SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES AND
` EXCHANGE ACT OF 1934
For The Quarterly Period Ended December 31, 2001
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT
Commission File Number 33-2775-A
TECHNICAL VENTURES INC.
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(Exact Name of Small Business Issuer As Specified In Its Charter)
New York 13-3296819
_____________________________________________________________________________
(State Or Other Jurisdiction Of (I.R.S. Employer
Incorporation Of Organization) Identification No.)
3411 McNicoll Avenue, Unit 11, Scarborough, Ontario, Canada M1V 2V6
(Address of Principal Executive Offices, Zip Code)
Issuer's Telephone Number, Including Area Code (416) 299-9280
(Former Name, Former Address and Former Fiscal Year, If Changed Since Last
Report)
Indicate by a check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.
YES X NO
Indicate the number of shares outstanding for each of the issuer's classes of common stock, as of December 31, 2001.
27,163,006 Shares Of Common Stock, $.01 Par Value
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Page 1 of 18 Pages
PART 1 FINANCIAL INFORMATION ITEM 1 FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS [ Notes 1 and 2 ]
ASSETS
December 31, 2001 June 30, 2001
Not Audited Audited
CURRENT ASSETS
Cash $6,817 $22,960
Accounts Receivable 103,946 94,127
Inventory 57,975 72,702
TOTAL CURRENT ASSETS 168,738 189,789
OTHER ASSETS
Deposits 44,191 46,213
PROPERTY AND EQUIPMENT, at cost, net
of accumulated depreciation of $513,245
at Dec. 31, 2001 and $527,870 at
June 30, 2001 97,764 114,964
TOTAL ASSETS $310,693 $350,966
CONSOLIDATED BALANCE SHEETS[ Notes 1 and 2 ]
LIABILITIES December 31, 2001 June 30,2001
Not Audited Audited
CURRENT LIABILITIES
Accounts Payable And Accrued
Expenses $795,934 $791,798
Current Portion of Notes Payable
(Note 4) 339,072 366,943
Capital Lease Obligations (Note 4) 70,981 74,678
Loans From Private Lenders 66,087 66,925
Current Portion of Loan From
Stockholders, Unsecured, Interest Free 273,798 270,263
Total Current Liabilities 1,545,872 1.570,607
LONG-TERM LIABILITIES, net of
current portion
Convertible Debentures 248,267 248,267
Shareholders 110,602 122,344
Other 24,611 25,893
383,480 396,504
MINORITY INTEREST - - |
