| **UNITED STATES****SECURITIES AND EXCHANGE COMMISSION**Washington, DC 20549  **Form 10-QSB                          (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, $.001 par    value 377,956 shares outstanding as of June 3, 2001
Transitional Small    Business Disclosure Format: Yes __ No X** **
 

 

 

 

 

 
**TABLE OF CONTENTS**
**PART I. FINANCIAL    INFORMATION**
Page   Item 1. Financial Statements (Unaudited)2Item 2. Management’s Plan of Operation5  **PART II. OTHER    INFORMATION   Item 1. Legal Proceedings7Item 2. Changes in Security8Item 3. Default Upon Senior Securities8Item 4. Submission of Matters to a Vote of    Security Holders8Item 5. Other Information8Item 6. Exhibits and Reports on Form 8-K8** ****PART I FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)**
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 AND DECEMBER 31, 20003
     STATEMENT OF OPERATIONS FOR THE THREE-MONTHS ENDED MARCH 31, 2001 AND 20003
     STATEMENT OF CASH FLOW FOR THE THREE-MONTHS ENDED MARCH 31, 2001 AND 20004  NOTES TO FINANCIAL    STATEMENTS4
 
**GEXA CORP.
BALANCE    SHEETS MARCH 31, 2001 AND DECEMBER 31, 2000    
ASSETS
2001
2000Current Assets:   Cash
$0
$0   Other current assets00     Total current    assets00       Total Assets
$
0
$
0  
LIABILITIES AND    STOCKHOLDERS' EQUITY  Current liabilities:   Accounts payable0
0     Total current    liabilities0
0       Total    liabilities0
0Stockholders' equity:   Preferred stock, $.05 par    value; 2,500,000 shares   authorized; 0 preferred    convertible shares issued and   outstanding at March 31, 2001    and 37,779 at March 31, 20000
1,889   Common stock, $.01 par value;    75,000,000 shares    authorized; 377,956    shares issued and outstanding at March 31, 2001    and 340,177 shares    issued and outstanding at March 31, 20003,7793,402   Additional paid-in capital
-
-   Accumulated  (loss)
(3,779)
(5,291)     Total    stockholders' equity
0
0       Total      Stockholders' Equity and Liabilities
$
0
$
0
See    accompanying notes to financial statements.
 
**GEXA CORP.
STATEMENT    OF OPERATIONS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2001 AND 2000    
2001
2000Revenues
$-
$-Administrative expense
-
- Total Expenses--Income (loss) from continuing    operations
-
- Income (loss) from discontinued    operations
-
-Income Taxes
-
-Net income (loss)
$
-
$
-Basic net loss per common share
$
0.00
$
0.00Diluted net loss per common    share
$
0.00
$
0.00Basic weighted average common    shares outstanding
346,474
340,177Diluted weighted average common    shares outstanding
346,474
377,956
See    accompanying notes to financial statements.
 
**GEXA CORP.
STATEMENT    OF CASH FLOW FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2001 AND 2000   
2001
2000Operating activities:   Net income (loss)
$
0
$
0   Adjustments to    reconcile net income (loss)    to net cash    provided by operating activities:   Depreciation
0
0   Changes in    operating assets and liabilities        Accounts receivable
0
0     Other    current assets
0
0        Accounts payable
0
0     Accrued    expenses and other liabilities
0
0          Net cash provided by operating activities
0
0Investing activities:   Purchases of    equipment
0
0   (Payments to)    proceeds received from affiliate
0
0          Net cash provided by (used in) investing activities
0
0Financing activities:   Proceeds from    borrowings from stockholder
0
0   Proceeds from    borrowings under term loan
0
0          Net cash provided by (used in) financing activities
0
0Net increase (decrease) in cash    and cash equivalents
0
0Cash and cash equivalents,    beginning of period
0
0Cash and cash equivalents, end    of period
$
0
$
0Supplemental disclosure of cash    flow data:   Interest paid
$
0
$
0
See    accompanying notes to financial statements.
 

GEXA CORP.

NOTES TO THE FINANCIAL STATEMENTS

    March 31, 2001

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Gexa Corp. (hereinafter "the Company") was incorporated onApril 1, 1985 under the laws of the State of Nevada for the purpose of acquiring,exploring and developing mining properties. During the year ended December 31, 1999, theCompany maintained offices in Wallace, Idaho. The Company's fiscal year ends December 31.The Company moved its offices to Houston, Texas in March 2001 and reincorporated in Texas.In February 2001, we filed a DBA in the state of Texas for Gexa Corp. DBA Gexa Energy.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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-X 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 indicative of the results that may be expectedfor the year 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.

NOTE 3 - STOCKHOLDERS' EQUITY

During the three-month period ended March 31, 2001, a shareholder ofthe Company's convertible preferred stock converted 37,779 preferred stock into 37,779shares of common stock of the Company. 
** **
**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.

During the three months ended March 31, 2001, we have generated no revenues from anybusiness operations. Please read this Quarterly Report together with our Form 10-KSB forthe year ended December 31, 2000.

Overview

Our current activity is limited to seeking a BusinessCombination. We will use our limited personnel and financial resources principally inconnection with structuring and consummating a Business Combination. It may be expectedthat any Business Combination will involve the issuance of our shares of Common Stock. Tothe extent that Common Stock is used as consideration to effect a Business Combination,any available cash, of which there can be no assurance, will be used to finance theoperations of the Target Business. At December 31, 2000 and at March 31, 2001, we have nocash or other current assets. 

Results of Operations

During the three-month period ended March 31, 2001, we had no businessoperations. We had also no revenues from operations during the three-month period endedMarch 31, 2001 and 2000. During the three month period ended March 31, 2001 and 2000, wehad no expenses and income (loss) from operations.

Liquidity and Capital Resources

At March 31, 2001 and December 31, 2000, we had no assets andliabilities. The change in stockholders’ equity accounts was due to the conversion of37,779 shares of the Company's preferred stock into 37,779 shares of common stock at aratio of one preferred stock for one share of common stock. We also had no new borrowingsor any other source of funding during the three month period ended March 31, 2001. Duringthe period ended March 31, 2001, we did not identify any source of funding. There can beno assurance that we will be able to fund any continuing expenses until we find andnegotiate a new business opportunity, if ever.

As disclosed in our Form 10-KSB for the year ended December 31, 2000,we have experienced a change in management during this quarter ended March 31, 2001.Reference is made to our Annual Report for the year ended December 31, 2000.

During 1999 and 2000, we raised no funds through thesale of securities. We have generated no revenues from any source nor have we received anyfunding. Since Mr. Leibman became our CEO and chairman in March 2001 by action of theformer board of directors consisting of Justin Rice, Gary Rice and Robert McDougal. As ofthe date of this filing, Mr. Leibman has paid for the benefit of the Company a total ofapproximately $50,000, which monies have been applied principally to pay fees related toour filings and reports under the Exchange Act. These filings are intended to permit us tobecome again current under the reporting requirements of the Exchange Act. While we aredependent upon limited interim payments made on behalf of the Company by Mr. Leibman topay professional fees, we have no written finance agreement with Mr. Leibman to provideany continued funding. Mr. Leibman is presently negotiating on behalf of the Company withits attorney and CR Capital Services, Inc., its corporate securities compliance firm, tobe paid for services in shares. No determination has been made regarding the amount ofshares.

We may determine to seek to raise funds from the sale of equity or debtsecurities, from bank or other borrowings or a combination thereof as part of anyconsideration in effecting a Business Combination. However, we have no commitments as ofthe date hereof to issue any securities, and cannot at this time predict whether equity ordebt financing will become available at terms acceptable to us, if at all. We anticipatethat in connection with a Business Combination, we will, in all likelihood, issue asubstantial number of additional shares and to the extent that such additional shares areissued, our shareholders will experience a dilution in their ownership interest.Additionally, if a substantial number of our shares are issued in connection with theconsummation of a Business Combination, a change in control  may be expected tooccur.

There currently are no limitations on our ability to borrow funds toeffect a Business Combination. However, our limited resources and lack of operatinghistory may make it difficult to borrow funds. The amount and nature of any borrowing byus will depend on numerous factors, including our capital requirements, potential lenders'evaluation of our ability to meet debt service on borrowing and the then prevailingconditions in the financial markets, as well as general economic conditions. We do nothave any arrangements with any bank or financial institution to secure additionalfinancing and there can be no assurance that such arrangements if required or otherwisesought, would be available on terms commercially acceptable or otherwise in our bestinterests. Our inability to borrow funds required to effect or facilitate a BusinessCombination, or to provide funds for an additional infusion of capital into a TargetBusiness, may have a material adverse effect on our financial condition and futureprospects, including the ability to effect a Business Combination. To the extent that debtfinancing ultimately proves to be available, any borrowing will subject us to variousrisks traditionally associated with indebtedness, including the risks of interest ratefluctuations and insufficiency of cash flow to pay principal and interest. Furthermore, aTarget Business may have already incurred debt financing and, therefore, subject us to allthe risks inherent thereto.

 

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

**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)
13The    Registrant's Annual Reports for the years 2000 and 1999, which are incorporated herein 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: June 7, 2001Houston, Texas************************ |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|