UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 10-QSB

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2002

OR

[   ]  TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 000-28589

_________________________

ASP VENTURES CORP.



|FLORIDA
(State or other jurisdiction of
incorporation or organization)                                    | 98-0203918
(I.R.S. Employer Identification No.)
|--------------------------------------------------------------------------------------------------------- | -----------------------------------------------
|                                                                                                          |                                                
|#1818 - 1177 West Hastings Street, Vancouver,
BC, Canada V6E 2K3
(Address of principal executive offices)

(604) 602-1717
(Issuer's telephone number)

_________________________

State the number of shares outstanding of each of the
issuer's classes of common equity, as of the latest practicable date:

4,211,878 as of May 16, 2002

Transitional Small Business Disclosure Format (Check
one):  Yes  [   ]    
No  [X]

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ASP VENTURES CORP.

FORM 10-QSB

For the quarterly period ended March 31, 2002

INDEX

|PART 1.  | FINANCIAL INFORMATION |                                                                                                
|-------- | --------------------- | -----------------------------------------------------------------------------------------------
|         |                       |                                                                                                
|         | Item 1.               | Financial Statements                                                                           
|         |                       |                                                                                                
|         |                       | Balance Sheets as of March 31, 2002 (unaudited) 
and December 31, 2001                         
|         |                       |                                                                                                
|         |                       | Statements of Operations (unaudited) for the three 
month periods ended March 31, 2002 and 2001
|         |                       |                                                                                                
|         |                       | Statements of Cash Flows (unaudited) for the three month
periods ended March 31, 2002 and 2001 
|         |                       |                                                                                                
|         |                       | Notes to Financial Statements                                                                  
|         |                       |                                                                                                
|         | Item 2.               | Plan of Operations                                                                             
|         |                       |                                                                                                
|PART II. | OTHER INFORMATION     |                                                                                                
|         |                       |                                                                                                
|         | Item 1.               | Legal Proceedings                                                                              
|         |                       |                                                                                                
|         | Item 2.               | Changes in Securities                                                                          
|         |                       |                                                                                                
|         | Item 3.               | Defaults upon Senior Securities                                                                
|         |                       |                                                                                                
|         | Item 4.               | Submission of Matters to a Vote of Shareholders                                                
|         |                       |                                                                                                
|         | Item 5.               | Other Information                                                                              
|         |                       |                                                                                                
|         | Item 6.               | Exhibits and Reports on Form 8-K                                                               
|         |                       |                                                                                                
|         | Signatures            | 9                                                                                              
|         |                       |                                                                                                

2

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PART I. - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL
STATEMENTS

The following financial statements for the three month period
ended March 31, 2002 are included in response to Item 1 and have been compiled
by management.

The financial statements should be read in conjunction with
the Plan of Operations and other financial information included elsewhere in
this Form 10-QSB.

|ASP VENTURES CORP.
(A Development Stage Company)
BALANCE SHEETS
(Expressed in United States Dollars)
|----------------------------------------------------------------------------------------------------
|                                                                                                    
|                                                                                                    
|                                                                                                    
|ASSETS                                                                                              
|                                                                                                    
|CURRENT                                                                                             
|                                                                                                    
|                                                                                                    
|Total assets                                                                                        
|                                                                                                    
|                                                                                                    
|LIABILITIES                                                                                         
|                                                                                                    
|CURRENT                                                                                             
|                                                                                                    
|                                                                                                    
|                                                                                                    
|                                                                                                    
|                                                                                                    
|                                                                                                    
|STOCKHOLDERS' DEFICIENCY                                                                            
|                                                                                                    
|Common stock                                                                                        
|                                                                                                    
|                                                                                                    
|Additional paid-in capital                                                                          
|Deficit accumulated during the development
stage                                                    
|                                                                                                    
|Total stockholders' deficiency                                                                      
|                                                                                                    
|Total liabilities and stockholders'
deficiency                                                      

The accompanying notes are an integral part of these financial
statements.

Approved by the Board:

|/s/ Ross Wilmot | Director |  | 
|--------------- | -------- |  | 

3

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|ASP VENTURES CORP.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Expressed in United States Dollars)
(Unaudited)
|--------------------------------------------------------------------------------------------------------------------------
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|EXPENSES                                                                                                                  
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|LOSS BEFORE OTHER ITEMS                                                                                                   
|                                                                                                                          
|OTHER ITEMS                                                                                                               
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|LOSS FOR THE PERIOD                                                                                                       
|                                                                                                                          
|Basic and diluted loss per share                                                                                          
|Weighted average number of common shares
outstanding                                                                      

The accompanying notes are an integral part of these financial
statements.

4

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|ASP VENTURES CORP.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Expressed in United States Dollars)
(Unaudited)
|--------------------------------------------------------------------------------------------------------------------------
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|CASH FLOWS FROM OPERATING ACTIVITIES                                                                                      
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|                                                                                                                          
|Net cash provided by (used in) operating activities                                                                       
|                                                                                                                          
|CASH FLOWS FROM FINANCING ACTIVITIES                                                                                      
|                                                                                                                          
|                                                                                                                          
|Net cash provided by financing activities                                                                                 
|                                                                                                                          
|Change in cash during the period                                                                                          
|Cash, beginning of period                                                                                                 
|Cash, end of period                                                                                                       
|                                                                                                                          
|Cash paid during the period for:                                                                                          
|                                                                                                                          
|                                                                                                                          



The accompanying notes are an integral part of these financial
statements.

5

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ASP VENTURES CORP.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)

1.     Basis of presentation and going
concern

The Company was incorporated under the laws of the State of
Florida on March 23, 1989, as Air Support Services, Corp.  On May 15, 1998, the
Company changed its name to ASP Ventures Corp.

Since inception, the Company has incurred cumulative losses
of $925,809, a working capital deficiency of $457,809 and a deficiency in
stockholders' equity of $457,809.  The Company cannot meet its obligations as
they become due without additional funds being invested.  These financial
statements have been prepared in accordance with generally accepted accounting
principles applicable to a going concern which assumes that the Company will
realize its assets and discharge its liabilities in the normal course of
business.

The Company's ability to meet its obligations and maintain
its operations is contingent upon several factors, including the acquisition of
a business which would lead to profitable operations, successful completion of
additional financing arrangements, the continuing support of its creditors
and/or the completion of a business combination with a company which would
assist in obtaining the necessary financing.  Management of the Company plans to
complete a business combination and raise funds through an equity offering to
address the going concern uncertainty.

In the opinion of management, the accompanying financial
statements contain all adjustments necessary (consisting of normal recurring
accruals) to present fairly the financial information contained therein.  These
statements do not include all disclosures required by generally accepted
accounting principles and should be read in conjunction with the audited
financial statements of the Company for the year ended December 31, 2001.  The
results of operations for the three months ended March 31, 2002 are not
necessarily indicative of the results to be expected for the year ending
December 31, 2002.

2.     Related party
transactions

During the three month period ended March 31, 2002, the
Company paid or accrued $1,896 (2001 - $7,500) in management fees to the
director.

Included in accounts payable as at March 31, 2002 is $58,930
(December 31, 2001 - $65,808) due to companies controlled by the director and
$9,630 (December 31, 2001 - $9,630) due to a company controlled by the former
director.

These transactions were in the normal course of operations
and were measured at the exchange value which represented the amount of
consideration established and agreed to by the related parties.

3.     Subsequent events

There have been no significant subsequent events.

6

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Item 2.     Plan of Operations

We intend to seek potential acquisition targets.  If we
require additional capital in connection with due diligence to be performed on
any potential acquisitions, we plan to raise such additional funds through the
private placement of common stock.

7

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PART II

Item 1.     Legal Proceedings.

There are no pending legal proceedings to which we, our
director, or our officer are a party. We have no knowledge of any pending legal
proceedings to which parties owning 5% of our common stock are a party. We do
not know of any legal proceedings contemplated or threatened by or against
us.

Item 2.     Changes in Securities.

a)     None

b)     None

c)     None

d)     None

Item 3.     Defaults 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
Filed on Form 8-K

a)     Exhibits

None

b)     Reports Filed on Form 8-K

None

8

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.

Dated:  May 16, 2002

| | ASP VENTURES CORP. 
| | -------------------
| |                    
| |                    
| |                    
| | /s/ Ross Wilmot    
| | Ross WilmotDirector