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.

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

FINANCIAL VENTURES, INC.
(A Development Stage Company)

FINANCIAL STATEMENTS

MARCH 31, 2002

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

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

FINANCIAL VENTURES, INC.
(A Development Stage Company)
BALANCE SHEET
MARCH 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

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


								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

FINANCIAL VENTURES, INC.
(A Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
PERIOD 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

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


								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

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.

F-6

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

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

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

FINANCIAL VENTURES INC 10-K