--------------------------------------------------------------------------------

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

                                    FORM 10-Q

(MARK ONE) QUARTERLY  REPORT  PURSUANT  TO  SECTION  13 OR 15(d) OF THE
   [X]     SECURITIES AND EXCHANGE  ACT  OF  1934
                       FOR THE PERIOD ENDING JUNE 30, 2002
                                       OR
   [ ]     TRANSITION  REPORT  PURSUANT  TO  SECTION 13 OR 15(d) OF THE
           SECURITIES AND EXCHANGE  ACT  OF  1934
           FOR  THE  TRANSITION  PERIOD  FROM __________ TO __________
                         COMMISSION FILE NUMBER 0 - 1325

                                _______________

                              VICOM, INCORPORATED

             (Exact name of registrant as specified in its charter)

                                    MINNESOTA

         (State or other jurisdiction of incorporation or organization)

                                  41 - 1255001

                        (IRS Employer Identification No.)

              9449 SCIENCE CENTER DRIVE, NEW HOPE, MINNESOTA 55428

                    (Address of principal executive offices)

                  TELEPHONE (763) 504-3000 FAX (763) 504-3060

                            www.vicominc.net Internet

    (Registrant's telephone number, facsimile number, and Internet address)

     Indicate  by  check  mark  whether the registrant (1) has filed all reports
required  to  be filed 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  [  ]

     On  August  6,  2002  there  were  11,994,060  shares  outstanding  of  the
registrant's  common  stock,  par  value $.01 per share, and 165,641 outstanding
shares  of  the  registrant's  convertible  preferred  stock.
--------------------------------------------------------------------------------


<PAGE>

PART  I.  FINANCIAL  INFORMATION

ITEM  1.  CONSOLIDATED  FINANCIAL  STATEMENTS

                      VICOM, INCORPORATED AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>


                                                                 Three Months Ended          Six Months Ended
                                                                 ------------------          ----------------
                                                          June 30, 2002  June 30, 2001   June 30, 2002  June 30, 2001
                                                          -------------  -------------   -------------  -------------
                                                            (unaudited)    (unaudited)    (unaudited)    (unaudited)
<S>                                                             <C>           <C>             <C>           <C>

REVENUES . . . . . . . . . . . . . . . . . . . . . . . .  $ 5,944,424   $   7,830,229   $  12,206,612   $  18,513,048
COSTS AND EXPENSES
     Cost of products and services                          4,354,714       6,048,399       9,143,928      14,603,448
     Selling, general and administrative . . . . . . . .    2,240,223       2,738,537       4,496,761       5,747,083
                                                           ------------    -----------     -----------    -------------
     Total Costs and Expenses                               6,594,937       8,786,936      13,640,689      20,350,531

LOSS FROM OPERATIONS . . . . . . . . . . . . . . . . . .     (650,513)       (956,707)     (1,434,077)     (1,837,483)
OTHER EXPENSE
     Interest expense. . . . . . . . . . . . . . . . . .     (426,869)       (373,771)       (772,904)       (666,209)
     Income (expense). . . . . . . . . . . . . . . . . .       25,281             307          44,957          45,397
                                                           ------------    -----------     -----------    -------------
     Total Other Expense                                     (401,588)       (373,464)       (727,947)       (620,812)

LOSS BEFORE INCOME TAXES . . . . . . . . . . . . . . . .   (1,052,101)     (1,330,171)     (2,162,024)     (2,458,295)

PROVISION FOR INCOME TAXES . . . . . . . . . . . . . . .            0               0               0               0
                                                           ------------    -----------     -----------    -------------
NET LOSS . . . . . . . . . . . . . . . . . . . . . . . .  $(1,052,101)  $  (1,330,171)  $  (2,162,024)  $  (2,458,295)
      Preferred Stock Dividends                                (8,427)       (123,147)        (60,153)       (175,608)

LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS                  $(1,060,528)  $  (1,453,318)  $  (2,222,177)  $  (2,633,903)
                                                           ============    ===========     ===========    =============
LOSS PER SHARE - BASIC AND DILUTED . . . . . . . . . . .  $      (.09)  $        (.18)  $        (.20)  $        (.33)


WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED.   11,505,838       7,989,569      11,078,284       7,960,727
</TABLE>

            See notes to condensed consolidated financial statements

                                        2
<PAGE>
                      VICOM, INCORPORATED AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>


                                                                        June 30, 2002     December 31, 2001
                                                                        -------------     -----------------
                                                                         (unaudited)          (audited)
                                                ASSETS

<S>                                                                            <C>              <C>
CURRENT ASSETS
 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $    600,250      $    624,845
 Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . .     2,537,931         2,595,368
 Inventories, net . . . . . . . . . . . . . . . . . . . . . . . . . . .     1,593,384         1,646,441
 Other Current Assets . . . . . . . . . . . . . . . . . . . . . . . . .       233,898           295,324
                                                                         ------------      ------------

        TOTAL CURRENT ASSETS. . . . . . . . . . . . . . . . . . . . . .     4,965,463         5,161,978

PROPERTY AND EQUIPMENT, NET . . . . . . . . . . . . . . . . . . . . . .     3,801,736         4,059,831

OTHER ASSETS
 Goodwill, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . .     2,748,879         2,748,879
 Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       246,015           260,612
                                                                         ------------      ------------
       TOTAL OTHER ASSETS                .                                  2,994,894         3,009,491
                                                                         ------------      ------------
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 11,762,093      $ 12,231,300
                                                                         ============      ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
 Wholesale line of credit . . . . . . . . . . . . . . . . . . . . . . .  $  1,182,146      $  1,324,807
 Current portion of long term debt. . . . . . . . . . . . . . . . . . .     1,226,890            85,789
 Current portion of capital lease obligations . . . . . . . . . . . . .       407,749           309,906
 Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . .     1,785,359         1,800,285
 Accrued liabilities. . . . . . . . . . . . . . . . . . . . . . . . . .       802,680           776,417
 Deferred service obligations and revenue . . . . . . . . . . . . . . .       377,312           416,606
                                                                         ------------      ------------
   TOTAL CURRENT LIABILITIES  . . . . . . . . . . . . . . . . . . . . .     5,782,136         4,713,810

LONG TERM DEBT, NET . . . . . . . . . . . . . . . . . . . . . . . . . .     2,212,376         2,669,510

CAPITAL LEASE OBLIGATIONS, NET OF CURRENT PORTION . . . . . . . . . . .       393,377           642,360
                                                                         ------------      ------------
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . .     8,387,899         8,025,680
STOCKHOLDERS' EQUITY
Cumulative convertible preferred stock, no par value:
   8% Class A (27,931 and 28,872 shares issued and outstanding) . . . .       419,752           433,867
  10% Class B (6,200 and 8,700 shares issued and outstanding) . . . . .        62,000            87,000
  10% Class C (131,510 and 139,510 shares issued and outstanding) . . .     1,699,407         1,800,447
  14% Class D (0 and 40,000 shares issued and outstanding). . . . . . .             0           417,500
  Common stock, no par value (11,953,965 and 10,679,450 shares issued;
  11,912,402 and 10,604,113 shares outstanding) . . . . . . . . . . . .     4,461,089         3,443,104
  Stock subscriptions receivable. . . . . . . . . . . . . . . . . . . .      (578,740)         (610,000)
Options and warrants. . . . . . . . . . . . . . . . . . . . . . . . . .    25,559,402        24,957,912
Unamortized compensation. . . . . . . . . . . . . . . . . . . . . . . .      (911,584)       (1,209,143)
Accumulated deficit . . . . . . . . . . . . . . . . . . . . . . . . . .   (27,337,122)      (25,115,067)
                                                                         ------------      ------------
TOTAL STOCKHOLDERS' EQUITY  . . . . . . . . . . . . . . . . . . . . . .     3,374,204         4,205,620
                                                                         ------------      ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  . . . . . . . . . . . . . .  $ 11,762,093      $ 12,231,300
                                                                         ============      ============
</TABLE>
            See notes to condensed consolidated financial statements.
                                        3
<PAGE>


                      VICOM, INCORPORATED AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
                                                                                   SIX  MONTHS  ENDED
                                                                                -------------------------
                                                                                  JUNE 30, (UNAUDITED)
                                                                                -------------------------
                                                                                    2002        2001
                                                                                -----------  ------------
<S>                                                                                 <C>         <C>
OPERATING ACTIVITIES
Net loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $(2,162,024)  $(2,458,295)
Adjustments to reconcile net loss to net cash flows from operating activities
  Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    510,438       497,176
  Amortization of deferred compensation . . . . . . . . . . . . . . . . . . . .    261,030       450,435
  Amortization of original issue discount . . . . . . . . . . . . . . . . . . .    471,757        89,984
  Common stock issued for services. . . . . . . . . . . . . . . . . . . . . . .     14,700             0
  Loss on sales of property and equipment . . . . . . . . . . . . . . . . . . .     (7,359)            0
  Discount on preferred stock related to warrants                                  (52,541)            0
  Changes in operating assets and liabilities:
    Accounts receivable, net. . . . . . . . . . . . . . . . . . . . . . . . . .     57,437     1,401,139
    Inventories, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     53,057        29,603
    Costs, estimated earnings and billings. . . . . . . . . . . . . . . . . . .         0        35,295
    Other current assets. . . . . . . . . . . . . . . . . . . . . . . . . . . .     31,424             0
    Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     14,598       (98,009)
    Wholesale line of credit                              . . . . . . . . . . .   (142,661)       39,913
    Accounts payable and accrued liabilities. . . . . . . . . . . . . . . . . .     91,461      (386,205)
    Deferred service obligations and revenue. . . . . . . . . . . . . . . . . .   (39,294)       131,878
                                                                                 ---------     ---------
      Net cash flows from operating activities. . . . . . . . . . . . . . . . .  (897,977)      (267,086)
                                                                                 ---------     ---------
INVESTING ACTIVITIES
  Purchases of property and equipment . . . . . . . . . . . . . . . . . . . . .   (255,261)   (1,403,953)
  Purchase acquisition. . . . . . . . . . . . . . . . . . . . . . . . . . . . .          0       (50,000)
  Proceeds from sale of property and equipment. . . . . . . . . . . . . . . . .     10,277             0
  Collections on notes receivable . . . . . . . . . . . . . . . . . . . . . . .     28,572        38,007
                                                                                 ---------     ---------
      Net cash flows from investing activities. . . . . . . . . . . . . . . . .   (216,412)   (1,415,946)
                                                                                 ---------     ---------

FINANCING ACTIVITIES
  Proceeds from notes and installment obligations payable                                0       169,050
  Proceeds from long-term debt and warrants issued with long term debt. . . . .    750,000     1,545,000
  Payments on long term debt. . . . . . . . . . . . . . . . . . . . . . . . . .    (53,110)     (256,037)
  Payments on capital lease obligations                          .. . . . . . .   (151,139)            0
  Proceeds from issuance of stock and warrants. . . . . . . . . . . . . . . . .    687,779       483,918
  Stock issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . .          0       (23,310)
  Redemption of preferred stock . . . . . . . . . . . . . . . . . . . . . . . .    (93,000)     (460,000)
  Preferred stock dividends . . . . . . . . . . . . . . . . . . . . . . . . . .    (50,736)     (175,608)
                                                                                 ---------     ---------
      Net cash flows from financing activities. . . . . . . . . . . . . . . . .  1,089,794     1,283,013
                                                                                 ---------     ---------
INCREASE (DECREASE) IN CASH . . . . . . . . . . . . . . . . . . . . . . . . . .    (24,595)     (400,019)
CASH
  Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    624,845     1,161,479
                                                                                 ---------     ---------
  End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 600,250   $   761,460
                                                                                 =========     =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
  Cash paid for interest, net of amortization of original issue discount. . . .    291,995   $   378,237
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
  Stock options issued below fair market value                        . . . . .        400     1,200,000
  Issuance of preferred stock for acquisition of assets . . . . . . . . . . . .     18,590             0
  Warrants issued with debt . . . . . . . . . . . . . . . . . . . . . . . . . .      8,529             0
  Notes payable converted to preferred stock. . . . . . . . . . . . . . . . . .    227,868       255,850
  Accounts payable converted to common stock. . . . . . . . . . . . . . . . . .      7,255       129,050
  Conversion of preferred stock to common stock . . . . . . . . . . . . . . . .    150,000             0
  Subscriptions receivable on common stock. . . . . . . . . . . . . . . . . . .          0       300,000
  Conversion of note receivable to common stock . . . . . . . . . . . . . . . .     32,688             0
  Conversion of preferred stock to note payable . . . . . . . . . . . . . . . .    290,000             0
  Purchase acquisition
    Assets acquired. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           0       438,154
    Liabilities assumed. . . . . . . . . . . . . . . . . . . . . . . . . . . .           0         2,154
    Equity securities consideration. . . . . . . . . . . . . . . . . . . . . .           0       386,000
</TABLE>

     See  notes  to  condensed  consolidated  financial  statements
                                        4
<PAGE>

                      VICOM, INCORPORATED AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
                             JUNE 30, 2002 and 2001


NOTE  1  -  UNAUDITED  CONSOLIDATED  FINANCIAL  STATEMENTS

The  information  furnished  in  this  report  is  unaudited  and  reflects  all
adjustments  which are normal recurring adjustments and, which in the opinion of
management,  are  necessary  to  fairly  present  the  operating results for the
interim periods. The operating results for the interim periods presented are not
necessarily  indicative  of  the  operating  results to be expected for the full
fiscal  year.

NOTE  2  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

Revenues  and  Cost  Recognition
Vicom,  Inc. and subsidiaries (the Company) earns revenues from four sources: 1)
Video  and  computer  technology  products  which are sold but not installed, 2)
Voice,  video  and  data communication products which are sold and installed, 3)
Service  revenues  related  to  communication  products  which are sold and both
installed  and not installed, and 4) MultiBand user charges to multiple dwelling
units.

Revenues  from  video  and  computer technology products, which are sold but not
installed, are recognized when delivered and the customer has accepted the terms
and  has  the  ability  to  fulfill  the  terms.

Customer  contracts  for  both  the  purchase and installation of voice and data
networking  technology  products  and certain video technologies products on one
sales  agreement,  as  installation  of  the  product  is  essential  to  the
functionality  of the product.  Revenues and costs on the sale of products where
installation  is  involved  are  recognized  under  the percentage of completion
method. Costs are expensed as incurred.  The amount of revenue recognized is the
portion  that  the cost expended to date bears to the anticipated total contract
cost,  based on current estimates to complete.  Contract costs include all labor
and  materials  unique  to  or  installed in the project, as well as subcontract
costs.  Costs  and  estimated  earnings  in excess of billings are classified as
current  assets;  billings  in  excess  of  costs  and  estimated  earnings  are
classified  as  current  liabilities.

Service  revenues  related to technology products including consulting, training
and  support are recognized when the services are provided.  The Company, if the
customer  elects, enters into equipment maintenance agreements for products sold
once  the  original  manufacturer's  warranty  has  expired.  Revenues  from all
equipment  maintenance  agreements  are recognized on a straight-line basis over
the  terms  of  each  contract.  Costs  for  services  are expensed as incurred.

MultiBand  user  charges  are  recognized  as revenues in the period the related
services  are  provided.

Warranty costs incurred on new product sales are substantially reimbursed by the
equipment  suppliers.

Goodwill
Goodwill  represents  the  excess  of  acquisition  costs over the fair value of
identifiable  net  assets  acquired  and  was  amortized using the straight-line
method  over ten years.  The carrying value of goodwill is reviewed if the facts
and circumstances suggest that it may be impaired.  If the review indicates that
goodwill  will  not be recoverable, as determined based on the undiscounted cash
flows  of  the  assets  acquired  over  the  remaining  amortization period, the
Company's  carrying  value  of goodwill is reduced by the estimated shortfall of
                                        5
<PAGE>
cash  flows.  The  Company  did  not  record  any  impairment charges related to
goodwill  and  property  and equipment during the six months ended June 30, 2002
and  2001.  Amortization  was $0 and $83,769 for the three months ended June 30,
2002  and  2001.  Amortization was $0 and $175,120 for the six months ended June
30,  2002  and  2001.  (See  Note  3).

Net  Loss  per  Share
Basic net loss per common share is computed by dividing the loss attributable to
common  stockholders by the weighted average number of common shares outstanding
for  the  reporting  period.  Diluted  net  loss per common share is computed by
dividing  loss  attributable  to  common stockholders by the sum of the weighted
average  number  of  common  shares outstanding plus all additional common stock
that  would  have been outstanding if potentially dilutive common shares related
to  common  share  equivalents  (stock  options,  stock  warrants,  convertible
preferred  shares,  and  issued  but  not outstanding restricted stock) had been
issued.  All  options,  warrants,  convertible  preferred shares, and restricted
stock  outstanding  during  the  three and six  months ended June 30, 2002 and
2001 were anti-dilutive.

NOTE  3  -  ADOPTION  OF  NEW  ACCOUNTING  STANDARDS

In  June  2001,  the  Financial  Accounting  Standards Board issued Statement of
Financial  Accounting  Standards  (SFAS)  No.  141,  "Business  Combinations",
effective for acquisitions initiated on or after July 1, 2001, and SFAS No. 142,
"Goodwill  and  Other  Intangible  Assets", effective for fiscal years beginning
after  December  15,  2001.  SFAS  No.  141 requires that the purchase method of
accounting  be used for all business combinations initiated after June 30, 2001,
and includes guidance on the initial recognition and measurement of goodwill and
other  intangible  assets  arising  from  business  combinations.  SFAS  No. 142
indicates  that goodwill (and intangible assets deemed to have indefinite lives)
will  no  longer  be  amortized  but will be subject to annual impairment tests.
Other  intangible  assets will continue to be amortized over their useful lives.
The  Company  adopted  the new rules effective January 1, 2002. The Company will
perform  the required goodwill impairment test at the close of the quarter ended
September  30, 2002 based on the carrying amount as of January 1, 2002. If it is
determined  there  is an impairment of goodwill, we will record an adjustment at
that  time.

Components  of  intangible  assets  are  as  follows:

<TABLE>
<CAPTION>
                                                     June 30, 2002      December 31, 2001
                                                 Gross                   Gross
                                                Carrying  Accumulated   Carrying Accumulated
                                                 Amount  Amortization   Amount   Amortization

<S>                                                <C>         <C>       <C>         <C>
Intangible assets subject to
 amortization
  Domain name                                  $   83,750  $ 13,958  $   83,750  $  5,588

Intangible assets not subject to
 amortization
  Goodwill                                     $3,531,157  $782,278  $3,531,157  $782,278

</TABLE>

There was no change in reported goodwill during the six months ended June 30,
2002.

Amortization  of  intangible assets was $4,185 and $0 for the three months ended
June 30, 2002 and 2001, respectively, and $8,370 and $0 for the six months ended
June  30,  2002  and 2001, respectively.  Amortization expense is expected to be
approximately $8,370 for the remainder of 2002 (a total of approximately $16,740
for  2002).  Estimated  amortization  expense of intangible assets for the years
ending  December  31, 2003, 2004, 2005 and 2006 is $16,740, $16,740, $16,740 and
$11,202,  respectively.  Our  net  loss excluding goodwill amortization expense,
for  the  three  months  and  six  months ended June 30, 2001 would have been as
follows  had  we  adopted  SFAS  No.  142  on  January  1,  2001:

                                        6
<PAGE>
<TABLE>
<CAPTION>
                                                     Three            Six Months
                                                   Months Ended          Ended
                                                            June 30, 2001

<S>                                                    <C>                <C>

Net loss-as reported                              $   (1,330,171)  $  (2,458,295)
SFAS No. 142 amortization adjustment                      86,776         175,120
Net loss-as adjusted                              $   (1,243,395)  $  (2,283,175)
Basic and diluted net loss per share-as reported  $        (0.18)  $       (0.33)
Basic and diluted net loss per share-adjusted     $        (0.16)  $       (0.29)
</TABLE>

NOTE  4  -  LIQUIDITY

The  accompanying  consolidated financial statements have been prepared assuming
the  Company  will continue as a going concern that contemplates the realization
of assets and satisfaction of liabilities in the normal course of business.  For
the  six months ended June 30, 2002 and 2001, the Company incurred net losses of
$2,162,024  and  $2,458,295,  respectively. At June 30, 2002, the Company had an
accumulated  deficit  of  $27,337,122.  The  Company's  ability to continue as a
going  concern  is  dependent  on  it  ultimately achieving profitability and/or
raising  additional  capital.  Management  intends  to obtain additional debt or
equity capital to meet all of its existing cash obligations and fund commitments
on  planned  MultiBand  projects,  however,  there  can be no assurance that the
sources  will  be  available  or  available  on  terms favorable to the Company.
Management  anticipates  that  the  impact  of  the  actions  listed below, will
generate  sufficient  cash  flows to pay current liabilities, long-term debt and
capital  lease  obligations  and  fund  the  Company's  future  operations:

1.   Continued  reduction  of  operating  expenses  by  controlling  payroll,
     professional  fees  and  other  general  and  administrative  expenses.
2.   Solicit  additional  equity  investment  in  the  Company by either issuing
     preferred  or  common  stock.
3.   Continue to market MultiBand services and acquire additional multi-dwelling
     unit  customers.
4.   Control  capital  expenditures  by  contracting  MultiBand  services  and
     equipment  through  a  landlord-owned  equipment  program.

NOTE  5  -  NOTES  PAYABLE

During  April  2002,  the  Company  expanded its credit facility with Convergent
Capital  Partners  I,  L.P. to $2,400,000.  In addition, the principal repayment
was extended to begin in August 2005.  The credit facility is secured by Company
assets  and  the  facility agreement requires the Company to maintain collateral
requirements  and  minimum  quarterly earnings before income taxes, depreciation
and amortization requirements, the latter requirement beginning in the Company's
fourth  fiscal quarter of 2002.  All other terms remain the same.  In connection
with  this  note,  the  Company issued 500,000 (seven year) warrants to purchase
common  stock at a price of $1.10 per share. The proceeds of the credit facility
were  allocated  between  the  loan  and the warrants based on the relative fair
value of the securities at the time of issuance.  The warrants were valued using
the  Black Scholes calculation.  The resulting original issue discount, the fair
value  of  the  warrant, is being amortized over the life of the debenture using
the  straight-line  method,  which  approximates  the  interest  method.

In  April  2002,  the Company converted 10,000 shares of 14% Class D convertible
preferred  stock  into  a demand note for $100,000. The note expires in May 2007
and  bears  14%  interest.

In  the  second  quarter of 2002, the Company amended its agreement with Pyramid
Trading, L.P. to convert approximately one-third of the principal balance of the
Pyramid  note  to  Vicom  common stock. As part of the amendment, the conversion
rate  of  the  note was changed to 0.92 of a thirty day prior rolling average of
the  Company's  closing stock price. This change has been reflected in a revised
original  issue  discount.

NOTE  6  -  STOCK  WARRANTS

Stock  warrants  activity  is as follows for the six months ended June 30, 2002:
                                        7
<PAGE>
<TABLE>
<CAPTION>
                                                                   WEIGHTED
                                                   NUMBER OF       AVERAGE
                                                    WARRANTS    EXERCISE PRICE
                                                  -----------  ---------------
<S>                                                  <C>             <C>
WARRANTS OUTSTANDING - DECEMBER 31, 2001           9,565,450            $2.37
  GRANTED                                          1,293,690             1.68
  CANCELED OR EXPIRED                                      0                0
  EXERCISED                                                0                0
                                                  -----------  ---------------
WARRANTS OUTSTANDING - JUNE 30, 2002              10,858,140            $2.29
                                                  ===========  ===============
</TABLE>

The  warrants  granted during the six months ended June 30, 2002 were awarded as
part  of  common  stock  issued,  services  related  to equity financing, and in
connection  with  notes  payable.

NOTE 7 - BUSINESS SEGMENTS

The following is Company business segment information for the three months
ended June 30, 2002 and 2001.

<TABLE>
<CAPTION>
                                    Vicom       CTU       MultiBand     Total
<S>                                  <C>         <C>        <C>           <C>
Quarter ended June 30, 2002
  Revenues                               0   5,815,531    128,893      5,944,424
  Income/(Loss) from operations   (424,970)     30,832   (256,375)      (650,513)
  Identifiable assets            3,081,046   5,509,679  3,171,368     11,762,093
  Depreciation and amortization    136,795     112,823    137,310        386,928
  Capital expenditures                   0      44,619    105,109        149,728

Quarter ended June 30, 2001
  Revenues                               0   7,794,443     35,786      7,830,229
  Income/(Loss) from operations   (395,167)   (77,809)   (483,731)      (956,707)
  Identifiable assets            3,283,754   8,423,440  3,277,087     14,984,281
  Depreciation and amortization    194,659     114,757    128,468        437,884
  Capital expenditures                   0     138,255    122,768        261,023
</TABLE>


Following  is Company business segment information for six months ended June 30,
2002  and  2001:
<TABLE>
<CAPTION>


                                     Vicom       CTU       MultiBand     Total
<S>                                  <C>         <C>          <C>          <C>
Six months ended June 30, 2002
  Revenues                               0   11,977,112      229,500   12,206,612
  Income/(Loss) from operations   (869,252)     (56,443)    (508,382)  (1,434,077)
  Identifiable assets            3,081,046    5,509,679    3,171,368   11,762,093
  Depreciation and amortization    265,454      232,740      273,276      771,468
  Capital expenditures                   0       84,439      170,822      255,261

Six months ended June 30, 2001
  Revenues                               0   18,412,184      100,864   18,513,048
  Income/(Loss) from operations   (849,200)      58,552   (1,046,835)  (1,837,483)
  Identifiable assets            3,283,754    8,423,440    3,277,087   14,984,281
  Depreciation and amortization    194,659      114,757      128,468      437,884
  Capital expenditures                   0      199,460    1,204,493    1,403,953
</TABLE>

NOTE  8-  SUBSEQUENT  EVENT

Vicom,  Incorporated announced on July 26, 2002 that it had received notice from
Nasdaq  that its closing bid price has failed to meet the minimum requirement of
$1.00  per  share  for  the  last  30  consecutive  trading  days.  Under  the
                                        8
<PAGE>
notice,  the  Company has until January 21, 2003 to come back into compliance or
be  subject  to  removal  from  the  Nasdaq  SmallCap  Market.

FORWARD-LOOKING  STATEMENTS

     From  time  to  time,  the  Company  may publish forward-looking statements
relating  to  such  matters  as  anticipated  financial  performance,  business
prospects,  product pricing, management for growth, integration of acquisitions,
technological  developments,  new  products,  and  similar  matters. The Private
Securities  Litigation  Reform  Act  of  1995  provides  a  safe  harbor  for
forward-looking  statements  including those made in this statement. In order to
comply  with  the  terms  of  the  Private Securities Litigation Reform Act, the
Company notes that a variety of factors could cause the Company's actual results
and  experience  to  differ materially from the anticipated results or Company's
forward-looking  statements.

     The  risks  and  uncertainties that may affect the operations, performance,
developments  and  results  of  the  Company's  business  include the following:
national  and  regional  economic  conditions;  pending  and  future legislation
affecting  IT  and  telecommunications  industries;  market  acceptance  of  the
Company's  products  and  services;  the  Company's  products  and services; the
Company's  continued  ability  to provide integrated communication solutions for
customers  in  a  dynamic  industry;  and  other  competitive  factors.

     Because  these  and  other  factors  could  affect  the Company's operating
results,  past  financial  performance should not necessarily be considered as a
reliable  indicator of future performance and anticipated future period results.

                                        9
<PAGE>
                                    ITEM 2.
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATION


GENERAL

     Vicom,  Incorporated (Vicom) is a Minnesota corporation formed in September
1975.  Vicom  is  the  parent  corporation  of  two  wholly-owned  subsidiaries,
Corporate  Technologies,  USA,  Inc.  (CTU),  and  MultiBand,  Inc. (MultiBand).

     Vicom  completed an initial public offering in June 1984. In November 1992,
Vicom  became a non-reporting company under the Securities Exchange Act of 1934.
In  July  2000, Vicom regained its reporting company status.  In December, 2000,
Vicom  stock  began  trading on the NASDAQ stock exchange under the symbol VICM.

     Vicom's  website  is  located  at:  www.vicominc.net.
                                        -----------------

     Vicom  recently expanded its efforts to establish itself within the rapidly
evolving  telecommunications  and  computer  industries.  Effective December 31,
1998,  Vicom  acquired  the  assets  of  the Midwest region of Enstar Networking
Corporation  (ENC),  a data cabling and networking company. In late 1999, in the
context  of  a forward triangular merger, Vicom, to expand its range of computer
products  and  related  services,  purchased  the  stock  of  Ekman,  Inc. d/b/a
Corporate  Technologies,  and merged Ekman, Inc. into the newly formed surviving
corporation,  Corporate Technologies, USA, Inc. (CTU).  CTU provides voice, data
and  video systems and services to business and government.  MultiBand, Inc. was
incorporated  in  February  2000.  MultiBand, Inc provides voice, data and video
services  to  multiple  dwelling  units  (MDU's).

     As  of  June 30, 2002, CTU was providing telephone equipment and service to
approximately  1,000 customers, with approximately 10,000 telephones in service.
In  addition, CTU provides computer products and services to approximately 3,000
customers.  MultiBand,  as  of  June  30, 2002, had approximately 806 customers.
Telecommunications  systems  distributed  by Vicom are intended to provide users
with flexible, cost-effective alternatives as compared to systems available from
major  telephone  companies, including those formerly comprising the Bell System
and  from  other  interconnect  telephone  companies.

     CTU  provides a full range voice, data and video communications systems and
service,  system  integration,  training  and  related  communication  sales and
support  activities  for  commercial,  professional and institutional customers,
most  of  which  are  located in Minnesota, North Dakota, and South Dakota.  CTU
purchases  products  and  equipment  from  NEC  America,  Inc.  (NEC),  Siemens
Enterprise  Networks  (Siemens),  Cisco  Systems,  Inc. (Cisco), Nortel Networks
Corp.  (Nortel),  Tadiran  Telecommunications,  Inc.  (Tadiran),  and  other
manufacturers  of communications and electronic products and equipment. CTU uses
these  products  to  design  telecommunications  systems  to  fit its customers'
specific  needs  and  demands.

                                       10
<PAGE>

SELECTED  CONSOLIDATED  FINANCIAL  DATA
<TABLE>
<CAPTION>
                                               DOLLAR AMOUNTS AS A            DOLAR AMOUNTS AS A
                                              PERCENTAGE OF REVENUES        PERCENTAGE OF REVENUES
                                                THREE MONTHS ENDED            SIX MONTHS ENDED
                                        June 30, 2002    June 30, 2001   June 30, 2002     June 30, 2001
                                         (unaudited)      (unaudited)     (unaudited)       (unaudited)

<S>                                        <C>                <C>             <C>              <C>
REVENUES                                   100%               100%            100%             100%

COST OF PRODUCTS & SERVICES               73.3%              77.2%           74.9%            78.9%

GROSS MARGIN                              26.7%              22.8%           25.1%            21.1%

SELLING, GENERAL & ADMINISTRATIVE         37.7%              35.0%           36.8%            31.0%

OPERATING LOSS                           -11.0%             -12.2%          -11.7%            -9.9%
  INTEREST EXPENSE & OTHER, NET           -6.7%              -4.8%           -6.0%            -3.4%
LOSS BEFORE TAXES                        -17.7%             -17.0%          -17.7%           -13.3%
  INCOME TAX                                 0                  0               0                0
NET LOSS                                 -17.7%             -17.0%          -17.7%           -13.3%
</TABLE>

The  following  table  sets  forth,  for  the period indicated, the gross margin
percentages  for  Corporate  Technologies  USA,  Inc.  and  MultiBand,  Inc.

<TABLE>
<CAPTION>
                                                 THREE MONTHS ENDED             SIX MONTHS ENDED
                                        June 30, 2002    June 30, 2001   June 30, 2002     June 30, 2001
<S>                                       <C>               <C>             <C>               <C>
GROSS MARGIN PERCENTAGES:
  CORPORATE TECHNOLOGIES USA, INC.       26.7%             23.7%           25.0%             21.4%
  MULTIBAND, INC.                        34.1%            -63.6%           35.5%            -35.1%
</TABLE>

RESULTS  OF  OPERATIONS

Revenues

     Revenues  decreased 24.1% to $5,944,424 in the quarter ended June 30, 2002,
as  compared  to  $7,830,229  for  the  quarter  ended  June  30,  2001.

     Vicom  Inc.  has recorded no revenue since the first quarter of fiscal 2001
as  all  sales  operations were transferred to Corporate Technologies, USA, Inc.
(CTU).

     Revenues  for (CTU) decreased 25.3% in the second quarter of fiscal 2002 to
$5,815,531  as compared to $7,794,443 in the second quarter of fiscal 2001. This
decrease  in  CTU's  revenues  resulted  primarily from CTU's desire to increase
gross  margins  versus  maintaining  top  line revenues. Thus, CTU has chosen to
eliminate  certain  lower margin equipment sales and instead has increased sales
of  services  which  have  higher  margins.

     Revenues  for  MultiBand,  Inc.  increased  260% to $128,893 as compared to
$35,786 in the second quarter of fiscal 2001.  This increase is due to expansion
of  MultiBand  services  to  three  additional  properties as well as increased
sales to existing properties.

     Revenues  for  the  six month period ended June 30, 2002 decreased 34.1% to
$12,206,612  from  $18,513,048  for  the  same  period  in  2001.

                                       11
<PAGE>

Gross  Margin

     The  Company's  gross  margin decreased 10.8% or $192,120 to $1,589,710 for
the  quarter  ended  June  30,  2002,  as compared to $1,781,830 for the similar
quarter  last  year.  This  decrease  in  gross margin is due to the substantial
decrease  in  revenues  prompted  by  the  Company's increased focus on sales of
services.  For  the quarter ended June 30, 2002, as a percent of total revenues,
gross  margin  was  26.7% as compared to 22.8% for the similar period last year.
This  increase  in  gross  margin  percentage is primarily due to an increase in
service  sales  which  have  better  margins  than  equipment  sales.

     Gross  margin  for  Corporate  Technologies USA, Inc. decreased by 14.1% to
$1,551,763 for the quarter ended June 30, 2002, as compared to $1,806,855 in the
second  quarter  of  fiscal  2001.  This  decrease  is due to the aforementioned
decrease  in  revenues.

     Gross  margin  for  MultiBand,  Inc.  for  the  quarter ended June 30, 2002
increased  293%  to  $43,947  as  compared to ($22,747) in the second quarter of
fiscal  2001  reflecting  on  the  increase  of  revenue  being  billed.

     For  the  six  month  period  ended  June  30,  2002, as a percent of total
revenues,  gross  margin  was  25.1% as compared to 21.1% for the same period in
2001.

Selling,  General  and  Administrative  Expenses

     Selling,  general and administrative expenses decreased 18.2% to $2,240,223
in  the  quarter  ended  June 30, 2002, compared to $2,738,537 in the prior year
quarter.  Selling,  general and administrative expenses were, as a percentage of
revenues,  37.7%  for  the quarter ended June 30, 2002 and 35.0% for the similar
period  a  year  ago.  This increase is primarily attributable to lower top line
revenues.

     For the six month period ended June 30, 2002 these expenses decreased 21.8%
to  $4,496,761 as compared to $5,747,083 for the six months ended June 30, 2001.
As  a  percentage of revenues, selling, general and administrative  expenses are
36.8%  for  the  period  ended  June  30, 2002 as compared to 31.0% for the same
period  2001.

Interest  Expense

     Interest  expense  was $426,869 for the quarter ended June 30, 2002, versus
$373,771 for the similar period a year ago, reflecting an increased Company debt
load  due  to  acquisition  related  debt,  warrant  valuation  and  increased
borrowings.  Amortization of original issue discount was $260,774 and $0 for the
three  months  ended  June  30,  2002  and  2001.

     Interest  expense  was  $772,904 for the six months ended June 30, 2002 and
$666,209  for the same period last year.  For the six months ended June 30, 2002
amortization  of  original  discount  was $471,757 and $89,984 in same period as
last  year.

Net  Loss

     In  the  second  quarter of fiscal 2002, the Company incurred a net loss of
$1,052,101 compared to a net loss of $1,330,171 for the second fiscal quarter of
2001.  A  decline  in operating losses for the second quarter of 2002 versus the
similar  period  a  year  ago  was  offset  by  an  increase in interest expense
primarily  due  to  amortization  of  original  issue  discount.

     For  the six months ended June 30, 2002, the Company recorded a net loss of
$2,162,024,  as  compared  to $2,458,295 for the six months ended June 30, 2001.

                                       12
<PAGE>
Liquidity  and  Capital  Resources

     Available  working  capital  at  June  30,  2002 decreased over the similar
period  last  year  due  to  operating  losses.  Vicom experienced a decrease in
accounts  payable  for the period ended June 30, 2002 versus last year's period,
primarily  due  to  a  significant reduction in revenues which led to a payables
decrease.  Accounts  receivable  decreased  for  the period ended June 30, 2002,
compared  to  the  prior year period, due to a significant decrease in revenues.

     Inventories  decreased over last year's prior period inventories due to the
aforementioned  revenue  decreases.  Net  borrowings under notes and installment
obligations  payable  increased  materially  for  the period ended June 30, 2002
compared  to  the  prior  year's  period  due to financing with an investor, the
proceeds  of  which  were  used  in  part  to  finance MultiBand, Inc.'s project
build-out.

     Management  of  Vicom believes that, for the near future, cash generated by
sales  of  stock,  and existing credit facilities, in aggregate, are adequate to
meet  the  anticipated  liquidity  and  capital  resource  requirements  of  its
Corporate  Technologies  USA,  Inc. business for the next twelve months provided
Company  operating losses continue to decrease.  Significant continuation of the
Company's MultiBand, Inc.'s build-out is highly dependent on securing additional
financing  for future projects.  Management believes that while future build-out
financing  is  available,  there  is  no  guarantee  that said financing will be
obtained.

Capital  Expenditures

     The  Company  used  $255,261 for capital expenditures during the six months
ended  June 30, 2002, as compared to $1,403,953 in the similar period last year.
Capital  expenditures  consisted  of equipment acquired for internal use and for
MultiBand  build-out  projects  as  compared  to  the same period last year when
MultiBand  build-out costs for construction totaled $1,081,725.  The Company has
started  a  new  business  approach  with  having  the  building  owners buy the
equipment  and  pay  MultiBand  a  reduced  management  fee.

CRITICAL  ACCOUNTING  POLICIES  AND  ESTIMATES

Impairment  of  Long-Lived  Assets
----------------------------------
The  Company's  long-lived  assets  include  property,  equipment  and leasehold
improvements.  The  estimated  fair  value  of  these assets is dependent on the
Company's  future  performance.  In assessing for potential impairment for these
assets,  the  Company  considers future performance.  If these forecasts are not
met,  the  Company  may  have  to  record  an  impairment  charge not previously
recognized,  which  may  be material.  During the six months ended June 30, 2002
and 2001, the Company did not record any impairment losses related to long-lived
assets.

Impairment  of  Goodwill
------------------------
We  periodically  evaluate  acquired  businesses  for  potential  impairment
indicators.  Our judgements regarding the existence of impairment indicators are
based  on  legal  factors,  market conditions and operational performance of our
acquired  businesses.  Future  events could cause us to conclude that impairment
indicators  exist  and  that goodwill associated with our acquired businesses is
impaired.  Any resulting impairment loss could have a material adverse impact on
our  financial condition and results of operations.  During the six months ended
June 30, 2002 and 2001, the Company did not record any impairment losses related
to  goodwill.


Inventories
-----------
We  value our inventory at the lower of the actual cost or the current estimated
market value of the inventory.  We regularly review inventory quantities on hand
                                       13
<PAGE>
and  record  a provision for excess and obsolete inventory.  Rapid technological
change,  frequent  new  product development, and rapid product obsolescence that
could  result  in  an increase in the amount of obsolete inventory quantities on
hand  characterize  our  industry.

RECENTLY  ISSUED  ACCOUNTING  PRONOUNCEMENTS.

In  April 2002, the Financial Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standards (SFAS) No. 145, "Rescission of FASB Statements
No.  4,  44,  and  64,  Amendment  of  FASB  Statement  No.  13,  and  Technical
Corrections."  The Company believes the adoption of SFAS No. 145 will not have a
material  effect  on the Company's consolidated financial position or results of
operations.

In  June  2002,  FASB issued SFAS No. 146, "Accounting for Costs Associated with
Exit  or  Disposal  Activities."  SFAS  No.  146  requires  the recognition of a
liability  for  a  cost  associated  with  an exit or disposal activity when the
liability  is  incurred  versus the date the Company commits to an exit plan. In
addition, SFAS No. 146 states the liability should be initially measured at fair
value.  The  requirements  of  SFAS  No.  146 are effective for exit or disposal
activities  that are initiated after December 31, 2002. The Company believes the
adoption  of  SFAS  No.  146  will  not  have a material effect on the Company's
consolidated  financial  position  or  results  of  operations.

ITEM  3.  QUANTITIVE  AND  QUALITIVE  DISCLOSURE  ABOUT  MARKET  RISK

     Vicom  is  not  subject  to  any material interest rate risk as any current
lending  agreements  are  at  a  fixed  rate  of  interest.

PART  II.  OTHER  INFORMATION

ITEM  4.  LEGAL  PROCEEDINGS

          As  of  June  30, 2002, Vicom was not engaged in any legal proceedings
          whose  anticipated results would have a material adverse impact on the
          Company.

ITEM  6.  EXHIBITS  AND  REPORTS  ON  FORM  8-K

     (a)     Exhibits

               99.1

     (b)     Reports  on  Form  8-K.

               1)  On June 4, 2002, Vicom filed a report on Form 8-K relating to
               a  solicitation  from  The  Amara  Group,  Inc.

                                       14
<PAGE>
                                   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.

                                   VICOM,  Inc.
                                   Registrant

Date:  August  14,  2002           By:     /s/ James  L.  Mandel
                                               Chief  Executive  Officer

Date:  August  14,  2002           By:     /s/ Steven  M.  Bell
                                              Chief  Financial  Officer
                                   (Principal Financial and Accounting Officer)


                                       15

<PAGE>