Item 1. Legal Proceedings
None
Item 2.
Item 2. Changes in Securities
None
Item 3.
Item 3. Defaults upon Senior Securities
None
Item 4.
Item 4. Submissions of Matters to a Vote of Security Holdings
None
Item 5.
Item 5. Other Information
None
FINANCIAL VENTURES, INC.
(A Development Stage Company)
FINANCIAL STATEMENTS
MARCH 31, 2002
FINANCIAL VENTURES, INC.
(A Development Stage Company)
CONTENTS
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
FINANCIAL VENTURES, INC.
(A Development Stage Company)
BALANCE SHEET
MARCH 31, 2002
Read accompanying Notes to Financial Statements.
FINANCIAL VENTURES, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
YEARS ENDED MARCH 31, 2002 AND 2001
AND
PERIOD FROM DECEMBER 4, 1996 (INCEPTION) THROUGH MARCH 31, 2002
Read accompanying Notes to Financial Statements.
FINANCIAL VENTURES, INC.
(A Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
PERIOD FROM DECEMBER 6, 1996 (INCEPTION) THROUGH MARCH 31, 2002
Read accompanying Notes to Financial Statements.
FINANCIAL VENTURES, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOW
YEARS ENDED MARCH 31, 2002 AND 2001
AND
PERIOD FROM DECEMBER 4, 1996 (INCEPTION) THROUGH MARCH 31, 2002
Read accompanying Notes to Financial Statements.
FINANCIAL VENTURES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
MARCH 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.
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:
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:
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.
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.