##### 



SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
1934
For the period ended March 31, 2002

Commission file number 0-30107

FINANCIAL VENTURES INC.
(Exact Name and Registrant as Specified in its Chapter)

|                                                                                                     |  |                                                
|---------------------------------------------------------------------------------------------------- |  | -----------------------------------------------
|Florida
(State of Incorporation)                                                                     |  | 65-0740090
(IRS Employer Identification Number)
|                                                                                                     |  |                                                
|120 Adelaide Street West
Suite 1214
Toronto, Ontario
Canada
(Address of Principal Executive Offices) |  | M5H 1T1
(Zip Code)                             

Registrants telephone number, including area code: 416-214-9735



| |                                                                                                                                                                                                                                                                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Former Name, Former Address and Former Fiscal Year, if Changed Since Last
Report:Not Applicable                                                                                                                                                                                                                                                                   
|
| | Indicate by check mark whether the registrant: (1) has filed all reports
required by Section 13 or 15 (d) of the Securities and Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 Days. Yes (x) No ( ).
|
| | As of March 31, 2002 there were 903,800 shares of Class A common stock,
$.01 par value per share, outstanding.                                                                                                                                                                                                                                                    





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PART 2

OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 2. Changes in Securities

None

Item 3. Defaults upon Senior Securities

None

Item 4. Submissions of Matters to a Vote of Security Holdings

None

Item 5. Other Information

None





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##### 



FINANCIAL VENTURES, INC.
(A Development Stage Company)

FINANCIAL STATEMENTS

MARCH 31, 2002





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##### 



FINANCIAL VENTURES, INC.
(A Development Stage Company)

CONTENTS

|                             |                                              |  |            |     | 
|---------------------------- | -------------------------------------------- |  | ---------- | --- | 
|                             |                                              |  | PAGE      
|                             |                                              |  |           
|Independent Auditors Report |                                              |  | F-1        |    
|Financial Statements:        |                                              |  |            |    
|                             | Balance Sheet                                |  |            | F-2 | 
|                             | Statements of Operations                     |  |            | F-3 | 
|                             | Statement of Changes in Stockholders
Equity |  |            | F-4 | 
|                             | Statements of Cash Flows                     |  |            | F-5 | 
|                             | Notes to Financial Statements                |  | F-6 to F-8





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##### 



Earl M. Cohen, C.P.A., P.A.Certified Public Accountant
2505 N.W. Boca Raton Blvd.  Suite 202
Boca Raton, Florida 33421
Tel.: (561) 347-1608 Fax: (561) 471-9984
 
INDEPENDENT AUDITORS REPORT

To The Board of Directors
Financial Ventures, Inc.

We have audited the accompanying balance sheet of Financial Ventures, Inc. (a
development stage company), as of March 31, 2002 and the related statements of
operations, changes in stockholders equity and cash flows for the years ended
March 31, 2002 and 2001 and for the period from December 4, 1996 (inception)
through March 31, 2002. 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 audit.

We conducted our audit in accordance with auditing standards generally accepted
in the 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, the financial statements referred to above present fairly, in
all material respects, the financial position of Financial Ventures, Inc. (a
development stage company) as of March 31, 2002, and the results of its
operations and its cash flows for the years ended March 31, 2002 and 2001 and
for the period from December 4, 1996 (inception) through March 31, 2002 in
conformity with accounting principles generally accepted in the United States.

|                    |  |                           
|------------------- |  | --------------------------
|December 7, 2002    |  | /s/ Earl M. Cohen, CPA, PA
|Boca Raton, Florida |  |                           

MEMBER
American Institute of Certified Public Accountants
Florida Institute of Certified Public Accountants

F-1



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FINANCIAL VENTURES, INC.
(A Development Stage Company)BALANCE SHEETMARCH 31, 2002

|                                                                                                   |                                      |   |         |   | 
|-------------------------------------------------------------------------------------------------- | ------------------------------------ | - | ------- | - | 
|ASSETS                                                                                            
|TOTAL ASSETS                                                                                       |                                      | $ |        |  
|STOCKHOLDERS EQUITY (DEFICIT)                                                                    
|STOCKHOLDERS EQUITY (DEFICIT)                                                                     |                                      |   |         |  
|Common stock, $.001 par value, 50,000,000
shares authorized, 908,800 shares issued
and outstanding |                                      | $ | 909     |  
|Additional paid-in capital                                                                         |                                      |   | 9,467   |  
|Deficit accumulated during the development
stage                                                   |                                      |   | (10,376 | )
|                                                                                                   |                                      |   |         |  
|                                                                                                   | Total Stockholders Equity (Deficit) |   |         |  | 
|                                                                                                   |                                      |   |         |  
|TOTAL STOCKHOLDERS EQUITY (DEFICIT)                                                               |                                      | $ |        |  
|                                                                                                   |                                      |   |         |  

Read accompanying Notes to Financial Statements.

F-2



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FINANCIAL VENTURES, INC.
(A Development Stage Company)STATEMENTS OF OPERATIONSYEARS ENDED MARCH 31, 2002 AND 2001
AND
PERIOD FROM DECEMBER 4, 1996 (INCEPTION) THROUGH MARCH 31, 2002

|                                              |                            |   |            |       |            |   |              |       |  |   |             |        | 
|--------------------------------------------- | -------------------------- | - | ---------- | ----- | ---------- | - | ------------ | ----- |  | - | ----------- | ------ | 
|                                              |                            |   |            |       |            |   |              |       |  |   | December 4,
|                                              |                            |   |            |       |            |   |              |       |  |   | 1996       
|                                              |                            |   | Year Ended |       | Year Ended |   | (Inception) 
|                                              |                            |   | March 31,  |       | March 31,  |   | to March 31,
|                                              |                            |   | 2002       |       | 2001       |   | 2002        
|                                              |                            |   |            |       |            |   |             
|REVENUES                                      |                            | $ |           |       |            | $ |             |       |  | $ |            |       
|EXPENSES                                      |                            |   |            |       |            |   |              |       |  |   |             |       
|                                              | General and administrative |   |            | 3,896 |            |   |              | 5,200 |  |   |             | 10,376 | 
|                                              |                            |   |            |       |            |   |              |       |  |   |             |       
|NET (LOSS)                                    |                            | $ | (3,896     | )     |            | $ | (5,200       | )     |  | $ | (10,376     | )     
|                                              |                            |   |            |       |            |   |              |       |  |   |             |       
|(LOSS) PER SHARE                              |                            | $ |           |       |            | $ |             |       |  | $ |            |       
|                                              |                            |   |            |       |            |   |              |       |  |   |             |       
|WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING |                            |   | 908,800    |       |            |   | 906,978      |       |  |   |             |       
|                                              |                            |   |            |       |            |   |              |       |  |   |             |       

Read accompanying Notes to Financial Statements.

F-3



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FINANCIAL VENTURES, INC.
(A Development Stage Company)STATEMENT OF CHANGES IN STOCKHOLDERS EQUITYPERIOD FROM DECEMBER 6, 1996 (INCEPTION) THROUGH MARCH 31, 2002

|                                                                            |  |              |         |            |  |            |     |             |  |       |       |  |  |             |         |   |  |   |        |  
|--------------------------------------------------------------------------- |  | ------------ | ------- | ---------- |  | ---------- | --- | ----------- |  | ----- | ----- |  |  | ----------- | ------- | - |  | - | ------ | -
|                                                                            |  |              |         |            |  |            |     |             |  |       |       |  |  | Deficit     |         |   |  |  
|                                                                            |  |              |         |            |  |            |     |             |  |       |       |  |  | Accumulated |         |   |  |  
|                                                                            |  | Common Stock |         | Additional |  | During the |     |             |  |      
|                                                                            |  | Number of    |         | Par        |  | Paid-in    |     | Development |  |       |       | 
|                                                                            |  | Shares       |         | Value      |  | Capital    |     | Stage       |  | Total
|                                                                            |  |              |         |            |  |            |     |             |  |      
|January 17, 1997 - Common
shares issued for cash                            |  |              | 903,800 |            |  | $          | 904 |             |  | $     | 376   |  |  | $           |        |   |  | $ | 1,280  |  
|August 11, 2000 - Common
shares issued for cash                             |  |              | 5,000   |            |  |            | 5   |             |  |       | 4,995 |  |  |             |        |   |  |   | 5,000  |  
|Reclassification of amount due
to stockholder to additional
paid-in capital |  |              |        |            |  |            |    |             |  |       | 200   |  |  |             |        |   |  |   | 200    |  
|Net (loss)                                                                  |  |              |        |            |  |            |    |             |  |       |      |  |  |             | (6,480  | ) |  |   | (6,480 | )
|                                                                            |  |              |         |            |  |            |     |             |  |       |       |  |  |             |         |   |  |   |        |  
|Balance  March 31, 2001                                                    |  |              | 908,800 |            |  |            | 909 |             |  |       | 5,571 |  |  |             | (6,480  | ) |  |   |       |  
|Expenses paid by stockholder
recorded as additional paid-in
capital         |  |              |        |            |  |            |    |             |  |       | 3,896 |  |  |             |        |   |  |   | 3,896  |  
|Net (loss)                                                                  |  |              |        |            |  |            |    |             |  |       |      |  |  |             | (3,896  | ) |  |   | (3,896 | )
|                                                                            |  |              |         |            |  |            |     |             |  |       |       |  |  |             |         |   |  |   |        |  
|Balance  March 31, 2002                                                    |  |              | 908,800 |            |  | $          | 909 |             |  | $     | 9,467 |  |  | $           | (10,376 | ) |  | $ |       |  
|                                                                            |  |              |         |            |  |            |     |             |  |       |       |  |  |             |         |   |  |   |        |  

Read accompanying Notes to Financial Statements.

F-4



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FINANCIAL VENTURES, INC.
(A Development Stage Company)STATEMENTS OF CASH FLOWYEARS ENDED MARCH 31, 2002 AND 2001
AND
PERIOD FROM DECEMBER 4, 1996 (INCEPTION) THROUGH MARCH 31, 2002

|                                                                       |                                                                             |   |            |        |            |   |              |        |   |   |                  |         |  
|---------------------------------------------------------------------- | --------------------------------------------------------------------------- | - | ---------- | ------ | ---------- | - | ------------ | ------ | - | - | ---------------- | ------- | -
|                                                                       |                                                                             |   |            |        |            |   |              |        |   |   | December 4, 1996
|                                                                       |                                                                             |   | Year Ended |        | Year Ended |   | (Inception) 
|                                                                       |                                                                             |   | March 31,  |        | March 31,  |   | to March 31,
|                                                                       |                                                                             |   | 2002       |        | 2001       |   | 2002        
|                                                                       |                                                                             |   |            |        |            |   |             
|CASH FLOWS FROM OPERATING ACTIVITIES:                                  |                                                                             |   |            |        |            |   |              |        |   |   |                  |        
|                                                                       | Net (loss)                                                                  |   | $          | (3,896 | )          |   | $            | (5,200 | ) |   | $                | (10,376 | )
|CASH FLOWS FROM FINANCING ACTIVITIES:                                  |                                                                             |   |            |        |            |   |              |        |   |   |                  |        
|                                                                       | Proceeds from issuance of common stock                                      |   |            |       |            |   |              | 5,000  |   |   |                  | 6,280   |  
|                                                                       | Increase in additional paid-in capital                                      |   |            | 3,896  |            |   |              |       |   |   |                  | 3,896   |  
|                                                                       | Increase in amount due to stockholder                                       |   |            |       |            |   |              | 200    |   |   |                  | 200     |  
|NET CASH PROVIDED BY FINANCING ACTIVITIES                              |                                                                             |   | 3,896      |        |            |   | 5,200        |        |   |   | 10,376           |        
|NET INCREASE (DECREASE) IN CASH                                        |                                                                             |   |           |        |            |   |             |        |   |   |                 |        
|CASH  BEGINNING                                                       |                                                                             |   |           |        |            |   |             |        |   |   |                 |        
|CASH  ENDING                                                          |                                                                             | $ |           |        |            | $ |             |        |   | $ |                 |        
|                                                                       |                                                                             |   |            |        |            |   |              |        |   |   |                  |         |  
|SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING
AND FINANCING ACTIVITIES: |                                                                             |   |            |        |            |   |              |        |   |   |                  |        
|                                                                       | Reclassification of amount due to
stockholder to additional paid-in
capital |   | $          |       |            |   | $            | 200    |   |   | $                | 200     |  
|                                                                       |                                                                             |   |            |        |            |   |              |        |   |   |                  |         |  

Read accompanying Notes to Financial Statements.

F-5



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FINANCIAL VENTURES, INC.
(A Development Stage Company)NOTES TO FINANCIAL STATEMENTSMARCH 31, 2002

NOTE 1. ORGANIZATION



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Financial Ventures, Inc. was incorporated on December 4, 1996 under
the laws of the State of Florida. The company is engaged in
purchasing tropical fish for wholesale. The companys headquarters
is in Toronto, Canada.                                                                                                                                                                                                                                                                                            
|
| | The Company has no revenues to date. Since inception, the Company
has been dependent upon the receipt of capital investment or other
financing to fund its continuing activities. In addition to the
normal risks associated with a new business venture, there can be
no assurance that the Companys product development will be
successfully completed or that it will be a commercial success.
Further, the Company is dependent upon certain related parties to
provide continued funding and capital resources.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



| |                                                                                                                                                                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Income Taxes                                                                                                                                                                                                                                                                                                               
|
| | Deferred income taxes are provided for differences between the
basis of assets and liabilities for financial and income tax
reporting. A valuation allowance is provided against deferred
income tax assets in circumstances where management believes
recoverability of a portion of the assets is not reasonably
assured.
|
| | (Loss) Per Share                                                                                                                                                                                                                                                                                                           
|
| | (Loss) per share is computed by dividing net (loss) for the year by
the weighted average number of shares outstanding.                                                                                                                                                                                                     
|
| | Statement of Cash Flows                                                                                                                                                                                                                                                                                                    
|
| | For purposes of this statement the Company considers all highly liquid
investments with an original maturity of three months or less to be cash
equivalents.                                                                                                                                                               

F-6



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FINANCIAL VENTURES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2002

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Use of Estimates                                                                                                                                                                                                                                                                                                                                                                                                                               
|
| | Management uses estimates and assumptions in preparing financial
statements in accordance with generally accepted accounting
principles. Those estimates and assumptions affect the reported
amounts of assets and liabilities, the disclosure of contingent
assets and liabilities, and the reported revenues and expenses.
Accordingly, actual results could vary from the estimates that were
assumed in preparing the financial statements.

NOTE 3. INCOME TAXES



| |                                                                                                                                                                                                                               
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | As of March 31, 2002 and 2001, no deferred income
taxes has been recorded due to the Company having no history
of profitable operations. Significant components of the Companys
net deferred income tax asset are as follows:

|                              |  |      |        |      |  |   |        |  
|----------------------------- |  | ---- | ------ | ---- |  | - | ------ | -
|                              |  | 2002 |        | 2001
|                              |  |      |        |     
|Start-up expenditures         |  | $    | 1,900  |      |  | $ | 1,200  |  
|Less: Valuation allowance     |  |      | (1,900 | )    |  |   | (1,200 | )
|                              |  |      |        |      |  |   |        |  
|Net deferred income tax asset |  | $    |       |      |  | $ |        |  
|                              |  |      |        |      |  |   |        |  



| |                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------
| | During the year ended March 31, 2002, the valuation allowance
increased by $700.                                                
|
| | The reconciliation of income tax (benefit) computed at the federal
statutory rate to income tax expense (benefit) is as follows:

|                                            |  |  |        |   
|------------------------------------------- |  |  | ------ | --
|Tax (benefit) at federal statutory rate     |  |  | (15.00 | )%
|State tax (benefit), net of federal
benefit |  |  | (3.63  | ) 
|Valuation allowance                         |  |  | 18.63  |   
|                                            |  |  |        |   
|Tax provision (benefit)                     |  |  | 00.00  | % 
|                                            |  |  |        |   

F-7



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FINANCIAL VENTURES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2002

NOTE 4. CAPITAL STOCK



| |                                                                                                                                                                  
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The Company has authorized 50,000,000 common shares with a par
value of $.001 per share. As of March 31, 2002, 908,800 common
shares were issued and outstanding.

F-8



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SIGNATURES

Pursuant to the requirements of the Securities Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.

|                        |  |                        |  |                
|----------------------- |  | ---------------------- |  | ---------------
|Dated: January 20, 2003 |  | FINANCIAL VENTURES INC
|                        |  |                        |  |                
|                        |  | By:                    |  | Mathew McNeally
|                        |  |                        |  |                
|                        |  |                        |  | President CEO  
|                        |  |                        |  |                
|                        |  | By:                    |  | John Forbes    
|                        |  |                        |  |                
|                        |  |                        |  | Secretary      

F-9