UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 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 September 30, 2001

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT for the
    transition period from __________ to _________


    Commission file Number 0-29275
                           --------


                         EAGLETECH COMMUNICATIONS, INC.
                 (Name of Small Business Issuer in its charter)


         Nevada                                       13-4020694
 (State or other jurisdiction                        -----------
 of incorporation or organization)           (IRS Employer Identification No.)


            305 South Andrews Avenue, Fort Lauderdale, Florida 33301
           -------------------------------------------------- -------
               (Address of principal executive offices) (Zip code)

                                 (954) 462-1494
                            -------------------------
                           Issuer's telephone number:


                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Yes [] No[]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 11,523,995 Shares of Common Stock

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

<PAGE>







                         PART I - FINANCIAL INFORMATION



Item 1.  Financial Statements.

INDEX TO FINANCIAL STATEMENTS
                                                                            PAGE

Consolidated Unaudited Condensed Balance Sheet September 30, 2001 ...........F-2

Consolidated Unaudited Condensed Statements of Operations for the Three and
Six Months Ended September 30, 2001 and 2000 and from Inception
(December 20, 1996) to September 30, 2001....................................F-4

Consolidated Unaudited Condensed Statements of Cash Flows for the Six
Months Ended September 30, 2001 and 2000 and from Inception
(December 20, 1996) to September 30, 2001....................................F-5

Notes to Consolidated Unaudited Condensed Financial Statements
September 30, 2001...........................................................F-6








                             EAGLETECH COMMUNICATIONS, INC.
                             (a development stage company)
                                     BALANCE SHEET
                                   SEPTEMBER 30, 2001
                                      (unaudited)
<TABLE>
<CAPTION>
ASSETS
Current assets:
<S>                                                                   <C>
   Cash and cash equivalents                                           $           1,673
   Accounts receivable                                                               421
                                                                       -----------------

        Total current assets                                                       2,094
                                                                       -----------------

Property and equipment                                                           686,971
     Less accumulated depreciation                                             (378,176)

Patents, net                                                                      19,528

Deposits                                                                           9,216
                                                                       -----------------

                                                                       $         339,633
                                                                       -----------------

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
   Convertible notes payable                                           $         245,000
   Accounts payable and accrued expenses                                         835,607
   Payable to related parties                                                    294,559
   Stock dividend payable                                                        288,256
   Current portion of prepaid interest income                                     20,000
   Judgments payable                                                              24,638
                                                                       -----------------

       Total current liabilities                                               1,708,060
                                                                       -----------------

Stockholders' deficit :
   Series A convertible preferred stock, $.01 par value, 1,000,000
      shares authorized; 289,119  shares issued and outstanding                    2,891
   Preferred stock, $.01 par value, 9,000,000 shares authorized;
      no shares issued and outstanding                                                 -
   Common stock, $.0001 par value, 100,000,000 shares
      authorized; 11,523,995  shares issued and outstanding                        1,152
   Additional paid-in capital                                                 15,617,781
   Judgments payable                                                              24,638
   Preferred stock receivable                                                  (400,000)
   Deficit accumulated during the development stage                         (16,590,251)
                                                                       -----------------

       Stockholders' deficit                                                 (1,368,427)
                                                                       =================

                                                                       $         339,633
                                                                       =================
</TABLE>

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

                                       F-2

<PAGE>


                         EAGLETECH COMMUNICATIONS, INC.
                          (a development stage company)
                            STATEMENTS OF OPERATIONS
                                   (unaudited)
<TABLE>
<CAPTION>

                                                                                                                   December 20,
                                                                                                                     1996
                                                                                                                 (inception)
                                                      Three months ended             Six months ended           to September
                                                        September 30,                 September 30,                 30,
                                                    2001            2000           2001           2000              2001
                                                ============   =============== =============  =============   ================
<S>                                            <C>           <C>             <C>            <C>             <C>
Sales                                           $       531   $             0 $         531  $           0   $          2,580

Operating expenses:
   Selling, general and administrative:
      Non-cash compensation                               0           103,875             0        484,751         10,091,580
      Other selling, general and administrative     391,221           366,971       942,944        830,473          3,863,505
   Research and development                               0            28,786        10,515         56,857            313,174
   Impairment of fixed assets                       141,662                 0       141,662              0            141,662
                                                ------------   --------------- -------------  -------------   -----------------
       Total operating expenses                     532,883           499,632     1,095,121      1,372,081         14,409,921
                                                ------------   --------------- -------------  -------------   -----------------
       Loss from operations                        (532,352)         (499,632)   (1,094,590)    (1,372,081)       (14,407,341)
                                                ------------   --------------- -------------  -------------   -----------------
Other income (expense):
   Interest expense                                  (9,871)             (616)      (16,659)        (1,232)           (68,534)
   Interest income                                    8,000            20,953        16,000         35,413             88,844
   Gain on settlement of judgments                        0                 0             0              0             32,476
   Loss on disposal of property andequipment              0                 0             0              0           (22,962)
                                                ------------   --------------- -------------  -------------   -----------------

       Total other income (expense)                  (1,871)            20,337 (659)                 34,181             29,824
                                                ------------   --------------- -------------  -------------   -----------------

Net loss                                           (534,223)         (479,295)   (1,095,249)    (1,337,900)       (14,377,517)

Preferred stock dividends and related charges       (48,513)          (53,832)     (102,345)    (1,743,310)        (2,212,734)
                                                ------------   --------------- -------------  -------------   -----------------

Net loss available to common stockholders          (582,736)         (533,127)   (1,197,594)    (3,081,210)       (16,590,251)
                                                ============   =============== =============  =============   ================

Loss per share, basic and diluted               $     (0.05)   $        (0.05) $      (0.11)  $      (0.30)
                                                ============   =============== =============  =============

Weighted averages shares outstanding             11,157,102        10,346,575    10,807,745     10,344,879
                                                ============   =============== =============  =============
</TABLE>

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

                                       F-3

<PAGE>

                         EAGLETECH COMMUNICATIONS, INC.
                          (a development stage company)
                            STATEMENTS OF CASH FLOWS
                                   (unaudited)
<TABLE>
<CAPTION>

                                                                                            December 20,
                                                                                                1996
                                                                                             (inception)
                                                          Six months ended September 30,    September 30,
                                                              2001            2000              2001
                                                          =============   =============    ===============
<S>                                                      <C>             <C>              <C>
Cash flows from operating activities:
   Net loss                                               $ (1,095,249)   $ (1,337,900)    $  (14,377,517)
   Adjustments to reconcile net loss to
      net cash used in operating activities:
        Depreciation and amortization                            79,593          57,921            244,827
        Impairment of fixed assets                              141,662               0            141,662
        Amortization of prepaid interest                       (16,000)               0           (44,000)
        Amortization of deferred compensation                         0         484,751            554,004
        Issuance of stock for services and compensation               0          30,938          8,929,081
        Issuance of stock options to purchase common stock            0               0            608,496
        Start up expense                                              0               0             20,160
        Loss on disposal of property and equipment                    0               0             22,962
        Changes in operating assets and liabilities:
            (Increase) in accounts recevable                      (421)               0              (421)
            (Increase) decrease in prepaid insurance             18,332        (39,284)                  0
            (Increase) decrease in deposits                           0               0            (9,216)
            Increase in convertible note payable                      0               0            245,000
            Increase (decrease) in accounts payable
             and accrued expenses                               602,955        (42,689)            860,694
            Increase in payable to related party                264,694                            294,559
            Increase in judgments payable                             0               0             24,638
                                                          --------------  --------------    ----------------

               Net cash used in operating activities      $     (4,434)   $   (846,263)    $   (2,485,071)
                                                          --------------  --------------    ----------------
Cash flows from investing activities:
   Purchases of property and equipment                    $           0   $   (421,355)    $     (716,584)
   Patents                                                            0         (5,649)           (21,190)
                                                          --------------  --------------    ----------------
               Net cash used in investing activities                  0       (427,004)          (737,774)
                                                          --------------  --------------    ----------------
Cash flows from financial activities:
   Proceeds from debt                                                 0               0            176,330
   Proceeds from sale of preferred stock                              0       1,566,315          1,566,315
   Proceeds from prepaid interest                                     0          52,000             64,000
   Proceeds from sale of stock                                        0               0          1,506,000
   Payments on related party notes                                    0               0           (88,127)
                                                          --------------  --------------    ----------------

               Net cash provided by financing activities              0       1,618,315          3,224,518
                                                          --------------  --------------    ----------------
               Net increase in cash and cash
                  equivalents                                   (4,434)         345,048              1,673
                                                          =============   =============    ===============

Cash and cash equivalents, beginning of period                    6,107         238,994                  0
                                                          =============   =============    ===============

Cash and cash equivalents, end of period                  $       1,673   $     584,042    $         1,673
                                                          =============   =============    ===============
</TABLE>

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


                                      F-4

<PAGE>



                         EAGLETECH COMMUNICATIONS, INC.
                          (a development stage company)
                             SUPPLEMENTAL DISCLOSURE
                            STATEMENTS OF CASH FLOWS
                                   (unaudited)
<TABLE>
<CAPTION>

                                                                                            December 20,
                                                                                                1996
                                                                                             (inception)
                                                                Six months ended            to September
                                                                  September 30,                  30,
                                                              2001            2000              2000
                                                          =============   =============    ===============
<S>                                                      <C>             <C>              <C>
Supplemental disclosure of cash flow information:
   Cash paid for interest during the period               $           0   $           0    $             0
                                                          =============   =============    ===============

   Cash paid for income taxes during the period           $           0   $           0    $             0
                                                          =============   =============    ===============

Schedule of non-cash investing and financing activities:
   Interest on convertible and related party notes
contributed to
      additional paid-in capital                          $           0   $           0    $        25,091
                                                          =============   =============    ===============
   Issuance of common stock to settle liabilities         $           0   $      30,938    $        57,188
                                                          =============   =============    ===============
   Issuance of warrants                                   $           0   $           0    $     1,924,478
                                                          =============   =============    ===============
</TABLE>


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



                                      F-5

<PAGE>

                         EAGLETECH COMMUNICATIONS, INC.,
                          (a development stage company)
                     SELECTED NOTES TO FINANCIAL STATEMENTS


1.       UNAUDITED INTERIM FINANCIAL STATEMENTS

The accompanying financial statements of Eagletech Communications, Inc. (the
"Company") for the three and six months ended September 30, 2001 and 2000, and
for the period from December 20, 1996 (inception) to September 30, 2001, are
unaudited, but, in the opinion of management, reflect the adjustments, all of
which are of a normal recurring nature, necessary for a fair presentation of
these financial statements in accordance with generally accepted accounting
principles. The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amount of
revenue and expense during the reporting period. Actual results could differ
from those estimates.

The results of operations for an interim period are not necessarily indicative
of the results for a full year.

The interim unaudited financial statements should be read in conjunction with
the financials statements and notes for the year ended March 31, 2001 filed as
part of the Company's Annual report on Form 10-KSB.


2.       UNCERTAINTY - GOING CONCERN

The Company experienced losses of $16,590,251 since inception, and had a net
working capital deficiency of $1,705,966 as of September 30, 2001. The Company
is also delinquent in its accounts payable, convertible notes payable and
salaries to personnel. These factors raise substantial doubt about the Company's
ability to continue as a going concern. The Company's continued existence is
dependent upon its ability to resolve its liquidity problems, principally by
obtaining equity funding, commencing sales and achieving profitable operations.

Management's plans in regards to this matter are to change its sales concept and
wholesale its product to telephone companies that will bundle it with its
products and services. The Company has also instituted cost reductions, cut
personnel and deferred expenses. The Company believes these efforts, in
conjunction with raising equity and obtaining loans from related parties, will
improve liquidity and sustain continuing operations.

The Company's prospects are subject to the risks, expenses and uncertainties
frequently encountered by companies in the rapidly evolving telecommunications
markets. These risks include the failure to develop the Company's services, the
rejection of the Company's services by consumers and the inability of the
Company to increase revenues to generate positive cash flow.

The financial statements do not include any adjustments that might result from
the outcome of this uncertainty.


                                       F-6
<PAGE>

                         EAGLETECH COMMUNICATIONS, INC.,
                          (a development stage company)
               SELECTED NOTES TO FINANCIAL STATEMENTS (CONTINUED)


3.       RESTATEMENT AND PREFERRED STOCK

On May 19, 2000, the Company completed a private placement of 321,389 shares of
Series A convertible preferred stock for $1,566,315, net of expenses. The
preferred shares may be converted at any time, at the option of the holder, into
common stock of the Company. The conversion price is the lesser of the purchase
price ($6.70 per share) or 80% of the average of the lowest three closing prices
during the twenty trading days prior to conversion. If the conversion price at
the time of any conversion is less than $5.00, then at the option of the
Company, the preferred stock may be redeemed by the Company at a price equal to
120% of the purchase price. The preferred stock is entitled to a 10% annual
dividend. The dividend will be payable in cash or in common stock.

In addition, the preferred stockholders received 1.2 warrants for each share of
preferred stock purchased (385,667). The warrants entitle the holders to
purchase common stock at $6.70 per share at any time until May 19, 2003.

Previously issued interim financial statements for the six-month period ended
September 30, 2000, did not reflect a preferred stock dividend and related
charges. The Company has restated its financial statement to record stock
dividends of $78,247, and recorded a charge for the value of the warrants of
$1,665,063, for a total charge of $1,743,310. This adjustment increased the net
loss available to stockholders by $.04 per share.

During the fiscal year 2002, the Company converted 32,270 shares of Series A
convertible preferred stock to 1,172,977 Common shares.


4.       IMPAIRMENT

In October 2001, as a result of continuing and increasing operating losses, the
Company closed its service bureau locations operating in Atlanta, Georgia and
Charlotte, North Carolina. The Company reviewed the expected future cash flows
for each operating location and determined that certain assets of continuing
operations were impaired. As a result, the Company recorded an impairment charge
of $141,662 related to fixed assets.














                                       F-7

<PAGE>


Item 2.  Managements Discussion and Analysis or Plan of Operation.

PLAN OF OPERATIONS

         This Plan of Operations may be deemed to include forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
that involve risk and uncertainty, including financial, regulatory environment
and trend projections, estimated costs to complete or possible future revenues
from the Company's expansion plans, the likelihood of successful completion of
such plans, as well as any statements preceded by, followed by, or that include
the words "intends," "estimates," "believes," "expects," "anticipates,"
"should," "could," or similar expressions; and other statements contained herein
regarding matters that are not historical facts. Although the Company believes
that its expectations are based on reasonable assumptions, it can give no
assurance that its expectations will be achieved. The important factors that
could cause actual results to differ materially from those in the
forward-looking statements below (the "Cautionary Statements") include, without
limitation: (1) the ability of the Company to continue operations with its
limited cash resources; (2) the ability of the Company to market its suite of
telecommunications connectivity services to other telecommunications companies;
(3) the effects of vigorous competition in the markets in which the Company
operates; (4) the impact of technological change on the Company's businesses,
new entrants and alternative technologies in the Company's business; (5)
regulatory risks, including the impact of the Telecommunications Act of 1996;
(6) the impact of competitive services and pricing; (7) risks associated with
debt service requirements and interest rate fluctuations; and (8) other risks
referenced from time to time in the Company's filings with the SEC, including
the Form 10-KSB for the year ended March 31, 2001. All subsequent written and
oral forward-looking statements attributable to the Company or persons acting on
its behalf are expressly qualified in their entirety by the Cautionary
Statements. The Company does not undertake any obligation to release publicly
any revisions to such forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.

         The following discussion and analysis relates to the financial
condition and results of operations of the Company for the six months ended
September 30, 2001. The information should be read in conjunction with the "Plan
of Operations" and consolidated financial statements and notes thereto contained
herein and in the Form 10-KSB for the year ended March 31, 2001.

         Over the next twelve months, assuming that the company continues in
operation, Eagletech will continue to operate its Eagle1callTM South Florida
service bureau serving Broward, Miami-Dade and Palm Beach Counties in Florida.
Eagletech has closed its service bureau in Atlanta GA and Charlotte NC.
Eagletech has changed its underlying carrier to a Competitive Local Exchange
Carrier (CLEC) USLec, that owns and operates 25 Lucent 5ESS switches in 10
southeastern states. USLec is able to provide equivalent service to Bellsouth
with substantially one half of the number of circuits, creating an 80% savings
in circuit costs. These substantial savings allow Eagletech to private brand its
Eagle1callTM service to local telecom agents on a wholesale basis at a
substantially reduced price point, eliminating the need for an in house local
sales force, and still maintain existing profit margins. Agents qualify for this
program if they already market other telecom products, and provide provisioning,
customer service, and billing services to their customers.

Revenues

         Due to the failure of certain financing deals to close due to (1)
refusal of current Class A Preferred Stock holders to accept terms proposed by
the financing source and (2) the September 11, 2001 terrorist attacks on the
World Trade Center, (the financing source was an occupant of the World Trade
Center), the Company was not able to fund marketing efforts. Revenue from the
core beta customers has resumed since the software rewrite and waiver of charges
through August 2001. There was $ 531.00 in revenue for the month of September
2001.


Liquidity and Capital Resources

         Eagletech has significant capital needs, which to date it has met
through private sales of its equity and loans. Eagletech will continue to need
substantial infusions of capital, which it expects to continue to fund primarily
from private sales of its equity and loans, or by a public offering of its
equity or debt securities.

         At the end of the quarter ended September 30, 2001, Eagletech has very
limited cash resources of $1,673, $245,000 of long-term debt and $835,608 in
trade payables. In addition, in the period covered by this report, the company
has subsisted on cash loaned by the Company's principals, Mr. Young, Mr. James
Payne and key employee Howard Barsky in the amount of $294,559.00. At the end of
the quarter ended September 30, 2001, Eagletech has accrued $288,256.00 in
dividends payable on its Series A Preferred Stock, which is payable annually.
The cash on hand represents the cash loaned to the Company by its principals.
Management has reduced Eagletech's operating expenses substantially; however,
the Company must raise additional capital to continue operations until revenues
from operations exceed those expenses.

Original Equipment Manufacturer Unified Communications as a Service

         Even with its very limited resources, Eagletech intends to continues to
promote strategic partnership opportunities using its Second Generation Unified
Communications product introduced in June 2001 at the Supercomm trade show in
Atlanta. The product is OEM private branded for carriers, CLECs, Internet
Service Providers (ISPs), Application Service Providers (ASP's) and Web Portals
to include in their bundle of telecom services, or to offer to visitors to their
sites. The cornerstone of the product is its real time find-me/follow-me
component, proactive voice mail delivery, and unified inbox for e-mail, voice
mail, and fax mail. An enterprise auto-attendant with extensions, departments,
directories and mail forwarding, makes individual users accessible from the main
corporate phone number as well. This creates a Virtual PBX or Business Phone
System that requires no expensive customer premises equipment.
Hybrid SS7, VoIP, RLT Seven Times More Efficient Than Pure VoIP
         Delivered to a carrier as a service for a price point below most
competitor's cost, Eagletech's Second Generation product becomes a significant
value proposition to the carrier as well as the end user. Eagletech has used its
patented proprietary technology to create a hybrid Signaling System 7 (SS7),
Voice over Internet Protocol (VoIP, and Nortel/Lucent/Siemens Release Link Trunk
(RLT) platform that is seven (7) times more efficient than a pure VoIP Unified
Communications platform.

         For Individuals:

o  Find Me - Follow Me -
                    Provides for call transfers to up to four wired or wireless
                    telephone numbers, or any combinations of the two.

o  Verbal Caller Identification -
                    Screens calls, when the caller announces his or her name,
                    the customer can take the important calls and send others to
                    Voice Mail.

o  Voice  Mail -    Callers have the option to leave a detailed message of up to
                    five minutes in length. Messages are automatically deleted
                    after 30 days. o Voice Mail Message Delivery - Voice Mail
                    messages are proactively delivered within minutes. Messages
                    can be re-delivered until the customer is found. The
                    customer specifies how often, how many times, and to what
                    phone numbers message deliveries are attempted.

o  Fax Mail -       Store and forward faxes to any fax machine.

o  Fax Mail Notification -
                    The customer receives telephone notification when a fax is
                    received. The customer specifies the notification schedule,
                    how often, how many times, and to what phone numbers

 .
o  Unified Inbox -  The customer can have Voice Mail and Fax Mail delivered to
                    any e-mail account in addition to, or instead of, a
                    telephone.

o  User Profiles -  The customer can specify different forwarding, delivery, and
                    notification profiles for different days of the week or hour
                    of the day. Create multiple profiles once, and schedule
                    their execution by the hour and day of the week. Create
                    special profiles "I'm flying" or "I'm on vacation".

o  Web Control of your Unified Communications Account -
                    The customer may set up and make changes to Follow me
                    transfer numbers, message delivery, notification parameters,
                    or profiles etc., using a web browser. An e-mail
                    confirmation is sent to the customer each time a change is
                    made.

o  WAP Control of Unified Communications Acount -
                    The customer may manage his account with a wireless Internet
                    device: WAP enabled cell phone or PDA.


<PAGE>


         In addition, a customer may add these features for one or multiple
users in an enterprise to create a Virtual PBX or Virtual Phone System:

o  Auto-attendant - The customer may record its own, or have a customized
                    Auto-attendant business greeting recorded by professional
                    voice talent. A script is dynamically constructed during the
                    provisioning of the account and is e-mailed to a voice
                    talent agency for recording. An automated process installs
                    the completed greeting. The customer can select this option
                    from the Web while managing its account.


o  Extension Numbers -
                    The customer can use two to four digit extension numbers for
                    each user. Every employee of the business can be accessed
                    from the businesses main phone number.

o  Directory Service -
                    A list type and/or finger spell directories are available to
                    callers.

o  Operator -       Assign any extension as the operator (when a caller presses
                    "0" on the keypad). Re-assign it to any other extension in
                    seconds from the Web.


o  Departments -    Assign any extension to up to six departments from scores of
                    available department names. The caller can select a single
                    digit department name at the main company greeting as well
                    as extension numbers (example: press 1 for Sales, press 2
                    for accounting, or dial an extension number now). The user
                    hears the department name announced (example: Sales you have
                    a call from John Doe).


o  Departmental Call Center -
                    Sub directories under a department can be constructed or
                    incoming calls can be assigned in rotation.


o Voice Mail Forwarding -
                    Users can forward voice mail messages to another user within
                    the company after listening. o Group Messaging - Record and
                    send a message to a group mailbox extension. o Dual Number
                    Access - The user's personal account with its unique phone
                    number can also be accessed as a business extension or a
                    department from the business's main phone number. The user
                    can manage one voice mailbox or keep personal messages
                    separate from business.

o  Vertical Solutions -
                    Talking real estate signs that forward the caller to the
                    listing agent after hearing a property description, talking
                    print media advertisements, talking autos, or talking boats,
                    "use your imagination".

o  Redirect Voice Mail -
                    Redirect voice mail from one extension to another
                    extension's mailbox. Useful for multiple mailbox vertical
                    solutions.

o  Multi-tenanting -
                    Multiple businesses using the same office and some or all of
                    the same employees can use the same account with different
                    Auto-attendant greetings for each business.


o  Consolidate Multiple Premises -
                    Employees of a business need not work in the same location.
                    The customer can consolidate a branch office or
                    telecommuting employees into its Virtual Business Phone
                    System.


o  Administrator Rights -
                    The business account administrator has web access to all
                    user extensions, department assignments, and prompt
                    recordings. Users are limited to their own extension.
                    Personnel changes are easily handled by redirecting follow
                    me numbers to an alternate user extension.

         Eagletech delivers this full suite of communications services, which
integrate seamlessly with a company's existing communications infrastructure or
will work as a standalone solution. To utilize these services, it is not
necessary to invest in additional telecommunications hardware.

         The market for unified communications services in 2001 has escalated
from the industry's original vision of a standalone product aimed at end users,
to recognition by the major telecommunications carriers as the industry's next
generation product. Carriers are increasingly viewing unified communications as
the enabling technology in the next generation of flat rate business services
bundles. The Internet plays a large role in this scenario by enabling the ASP
model of delivery of these services to the carrier's customers, by strategic
partners. The monetary economies and rapid time to market offered to the carrier
are quickly making this the accepted method of delivering these products to the
end user.

         Competitive carriers are locked in a battle among themselves to lure
high margin business customers away from the incumbent local wireline carriers
with bundled services that offer voice, data, and Internet access all on one
bill. Instead of supplanting the local wireline carriers, however, they are
killing each other in a price war of look-alike business bundles. With Unified
Messaging as a part of the bundle, carriers can differentiate themselves from
the crowd, with services that attract new revenue. Adding Unified
Communications/Virtual PBX as a part of a flat rate bundle of business services
has two results. First, the carrier's network will realize reduced traffic
because of the increases in first time call completion and elimination of
telephone-tag. Second, the carrier's customers will experience increased
productivity and cost savings from a Flat Rate Business Bundle with a Unified
Communications/Virtual PBX component. By aiding the carrier to provide more and
better services, Eagletech as the ASP realizes revenue from a proprietary
patented product.

         The next generation of Eagletech's product increases the scale from a
local service with a single point of presence (POP), or a regional multi-POP to
a national scale. By utilizing little known features that require enhanced
services platforms from third party developers that have been built into central
office switches by the major Class 5 switch vendors, such as Lucent
Technologies, Nortel Networks, Seimens, and others, Eagletech can serve a
carrier's entire national network from a single location or "Super-POP."

                                Industry Overview

         The market for enhanced telecommunications services, once viewed as a
direct sale from the service provider to the end user, has been discovered by
the carrier community. Enhanced telecommunications services has become the goal
of virtually every telecommunications carrier in the market. The Company
believes that a carrier that offers only basic voice and data services may soon
be eclipsed by competitors offering all sorts of productivity enhancing features
with their basic voice and data services.

         To understand where the industry is going it helps to know where the
industry has been. A study performed by The Yankee Group details what their
research predicts to be the evolution of enhanced services:

1989 - Voicemail
1997 - Advanced Messaging & Faxing
2000 - Unified Messaging
2001 - Unified Communications
2004 - Intelligent Communications
???? - Intuitive Communications

         Voicemail became the first enhanced service more than twenty years ago
and took ten years before being generally accepted by the business community.
Today nobody doubts the value of voicemail. Advanced messaging that included fax
mail came along nearly twenty years later. In the last few years, Unified
Messaging was promoted as the next level of enhanced service but has largely
been a failure when marketed as a standalone product. The lack of a real time
follow me component, measured rates, and the personal service limitation has
made it a limited value proposition at best. The Company expects 2001-2002 will
bring Unified Communications, which cures the deficiencies of Unified Messaging
and brings a bigger value proposition to the end user. Intelligent
Communications will add network based user profiles and real time access to
databases and business optimization software.

         The Company believes that the Telecommunications Act of 1996, which
promised competition in local telephone service markets with the Incumbent Local
Exchange Carriers (ILECs), has been a failure. The high cost of unbundled local
loops, last mile access to homes and businesses owned by the ILECs, has driven
competitive strategies centered on broadband business models. The result is a
glut of fiber optic backbone, and ruinous competition among CLECs to capture the
top 20% of the business telecom market. The other 80% of the business market,
and the 54% of Americans in 2001 who work or run a business from home, have been
left unchallenged to the ILECs.

Carrier Furnished Enhanced Services

         Intelligent Network ("IN") platforms of the mid 1990's from vendors
like AccessLine Technologies and Boston Technologies with the potential to
provide enhanced services using SS7 were not readily adopted by the carriers of
the day. To survive, many IN companies turned to the service bureau or the ASP
model for delivery to both carriers and end users with limited success.

         Enhanced services delivered by IN platforms has largely been supplanted
by VoIP soft switching platforms from scores of vendors, most with their roots
in the computer telephony industry ("CTI"). According to Clarent Corporation and
Cisco Systems, the two largest VoIP equipment providers and collectively owners
of 54% of the VoIP equipment market in 2001, about 50% of US carriers as of
April 2001 have adopted plans to furnish enhanced services to their customers
using VoIP soft switching platforms integrated into their circuit switched
networks. Using a broadband delivery strategy that favors Session Internet
Protocol ("SIP") requires end user businesses to install proprietary SIP
telephone sets to replace existing legacy PBX equipment.

         The implosion of capital markets in the telecom sector in early 2001
and the general weakness of the economy has cast a shadow over that strategy.
Right-sizing and consolidation have taken precedence over an aggressive roll out
of enhanced services with most carriers. This implosion of capital markets has
curbed much of the carrier sectors' plans to spend on new infrastructure,
instead becoming efficient and putting what they have to work has become the
focus. Businesses that have gorged themselves on new technology in the last five
years are reluctant to embark on a new round of tech spending until they have
fully realized the benefits of their existing technology.

         The Company expects that enabling technologies and ASP delivery models
that bring new function and features to carriers' existing networks without
capital investment will enjoy increased demand. For businesses, there will be an
increased demand for technologies that can bring new productivity features to
proven legacy equipment.

         In the current period, telecom sector finances continue to worsen, and
analysts continue to report that the softswitch market has collapsed and does
not show any signs of becoming viable for at least the next year. In contrast,
Eagletech's second generation platform becomes more viable, to extend the
feature set of the huge investment in legacy circuit switches in service by
every telecommunications carrier in the world, without additional capital
expenditures.

Products and Services

         Eagletech was founded in the State of Florida in December 1996 to
manufacture, market and distribute unique communications products. As
technologies mature and new innovations come to market, Eagletech has
incorporated these new technologies into its products that make it the
undisputed leader in the Unified Communications ASP services market.

         Eagletech's Unified Communications platform uses its proprietary
patented technology to process calls seven times more efficiently than any of
its competitors methods. This efficiency allows us to achieve subscriber density
of approximately 2000 per T-1 circuit compared to approximately 300 with the
competitors' methods.

         Eagletech's platforms has been deployed in three major markets to date,
South Florida, Atlanta GA, and Charlotte NC. In October 2001 the company closed
these service bureaus in Atlanta and Charlotte to conserve cash.

         In June 2001 Eagletech announced it's second generation Unified
Communications platform. Building on the equipment currently deployed, Eagletech
has created a hybrid technology system that uses the SS7 network for signaling,
a guaranteed level of service (LOS) direct backbone connection to the Internet
for relaying prompts, messages and digit presses using VoIP, and the release
link trunk (RLT) feature of carrier central office switches to deploy service in
remote cities using a fraction of the equipment deployed in its hub cities.
Eagletech's patented method of releasing its equipment from the transaction
while leaving the caller and the subscriber connected on a local toll free call
in a remote city is a feat not duplicated in any competitors' pure play VoIP
Unified Communications platform which uses the Internet or a parallel IP network
as a voice path. While Eagletech's method releases its equipment from a call to
handle others, the competitor's equipment must bond the caller and the
subscriber together for the duration of the call. Eagletech's platform can
typically handle seven business telephone calls to one for the competitors
platform.

         Subsequent Events

         On November 1, 2001, Directors Kenneth Payne, Robert Clarkson, J.
Sherman Henderson III, and Christopher Flannery resigned from the board. There
were no issues of corporate governance. The resignations regretfully were
accepted. See 8K filing 11-15-01.

         On October 12, 2001, the Company closed its service bureau locations
operating in Atlanta GA and Charlotte NC. This equipment have been retrieved and
brought back to South Florida.

Competition

         Eagletech competes with numerous companies with a variety of products
and services within the enhanced telecommunications services market. Eagletech's
core product, "Eagle1call"(TM), provides most of the features of its competitors
products in three areas: unified messaging/unified communications, one-number
follow-me and virtual PBX (Private Branch Exchange) or outsourced business
telephone system.

         Our competition has almost universally adopted the "Voice over IP"
(VoIP) mode of call transport. The IP in VoIP stands for Internet Protocol or
sending a voice conversation in digital packets over a data network like the
Internet. VoIP proponents have suggested that this new technology will someday
replace the existing telecommunications standard known as the Public Switched
Telephone Network (PSTN). Seven years after its introduction, VoIP has only
captured 1/2 of 1% of the $250 Billion world telecommunications market and has
yet to overcome quality of service issues. Sound quality for VoIP calls are
generally much less than calls over the PSTN, and VoIP calls are much more
likely to be dropped in the middle of a call. The current circuit switched PSTN
infrastructure was designed to be scalable and has a build out capacity of 5 to
20 times its current user load before fully utilizing decades of capital
investment. VoIP still requires connections to the PSTN at each end of its
network. The company believes that the PSTN will be around for a long time to
come and the public will continue to rely on its circuit switched infrastructure
for the foreseeable future.

         All of Eagletech's competitors have adopted a measured rate pricing
model that makes unified communications, follow-me and virtual PBX impractical
for most small businesses. Although the pricing structure is changing
constantly, the current pricing trend for Eagletech's competitors is a base
price of $10 to $20 per month per user, plus a per minute charge of $.07 to $.10
per minute. I-Link, Linx, Accessline, VirtualPBX.com and Intellogistics are a
few of the two dozen or so competitive services nationally.

         Most of our competitors' products are designed for personal use only
and are not adaptable for business use by an entire company. In contrast
Eagletech's patented proprietary technology uses a circuit switched model for
call transport, without the quality issues of VoIP. Our use of one trunk for
simultaneous inbound and outbound call setup, then releasing the call to the
carriers' network, increases subscriber density by seven times and allows
breakthrough flat rate pricing of $24.95 per extension, per month, with no per
minute charges.

         Call processing sites in various cities are connected via a virtual
private IP network (VPN) to central web servers, billing servers, and network
monitoring servers housed in Eagletech's home office data center. Provisioning
and customer self-maintenance use the IP network while call traffic uses the
more reliable and less costly PSTN.

         This patented proprietary technology provides Eagletech with a
competitive advantage while providing its customers with a fixed cost solution.
Our technology also allows selected strategic partner carriers an opportunity to
seamlessly integrate these enhanced services into their circuit switched network
and offer their customers tremendous value-added bundled services. A real time
virtual "Test Drive" of the Eagle1call system is available at
www.eagle1call.com.

Government Regulations

         The Telecommunications Act of 1996 was enacted to foster competition in
the telecommunications industry. Under the act, Eagletech is considered an
Exempt Telecommunications Company (an "Information Service Provider" or "ISP")
because it is in the business of providing telecommunications services using
facilities and services of a regulated telecommunications carrier. As an ISP,
Eagletech is not required to pay access fees, as compared to a "carrier" which
is required to pay access fees to the local exchange carriers. The FCC is
currently reviewing the issue of access fee reform and has taken the position
that ISP should remain free from access fees.

         Eagletech has 3 full time employees and operates one facility at 305
South Andrews Avenue, Fort Lauderdale, Florida used as the site of its South
Florida initial service bureau.

         Eagletech has significant capital needs, which to date Eagletech has
met through private sales of its equity and loans. Eagletech will continue to
need substantial infusions of capital, which it expects to continue to fund
primarily from private sales of its equity and loans, or by a public offering of
its equity or debt securities. Eagletech is in negotiations with sources of
additional financing, but the Company can give no assurances that it will be
successful in obtaining such financing. If Eagletech is unable to find
additional sources of financing, the Company will be forced to curtail
drastically its operations and cease its expansion plans.







                            PART II-OTHER INFORMATION


Item 1. Legal Proceedings.

There were no material legal proceedings involving the Company during the period
covered by this report.

Subsequent Event

         On November 2, 2001 the company filed a lawsuit in the Florida 11th
judicial Circuit against 40 defendants, for common law fraud, civil conspiracy,
conversion, and violation of the RICO act. See 8K filing 11-15-01 for details.

Item 2.  Changes in Securities.

         The Company has converted 32,270 shares of Series A convertible
         Preferred to 1,172,977 shares of Common Stock, which increases the
         total outstanding common shares to 11,523,995.

Item 3. Defaults Upon Senior Securities.

         Not Applicable

Item 4. Submission of Matters to a Vote of Security Holders.

None.

Item 6. Exhibits and Reports on Form 8-K.

Exhibit   pg.   Description
No

(3)             Articles of Incorporation and Bylaws

3.1             Articles of Incorporation +
3.1(a)          Amendment to Articles of Incorporation #
3.2             Bylaws +

(4)             Instruments Defining Rights of Holders

4.1             Form of Warrant#


(10)            Material Contracts

10.1     Consulting Agreement with LBC Capital, Inc. +
10.2     Services Agreement with BellSouth Telecommunications, Inc. +
10.3     Employment Agreement with Rodney Young +
10.4     Form of Securities Purchase Agreement #
10.5     Form of Registration Rights Agreement #



         21.1     Subsidiaries of the Registrant +



<PAGE>

                                   SIGNATURES



In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf of the undersigned, thereunto duly
authorized.


                         EAGLETECH COMMUNICATIONS, INC.
                                  (Registrant)

Date: November19, 2001               /S/ RODNEY YOUNG
      ----------------              -----------------------------------------
                                                     Rodney Young, President





--------
+ Filed with the Company's initial filing on Form 10-SB filed February 1, 2000.
++ Filed herewith # Filed with the Company's Form 8-K on June 2, 2000.