UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-KSB
(X)	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
			 EXCHANGE ACT OF 1934

For the fiscal year ended March 31,2005
OR
( )	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
		SECURITIES EXCHANGE ACT OF 1934

Commission File Number         0-119698
COSMO COMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
FLORIDA                              59-2268005

Unit 2 - 55 Travail Road, Markham Ontario, Canada
(Address of principal executive offices)

Registrant's telephone number including area code:    (905) 209-0488

Securities registered pursuant to Section 12 (b) of the Exchange Act:
	Common Stock,  $0.05 par value

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

Check if there is no disclosure of delinquent filers pursuant to Item
405 Of Regulation S-K is not contained in this form, and no disclosure
will be contained, to the best of the Registrant's knowledge, in definitive
Proxy or information statements incorporated by reference in Part III Of
this Form 10-K or any amendment to this form 10-K. ____

The registrant's revenues for the fiscal period ended March 31, 2005 were
$35,452,000.

As of March 31, 2005, the market value of the registrant's Common Stock
held by non-affiliates of the registrant was not able to be determined as
there were no quotes on the bid and ask price of the Company's common stock.

The number of shares outstanding of the registrant's common stock is
29,104,000 as of March 31, 2005.

DOCUMENTS INCORPORATED BY REFERENCE		None







PART 1
Forward-Looking Statements and Associated Risk

This annual report of Cosmo Communications Corporation (the "Company")
Contains forward-looking statements within the meaning of Section 21E of
The Securities Exchange Act of 1934, including statements regarding, among
other items, (i) the Company's growth strategies, (ii) anticipated trends in
the consumer electronics industry, and (iii) the Company's ability to obtain
and maintain adequate financing for its operations.
These forward -looking statements are based largely on the Company's
expectations and are subject to a number of risks and uncertainties,
certain of which are beyond the Company's control.  Actual results
could differ materially from these forward-looking statements as a result of
such uncontrollable factors, and, more specifically, interest rate levels,
availability of financing, consumer confidence and preferences, the
effectiveness of the Company's competitors, and costs of materials
and labor.  In light of these risks and uncertainties, there can be no
assurance that the forward-looking information contained in this annual
report will not materially differ from actual results.

Item I.  Description of Business

Since its inception in March 1983, the Company, through its subsidiaries,
imported, marketed and distributed in the United States and Canada
consumer electronic products, including televisions, DVD players, video
cassette recorders, audio equipment, digital alarm clocks, quartz alarm
clocks, quartz wall clocks, clock radios and combination of clocks, radios
and telephones. The audio equipment includes a full line of audio products,
including personal cassette players, portable stereos and music centers
with and without compact disc players.  During the year ended
March 31, 2005, substantially all of the Company's sales activity related to
customers located in Canada, with new business opened up in United Kingdom.
The Company's products are marketed under various labels to mass
merchandisers, drug store chains, specialty chain stores and other high-volume
retailers.  The Company's products are generally manufactured by its parent
company and subcontractors in China.

Transaction History
During 2001, a change in control of the Company occurred.  In April 2000, the
Company and certain controlling shareholders of the Company
at that time entered into a Stock Purchase Agreement pursuant to which
the Company agreed to sell shares of common stock representing 84.89%
of the outstanding common stock to Master Light Enterprises Ltd.
("Master Light"), a subsidiary of Starlight International Limited
("Starlight"), a publicly held company traded on the Hong Kong Stock
Exchange, for $1 million.  Pursuant to an amendment to the Stock
Purchase Agreement, in January 2001, Master Light acquired
1,347,420 shares of the Company's Common Stock, representing
49.11% of the Company's Common Stock outstanding at that time,
and representatives of Starlight were appointed to the Board of
Directors of the Company replacing the incumbent directors.
In August 2001, the transactions contemplated by the Stock Purchase
Agreement, as amended, were consummated and, after rescinding the
purchase of 1,347,420 shares, Master Light acquired from the Company
26,585,008 shares of the Company's Common Stock,
representing 91.3% of the Company's currently issued and outstanding
Common Stock.
In September 2001, additional capital contributions from Starlight allowed the
Company to discharge all the Company's obligations to its lending institutions
and provided further capital to allow the Company to meet its ongoing
operational needs. Starlight owns and operates a number of subsidiaries
throughout the world engaged in the manufacture, sale and distribution of
consumer electronic products.
Management believes Starlight will provide enhanced resources for the
Company to operate more competitively.  Management believes
that new products and new product designs drive sales growth.
With the capital that is now available through Starlight, the
Company's products have improved in quality and with more
updated designs. This has allowed the Company to improve sales
and continued strong sales growth, barring no significant
deterioration in the economic conditions and more particularly,
in consumer spending.
Since controlled by Starlight International Limited in August 2001, the Company
has adopted a new fiscal year to coincide with its parent company's fiscal year
for ease of consolidating accounts in the parent's annual report.

Products
Clocks - The Company manufactures and markets a wide range of clocks,
including electronic digital alarm clocks, quartz alarm clocks and quartz
wall clocks.The Company currently offers approximately 20 models which retail
at various prices ranging from approximately $5 to $20.  The Company's
electronic digital clocks contain microprocessors, printed circuit boards, light
emitting diodes and ceramic buzzers.
Subcontractors in the People's Republic of China manufacture all the
Company's wall clocks and battery operated quartz alarm clocks.
Clock Radios - The Company currently offers 20 models, with retail prices
ranging from approximately $9 to $20. The Company's electronic digital clock
radios contain audio components as well as components similar to those in
its electronic digital clocks.

Compact Disc Players - The Company currently offered approximately 23
models of compact disc player and recorder products with retail prices
ranging from $12 to $60. Some of the products are manufactured by our
parent company and some are by subcontractors in the People's Republic
of China under the Company's specifications.
FRS and GMRS - the Company is piloting a family radio system for
families and extended families.
Telephones - the company also markets telephones both corded and
cordless, including the 5.8GHz cordless.

Television and DVD players - the Company marketed 5 models of television
including the popular flat screen models. DVD Players a new product line
contributed to the sales growth and accounted for over 44% of the total sales
in 2005.
Licensed Products - The Company is a party to a distribution agreement to
market in Canada audio products utilizing the brand name "Audiovox".

Marketing
The Company's marketing strategy is targeted at high volume retailers with
Broad distribution networks such as mass merchandisers, drug and other
specialty chain stores, and other retailers.  The Company did not make any
sales in the US during 2005 but has made steady progress in establishing a
wholesale distribution network in Canada. The Company generally sells its
products using its own brand name "Cosmo" and licensed brand names. It
also offers products made under the private label of its customers. The Company
continues to look for opportunity to add licensed brand names to its product
line. And large orders to make private labels as a way to grow the business.
The Company's current strategy for re-entering the US market is to
locate niche markets. So far it has not been able to sell in the US market,
which is highly competitive. The following customers illustrate the Company's
primary marketing channels and customers in 2005.
Wal-Mart Canada Inc.- Mass Merchandiser
Western Grocers - Supermarket

The Company believes that its sales to high volume retailers depends upon
its ability to deliver a large volume of attractive and reliable items at prices
generally at or below those of its competitors.Substantially all of the
Company's Canadian sales are generated by either the Company's
full-time sales staff or sales representatives.  All of the Company's
sales in 2005 were to customers within Canada.  See Note 13
"Notes to Consolidated Financial Statements" for financial information
about foreign and domestic operations. Sales to the Company's largest
customer, accounted for approximately 90% of sales in 2005
(90% in 2004).  The loss of this customer would have a significantly negative
impact on the Company. The Company's products are generally sold with a one
year limited warranty on labor and parts.

Manufacturing and Supply
Since being a member of the Starlight group in Hong Kong, the Company has
used the manufacturing expertise of Starlight in providing product research and
new product design.  Substantially all of the CD players are manufactured by
Starlight.
Subcontractors in the People's Republic of China make other products
in accordance with the Company's specifications. The Company performs
quality control inspections on the premises of its subcontractors, and also
inspects its products upon their arrival in its warehouse in Canada.
All of the components and raw materials used by the Company are available
from several sources of supply and the Company does not anticipate that the
loss of any single supplier would have a material adverse effect on its
business, operations or financial condition.

Product Development
During 2005, the Company continued to grow the business related to flat screen
television and  DVD products. Sales generated from this category accounted for
44% of total sales (21% in 2004)  New products were developed in conjunction
with the support of the parent company.
During the year ended March 31, 2005, the Company did not spend
any significant amount in product development.

Competition
The consumer products industry in which the Company operates is characterized
by intense price competition, ease of entry and changing patterns of consumer
demand.  Sales volume and profitability of particular consumer products can
change significantly within a relatively short period.  Accordingly, the Company
is highly dependent on the ability of its management to anticipate and respond
quickly to changes in trends for its products. The Company believes that it has
the important factors necessary to compete including name recognition, price,
quality reliability, attractive packaging, speed of delivery to customers and
new or additional product features.  The Company believes that its future
success will depend upon its ability to develop and manufacture reliable
products, which incorporate developments in technology and satisfy consumer
tastes with respect to style and design. Further, the Company's ability to
market such products at competitive prices is necessary in order to
compensate for the lack of strong consumer name recognition.  In
2005, the Company remained competitive in the market place, principally
owing to the support of its parent company in product development,
sourcing sub-contractors, monitors quality control and delivery.
The Company believes that, through its parent's support, it is a
significant distributor of compact disc players products Foreign Operations
The Company's sales, warehousing and administration are headquartered
in Toronto, Canada.  Sourcing, supply and quality inspection operations
are based in Hong Kong.   Foreign currency exposure is limited to
Canadian and Hong Kong exchange rate fluctuation.  The Company's
cost structure is affected by import duties, loss of favorable tariff rates
for products produced in the countries in which the Company
subcontracts the manufacture of goods, imposition of import quotas,
interruptions in sea or air transportation and political or economic changes
in countries from which components or products are
exported or into which they are imported. The Company will continue to
subcontract its manufacturing needs to subcontractors in the People's Republic
of China.

Product Liability
The Company maintains product liability coverage for the Company's operations in
the aggregate amount of $3,000,000.  The Company has not been the subject of
any product liability litigation.

Government Regulation
The Company's operation is not regulated by the Federal Government nor any
State authorities. Import tariffs are payable on some products in accordance
with the prevailing tariff rates.

Employees
As of March, 2005, the Company had 35 full-time employees, including 1 in Hong
Kong and 34 in Canada.  In Hong Kong, one employee is engaged in sales and
sourcing support duties.  In Canada, 20 employees were engaged in warehouse
distribution and service operations and 15 were sales, administrative and
executive personnel.
The Company believes that its relations with its employees are satisfactory.

Where You Can Find More Information
The Company files annual, quarterly and special reports, proxy statements and
other information with the SEC.  The Company's SEC filings
are available to the public over the Internet at the SEC's web site at
http://www.sec.gov. the Company's documents which are filed may be read or
copied at the SEC's public reference room in Washington, D.C.,
at 450 Fifth Street, N.W., Washington, D.C. 20549.  Please call the SEC
at 1-800-SEC-0330 for further information on the public reference room.

Item 2. Description of Property
The Company's executive offices and principal domestic manufacturing warehouse
facilities are located in a 35,000 square foot building at 55 Travail Road,
Markham, Ontario, Canada. Both the land and building are leased by the
Company under the terms of a lease expiring in October 31, 2008.
Monthly rental is $26,500.  The Company believes that its current facilities are
satisfactory for its present needs and that insurance coverage is adequate for
the premises.Minimum rental commitment is $314,332 in 2005 under the
existing lease.

Item 3.	Legal Proceedings.
The Company is from time to time involved in routine litigation incidental to
its business most of which is adequately covered by insurance and none
of which, in the opinion of management, is expected to have a material
adverse effect on the Company.

Item 4. Submission of Matters to a Vote of Security Holders.
During fiscal 2005, the Company did not submit any matter to a vote of security
holders.


PART II

Item 5. Market for Common Equity and Related Stockholder Matters
Since 2001, the Company's Common Stock has been removed from the OTC Bulletin
Board under the symbol "CSMO."  There were no quotes of high and low
during 2005 There were 166 record holders of the Common Stock on
June 30, 2005. However those shares being held at various clearing houses,
including Cede & Company have not been broken down.  Accordingly, the Company
believes there are many more beneficial owners of the Company's Common Stock
whose shares are held in "street name", not in the name of the individual
shareholder It is the present policy of the Company's Board of Directors to
retain earnings. The Company has not declared any dividends in the past.
Any payment of cash dividends in the future will be dependent upon the
financial condition, capital requirements and earnings of the Company and
other factors, which the Board of Directors may deem relevant.

Item 6.  Management's Discussion and Analysis
Results of Operations
The following table sets forth, for the periods indicated, the relative
percentages that certain items in the Company's Consolidated Statements
of Operations bear to sales and the percentage of change in those items
from period to period:


As a Percent of Sales
			Quarter Ended	  Year Ended    Year Ended
			March 31,        	   March 31,	March 31,
			   2003			2004		  2005
			(audited)            (audited)	(audited)

Sales			  100%			100%		   100%

Cost of Sales	  90.2%			91.6%		  92.6%

Gross Margin	  9.8%			8.4%		   7.4%

Commission Income	   3.1%			4.0%		   5.2%

Selling, General and
Administrative expenses   9.3%		9.4%		   9.4%


Income(loss)from
operations	 		 2.4			2.2%		   2.4%


Other expense		  1.9%		1.4%		   0.7%

Net Income			  3.0%		2.2%		   1.7%


Comparison of the year ended March 31, 2005 to the year ended March 31, 2004.
And March 31, 2003:
Net income for 2005 declined by 48 basis points as a percentage of sales
compared to 2004 and 90 basis points in 2004 compared to 2003.
Sales revenue increased by 10% in 2005, 63% in 2004 but gross profit
margins continued to decline from 9.8% in 2003 8.4% in 2004 and
7.4% in 2005, reflecting that we operate in a very competitive segment
of the consumer electronic market. In general, additional manufactured
and overhead costs cannot be passed on easily to customers of the
products we sell.

Sales revenue

Sales increased by 10% or $3.3 million in 2005.  In 2004, we began selling flat
screen television and DVD players.. This product category is now an important
component of our sales and accounts for approximately 44% of total sales in
2005. Our other growth contributors include marketing one of our licensed brand
names in the audio line. We also grew our sales revenue by opening new
accounts in Canada and in United Kingdom.  Our new customers have broadened
to include specialized electronic distributors, home hardware stores and general
department stores.

Commission revenue

As an alternative to direct sales, we continued to broker sales and earned
higher income in commissions in 2005.  Last year, we began to handle
defective returns for certain major television manufacturers, and in 2005 we
have grown in this category of revenue.  Commission income increased by
28% as a percentage of sales or $511,000.in 2005.

Cost of sales

As discussed earlier, due to the highly competitive nature in the consumer
electronic market, we adopted the strategy to sacrifice gross profit margin
to achieve growth in sales.  Cost of sales increased by 110 basis points
over 2004 as a percentage of sales. Sourcing of products is assisted by
the expertise and resources of our parent company, the Starlight Group,
which is a major manufacturer of consumer electronics products in the
People's Republic of China.

Operating expenses

Selling and administrative expenses as a group were similar in the current and
past two years. Salaries and wages increased by 22% or $205,000 in 2005
mainly to keep up with increase in revenue activities.
As an industry standard practice, we granted advertising and handling allowances
to our major customers as our contributions to promote and handle our products
in stores.  This category increased by 7% in 2005 or $64,000, which was in
line with the increased in sales activities.

We were able to keep most of the fixed portion of the administrative and general
expenses similar to the past years.  We do not foresee any major change in
our overhead structure in 2006.

Interest expense increased by 16% in 2005 or $23,000.  The increase was due
primarily to higher activities in letter of credit sales together with a small
increase in interest rates in the past twelve months.  A portion of the interest
expense ($92,500) was accrued on the loan due to our parent company the
rate of interest applied to the loan balance was unchanged from 2004.
During 2005, we have not borrowed additional amount from our parents for
long term use and have not repaid any principal amount nor interest.  We do
not expect any change in our long term financing requirements in 2006.

Depreciation and amortization expense of $ 32,000 ($21,000 in 2004) was
substantially unchanged from the prior year.  We did not incur any major
expenditure in plant and equipment in 2005 and we have no plans to invest in
equipment and machinery in 2006.


Liquidity and Capital Resources

At March 31, 2005, our working capital ratio was 1.43 compared to 1.15 in 2004.

During the year, accounts receivable was substantially reduced but inventory,
particularly in the DVD category was built up in preparation of the "back to
school" sale in the summer months.
We also reduced our trade payable owed to our parent company substantially
at March 31, 2005.

We did not borrow additional funds for long-term purpose in 2005. Our main
source of financing came from our parent company, which did not require us to
pay down principal nor interest on the loan due them. Amount due on the trade
payable balance is interest free. With the continued support of our parent
company, we expect to have adequate working capital in the next twelve
months for our operation.

We made small expenditures in plant and equipment in 2005 as capital
Expenditure is not a major part for our growth.  We have no plan to make
major acquisitions in the next twelve months.

Risk management

We are subject to risk from exchange rate fluctuations.  While our product
purchases are transacted in United States dollars, most transactions among
the suppliers and subcontractors are effected in HK dollars. Accordingly,
fluctuations in Hong Kong monetary rates may have an impact on our cost of
goods. Furthermore, appreciation of Chinese currency values relative to the
Hong Kong dollar could increase the cost of the products manufactured in
the People's Republic of China, and thereby have a negative impact on us as
well. Since a portion of our sales are in Canadian dollars, we are at risk with
regards to the conversion of Canadian dollars to US dollars to pay our
suppliers.  Therefore, fluctuations in the conversion rate may have an
impact on us. Based on our evaluation of anticipated changes in
exchange rates, we may from time to time purchase forward exchange
contracts to hedge against these risks.  However, the Hong Kong dollar
remains the functional currency of our Hong Kong subsidiaries, and we
do not hedge against risks of foreign currency transaction or translation
loss.

Item 7.	Financial Statements.
See the Company's Consolidated Financial Statements following page 14
of this Annual Report on Form 10-KSB.
Item 8. Changes in and Disagreements With Accountants on Accounting
and Financial Disclosure.
The Company has reported no disagreements






PART III

Item 9.	Directors, Executive Officers, Promoters and Control Persons;
 Compliance with Section 16(a) of the Exchange Act.
Directors and Executive Officers
Pursuant to the Bylaws of the Company, the number of directors constituting
the full Board of Directors has been fixed by the Board at three (3). At the
Annual Meeting of Shareholders, three (3) individuals will be elected to serve
as directors until the next annual meeting and until their successors are
duly elected, appointed and qualified.
Set forth below is the name, age, principal occupation during the past five
years and other information concerning each director and executive officer.

Name			Age		Position
Philip Lau		57		Chairman of the Board of Directors, and
President
Peter Horak		64		Chief Executive Officer, Canada
Yu Wing Kin		53		Vice President, Administration, Hong Kong
Carol Atkinson	56		Director
Jacky Lau		46		Director

Mr. Philip Lau, Chairman of the Board of Directors, was appointed in January
2001 after Starlight International Limited acquired 49% of the voting shares of
the Company. Since 1987, Mr. Lau has been the Chairman of Starlight
International, an electronics company the shares of which are listed on the
Hong Kong Stock Exchange, and has extensive experience in the consumer
electronics business.
Mr. Peter Horak, President of Cosmo Canada, was
appointed as the Chief Executive Officer in January 2001.  Mr. Horak was
the co-founder of Cosmo's Canadian subsidiary and has been its chief
executive officer since 1988. Mr. Horak is the Company's chief sales,
marketing, and sourcing executive.
Mr. Kin has served as Vice President of Administration of Cosmo Hong
Kong since joining the Company in August 1978.
Ms. Atkinson has served as a director of the Company since January 2001
after Starlight International Limited acquired its shares.   Ms Atkinson is a
licensed public accountant.
Mr. Jacky Lau has served as a director of the Company since January 2001
after Starlight International Limited acquired its shares.  He joined Starlight
International in 1987 as the Director of Material Sourcing.
Mr. Philip Lau, Mr. Jacky Lau and Ms. Atkinson are siblings.
Directors are elected annually by the shareholders and hold office until the
next annual meeting and until their respective successors are elected and
qualified. There are no other family relationships among any of the Company's
directors and executive officers.



Section 16(a) Beneficial Ownership and Reporting Compliance
The directors and executive officers of the Company, and the owners of more
than ten (10%) percent of the Company's outstanding Common Stock, are
required to file reports with the Securities and Exchange Commission, reporting
changes in the number of shares of the Company's Common Stock beneficially
owned by them and provide the Company with copies of all such reports.  Based
solely on its review of the copies of such reports furnished to the Company and
written representations from the executive officers and directors, the Company
believes that all reports were timely made for the quarter ended March 31, 2005


Item 10.		Executive Compensation
        Summary Compensation Table.
The following table sets forth, for the 2005 and 2004 fiscal periods,
respectively, compensation paid or accrued by the Company to or on behalf
of the Company's Chief Executive Officer and each other executive officer whose
total annual salary and bonus for the 2005 fiscal year totaled $100,000 or more
(collectively, the "Named Executive Officers").

       Annual Compensation(1)
      	2005	    2004   	2005	   2004		All Other
      	(12 months			   (12 months				  ended				ended
		  March 31,)			March 31,)
Name and Principal Position  Salary ($) Bonus ($) Compensation
_______________________________________________________________
Starlight International
5/F, Shing Dao Industrial Building
232 Aberdeen Main Road
Hong Kong
Philip Lau		none		none	   	none		none 		(1)
Peter Horak
CEO, Canada		143,000	133,000     none		none		(1)

Carol Atkinson    none	      none	      none	      none	      (1)

Jacky Lau	      none		none	      none	      none	      (1)


(1) The column for "Other Annual Compensation" has been omitted because
there is no compensation required to be reported in such column. The
aggregate amount of perquisites and other personal benefits provided to each
Named Executive Officer is less than 10% of the total of annual salary and
bonus of such officer.

Option Grants Table.  No options were granted or exercised during 2005.

Aggregated Fiscal Year-End Option Value Table.   No Named Executive Officers
held any options as of the fiscal quarter ended March 31, 2005.

Long-Term Incentive and Pension Plans.  The Company does not have any
long-term incentive or pension plans.

Compensation of Directors.  Directors who are not officers of the Company
generally receive meeting attendance fees of $300. However, each such
director waived his right to receive such fees during fiscal 2005.
Annual retainers are not currently provided to directors; however, such
retainers may be re-instituted in the future.  Directors are eligible to
receive grants of options under the Company's stock option plan.
No stock options were granted to any directors of the Company
during fiscal 2005.

Item 11.	Security Ownership of Certain Beneficial Owners and Management.
The information contained in the table was furnished by the persons listed
therein.  The calculations of the percent of shares beneficially owned are
based on 29,104,000 shares of common stock outstanding on July 31, 2005.
None of the persons named below own any options or warrants to purchase
shares of the Corporation's common stock




Name and Address			Beneficial			Current
Owner of Common Stock 	Percent of Class
Starlight International 	26,508,008(1)		91.3%
5/F, Shing Dao Industrial
Building 232 Aberdeen Main Road,
5th Floor, Hong Kong
Philip Lau				26,585,008(1)		91.3%

Carol Atkinson			NONE

Jacky Lau				NONE

Peter Horak				257,500			0.9%


All Directors and Executive Officers as a
Group (4 persons)			26,842,508(1)		92.2%

(1) Includes 26,585,008 shares owned by Master Light Enterprises, Ltd., of
which Mr. Philip Lau is the controlling stockholder.

Item 12. 	Certain Relationships and Related Transactions.

As of March 31, 2005, the Company owed approximately $4,445,000 to its
parent group of companies, principal shareholders of the Company.
$2,712,000 was owed in the form of trades payable.  The balance was in the form
 of a loan.
During fiscal 2005, the Company purchased $21,703,000 ($19,392,000 in 2004)
of products from its parent group of companies and received $344,000
($243,000 in 2004) as commissions in the sales brokerage activities.


Item 13.	Exhibits, Lists and Reports on Form 8-K.

(a)	1.	Financial Statements:

Reference is made to the index to the Company's Consolidated Financial
Statements following page 17 of this Annual Report on Form 10-KSB.

2.	Financial Statement Schedules:
These schedules are otherwise contained within the Company's Consolidated
Financial Statements following page 17 of this Annual Report on Form 10-KSB.

3.	Exhibits:

Exhibit No.	 Description
3.1.1	Registrant's Articles of Incorporation, as amended
3.2	Registrant's Bylaws (1)
10.1 Amended and Restated 1990 Stock Option Plan (Compensatory Plan) (2)
Stock Purchase Agreement dated April 28, 2000 by and among Company,
Amancio Victor Suarez, Carlos Ortega, Amancio J. Suarez and
Master Light Enterprises Ltd., as assignee of Starlight Marketing Development
Ltd. And the related letter agreements supplementing and
modifying the terms of the Stock Purchase Agreement April 19, 2000,
July 13, 2000, July 27, 2000, November 20, 2000 and August 20, 2001.

22.1		List of Registrant's Subsidiaries (3)


(1) Incorporated by reference to the exhibit with the same number filed with
the Registrant's Registration Statement No. 2-83088.
(2) Incorporated by reference to  exhibit 10.2 filed with the Registrant's
Annual Report on Form 10-K for fiscal 1990.
(3) Filed in part herewith, and incorporated by reference to
(i) exhibits 10.8, 10.9, 10.10, 10.11, 10.12 and 10.13 filed with the
Registrant's Annual Report on Form 10-K for fiscal 1989, and
(ii) exhibits 10.4 filed with the Registrant's Annual Reports on
Form 10-K for fiscal 1990, 1991 and 1992, respectively.
(b) 	Reports on Form 8-K
No reports on Form 8-K were filed during the last quarter of the period
covered by this report.

Signatures
In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
COSMO COMMUNICATIONS CORPORATION
DATED: June 3, 2005
/s/ Peter Horak
PETER HORAK
Chief Executive Officer, Canadian operation

In accordance with 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.

DATED: June 3, 2005
/s/ Philip Lau
PHILIP LAU,
Chairman of the Board
President

/s/ Peter Horak
PETER HORAK
Chief Executive Officer


Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Philip Lau, certify that:
1. I have reviewed this annual report on Form 10-KSB of Cosmo
Communications Corporation;
2. Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the
period covered by this annual report;
3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual
reports;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
 we have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this annual report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this annual
report (the "Evaluation Date"); and
c) presented in this annual report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of
the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee
of registrant's board of directors (or persons performing the equivalent
function):
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant internal controls; and
6. The registrant's other certifying officers and I have indicated in this
annual report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.

/s/  Philip Lau
Philip Lau
Chairman and President
Date:	_June 3, 2005



Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Peter Horak, certify that:
1.I have reviewed this annual report on Form 10-KSB of Cosmo Communications
Corporation;
2.Based on my knowledge, this annual report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this annual report;
3.Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this annual reports;
4,The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and we have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this annual report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
annual report (the "Evaluation Date"); and
c) presented in this annual report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5.The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6.The registrant's other certifying officers and I have indicated in this annual
report whether or not there were significant changes in internal controls or
in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions
with regard to significant deficiencies and material weaknesses.


/s/  Peter Horak
Peter Horak
Chief Executive Officer
Date:	June 3, 2005






COSMO COMMUNICATIONS CORPORATION
CONSOLIDTED FINANCIAL STATEMENTS
YEARS ENDED MARCH 31, 205 AND 2004


REPORT OF INDENDENT REGISTERED PUBLIC ACCOUNTING
FIRM										1
CONSOLIDATED BALANCE SHEETS 						2
CONSOLIDATED STATEMENTS F CHANGES IN STOCKHOLDERS'
EQUITY										3
CONSOLIDATED STATEMENTS OF EARNINGS					4
CONSOLIDATED STATEMENTS OF CASH FLOWS					5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS				         6-14




REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders of
Cosmo Communications Corporation:

We have audited the accompanying consolidated balance sheets of Cosmo
Communications Corporation as at March 31, 2005 and 2004
and the consolidated statements of changes in stockholders' equity, earnings,
and cash flows for the years then ended. These financial statements
are the responsibility of the Company's management. Our responsibility
is to express an opinion on these consolidated financial statements based
on our audit.

We conducted our audit in accordance with auditing standards of the Public
Company Accounting Oversight Board (United States).  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 audit provides a reasonable basis
for our opinion.

In our opinion, such consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Cosmo
Communication Corporation as at March 31, 2005 and 2004 and the results
of its operations changes in its stockholders' equity and
its cash flows for the years ended in accordance with accounting
principles generally accepted in the United States of America.

SF Partnership
Chartered Accountants
Toronto,Canada

June 3, 2005


COSMO COMMUNICATIONS CORPORATION
Consolidated Balance Sheets
March 31, 2005 and 2004
($ in 000's)
		(note 15)
							2005		2004
ASSETS
Current
Cash						$	629	$	770
Accounts receivable (note 3)					1,833	            4,128
Inventories						5,066	            2,534
Prepaid and sundry assets					      3                         3

							7,531      	7,435
Equipment (note 4)						    73     		    91
Deferred Charges, net of depreciation				    13		   20
Deferred Taxes 						    23		  126

						$	7,640	$	7,672

LIABILITIES
Current
Accounts payable and accrued charges		$	910	$	685
Income taxes payable					  40		  47
Accounts payable to parent company (note 5)			2,712	            4,228
Loan from parent company (note 6)				1,617	            1,525

							5,279		6,485

STOCKHOLDERS' EQUITY
Capital Stock (note 7 and 9)					1,455	   	1,455
Additional Paid In Capital					26,273		26,273
Accumulated Other Comprehensive Loss			(486)		(1,035)
Accumulated Deficit 					(24,881)		(25,506)

							2,361 		1,187

						$	7,640	$	7,672

APPROVED ON BEHALF OF THE BOARD

COSMO COMMUNICATIONS CORPORATION
Consolidated Statements of Changes in Stockholders' Equity
Years Ended March 31, 2005 and 2004
($ in 000's)
				Paid in	Accumulated
			Capital in		Other			Total
	Number of	Capital	excess of Comprehensive Accumulated Stockholders'
	Shares		Stock	Par Value	Loss	   Deficit	      Equity

Balance, April 2, 2003
  29,104,000  	$ 1,455     $ 26,273  	$ (1,318)	 $ (26,225)     $  185

Foreign exchange on translation
	   -		-              -		283	       -	         283
Net earnings
                -		-	-		  -	    719	         719

Balance, March 31, 2004
		    29,104,000    $ 1,455     $ 26,273  $  (1,035)  $ (25,506)    $ 1,187

Foreign exchange on translation

		-	-	     -		549	      -	         549
Net earnings
		-	-	     -		  -	625	         625

Balance, March 31, 2005
	  29,104,000     $ 1,455	$ 26,273 	   $ (486)	      $ (24,881) 	    $ 2,361


COSMO COMMUNICATIONS CORPORATION
Consolidated Statements of Earnings
Years Ended March 31, 2005 and 2004
($ in 000's)
(except per share data)
		(note 15)
						2005		2004
Sales					     $	35,452	      $	32,159
Cost of Sales 					32,846		29,476

Gross Profit					2,606		2,683
Commission and Other Income			1,854		1,283

						4,460		3,966
Expenses
General and administrative				1,708		1,382
Selling and delivery					1,613		1,616
Financial						   205	                177
Exchange loss 					    36		    80
Amortization					    32		    21

						3,594		3,276

Earnings Before Income Taxes			866		690
Income taxes -current				137		97
Income taxes - deferred				104	             (126)

						241		(29)
Net Earnings 				$	625	$	719

Earnings per weighted average number of
shares outstanding - basic and diluted		$	0.02	$	0.02

Weighted average number of shares
outstanding - basic and diluted		29,104,000	     29,104,000


COSMO COMMUNICATIONS CORPORATION
Consolidated Statements of Cash Flows
Years Ended March 31, 2005 and 2004
($ in 000's)
		(note 15)
						2005		2004
Cash Flows from Operating Activities
Net earnings				$	625	$	719
Adjustment for:
Amortization					  32		  21
Deferred taxes		 			104		(126)

						761		614
Change in non-cash working capital
Accounts receivable				2,295		(1,398)
Inventories				            (2,532)		(517)
Prepaid and sundry assets				    -		36
Accounts payable and accrued charges		226		(104)
Accounts payable to parent company		           (1,517)		996
Income taxes payable				(8)		47
Foreign currency translation adjustment		549		283

						(226)		(43)

Cash Flows from Investing Activities
Additions to equipment				(8)		(89)

Cash Flows from Financing Activities
Proceeds of advances from parent company		93		87

Net (Decrease) Increase in Cash			(141)		(45)
Cash - beginning of  year				770		815

Cash - end of year				$	629	$	770



Supplemental Disclosure of Cash Flow Information:
Cash paid for Interest			$	205	$	177

Cash paid for Income taxes			$	144	$	76

COSMO COMMUNICATIONS CORPORATION
Notes to Financial Statements
March 31, 2005 and 2004
($ in 000')
(except per share data)

1.	Nature of Operations
Cosmo Communications Corporation and subsidiaries (the "Company")
market and distribute consumer electronic products.  The Company
has operations in Hong Kong and Canada.
2.	Summary of Significant Accounting Policies
a) Principles of Consolidation

The Company includes, in consolidation, its wholly owned subsidiaries,
Cosmo Communications Canada Corporation Inc. and Cosmo
Communications (H.K.) Limited.  All significant intercompany transactions and
balances have been eliminated upon consolidation.
b)	Inventories
Inventories are stated at the lower of cost (first-in, first-out) or market.
c)	Equipment
Equipment is stated at cost less accumulated amortization. Amortization,
based on the estimated useful lives of the assets, is provided using the
undernoted annual rates and methods:
Furniture and fixtures	20%	Declining balance
Office equipment	20%	Declining balance
Computer equipment	25%	Declining balance
Warehouse equipment	20%	Declining balance
Leasehold improvements                           	5 years Straight-line

COSMO COMMUNICATIONS CORPORATION
Notes to Financial Statements
March 31, 2005 and 2004
($ in 000')
(except per share data)
2.	Summary of Significant Accounting Policies (cont'd)
d) Deferred Charges

Deferred charges consist of costs of the financing and reorganisation of the
Company and are amortized over 5 years.
e) Foreign Translation Adjustment
The accounts of the foreign subsidiaries were translated into U.S. dollars in
accordance with the provisions of Financial Accounting Standards Board
Statement ("SFAS") No. 52.  Management has determined that the
Hong Kong dollar is the functional currency of the Hong Kong subsidiaries
and the Canadian dollar is the functional currency of the Canadian subsidiary.
Certain current assets and liabilities of these foreign entities are
denominated in U.S. dollars.  In accordance with the provisions of SFAS No. 52,
transaction gains and losses on these assets and liabilities
are included in the determination of income for the relevant periods.
Adjustments resulting from the translation of the financial statements from
their functional currencies to United States dollars are accumulated as a
separate component of accumulated other comprehensive income and have
not been included in the determination of income for the relevant periods.

f) Revenue Recognition

Sales are recognized upon shipment of goods as that is the point at which
title passes to the customer, net of estimated sales returns.  Revenue is
recognised if persuasive evidence of an agreement exists, the sales price
is fixed or determinable, and collectibility is reasonably assured.
g) Concentration of Credit Risks

The Company is exposed to credit risk on accounts receivable from its
customers. In order to reduce its credit risk, the Company has adopted
credit policies, which includes the analysis of the financial position of its
customers and the regular review of their credit terms.





COSMO COMMUNICATIONS CORPORATION
Notes to Financial Statements
March 31, 2005 and 2004

2.	Summary of Significant Accounting Policies (cont'd)

h) Fair Value of Financial Instruments

The Company's financial instruments include cash and cash equivalents,
receivables, payables, debt and credit facilities.  The estimated fair value
of financial instruments has been determined by the Company using available
market information and valuation methodologies.
Considerable judgment is required in estimating fair value.
Accordingly, the estimates may not be indicative of the amounts
the Company could realize in a current market exchange.
At March 31, 2005 and 2004, the carrying amounts of accounts
receivable, accounts payable and accrued charges, and loans
payable approximate their fair values due to the short-term maturities
of these instruments.

   i)	Use of Estimates

The preparation of consolidated financial statements in conformity with
accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of
the consolidated financial statements and the reported amounts of
revenues and expenses during the reporting period.  Actual results may
differ from those estimates.
j)	Income Taxes

The Company accounts for income taxes pursuant to SFAS No. 109,
"Accounting for Income Taxes". Deferred tax assets and liabilities are recorded
for differences between the financial statement and tax basis of the assets
and liabilities that will result in taxable or deductible amounts in the
future based on enacted tax laws and rates applicable to the periods in
which the differences are expected to affect taxable income. Valuation
allowances are established when necessary to reduce deferred tax assets
to the amount expected to be realized. Income tax expense is recorded for
the amount of income tax payable or refundable for the period increased or
decreased by the change in deferred tax assets and liabilities during the
period.





COSMO COMMUNICATIONS CORPORATION
Notes to Financial Statements
March 31, 2005 and 2004

2.	Summary of Significant Accounting Policies (cont'd)
k)	Earnings Per Share

Basic earnings per share is computed based on the average number of  common
shares outstanding and diluted earnings per share is computed based on the
average number of common and potential common shares outstanding.
As of each period ended there were no dilutive common equivalent shares.
The stock options discussed in Note 9 could potentially dilute earnings per
share in the future but were not included in diluted loss per share since they
would be anti-dilutive for the periods presented.

   l)	Stock-Based Compensation Plans

Stock based compensation plans include all arrangements by which employees
and nonemployee members of the Board of Directors receive shares of stock or
other equity instruments of the Company or the Company incurs liabilities to
employees in amounts based on the price of the Company's stock.  The
Company has chosen to continue to account for stock-based plans using the
intrinsic value method prescribed by Accounting Principles Board Opinion
("APB") No.25, "Accounting for Stock issued to Employees" and related
interpretations. Accordingly, compensation cost of stock based compensation
is measured as the excess, if any, of the fair value of the Company's stock at
the date of the grant over the amount an employee or non employee member
of the Board of Directors must pay for the stock.  The Company did not enter
into any stock based compensation arrangement in 2005 or 2004.Pro forma
net earnings and earning per share disclosure as if the Company recorded
compensation expense based on fair value for stock based awards in
accordance with the provisions of SFAS No. 148 "Accounting for stock
based Compensation - Transition and Disclosure," are not materially
different.

m)	Comprehensive Income

The Company adopted SFAS No. 130, "Reporting Comprehensive Income." SFAS
No. 130 establishes standards for reporting and presentation of comprehensive
income and its components in a full set of financial statements.  Comprehensive
income is presented in the statements of changes in stockholders' equity, and
consists of net loss and unrealised gains (losses) on available for sale
marketable securities; foreign currency translation adjustments and changes
in market value of future contracts that qualify as a hedge; and negative equity
adjustments recognized in accordance with SFAS 87.  SFAS No. 130 requires
only additional disclosures in the financial statements and does not affect the
Company's financial position or results of operations.

COSMO COMMUNICATIONS CORPORATION
Notes to Financial Statements
March 31, 2005 and 2004

3.	Accounts Receivable

The allowance for doubtful accounts for the year ended March 31, 2005 amounted
to $57,610 (2004 - $41,895).

The Company carries accounts receivable at the amounts it deems to be
collectible. Accordingly, the Company provides allowances for accounts
receivable it deems to be uncollectible based on management's best estimates.
Recoveries are recognised in the period they are received. The ultimate amount
of accounts receivable that become uncollectible could differ from those
estimated.
4.	Equipment
				2005			2004
				Accumulated		Accumulated
				Cost	Depreciation	Cost	Depreciation

Furniture and fixtures	$	42	$	36	$  43	$  35

Office equipment			32		26	   33	    25

Computer equipment		39		26	   31            19
Leasehold improvements		13		13             13            13
Warehouse equipment		68		20	   70	     7

			$	194	$	121     $	 190	$   99

Net carrying amount			$	73		$   91
5.	Accounts Payable to Parent Company
As of March 31, 2005, the Company owed approximately $4,445 (2004 - $5,753) to
the parent company ("Starlight"), the principal shareholders of the Company.  Of
this amount $2,712 was owed in the form of trade payable (2004 - $4,228) and the
remainder was in the form of a loan (note 6).


COSMO COMMUNICATIONS CORPORATION
Notes to Financial Statements
March 31, 2005 and 2004
6.	Loan From Parent Company
The loan from Starlight bears interest at Hong Kong prime rate plus 1% and is
payable on demand.  Interest accrued as of March 31, 2005 was $455 (2004 -
$363).
7.	Common Stock and Treasury Stock
Authorized
30,000	preferred shares, cumulative, convertible at $0.01 par value
9,970,000	preferred shares, at $0.01 par value
50,000,000	common shares at $0.05 par value, voting,  participating
  	2005	2004
Issued
	29,104,000	common shares	$	1,571		$	1,571
	2,314,567	treasury stock		(116)			(116)

		$	1,455		$	1,455

8.	Related Party Transactions
Apart from those as disclosed in note 6, the Company's transactions with
related parties were, in the opinion of the directors, carried out on normal
commercial terms and in the ordinary course of the Company's business.
During the year ended March 31, 2005, the Company purchased $21,703
(2004 $19,392) of goods from Starlight and received $344 (2004 - $243) in
commissions.

COSMO COMMUNICATIONS CORPORATION
Notes to Financial Statements
March 31, 2005 and 2004
9.	Stock Option Plan
The Board of Directors of the Company (the "Board") adopted the 1990 Stock
Option Plan (the "Plan) effective December 15, 1990.  Effective December 23,
1994, the 1990 Stock Option Plan was amended and restated.  The Plan
reserved 270,000 shares of common stock for issuance there under.  Under the
Plan, the Company may grant incentive stock options, nonqualified stock
options, and stock appreciation rights.  The purpose of the Plan is to further
the best interests of the Company and its subsidiaries by encouraging
employees and consultants of the Company and its subsidiaries to continue
association with the Company. The employees eligible to participate in the
Plan as recipients of stock options or stock appreciation rights are such
officers and employees of the Company and such other key employees of
the Company and its subsidiaries, as the Board shall from time to time
determine, subject to the limitations of the Plan.

The Plan is administered by the Board or by a committee of the Board designated
by the Board.  The Board, or such committee, determines, among other things,
which officers, employees and directors of the Company receive options or
stock appreciation rights under the Plan, the number of shares to be covered
by the options, and the date of grant of such options.

The options granted under the Plan terminate at the earlier of (i) a date set by
the Board at the time of grant, or (ii) ten years from their respective dates of
grant, except in the case of incentive stock options granted to a shareholder
owning ten percent (10%) or more of the Company's common stock, with respect
to whom options granted are exercisable over a period no longer than
five years.  The exercise price for stock options granted under the Plan is
determined by the Board and is required to be at least the par value per share
of the common stock, except in the case of incentive stock options (which
must have a price which is not less than market price of the shares on the
date of the options granted) to a shareholder owning ten percent (10%) or
more of the Company's common stock, with respect to whom the exercise
price is required to be at least one hundred ten percent (110%) of such market
price. The exercise price must be paid in full by an employee in cash,
common stock of the Company or any other form of payment permitted by the
Board. As of March 31, 2005 the Company terminated its stock option plan.
Nil (2004 -252,000) stock options were outstanding and nil (2004  230,000) were
exercisable. The exercise price of the stock options ranged from
$.45 - $1.55 per option.

COSMO COMMUNICATIONS CORPORATION
Notes to Financial Statements
March 31, 2005 and 2004
10.	Income Taxes
Future income tax assets and liabilities are recognized on temporary
differences between the financial and tax bases of the equipment in
note 4 as well as unused tax loss carry forwards.  The provision for income
taxes has been computed as follows:
	`						2005		2004
Expected income tax recovery at the statutory rate of 35.42%
(2004- 36.60%) in Canada, 17.5% (2004 - 16%) in Hong Kong
and 15.5% (2004 - 20.5%) in USA				$ 220  		 $150

Tax effect of expenses that are not deductible for income tax
purposes (net of other amounts deductible for tax purposes) 	   13		  12

Tax effect of differences in the timing of deductibility of items
for income tax purposes:
Differences between depreciation and capital cost allowance 	   (3)		(30)

Recognition of non-capital tax losses				(104)	             (100)
Unrealised exchange gains					   11		(11)

							 137	              21
Utilization of non-capital tax losses to offset current taxable
income 							  94		(63)

Non-capital tax losses available to offset future taxable income,
as described below 					 10		13

Provision for income taxes				$	241	$	(29)


10.	Income Taxes (cont'd)
							2005		2004
The components of future income taxes are as follows:
Deferred income tax liabilities:
Deferred income tax assets:
Equipment					$	23	$	26

Non-capital tax loss carry-forward				  -	              100

Deferred income taxes				$	23	$	126

11.	Contingencies
The Company is not in compliance with the periodic reporting requirements of
the Securities Exchange Act of 1934.  Management is unable to determine
what effect, if any, this non compliance will have on its operations.
12.	 Economic Dependence
The Company is economically dependent upon its parent company for the supply
of inventory products to its customers. A Canadian mass market merchandiser
and chain store is the Company's largest customer, which accounted for
approximately 90% of sales in 2005 and 90% in 2004.  Economic dependence
exists with this identified customer.  Loss of the customer may have significant
adverse results to the financial position of the Company.

As of March 31, 2005, the accounts receivable from this customer amounted to
approximately $239 (2004 - $95)


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COSMO COMMUNICATIONS CORPORATION
Notes to Financial Statements
March 31, 2005 and 2004
($ in 000's)
(except per share data)



COSMO COMMUNICATIONS CORPORATION
Notes to Financial Statements
March 31, 2005 and 2004
($ in 000's)
(except per share data)