing Strategy

Because  the  snack  business  is  essentially  an
impulse   business, aggressive sales and marketing
techniques are mandatory.  The Company is making every
effort to insure strong  distribution. The Company also
plans to use  various  promotions  and advertising  to
create  consumer  awareness  and trial of the product.
Once the consumer  tries  its products,  management  is
confident  of  repeat purchases.

Every  class  of  trade  and  channel  of
distribution  has  different merchandising and promotion
requirements.  For example, one major grocery chain may
require an "every day low price" (edlp),  while another, in
the same market, may  look  for  aggressive  promotional
support  several  times a  year.  Also, different  classes
of  trade  have  different   distribution  or  gross
margin requirements.  A  "club"  store works  on a  lower
gross  margin  than  a mass merchandiser;  which works on a
lower gross margin than a grocery  store;  which works on a
lower gross margin than a chain drug store.  Some  accounts
want the product shipped to their warehouse for them to
distribute to the stores.  Others require the product
shipped directly to each store and stocked on the shelves
by a third party. The Company has developed a comprehensive
and flexible pricing, distribution and promotion schedule
that is tailored for each class of trade and channel of
distribution.

The Company feels the most  significant  volume
opportunity lay with the Retail, Mass Merchandise, and Club
store market segments.  The Company's goal is to get
product placement in as many outlets as possible. It
intends to accomplish this goal by increasing its sales
representation in these market segments,  thereby, enabling
the Company to present its products in as short a period of
time as possible.  The Company has found  that when its
products  are introduced  to a buyer that they have been
met with very positive  reactions  and a large  percentage
of these buyers have agreed to place one or more of the
Company's products in their stores.

Competition

First  there  is  PepsiCo/Frito   Lay,  a  twenty  one
billion  dollar ($21,000,000,000)  behemoth with
approximately  twenty five percent (25%) of the
international  snack  food  business  and sixty  percent
(60%) of the  domestic business.  The other competitors
represent an interesting mix. For the most part they fall
into two  groups:  1) local or  regional  suppliers  of the
basic core snacks: potato chips,  tortilla chips, popcorn,
pretzels or cheese puffs or 2) specialty  companies,  that
provide  much of the same basic products and shapes with
different ingredients. Examples of these would be pasta,
carrot, terra, and multi-grain  chips.  These two groups
have produced a

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wide variety of choices to an  increasing
array  of consumers.  The  established  brands  maintain
their traditional market share, but the consumer clamors
for something new.

Although  every product in the snack aisle represents
competition for the consumers' dollar,  each of the
Company's products has something special about it that set
it apart from most of the other products in the salty snack
category.

G.O.T. Fries (R) appeals  to both  french  fry and
potato  chip  consumers  giving it a positive advantage on
the snack aisle.   Essentially it is a new product to the
snack category in all market  segments.  At this time it
would  generally be considered  a new  brand  with  growing
brand awareness.  It is  competitively positioned in terms
of pricing in all market segments.

The Company's products are sold in very
attractive, appealing packaging, while the products
themselves are upscale with new and exciting flavors giving
the consumer a positive alternative choice.  The main goal
of the Company,  from a  competitive  standpoint,  is to
get good product  placement in all market  segments,
either on an end of aisle display or eye level shelf
placement. Since "G.O.T. Fries" (R) is new to most consumers,
it is  important  for it to be placed where it can easily
be seen until it acquires brand  recognition.  It has been
shown  that  where the  product is placed in a display
easily  seen by the  consumer,  that it has sold very well,
such as in Publix Stores.  The Company also relies on in-
store demonstrations to help drive the consumer to become
aware of its products. This has worked very well in stores
such as Costco,  where the product sells  extremely well
when it is being  demonstrated.  The Company has also
offered free product to customers of some chains to develop
product awareness. As sales grow and capital permits,  the
Company plans to begin media  advertising in print,  radio,
and television. At this time no such programs have been
undertaken by the Company.

Employees

Many of IFPG's  operations  are conducted  through
the use of independent contractors.  Independent
contractors perform such duties as selling, manufacturing,
shipping and computer services. Because of this policy,
IFPG currently has three full time employees.

Government Regulations

As a developer  and  distributor  of food
products,  the Company is subject to the "Federal Food,
Drug and Cosmetic Act" and regulations promulgated
thereunder,  by the Food and Drug  Administration ("FDA").
This  comprehensive regulatory   agency  governs  the
manufacture   (including   composition  and ingredients),
labeling,  packaging  and  safety  of  food.  The  FDA
regulates manufacturing  practices for foods  through  its
current  "good  manufacturing practices"  regulations.  It
also specifies the standards of identity of certain  foods,
including the products sold by the Company.  It stipulates
the format and content of specific information mandatory on
food product labels.

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In addition,  the FDA enforces the Public  Health
Service Act,  which regulates   conduct  required  in
preventing  the  transmission  or  spread  of communicable
diseases.  The Company is also  subject  to state  and
local regulation,  through the licensing of manufacturing
facilities.  State and local health agencies  enforce
standards for the Company's products;  and inspects the
Company's facilities; and regulate its trade practices.

To monitor product  quality,  the Company maintains
quality control programs  during all  stages of processing.
Management  believes  that  the Company's production  and
manufacturing   practices comply  with  applicable
government regulations.

Principal Supplier/Co-Packer

Our principal seasoning supplier is International
Flavors and our principal co-packer is Anita's Mexican
Foods Corporation.

Research and Development

In the fiscal year 2001, monies spent towards research
and development increased to $960 from $0 spent in the
prior fiscal year.

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Item 2. Description of Property

Third party contractors produce and ship the
products of IFPG. Accordingly, the only facilities  utilized by IFPG
are 500 square feet of office space located at 180 Newport Center Drive,
Suite 180,  Newport Beach, California.  IFPG  occupies the space pursuant
to a lease  agreement in which the lease is renewed  annually.  IFPG
believes that if it should ever lose the  lease,  it would not be
difficult  to obtain a  comparable  and satisfactory office location.

Item 3. Legal Proceedings

IFPG is not a party to any material legal proceedings and
to IFPG's knowledge, no such proceedings are threatened or
contemplated. At this time, IFPG has no material
bankruptcy, receivership, or similar proceedings pending.

Item 4. Submission of Matters to a Vote of Security Holders

There were no meetings of shareholders held during the
fiscal year ended June 30, 2001.

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                           Part II

Item 5. Market for Registrant's Common Equity and Related
Stockholders Matters


Market Information

Currently, there is no public market for the Company's
common stock, and there can be no assurance that an active
public market for this stock will develop or will be
sustained. IFPG has submitted an application to be listed
on the OTC Bulletin Board. However, no assurance can be
provided that our stock will be listed, and if listed, that
an active market will develop.

At June 30, 2001 there were 224 record holders of IFPG's
Common Stock.

IFPG has not previously declared or paid any dividends on
its Common Stock and does not anticipate declaring any
dividends in the foreseeable future.

There are no restrictions in our articles of incorporation
or bylaws that restrict us from declaring dividends.  The
Nevada Revised Statutes, however, do prohibit us from
declaring dividends where, after giving effect to the
distribution of the dividend:

(1)   we would not be able to pay our debts as they
become due in the usual course of business; or

(2)   our total assets would be less that the sum of
      our total liabilities.

Recent Sales of Unregistered Securities

The following are all equity securities issued by IFPG
during the fiscal year ended June 30, 2001 that were not
registered under the Securities Act.

Shares Issued for Services

In the year ended June 30, 2001, the Company issued 20,000
shares of common stock for advertising services. The shares
were recorded at $0.75 per share based on the fair value of
the stock at the date of issuance.  The issuance of the
stock did not involve any public offering within the
meaning of section 4(2) of the Securities Act of 1933 (the
"Act") and was therefore exempt from registration under
section 5(a) of the Act.

Item 6. Management's Discussion and Analysis or Plan of
Operation

The following discussion and analysis should be read in
conjunction with the information set forth in the audited
financial statements for the years ended June 30, 2001 and
June 30, 2000.

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International Food Products Group, Inc. (formerly Golden
Choice Foods Corporation) was formed in April 1996 in the
state of Delaware and was re-domiciled in the state of
Nevada on June 1, 2000.  International Food Products Group,
Inc. is engaged in the development, marketing and sales of
snack food products.  Sales of its snack-food products
commenced in fiscal year 1997.

In April of this year, The Company changed its name to
International Food Products Group, Inc. (IFPG) and its
Registration Statement filed with the Securities Exchange
Commission became effective pursuant to Section 8(a) of the
Securities Act of 1933, as amended.  IFPG has filed its
application with the National Association of Securities
Dealers (NASD) for a listing on the OTC Bulletin Board and
to initiate the public trading of its stock.

Although IFPG has engaged in the selling of its products,
management has been focused on product development.
Management feels that the transition from a product
development company to one of  branded sales and marketing
is now complete. Management believes that IFPG is extremely
well positioned for growth and profitability in the coming
years with its new product lines which it will be
introducing during fiscal year 2002.  The Company's product
lines now consist of the following products:

G.O.T. Fries (R), our patent protected crinkle cut French fry
style snack continues to experience sales growth
nationally. Its proprietary flavors are now offered in five
different sizes to service all classes of trade.  Snack
Food Magazine recently reported that G.O.T. Fries (R) ranked
as one of the top new product introductions of the past
year.

California Cheese Puffs (TM) is in the process of being
introduced into the marketplace.  This attractively
packaged, tasty, upscale product, made with real California
cheese, is designed to meet local and regional demand.

Just Popped (TM) is our entry into the popcorn segment of the
snack industry.  The product line includes a "Chicago"
style popcorn which is a blend of caramel and aged cheddar
cheese and two gourmet Kettle Corn's,  traditional and
organic. We believe that it has great taste and outstanding
design.

AW-Shucks (TM) corn chip is our first item introduced into the
largest category in the snack food industry.  In
cooperation with the finest seasoning houses, we have
developed two, new and exciting proprietary flavors, Hot
Tamale MadnessT and Fajita GrillT.  And there is more to
come with our patented AW-ShucksT corn off the cob style
snack which is scheduled for introduction in late 2002.

Plan of Operations:
-------------------

With expectations to double or triple revenues each year,
we have completed preparations to the regulatory
requirements to raise  $6,000,000 in a private placement
offering with an average share price of $2.00.  The Company
plans to open this offering in October 2001.

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This capital will be used to increase market penetration of
G.O.T. Friesr and to introduce new products into the market
place.  Management plans to increase its efforts to sell
its new and existing products through mass merchandisers
and club stores over the next twelve months.  It believes
that this will help increase brand awareness on a national
basis.  Also, sales in this category do not require the
payment of slotting fees, although IFPG plans to conduct
product demonstrations in these stores. Since the stated
goal of IFPG is to be a developer of new products;
management will continue to work on the creation of new,
exciting products that may eventually be introduce into the
market place.  IFPG will begin to manufacture in the
eastern part to the United States sometime within the next
six to nine months.  Manufacturing at a new location has no
impact on IFPG's liquidity.  It will however, have a
positive impact by reducing the amount of freight paid by
IFPG.  Poised for strong profitable growth, IFPG is
entering a new and exciting period.

IFPG will continue to concentrate its efforts on the sales
and distribution of its products through retail grocery
chains, mass merchandisers, food service outlets, vending
and convenience outlets and club stores.  It is the
intention of IFPG to continue to introduce new products
into the market place providing that it has the necessary
capital resources to make such introductions.

Results of Operations:
----------------------

Comparison of 2001 to 2000
--------------------------

Net sales improved from $1,338,731 to $1,628,368 or 22%
over the prior year.  This increase in net  sales was
primarily due to the growth in sales of G.O.T. FRIES (R) into
the club store market segment coupled with a significant
growth in IFPG's overall customer base.

Cost of sales for the year was $861,336, or 46% of gross
sales. This represents an increase of $66,627, or 8%
increase over the prior year.  This rise in cost of sales
was attributed primarily to increased volume, and to a
charge for damaged inventory.

Selling Expenses were $789,857 or 42% of gross sales.  This
represents an increase of $325,901 or 70% over the prior
year.  This rise was primarily due to the costs of specific
in-store demonstrations performed at Sam's and to an
increase in specific co-op advertising with various
retailers.

General and administrative expenses were $502,470, or 27%
of gross sales.  This represents an increase of $87,369, or
21% over the prior year.  The major factor contributing to
this rise in General and Administrative expenses was
payroll and payroll related charges for office salaries.
General and Administrative expenses remained relatively
constant as a percentage of gross sales in fiscal year 2001
versus fiscal year 2000.

                             13
<Page>

Interest Income for the year was $3,385, or 0% of gross
sales.  This represents an increase of $926, or  38% over
the prior year.   Interest Expense For the year decreased
from $7,583 in fiscal year 2000 to $165 in fiscal year
2001.  this was the result of a decrease in short term
borrowing used to finance working capital.

Net Loss. For the year ending June 30, 2001, IFPG had a net
loss of $523,675 compared to a loss of $339,477 in fiscal
year 2000.  The increase in the loss during the current
year was due to  the increased costs of specific in-store
demonstrations.

Liquidity and Capital Resources

Since its inception, IFPG has financed its cash
requirements from cash generated from operations, the sale
of equity securities, vendor lines of credit and long-term
and short-term debt.  IFPG's principal sources of liquidity
as of June 30, 2001 consisted of approximately $4,622 in
cash and cash equivalents and $132,448 in Accounts
Receivable less Allowance for Credits and bad debt.

Total assets decreased $459,760, or 54% over the prior
year.  This change was primarily due to a decrease  in cash
of $376,806 and a decrease in accounts receivable of
$107,326.

Total liabilities increased $48,915, or 16% over  the prior
year. This increase was due to an amount borrowed from a
shareholder and an increase in accrued expenses.

Total stockholders' equity decreased to $40,053 as of the
year ended June 30, 2001 from $548,728 as of the year ended
June 30, 2000.  The change in stockholders' equity was the
result of the issuance of common shares in the amount of
$14,999 and a net loss of $523,675

Management is of the opinion that IFPG's current sources of
cash are insufficient for the ensuing twelve months.  IFPG
is in the process of raising additional capital through a
private stock offering.

Certain Trends and Uncertainties:
---------------------------------
IFPG has in the past and may in the future make forward-
looking statements.  These statements are subject to risks
and uncertainties that could cause actual results to differ
materially from those predicted.  Such risks and
uncertainties include, but are not limited to the
following:

Commodity Prices and Competition:
---------------------------------
IFPG is subject to market risk with respect to the cost of
commodities, because IFPG's ability to recover increased
costs through higher pricing may be limited by the
competitive environment in which it operates.  The markets
for IFPG's products are characterized by frequent new
product introductions.  IFPG's future success is dependent
upon the timely completion and introduction of new products
at competitive prices and quality levels.  In addition,
IFPG must respond to competitors in IFPG's markets.  If
IFPG is not able to make timely introduction of new
products, increase market share of

                              14

<Page>

existing products, or to respond effectively to competition,
its business and operating results could be adversely affected.

Raw Materials and Other Supplies:
---------------------------------
The snack food industry has ample manufacturing capacity
and is expected to continue to do so in the future.  The
prices IFPG pays for its raw materials are subject to
fluctuation.  When prices increase, IFPG may or may not be
able to pass on such increases to its customers.  IFPG's
results of operations could be adversely affected if its
raw material suppliers are unwilling or unable to supply a
timely and sufficient supply of product to IFPG and if IFPG
is unable to pass on price increases to its customers.

Freight Costs:
--------------
The cost to ship product is the single most important cost
to reduce.  IFPG must continue to find new and cost
effective ways to reduce its freight costs.  IFPG must
continue to manufacture as close as possible to its
customers and manage orders that are less than truckload in
size.  If IFPG is not able to reduce these costs; its
business and operating results could be adversely affected

Forward-Looking Statements:
---------------------------
Many statements made in this report are forward-looking
statements that are not based on historical facts. Because
these forward-looking statements involve risks and
uncertainties, there are important factors that could cause
actual results to differ materially from those expressed or
implied by these forward-looking statements. The forward-
looking statements made in this report relate only to
events as of the date on which the statements are made.

                              15

<Page>

Item 7. Financial Statements


                  International Food Products Group, Inc.
                (Formerly Golden Choice Foods Corporation)
                     Index to the Financial Statements
                   As of June 30, 2001 and 2000 and for
        For Each of the Two Years in the Period Ended June 30, 2001
----------------------------------------------------------------------


     Report of Independent Auditors                           F-1

     Financial Statements of
       International Food Products Group:

       Balance Sheets, June 30, 2001 and 2000                 F-2

       Statements of Operations
         For Each of the Two Years
         in the Period Ended June 30, 2001                    F-4

       Statements of Shareholders'
         Equity For Each of the Two
         Years in the Period Ended June 30, 2001              F-5

       Statements of Cash Flows
         For Each of the Two Years
         in the Period Ended June 30, 2001                    F-6

     Notes to the Financial Statements                        F-8



                             16

<Page>


                     REPORT OF INDEPENDENT AUDITORS




To the Board of Directors
International Food Products Group, Inc. (formerly Golden Choice
Foods Corporation)

We have audited the accompanying balance sheets of International
Food Products Group, Inc. (formerly Golden Choice Foods
Corporation) as of June 30, 2001 and 2000 and the related
statements of operations, shareholders' equity and cash flows
for each of the two years in the period ended June 30, 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 auditing standards
generally accepted in the United States of America. Those
standards require that we plan and perform the audit 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 International Food Products Group, Inc. (formerly Golden
Choice Foods Corporation) as of June 30, 2001 and 2000, and the
results of its operations and its cash flows for each of the two
years in the period ended June 30, 2001, in conformity with
accounting principles generally accepted in the United States of
America.

The accompanying financial statements have been prepared
assuming that the Company will continue as a going concern. As
discussed in Note 10, Financial Results, Liquidity and
Management's Plan to the financial statements, the Company has
suffered recurring losses from operations, has difficulties
generating sufficient cash flow to meet its obligations and
sustain its operations, and has a stockholders' capital
deficiency that raise substantial doubt about its ability to
continue as a going concern. Management's plans in regard to
these matters are also described in Note 10. The financial
statements do not include any adjustments that might result from
the outcome of this uncertainty.


Kelly & Company
Newport Beach, California
August 7, 2001

                                F-1


<Page>

                International Food Products Group, Inc.
               (Formerly Golden Choice Foods Corporation)


                              BALANCE SHEETS
                         June 30, 2001 and 2000

----------------------------------------------------------------------

                                 ASSETS
                                                     2001          2000
                                               ----------    ----------
Current assets:
   Cash and equivalents                        $    4,622    $  381,428
   Trade accounts receivable, net                 132,448       239,774
   Inventories                                    225,041       184,277
   Prepaid expenses                                 2,143         2,972
                                               ----------    ----------
     Total current assets                         364,254       808,451
Notes receivable - related party                   12,826        12,379
Property and equipment, net                         8,693         9,959
Intangible assets, net                              7,366         9,580
Other assets                                        1,000        13,530
                                               ----------    ----------
Total assets                                   $  394,139    $  853,899
                                               ==========    ==========


The accompanying notes are an integral part of the financial statements.

                                F-2




<Page>

                International Food Products Group, Inc.
               (Formerly Golden Choice Foods Corporation)


                              BALANCE SHEETS
                         June 30, 2001 and 2000

----------------------------------------------------------------------

                    LIABILITIES AND SHAREHOLDERS' EQUITY

                                                     2001          2000
                                               ----------    ----------
Current liabilities:
  Accounts payable                             $  318,501    $  271,922
  Accrued expense                                  10,439        33,249
  Note payable                                     25,147          -
                                               ----------    ----------
Total liabilities                                 354,086       305,171
                                               ----------    ----------

Commitments and contingencies

Shareholders' equity:
Common stock; $0.001 par value;
  50,000,000 shares authorized;
  18,643,274 and  18,623,274 shares
  issued and outstanding at June 30,
  2001 and 2000, respectively                      18,643        18,623
Additional paid-in capital                      2,110,100     2,095,120
Accumulated deficit                           (2,088,690)   (1,565,015)
                                               ----------    ----------
Total shareholders' equity                         40,053       548,728
                                               ----------    ----------
Total liabilities and shareholders' equity     $  394,139    $  853,899
                                               ==========    ==========

 The accompanying notes are an integral part of the financial statements.


                                F-3


<Page>

                International Food Products Group, Inc.
               (Formerly Golden Choice Foods Corporation)
                     Statements of Operations
       For Each of the Two Years in the Period Ended June 30, 2001
----------------------------------------------------------------------

                                                     2001          2000
                                               ----------    ----------
Gross sales                                    $1,860,715    $1,620,212
  Less: returns, discounts and allowances        (232,346)     (281,481)
                                               ----------    ----------
Net sales                                       1,628,368     1,338,731
Cost of sales                                     861,336       794,709
                                               ----------    ----------
Gross profit                                      767,032       544,022
Selling expenses                                  789,857       463,956
General and administrative expenses               502,470       415,101
                                               ----------    ----------
Loss from operations                             (525,295)     (335,035)
                                               ----------    ----------
Other income (expense):
  Interest expense                                   (165)       (7,001)
  Interest expense - related party                      -          (582)
  Interest income                                   2,937         1,837
  Interest income - related parties                   448           622
Other income                                            -         2,282
                                               ----------    ----------
                                                    3,220        (2,842)
Loss before provision for income taxes           (522,075)     (337,877)
Provision for income taxes                         (1,600)       (1,600)
                                               ----------    ----------
Net loss                                       $ (523,675)   $ (339,477)
                                               ==========    ==========
Net loss per share, basic and diluted          $    (0.03)   $    (0.02)
                                               ==========    ==========

The accompanying notes are an integral part of the financial statements.

                                   F-4


<Page>

                    International Food Products Group, Inc.
                 (Formerly Golden Choice Foods Corporation)
                     Statements of Shareholders' Equity
          For Each of the Two Years in the Period Ended June 30, 2001


-------------------------------------------------------------------------------
                                                Amount
                                                Receiv-
                                                able
                                                from
                                                Officer                 Total
                                    Additional  on        Accumu-      Share-
                Common     Common   Paid-in     Common     lated       holder's
                Shares     Stock    Capital     Stock     Deficit      Equity
               ----------  -------  ----------  ------  ------------  ---------
Balance,
June 30, 1999  17,056,366  $17,056  $1,159,937  $ (975) $(1,225,538)  $(49,520)

Payment of a
 Receivable
 arising from
 the issuance
 of stock           -         -         -          975        -            975
Shares issued
 in a private
 placement, in-
 cluding 186,142
 shares issued as
 commissions and
 net of cash com-
 missions of
 $97,308        1,566,908    1,567     935,183     -          -         936,750
Net loss            -          -         -         -        (339,477)  (339,477)
               ----------  -------  ----------  ------  ------------  ---------
Balance,
 June 30, 2000 18,623,274   18,623   2,095,120     -     (1,565,015)    548,728
Shares issued
 for services      20,000       20      14,980     -          -          15,000
Net loss            -          -         -         -       (523,675)   (523,675)
               ----------  -------  ----------  ------  ------------  ---------
Balance,
June 30, 2001  18,643,274  $18,643  $2,110,100     -    $(2,088,690)  $  40,053
               ==========  =======  ==========  ======  ============  =========



The accompanying notes are an integral part of the financial statements.
                                   F-5


<Page>

                    International Food Products Group, Inc.
                 (Formerly Golden Choice Foods Corporation)
                          Statements of Cash Flows
          For Each of the Two Years in the Period Ended June 30, 2001

----------------------------------------------------------------------

                                                     2001          2000
                                               ----------    ----------
Cash flows provided by (used in)
operating activities:

Net loss                                       $(523,675)    $(339,477)
  Adjustments to reconcile net loss to net
  cash used by operating activities:
    Depreciation                                    5,166         2,202
    Amortization                                    2,215         1,592
    Provision for uncollectible accounts           64,995         8,000
    Shares issued for services                     15,000          -
    Provision for sales discounts,
      returns and allowances                       71,522       281,480
Decrease (increase) in assets:
  Trade accounts receivable                       (29,191)     (406,623)
  Inventories                                     (40,764)      (15,974)
  Prepaid expenses                                    830        25,836
  Other assets                                     12,530         7,815
Increase (decrease) in liabilities:
  Accounts payable                                 46,577       (52,786)
  Accrued expenses                                (22,810)         -
  Accounts payable to shareholder                    -          (22,365)
  Other current liabilities                          -            1,570
                                               ----------    ----------
Net cash used in operating activities            (397,605)     (508,730)
                                               ----------    ----------
Cash flows provided by (used in) investing
activities
  Acquisition of intangible assets                  -            (4,336)
  Purchases of property and equipment              (3,901)       (9,424)
  Increase of notes receivable from a
  related party                                      (447)         -
  Issuance of notes receivable -
    related parties                                 -            (2,500)
  Payment on notes receivable -
    related parties                                 -             2,403
                                               ----------    ----------
Net cash used in investing activities              (4,348)      (13,857)
                                               ----------    ----------


The accompanying notes are an integral part of the financial statements.

                                   F-6


<Page>

                    International Food Products Group, Inc.
                 (Formerly Golden Choice Foods Corporation)
                          Statements of Cash Flows
          For Each of the Two Years in the Period Ended June 30, 2001




----------------------------------------------------------------------

                                                     2001          2000
                                               ----------    ----------
Cash flows provided by (used in)
financing activities:
  Payment on note payable                           -           (15,000)
  Payment on a note payable - related party         -           (22,000)
  Proceeds from issuance of a note payable     $   25,147         -
  Proceeds from the issuance of common stock        -           936,750
                                               ----------    ----------
Cash provided by financing activities              25,147       899,750
                                               ----------    ----------
Net increase (decrease) in cash                  (376,806)      377,163

Cash and equivalents at beginning of year         381,428         4,265
                                               ----------    ----------
Cash and equivalents at end of year            $    4,622    $  381,428
                                               ==========    ==========

           Supplemental Disclosures of Cash Flow Information


Interest paid                                       -             8,020
Income taxes paid                              $    1,600    $      800

   Supplemental Schedule of Non-Cash Investing and Financing Activities

Satisfaction of related parties debt
 through offset of related parties
 notes receivable:
   Notes payable - related party                    -            10,000
   Accrued interest - related parties               -        $    1,946
   Notes receivable - related parties               -        $  (11,946)


The accompanying notes are an integral part of the financial statements.
                                   F-7

<Page>

                International Food Products Group, Inc.
              (Formerly Golden Choice Foods Corporation)
                     Notes to Financial Statements
       For Each of the Two Years in the Period Ended June 30, 2001
-------------------------------------------------------------------------

1.     Description of the Company's Business
       -------------------------------------

International Food Products Group, Inc. (formerly Golden Choice Foods
Corporation) (the "Company"), was a Delaware corporation, and was formed in
April 1996 to engage in the marketing and sales of snack food products.  On
June 1, 2000, the Company was redomiciled in the State of Nevada, and on
June 21, 2001 changed its name to International Food Products
Group, Inc.  Sales of the Company's snack food products
commenced in fiscal year 1997.

All of the Company's products are produced to Company
specifications by a third party food processor ("co-packer").
Individual product bags and shipping boxes are designed by the
Company and provided to the co-packer located in San
Bernardino, California, to package product orders.  In
general, the co-packer produces, packs, and warehouses the
finished products until they are ready to ship to the
customers.

2.     Summary of Significant Accounting Policies
       ------------------------------------------

Revenue Recognition

Revenues are recognized when the products are shipped to
customers. Provisions for discounts and rebates to customers,
estimated returns and allowances, and other adjustments are
provided for in the same period the related revenues are
recorded.

Shipping Costs

Shipping costs are included in selling expenses and were
$390,155 and $238,137 for fiscal years 2001 and 2000,
respectively.

Use of Estimates

The preparation of financial statements in conformity with
generally accepted accounting principles requires management
to make estimates and assumptions that affect amounts reported
in the financial statements.  Changes in these estimates and
assumptions are considered reasonably possible and may have a
material impact on the financial statements.

Cash and Equivalents

Cash and equivalents include amounts held in a money market
account. The Company has no requirement for compensating
balances.  The Company did not have cash balances that
exceeded the federally insured limits at June 30, 2001.

                                F-8

<Page>

                International Food Products Group, Inc.
              (Formerly Golden Choice Foods Corporation)
                     Notes to Financial Statements
       For Each of the Two Years in the Period Ended June 30, 2001
-------------------------------------------------------------------------

2.   Summary of Significant Accounting Policies, Continued
     -----------------------------------------------------

Inventories

Inventories are stated at the lower of cost or market. Cost is
determined on a standard cost basis, which approximates the
first in-first out method of valuation. Market is determined
based on net realizable value. The Company's management
monitors its inventories for excess, obsolete, and calendar
date sensitive items and makes necessary valuation corrections
when such adjustments are required.

Property and Equipment

Property and equipment are recorded at cost and are
depreciated using the straight-line method over the expected
useful lives noted below. The cost and related accumulated
depreciation of assets are removed from the accounts upon
retirement or other disposition, and the resulting profit or
loss is reflected in the statement of operations. Renewals and
betterments that materially extend the life of the assets are
capitalized.
                                       Estimated Useful
                                              Life
                                       -----------------
       Computer equipment                   3 years
       Furniture and fixtures               3 years

Intangible Assets

Intangible assets includes two patents and a trademark, which
are amortized on a straight line basis over the five-year
estimated useful lives of the assets. Accumulated amortization
was $4,327 and $2,959 at June 30, 2001 and 2000, respectively.
The costs involved in the acquisition of patents and
trademarks are recorded as other assets until the patent or
trademark is granted.

Impairment of Long-Lived Assets

The Company annually evaluates its long-lived assets,
including identifiable intangible assets, such as its patents
and trademarks for potential impairment. When circumstances
indicate that the carrying amount of an asset is not
recoverable, as demonstrated by the projected undiscounted
cash flows, an impairment loss is recognized. The Company's
management has determined that there was no such long-lived
asset impairment present at June 30, 2001 and 2000.

                                F-9


<Page>
                International Food Products Group, Inc.
              (Formerly Golden Choice Foods Corporation)
                     Notes to Financial Statements
       For Each of the Two Years in the Period Ended June 30, 2001
-------------------------------------------------------------------------

2.   Summary of Significant Accounting Policies, Continued
     -----------------------------------------------------

Income Taxes

The Company accounts for deferred income taxes using the
liability method. Deferred income taxes are computed based on
the tax liability or benefit in future years of the reversal
of temporary differences in the recognition of income or
deduction of expenses between financial and tax reporting.
Deferred tax assets and/or liabilities are classified as
current and noncurrent based on the classification of the
related asset or liability for financial reporting purposes,
or based on the expected reversal date for deferred taxes that
are not related to an asset or liability.

Stock-Based Compensation

Statement of Financial Accounting Standards ("SFAS") No. 123,
Accounting for Stock-Based Compensation, established
accounting and disclosure requirements using a
fair-value-based method of accounting for stock-based employee
compensation plans. As permitted by SFAS No. 123, the Company
has elected to continue to account for stock-based employee
compensation using the intrinsic value method prescribed in
APB No. 25 and related interpretations and to provide
additional disclosures with respect to the pro forma effects
of adoption had the Company recorded compensation expense as
provided by SFAS No. 123. In accordance with APB No. 25,
compensation cost for stock options is recognized as the
excess, if any, of the market price of the Company's stock at
the date of grant over the amount an employee must pay to
acquire the stock. Generally, the exercise price for stock
options granted to employees equals or exceeds the fair market
value of the Company's common stock at the date of grant,
thereby resulting in no recognition of compensation expense by
the Company.  Compensation cost is recorded over the requisite
vesting periods based on the market value on the date of
grant. The Company accounts for stock-based compensation to
nonemployees in accordance with SFAS No. 123.

Common Shares and Per Share Amounts

In June 2000, the Company was redomiciled in the State of
Nevada and each common share of Golden Choice Foods
Corporation (Delaware) was exchanged for two common shares of
Golden Choice Foods Corporation (Nevada).  All common shares
and per share amounts have been adjusted to give effect to
that share exchange.

Advertising Costs

Advertising costs are expensed when they are incurred.
Advertising expense was $93,348 and $51,116 for the years
ended June 30, 2001 and 2000, respectively.

                                F-10

<Page>
                International Food Products Group, Inc.
              (Formerly Golden Choice Foods Corporation)
                     Notes to Financial Statements
       For Each of the Two Years in the Period Ended June 30, 2001
-------------------------------------------------------------------------

2.   Summary of Significant Accounting Policies, Continued
     -----------------------------------------------------

Reclassifications

Certain prior year amounts have been reclassified to conform
to fiscal 2001 presentation.  These changes had no impact on
previously reported results of operations or shareholders'
equity.

Product Development

The Company's product development activities principally
involve product name selection, product shape determination,
artistic design of the product packaging, arrangement for the
related manufacturing extrusion tools and dies, selection of
seasonings, grains and other ingredients, taste and market
testing. The costs of these activities are expensed as
incurred.

3.   Trade Accounts Receivable
     -------------------------

The Company provides allowances for doubtful accounts, returns
and allowances. Accounts receivable are presented net of an
allowance for doubtful accounts of  $0 and $7,088 and an
allowance for sales returns and allowances of $56,890 and
$56,575 at June 30, 2001 and 2000, respectively.

4.   Inventories
     -----------

Inventories consisted of the following:
                                        2001           2000
                                 -----------    -----------
Raw materials                    $   195,032    $   161,965
Finished goods                        30,009         22,312
                                 -----------    -----------
Total inventories                $   225,041    $   184,277
                                 ===========    ===========

5.   Notes Receivable - Related Party
     --------------------------------

Notes receivable due from a related party consists of the
following:
                                        2001           2000
                                 -----------    -----------
Uncollateralized notes
receivable from a related
party with principal and accrued
interest at 5% per annum
due at maturity.  The notes
matureat various dates from
July 2001 through May 2003.      $    12,826    $    12,379
                                 -----------    -----------
Total notes receivable -
related party                    $    12,826    $    12,379
                                 ===========    ===========

                                F-11

<Page>
                International Food Products Group, Inc.
              (Formerly Golden Choice Foods Corporation)
                     Notes to Financial Statements
       For Each of the Two Years in the Period Ended June 30, 2001
-------------------------------------------------------------------------

6.   Property and Equipment
     ----------------------

Property and equipment consisted of the following:

                                        2001           2000
                                 -----------    -----------
Computer equipment               $    35,090    $    31,190
Furniture and fixtures                 1,723          1,723
                                 -----------    -----------
                                      36,813         32,913
Less: accumulated depreciation      (28,120)       (22,954)
                                 -----------    -----------
Total property and equipment     $     8,693    $     9,959
                                 ===========    ===========

Depreciation expense for the years ended June 30, 2001 and
2000 was $5,166 and $2,202, respectively.

7.   Notes Payable
     -------------

                                             2001           2000
                                      -----------    -----------
Note payable to shareholder with an
interest rate of 16.5% per annum,
uncollateralized, with principal and
interest due at December 31, 2001.    $    25,147           -
     Less: current portion               (25,147)           -
                                      -----------    -----------

Long term portion of notes payable          -               -
                                      ===========    ===========

Interest expense for the year ended June 30, 2001 and 2000 was
$165 and $7,583, respectively.  The amount for the year ended
June 30, 2000 includes $482 from a related party.

8.   Deferred Income Taxes
     ---------------------

The components of the provision for income taxes are as
follows:
                                    For the Years Ended June 30,
                                             2001           2000
                                      -----------    -----------

Current tax expense:
     Federal                               -              -
     State                            $     1,600    $     1,600
                                      -----------    -----------
                                            1,600          1,600
                                      -----------    -----------

Deferred tax expense:
Federal                                     -              -
State                                       -              -
                                      -----------    -----------
                                            -              -
                                      -----------    -----------
Total provision                       $     1,600    $     1,600
                                      ===========    ===========
                                F-12

<Page>

                International Food Products Group, Inc.
              (Formerly Golden Choice Foods Corporation)
                     Notes to Financial Statements
       For Each of the Two Years in the Period Ended June 30, 2001
-------------------------------------------------------------------------

8.   Deferred Income Taxes, Continued
     --------------------------------

Significant components of the Company's deferred income tax
assets and liabilities at June 30, 2001 and 2000 are as
follows:


                                    For the Years Ended June 30,
                                             2001           2000
                                      -----------    -----------
Deferred income tax assets:
   Net operating loss carryforward    $   824,359    $   625,220
   Allowance for doubtful accounts         24,372         27,273
   Depreciation                               799            485
   Other                                      272            544
                                      -----------    -----------
Total deferred income tax asset           849,802        653,522
   Valuation allowance                   (849,802)      (653,522)
                                      -----------    -----------
Net deferred income tax asset              -               -
                                      ===========    ===========

The Company, based upon its history of losses and management's
assessment of when operations are anticipated to generate
taxable income, has concluded that it is more likely than not
that none of the net deferred income tax assets will be
realized through future taxable earnings and has established a
valuation allowance for them.

Reconciliation of the effective tax rate to the U.S. statutory
rate is as follows:

                                    For the Years Ended June 30,
                                             2001           2000
                                      -----------    -----------
Tax expense at U.S. statutory rate        (34.0)%        (34.0)%
State tax provision                          .3            0.3
Other                                        .2            0.4
Change in valuation allowance              33.8           33.8
                                      -----------    -----------
Effective income tax rate                   0.3%           0.5%
                                      ===========    ===========

The Company also has Federal and state net operating loss
carryforwards of $2,014,821 and $1,576,016, respectively. The
Federal and state net operating loss carryforwards will begin
to expire in the years 2018 and 2002, respectively.

9.   Commitments
     -----------

The Company rents its corporate office on a month to month
basis. Rental expense was $23,805 and $11,026 for the years
ended June 30, 2001 and 2000, respectively.



                                F-13

<Page>
                International Food Products Group, Inc.
              (Formerly Golden Choice Foods Corporation)
                     Notes to Financial Statements
       For Each of the Two Years in the Period Ended June 30, 2001
-------------------------------------------------------------------------

10.   Contingencies and Concentrations
      --------------------------------

Financial Results, Liquidity and Management's Plan

The Company has incurred net losses of $523,675 and $339,477
in fiscal years 2001 and 2000, respectively. Despite its
negative cash flows from operations of $397,605 and $508,730
in fiscal years 2001 and 2000, respectively, the Company has
been able to obtain additional operating capital through
private funding sources. Management's plans include the
continued development of the Company's new products and its
customer development programs that it believes will enhance
its ability to generate additional revenues from the sale of
the Company's products. The Company has relied upon equity
funding from shareholders since inception. Additional equity
is planned to be raised by  the sale of common stock to new
and existing shareholders in order to fund operations until
the Company is consistently profitable. While management
believes that such funding will be available, the ability to
obtain and the adequacy of such funding, if any, is uncertain.
No assurances can be given that the Company can obtain
sufficient working capital through borrowing, the sale of the
Company's securities, or that the sale of products will
generate sufficient revenues in the future to sustain ongoing
operations. These factors raise substantial doubt about the
Company's ability to continue as a going concern. The
financial statements do not include any adjustments that might
be necessary if the Company is unable to continue as a going
concern.

Lack of Insurance Coverage

In previous years, the Company had operated without the
benefit of general and products liability insurance coverage
other than that provided by its co-packers to certain of the
Company's larger customers.  During the year ended June 30,
2000, the Company was named as additional insured with respect
to general liability, on the general liability policies of its
then two co-packers, and believes that this provides adequate
insurance coverage for the Company.  If the Company is held
responsible for acts or events that are normally covered by
general and product liability insurance that occurred during
the uninsured period, it could have an adverse effect on
operating results.  Management has no knowledge of the
existence of any such act or event that may have occurred
during the uninsured period.  The at-risk period varies by
state based on each state's statute of limitation period.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company
to concentrations of credit risk consist primarily of trade
accounts receivable. The Company sells products to both
private companies and public sector entities supplying the
food services industry. Exposure to losses on accounts
receivable is principally dependent on the individual
customer's financial condition, as credit sales are not
collateralized. The Company monitors its exposure to credit
loss and reserves those accounts receivable that it deems to
be uncollectible. One customer

                                F-14

<Page>

                International Food Products Group, Inc.
              (Formerly Golden Choice Foods Corporation)
                     Notes to Financial Statements
       For Each of the Two Years in the Period Ended June 30, 2001
-------------------------------------------------------------------------

10.   Contingencies and Concentrations, Continued
      -------------------------------------------

Concentration of Credit Risk, Continued

accounted for 22% of revenues for the year ended June 30,
2001.   Four customers each with more than 10% of the revenues
accounted for 61% of revenues for the year ended June 30,
2000.  Four and two customers each with more than 10% of the
accounts receivable accounted for 84% and 51% of the accounts
receivable balances at June 30, 2001 and 2000, respectively.

Concentration of Product Co-Packers

The Company utilizes a co-packer to produce its products. The
Company does not currently have production contracts with its
co-packer. Any interruption from this production source could
adversely affect the Company's ability to supply customers and
correspondingly its operating results.

11.   Stock-Based Compensation
      ------------------------

From time to time, the Company has granted options to its
officers and consultants to promote the success of the Company
by providing the options holders the opportunity to acquire an
equity interest in the Company. The Company accounts for
options granted to employees under the provision of APB No. 25
and FASB No. 123 for nonemployees.

In July 1999, the board of directors granted to the three
officers of the Company a total of 2,350,000 options, each
with a ten year term, to purchase common stock at $.75 per
share. The exercise price was equal to the estimated fair
market value at the date of grant, and therefore no expense
was recognized.

In July 1999, the board of directors granted 400,000 options
to purchase common stock at $.75 per share to an individual as
additional commission for assistance in the Company's private
placement. The options were accounted for under FASB No. 123
at their fair value.   The fair value of the options was
determined to be $134,000 and has been offset against the
proceeds received from the private placement.

In January 2001, the Company granted options to an individual
in connection with his employment to purchase 400,000 shares
of its common stock at $.75 per share. The options vest over a
four year period and expire ten years after vesting. The
exercise price was equal to the estimated fair market value of
the stock at the date of grant, and therefore no expense was
recognized.
                                F-15

<Page>

                International Food Products Group, Inc.
              (Formerly Golden Choice Foods Corporation)
                     Notes to Financial Statements
       For Each of the Two Years in the Period Ended June 30, 2001
-------------------------------------------------------------------------

11.   Stock-Based Compensation, Continued
      -----------------------------------

The following table summarizes information about stock options
granted and outstanding at June 30, 2001 and 2000, and changes
during the years then ended. Unless otherwise noted, options
vest on an annual pro rata basis over various periods of time
and are exercisable, upon proper notice, in whole or in part
at any time upon vesting. The options granted have contractual
lives ranging from ten to sixteen years.

The weighted average fair value of the options granted during
the years ended June 30, 2001 and 2000 was $.30 and $.34,
respectively.
                                                       Weighted
                                                        Average
                                                       Exercise
                                         Shares          Price
                                      -----------    -----------
Balance, June 30, 1999                  3,750,000    $      0.25
  Granted                               2,750,000           0.75
  Exercised                                 -                -
  Canceled                                  -                -
                                      -----------    -----------
Balance, June 30, 2000                  6,500,000           0.46
  Granted                                 400,000           0.75
  Exercised                                  -               -
  Canceled                            (1,350,000)           0.75
                                      -----------    -----------
Balance, June 30, 2001                  5,550,000    $      0.41
                                      ===========    ===========

The Company continues to account for stock-based compensation
to employees using the intrinsic value method prescribed in
APB No. 25 whereby no compensation cost is recognized for
options granted at or above fair market value. If under FASB
No. 123 the Company determined compensation costs based on the
fair value at the grant date for its stock options, net loss
and loss per share would have been as shown below. For
purposes of pro forma disclosures, the estimated fair value of
the options is amortized over their vesting periods.



                                    For the Years Ended June 30,
                                             2001           2000
                                      -----------    -----------
Net loss:
  As reported                         $ (523,675)    $ (339,477)
  Pro forma                             (658,560)    $ (652,720)
Loss per share, basic and diluted:
  As reported                         $    (0.03)    $    (0.02)
  Pro forma                           $    (0.03)    $    (0.03)


                                F-16

<Page>

                International Food Products Group, Inc.
              (Formerly Golden Choice Foods Corporation)
                     Notes to Financial Statements
       For Each of the Two Years in the Period Ended June 30, 2001
-------------------------------------------------------------------------

11.   Stock-Based Compensation, Continued

For purposes of the above pro forma calculation, the fair
value of options granted by the Company during the years ended
June 30, 2001 and 2000, is estimated using the Black-Scholes
Option Pricing Model with the weighted average assumptions
listed below:
                                                June 30,
                                      --------------------------
                                             2001           2000
                                      -----------    -----------
Risk-free interest rate                     5.16%          5.86%
Expected dividend yield                       -              -
Expected stock price volatility               -              -
Expected life in years                   10 years       10 years

The Black-Scholes options valuation model was developed for
estimating the fair value of traded options that have no
vesting restrictions and are fully transferable. Because
option valuation models require the use of subjective
assumptions, changes in these assumptions can materially
affect the fair value of the options, and the Company's
options do not have the characteristics of traded options, the
option valuation models do not necessarily provide a reliable
measure of the fair value of its options.

The weighted average estimated fair value of stock options
granted during fiscal 2001 and 2000 was $.30 and $.335 per
share, respectively.

Summary information about the Company's options outstanding at
June 30, 2001:
                   Options Outstanding             Options Exercisable
              ------------------------------  ------------------------------
             Weighted
              Average       Weighted                 Weighted
Options      Remaining      Average      Options     Average
Exercise   Outstanding    Contractual   Exercise     Exercisable    Exercise
Prices    June 30, 2001      Life        Price      June 30, 2001     Price
--------  -------------   -----------  ----------   -------------  ---------
$   0.25    3,750,000        6.5       $     0.25       3,487,500  $    0.25
$   0.75    1,800,000        9.2       $     0.75       1,400,000  $    0.75
          -------------                             -------------
            5,550,000                                   4,887,500
          =============                             =============

12.   Disclosures about Fair Values of Financial Instruments
      ------------------------------------------------------

The estimated fair value amounts of all financial instruments,
on the Company's June 30, 2001 and 2000 balance sheets, have
been determined by using available market information and
appropriate valuation methodologies. Fair value is described
as the amount at which the instrument could be exchanged in a
current transaction between informed willing parties, other
than in a forced liquidation. However, considerable judgment
is necessarily required in interpreting market data to develop
the estimates of fair value. Accordingly, the estimates
presented herein are not necessarily indicative of the amounts
that the Company could realize

                                F-17

<Page>

                International Food Products Group, Inc.
              (Formerly Golden Choice Foods Corporation)
                     Notes to Financial Statements
       For Each of the Two Years in the Period Ended June 30, 2001
-------------------------------------------------------------------------

12.   Disclosures about Fair Values of Financial Instruments, Continued
      -----------------------------------------------------------------

in a current market exchange. The use of different market
assumptions and/or estimation methodologies may have a
material effect on the estimated fair value amounts. The
Company does not have any off balance sheet financial
instruments.

The following methods and assumptions were used by the Company
in estimating fair value disclosures for financial statements:

  Cash and equivalents, accounts receivable, inventory,
  accounts payable, a note payable, and certain other current
  liability amounts approximate their fair value due to the
  short term maturities of these instruments.

  The fair value of non-current notes receivable - related
  party is estimated by determining the net present value of
  future payments.  The carrying amount on the balance sheet
  approximates the fair value as the interest rates
  approximate current market rates.

13.   Loss Per Share
      --------------

Basic and diluted loss per common share have been computed by
dividing the loss available to common shareholders by the
weighted-average number of common shares for the period.

The computations of basic and diluted loss per common share
are as follows:

                                     For the Years Ended June 30,
                                     ----------------------------
                                             2001           2000
                                      -----------    -----------
Loss per common share, basic and
diluted:
   Net loss available to common
     Shareholders                     $  (523,675)   $  (339,477)
   Weighted average shares -
     basic and diluted                 18,639,986     17,597,892
                                      -----------    -----------
Loss per common share, basic and
diluted                               $    (0.03)    $    (0.02)
                                      ===========    ===========

The effect of the potentially dilutive securities listed below
was not included in the computation of diluted loss per share,
because to do so would have been antidilutive for the years
presented.
                                     For the Years Ended June 30,
                                     ----------------------------
                                             2001           2000
                                      -----------    -----------
Shares of common stock issuable
under:

   Employee stock options               5,050,000      6,100,000
   Nonemployee stock options              500,000        400,000
                                      -----------    -----------
                                        5,550,000      6,500,000
                                      ===========    ===========

                                F-18

<Page>

                International Food Products Group, Inc.
              (Formerly Golden Choice Foods Corporation)
                     Notes to Financial Statements
       For Each of the Two Years in the Period Ended June 30, 2001
-------------------------------------------------------------------------

14.   Stock Transactions
      ------------------

Private Placement Offering

In the year ended June 30, 2000, the Company, in a private
placement, sold 1,380,766 shares of its common stock at $.75
per share with net proceeds totaling $936,750. In connection
with the private placement, the Company issued an additional
186,142 shares and paid $97,308 in cash as commissions. The
fair value of the shares issued as commissions and the cash
commissions have been recorded as reductions to additional
paid-in capital.

Shares Issued for Services

In the year ended June 30, 2001, the Company issued 20,000
shares of common stock for advertising services. The shares
were recorded at $0.75 per share based on the fair value of
the stock at the date of issuance. Accordingly, the Company
recognized $15,000 of advertising expense.



                                F-19


<Page>

Item 8. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure

We have had no disagreements with our accountants on
accounting or financial disclosures.



                             17

<Page>
                          PART III

Item 9. Directors and Executive Officers of the Registrant

The following table sets forth the names, ages, and
positions with IFPG for each of the directors and officers
of IFPG.

Name                       Age          Position (1)          Since
--------                   -------      ----------------     -------
Richard Damion             57           Chairman, CEO and
                                        Director                1996

Joseph R. Rodriguez, Jr.   51           CFO, President and      1996
                                        Director

(1)     All  executive  officers are elected by the Board
        and hold office until the next Annual Meeting of shareholders
        and until their successors are elected and agree to serve.

         Richard  Damion  has been chairman  of  IFPG since it began
operations  in 1996.  From 1992  through  1996 he was the  president  and
CEO ofPacific Snax Corporation, a snack food company where he was
in charge of general operations and product development.

         Joseph R. Rodriguez, Jr. has been an officer and
director of IFPG since 1996. From1987 through 1995, Mr.  Rodriguez was
the president of EFC Mortgage  Corporation where he was responsible for
operations and secondary marketing.

Significant Employees

We do not have any employees who are not executive officers
that are expected to make a significant contribution to the
business.  Mr. A.R. Grandsaert served as President of IFPG
until the end of November 2000.

                             18


<Page>

Section 16(A) Beneficial Ownership Reporting Compliance

The following persons have failed to file, on a timely
basis, the identified reports required by Section 16(a) of
the Exchange Act during the most recent fiscal year:


                                Number   Transactions   Known Failures
                                Of late   Not Timely    To File a
Name and principal position     Reports    Reported     Required Form
-----------------------------------------------------------------------
None


Item 10. Executive Compensation

The following table sets forth certain information as to
our Chief Executive Officer and the highest paid officers
and directors for our last fiscal years ended June 30, 2001
and June 30, 2000.  No other compensation was paid to any
such officers or directors during this time period.

                        Annual Compensation Table

                 Annual Compensation               Long Term Compensation
                 -------------------               ----------------------

                                          Other                           All
                                          Annual                          Other
                                           Com   Rest-                    Com-
                                           pen-  ricted            LTIP   pen-
                   Fiscal                  sat-  Stock     Options pay-   sa-
Name       Title     Year   Salary  Bonus ion   Awards    SARs(#) outs($) tion
--------  -------  ------   ------- ----- -----  ---- ---------- -------  ----
Joseph R. President  2000-
Rodriguez, CFO and   2001   $71,500     0     0     0          0      0     0
Jr.                  1999-
Director             2000         0     0     0     0    500,000      0     0

Richard   Chairman   2000-
Damion    CEO And    2001   $60,000     0     0     0          0      0     0
          Director   1999-
                     2000         0     0     0     0    500,000      0     0

A.R.,     President  2000-
Grandsaert*          2001   $30,000     0     0     0          0      0     0
                     1999-
                     2000   $62,564     0     0     0  1,350,000      0     0

* Mr. Grandsaert who served as President during part of the
last fiscal year resigned as an officer and director of IFPG
in November, 2000 and is now a consultant to the company.
The options issued to Mr. Grandsaert in 1999-2000 were
cancelled at the time of his resignation.

IFPG has entered into  employment  contracts with Mr.
Rodriquez and Mr. Damion.  Pursuant to the  contracts  each
officer is entitled to gross salary of $10,000 per month,
family medical insurance,  six weeks vacation per year and
life insurance in the face amount of $1,000,000.

                             19

<Page>

Item 11. Security Ownership of Certain Beneficial Owners
and Management

The following table provides the beneficial ownership of
our common stock by each person known by us to beneficially
own more than 5% of our common stock outstanding as of June
30, 2001 and by the officers and directors of LVGI as a
group. Except as otherwise indicated, all shares are owned
directly.


                                        Common         Percent of
Name and Address                        Shares         Class (1)

Richard Damion (2)                     3,138,566          15.83%
180 Newport Center Drive, Suite 180
Newport Beach, CA  92660

Joseph R. Rodriguez, Jr. (3)           4,590,000          23.15%
180 Newport Center Drive, Suite 180
Newport Beach, CA  92660


David H. Euzarraga                     1,488,278           7.99%
No. 2 Robin Hill Lane
Laguna Hills, CA  92653

All Executive officers and
    Directors as a Group (two) (4)     7,728,566          36.76%

(1)  All  percentages  are  calculated  by giving effect to the
     potential exercise of options held by the applicable person, entity
     or group, but without giving effect to the potential exercise
     of options held by any other person, entity or group.

(2)  Of the 3,158,566 common shares held by Mr. Damion, 1,938,566 shares
     are owned outright.  The remaining 1,200,000 shares are shares which
     can be acquired  by Mr.  Damion  through the  exercise of options.
     The option price on 1,200,000 of the shares is $.25 per share.

(3)  Of the 4,590,000 common shares held by Mr. Rodriguez,  3,390,000
     shares are owned outright. The remaining 1,200,000 shares are shares
     which can be  acquired by Mr. Rodriguez through the exercise of options.
     The option price on 1,200,000 of the shares is $.25 per share.

(4)  The  7,728,566  common shares  represented  are the aggregate
     of shares held by Messrs.  Damion and  Rodriguez.  See footnotes (2)
     and (3) above for the  explanation of the beneficial ownership

                             20

<Page>

of the shares.

Item 12. Certain Relationships and Related Transactions

There have been no transactions by the company within last
two years where either the company as an issuer, or a
director, officer or shareholder of the company, had an
indirect or direct interest.



                             21


<Page>

                           PART IV

Item 13. Exhibits and Reports on Form 8-K

(a) Reports on Form 8-K

    None.


(b) Exhibits

    1.   Articles of Incorporation (1)
    2.   By-laws (1)

(1)   Previously filed as an exhibit to the Form SB-2 on July 18, 2000.



                             22

<Page>

                          SIGNATURES

In accordance with the requirements of  Section 13 or 15(d)
of the Exchange Act of 1934,  the registrant certifies that
it has reasonable grounds to believe that it meets all the
requirements of filing on Form 10-KSB and authorized this
report to be signed on its behalf by the undersigned, in
the City of Newport Beach, State of California, on October
15, 2001.

                    International Food Products Group,
                    Inc., a Nevada Corporation

                    By:  /s/ Joseph R. Rodriguez
                         ----------------------------
                         Joseph R. Rodriguez, Jr., President


In accordance with the requirements of the Exchange Act of
1934, this report has been signed below by the following
persons on behalf of the registrant and in the capacities
and on the dates indicated.


/s/ Joseph R. Rodriguez
-----------------------------------------
Joseph R. Rodriguez, Jr.,                   Date: October 15, 2001
Principal Executive Officer,
Principal Financial Officer,
Principal Accounting Officer,
and Director


/s/ Richard Damion
-----------------------------------------
Richard Damion,                            Date:  October 15, 2001
Director


                             23