| **UNITED STATES****SECURITIES AND EXCHANGE COMMISSION**Washington, DC 20549  **Form 10-QSB/A                          (Mark one)
[ X ] QUARTERLY    REPORT UNDER SECTION 13 OR 15 (d) OF THE 
SECURITIES    EXCHANGE ACT OF 1934  
For the    quarterly period ended: March 31, 2001  
[  ]    TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE 
SECURITIES    EXCHANGE ACT OF 1934
For    the transition period from ____________ to _____________  
Commission    file number: 0-16179  **Gexa    Corp.
(Exact    name of small business issuer as specified in its charter)** **
Texas
76-0670175
(State or    other jurisdiction of incorporation or organization) 
(IRS Employer    Identification No.)  
24    Greenway Plaza, Suite 1826, Houston, TX**77046
(Address of    principal executive offices)
(Zip Code)  **(713)-961-9399
(Issuer’s    telephone number)   
Gexa    Gold Corp.
(Former    Name, former address and former fiscal year, if changed since last report)
Check    whether the issuer (1) filed all reports required to be filed by section 13 or 15 (d) of    the Exchange Act during the past 12 months (or for such shorter period that the registrant    was required to file such report (s), and (2) has been subject to such filing requirements    for the past 90 days. Yes [ ] No [X]
APPLICABLE ONLY TO    CORPORATE ISSUERSState the number of shares outstanding of    each of the issuer’s classes of common equity, as of the latest practicable date:
Common Stock, $.01 par    value 5,866,922 shares outstanding as of September 30, 2001
Transitional Small    Business Disclosure Format: Yes __ No X** **
 

 

 

 

 

 
**TABLE OF CONTENTS

**PART I. FINANCIAL    INFORMATION**
Page   Item 1. Financial Statements 2Item 2. Management’s Plan of Operation4  **PART II. OTHER    INFORMATION   Item 1. Legal Proceedings6Item 2. Changes in Security6Item 3. Default Upon Senior Securities7Item 4. Submission of Matters to a Vote of    Security Holders7Item 5. Other Information7Item 6. Exhibits and Reports on Form 8-K7** ****PART I FINANCIAL INFORMATION

Item 1. Financial Statements**
Set forth below are the financial statements for the Company for thethree-month periods ended March 31, 2001 and 2000.

**INDEX    TO FINANCIAL STATEMENTS**
Page
     Balance Sheets March 31, 2001 (Unaudited) and December 31, 20002
     Statement of Operations for the three-months ended March 31, 2001 and 2000 (Unaudited)3
     Statement of Cash Flow for the three-months ended March 31, 2001 and 2000 (Unaudited)3  Notes to the Financial    Statements4
 
**GEXA CORP.
Balance Sheets  March    31, 2001December    31, 2000
ASSETS
(Unaudited)          Total Assets
$
-
$
-  
LIABILITIES    AND STOCKHOLDERS' EQUITY            Total liabilities-
-Stockholders'    equity:      Preferred stock, $.05 par value; 2,500,000 shares      authorized; no preferred convertible shares issued and      outstanding at March 31, 2001 and 944,495 at December 31, 2000-
47,225   Common    stock, $.01 par value; 75,000,000 shares       authorized; 4,460,922 shares issued and outstanding at March 31       and 8,504,425 shares issued and outstanding at December 31, 200044,60985,044      Additional paid-in capital
2,813,922
2,685,512      Accumulated  (loss)
(2,858,531)
(2,817,781)        Total stockholders' equity
-
-          Total   stockholders' equity and liabilities
$
-
$
-
See    accompanying notes to financial statements.
 
**GEXA CORP.
Statement    of Operations
(Unaudited)       
For the three months ended
For the three months ended
March 31, 2001
March 31, 2000Sales
$-
$-Cost of    sales
-
- Gross    Profit--General    and administrative40,750-Net    income (loss) 
$
(40,750)
$
-Basic    net income (loss) per share
$
(0.05)
$
-Diluted    net income (loss) per share
$
(0.05)
$
-Basic    weighted average shares outstanding
821,489
348,142Diluted    weighted average shares outstanding
821,489
385,922
See    accompanying notes to financial statements.
 
**GEXA CORP.
Statement    of Cash Flow
(Unaudited)   
For the three    months ended
For the three    months ended
March 31, 2001
March 31, 2000Cash flows from operating    activities:   Net income (loss)
$
(40,750)
$
-   Adjustments to    reconcile net income (loss)    to net cash    used by operating activities:   Stock issued to    officers, directors and consultants for services
40,750
-          Net cash provided by (used in) operating activities
-
-Cash flows from investing    activities:          Net cash provided by (used in) investing activities
-
-Cash flow from financing    activities:          Net cash provided by (used in) financing activities
-
-Increase (decrease) in cash and    cash equivalents
-
-Cash and cash equivalents at the    beginning of period
-
-Cash and cash equivalents at the    end of period
$
-
$
-Supplemental disclosure of cash    flow data:   Cash paid for    interest during the period
$
-
$
-
See    accompanying notes to financial statements.
 

GEXA CORP.(Formerly Gexa Gold Corporation)Notes to the Financial Statements(Unaudited)    March 31, 2001
**1. Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance withgenerally accepted accounting principles for interim financial information and with theinstructions to Form 10-QSB and Regulation S-B of the Securities and Exchange Commission.Accordingly, they do not include all of the information and footnotes required bygenerally accepted accounting principles for complete financial statements and should beread in conjunction with Notes to Financial Statements contained in the Company’sAnnual Report on Form 10-KSB for the year ended December 31, 2000. In the opinion ofmanagement, all adjustments (consisting of normal recurring accruals) considered necessaryfor a fair presentation have been included. Operating results for the three months endedMarch 31, 2001 are not necessarily indicative of the results that may be expected for theyear ended December 31, 2001.

The preparation of financial statements in accordance with generally acceptedaccounting principles requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities and the disclosure of contingent assets andliabilities at the date of the financial statements and revenues and expenses during thereporting period. Actual results could differ from those estimates.

2. Stock Transactions

On February 10, 2001, the 944,495 shares of convertible preferred stock were convertedinto 944,495 shares of common stock. On the same day, the board of directors voted toexecute a 1 to 25 reverse stock split. On March 21, 2001, the board authorized the issuance of 3,200,000 shares of common stockto the Company’s chief executive officer, 320,000 shares to the Company’s chiefoperating officer, 400,000 shares to three directors, and 155,000 shares to consultantsfor services rendered at a price of $.01 per share.

3. Earnings Per Share

The basic weighted average number of shares was computed as if the February 10, 2001 1to 25 reverse stock split occurred on December 31, 1999. The diluted weighted averagenumber of common shares for 2000 includes the conversion of the preferred stock intocommon. The diluted weighted average for 2001 includes 320,000 shares authorized by theboard to be issued to the Company’s chief operating officer on September 1, 2001 forservices rendered.

4. Going Concern

The accompanying financial statements have been prepared assuming that the Company willcontinue as a going concern.

As shown in the accompanying financial statements, the company has had no sales. Thefuture of the Company is dependent upon its ability to obtain financing and on the successof its new operations.

**Item 2. Management’s Plan of Operation**

Forward-Looking Statements; Market Data

To the extent that we make any forward-looking statements in the"Management’s Plan of Operation" in this Quarterly Report, we emphasizethat forward-looking statements involve risks and uncertainties and our actual results maydiffer materially from those expressed or implied by our forward-looking statements. Allforward-looking statements in this Quarterly Report reflect our current views about futureevents and are based on assumptions and are subject to risks and uncertainties. Except asrequired by applicable law, including the securities laws of the United States, we do notintend to update or revise any forward-looking statements, which forward-lookingstatements may include, but not be limited to, statements about our plans, objectives,expectations, intentions and assumptions and other statements that are not historicalfacts. Generally, forward-looking statements include phrases with words such as "expect", "anticipate", "intend", "plan","believe", "seek", "estimate" and similar expressions toidentify forward-looking statements.

This Quarterly Report contains reference to our intent to explore andpursue new business opportunities. Any plan to pursue new business opportunities mayinvolve certain estimates and plans related to us, which assumes certain events, trendsand activities will occur and the projected information based on those assumptions. We donot know that any assumptions that we may make will be accurate. In particular, we do notknow and cannot predict with any degree of certainty the growth in any business orindustry in which we may seek to operate. If our assumptions are wrong about any events,trends and activities, and specifically about which business opportunity to pursue, ifany, and because of our limited resources, then our efforts regarding and new businessopportunity may also be wrong. 

As used in this Quarterly Report, the terms "we","us", "our" and the "Company" mean Gexa Corp., a Texascorporation.We changed our name during this quarter from Gexa Gold Corp. to Gexa Corp. Wealso filed a DBA in the state of Texas for Gexa Corp. to DBA Gexa Energy. Please read thisQuarterly Report together with our Form 10-KSB for the year ended December 31, 2000.

Overview

Our current activity is related to seeking new businessopportunities. We will use our limited personnel and financial resources principally inconnection with the search for new business opportunities. It may be expected thatstarting any new business opportunity will involve the issuance of additional shares ofCommon Stock. To the extent that Common Stock is used to fund any new businessopportunity, any available cash, of which there can be no assurance, will be used tofinance such new business operations. On February 10, 2001, we converted all issued andoutstanding convertible preferred stock into 944,496 shares of common stock. At the sametime, our board of directors approved and executed a 1 for 25 reverse stock split. 

Results of Operations

During the three months ended March 31, 2001, we did not generate anyrevenues from any business operations. We had also no revenues from operations during sameperiod in the prior year. During the three month period ended March 31, 2001, we hadnon-cash expenses in the amount of $40,750 related to the issuance of restricted commonstock to officers, directors and consultants. See Item II Part II below.

Liquidity and Capital Resources

During the three months ended June 30, 1992, the Companyfiled for bankruptcy and disposed all of its assets and liabilities. At March 31,2001 and December 31, 2000, we had no assets and liabilities. We had an accumulateddeficit of $2,858,531 as of March 31, 2001.We also had no new borrowings or any othersource of funding during the three month period ended March 31, 2001. During the periodended March 31, 2001, we did not identify any source of funding. 

There can be no assurance that we will be able to continue to operatethrough the issuance of notes or other instruments, including the issuance of shares forservices provided to us or will be able to raise funds through the issuance of shares. We have no written agreement with our CEO/chairman or with any other affiliateor unaffiliated person  to provide any continued funding. Our chairman is presentlynegotiating on our behalf with our attorney and CR Capital Services, Inc., our corporatesecurities compliance firm, to be paid for services in shares. No determination has beenmade regarding the amount of shares or the value of the services.

Mr. Leibman became our CEO and chairman in March 2001 byaction of the former board of directors consisting of Justin Rice, Gary Rice and RobertMcDougal. As of the date of this filing, Mr. Leibman has paid for the benefit of theCompany a total of approximately $30,000, which monies have been applied principally topay fees related to our filings and reports under the Exchange Act. These filings areintended to permit us to become again current under the reporting requirements of theExchange Act. While we are dependent upon limited interim payments made on behalf of theCompany by Mr. Leibman, we have no written finance agreement with Mr. Leibman to provideany continued funding.

There currently are no limitations on our ability to borrow funds orissue restricted common stock to finance potential new business opportunities. However,our limited resources and lack of operating history may make it difficult to do so. Theamount and nature of any borrowing by us will depend on numerous factors, including ourcapital requirements, potential lenders' evaluation of our ability to meet debt service onborrowing and the then prevailing conditions in the financial markets, as well as generaleconomic conditions. We do not have any arrangements with any bank or financialinstitution to secure additional financing and there can be no assurance that sucharrangements if required or otherwise sought, would be available on terms commerciallyacceptable or otherwise in our best interests. Our inability to borrow funds or to providefunds for an additional infusion of capital may have a material adverse effect on ourfinancial condition and future prospects, including the ability to seek new businessopportunities. To the extent that debt financing ultimately proves to be available, anyborrowing will subject us to various risks traditionally associated with indebtedness,including the risks of interest rate fluctuations and insufficiency of cash flow to payprincipal and interest.

**PART II. OTHER INFORMATION**
**Item 1. Legal Proceedings**
None.
**Item 2. Changes in Security**
(a) None.

(b) The conversion of our convertible preferred stock into common stock: In February 2001, the Company converted all of its issued and outstanding shares ofconvertible preferred stock into common stock on a one for one basis.

(c) Issuance of Restricted Common Stock:During the three month period ended March 31, 2001, we issued 4,075,000 restrictedshares of common stock that were not registered under the Act. We relied upon Section 4(2)of the Act as the basis for the exemption from the registration requirements of the Actand there was public solicitation involved. The shares of common stock were sold toprivate investors who are "accredited investors" as defined under Rule 501(a)(3)under the Act. All recipients either received adequate information about the Company orhad access, through employment or other relationships, to such information. 

Name    of Holder
Date    of Issuance
Number    Common Stock
ConsiderationMarcie    Zlotnik03-21-2001320,000 Service    as President, Director (3)Boxer    Capital LLP03-21-20013,200,000Service    as CEO, Director (1)Steven H.    Bethke03-21-2001250,000Advisory    Board (2)(3)Norman    George03-21-2001100,000Advisory    Board (2)(3)Kim T.    Peterson03-21-200150,000Advisory    Board (2)(3)Sundowner    Holdings03-21-200140,000Consulting    Service (3)Jack    Kamrath03-21-200175,000Consulting    Service (3)Meryl    Roberts03-21-200140,000Consulting    Service (3)(1) Boxer Capital    LLP, a family partnership in which Mr. Leibman holds a 1% equity interest and is the    general partner.(2) Compensation for    serving on the Company's Advisory Board.(3) Shares were    issued at par value.
 

**Item 3. Default Upon Senior Securities**

None.
**Item 4. Submission of Matters to a Vote of Security Holders**
None.
**Item 5. Other Information**
None.
**Item 6. Exhibits and Reports on Form 8-K**
(a) Exhibits:

Exhibit No. Document    Description
3(i)Articles    of Incorporation and amendments (filed as Exhibits to the Company's Registration Statement    on Form 10-12g filed on September 3, 1987 and are incorporated herein by reference)
3(ii)Bylaws    (filed as Exhibit to the Company's Registration Statement on Form 10-12g, filed on    September 3, 1987 and are incorporated herein by reference)13(i)The    Registrant's Current Report on Form 8-K filed on June 21 and November 27, 2001, which are    incorporated by reference.**(b) Form 8-K.

None.

**SIGNATURES**

In accordance with Section 13 or 15(d) of the Exchange Act, the smallbusiness issuer has caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.
**Gexa Corp.
By: /s/ Marcie ZlotnikMarcie Zlotnik, President and DirectorDated: December 3, 2001Houston, Texas**************************** |
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