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 March 31, 2002
                                       or
  ---    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                For the transition period from _______ to _______

                         Commission File Number 0-13316

                                LASER CORPORATION
                                -----------------
        (Exact name of small business issuer as specified in its charter)

               Utah                                          87-0395567
               ----                                          ----------
     (State of Incorporation)                              (I.R.S. Employer
                                                         Identification No.)
        2417 South 3850 West
         Salt Lake City, UT                                     84120
        --------------------                                    -----
       (Address of principal                                  (Zip Code)
          executive office)
                                 (801) 972-1311
                                 --------------
                (Issuer's telephone number, including area code)

                                 Not Applicable
                                 --------------
              (Former name, former address and former fiscal year,
                                                if changed since last report)

Check  whether  the issuer  (1) has filed all  reports  required  to be filed by
Section 13 or 15(d) of the Securities  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

State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practical date.

Common Stock, .05 Par Value -- 1,643,073 shares as of March 31, 2002


<PAGE>

                                      INDEX

                       LASER CORPORATION AND SUBSIDIARIES


PART I.  FINANCIAL INFORMATION
------------------------------

Item 1.  Financial Statements (Unaudited)

         Consolidated Balance Sheets - March 31, 2002 and December 31, 2001.

         Consolidated  Statements  of  Operations - Three months ended March 31,
         2002 and 2001.

         Consolidated  Statements  of Cash Flows - Three  months ended March 31,
         2002 and 2001.

         Notes to Consolidated Financial Statements - March 31, 2002.

Item 2.  Management's Discussion and Analysis.



PART II. OTHER INFORMATION
--------------------------



SIGNATURES
----------



                                   Page 2 of 9


<PAGE>

PART I. FINANCIAL INFORMATION
Item 1.
                       LASER CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS


                                                March 31,         December 31,
ASSETS                                            2002                2001
------                                          ---------         ------------
                                               (Unaudited)
CURRENT ASSETS
  Cash and cash equivalents                  $       2,685       $       26,837
  Receivables, net                                 616,992              474,477
  Inventories                                      377,874              555,669
  Other current assets                               4,024                3,529
                                             -------------       ---------------
        Total Current Assets                     1,001,575            1,060,512
                                             -------------       ---------------

NON-CURRENT ASSETS
  Equipment and leasehold improvements, net        184,534              199,392
  Other assets                                      35,662               35,662
                                             -------------       ---------------

                                             $   1,221,771       $    1,295,566
                                             =============       ===============
LIABILITIES AND
---------------
STOCKHOLDERS' DEFICIT
---------------------

CURRENT LIABILITIES
  Accounts payable                           $   1,097,724       $    1,079,585
  Accrued expenses                                 264,796              296,513
  Accrued warranty expense                         145,000              140,000
  Current notes payable                            500,000              500,000
  Current portion capital leases                     9,279               11,427
                                             -------------       ---------------

         Total Current Liabilities               2,016,799            2,027,525
                                             -------------       ---------------

LONG-TERM DEBT                                       5,860                7,362
                                             -------------       ---------------

      Total Liabilities                      $   2,022,659       $    2,034,887
                                             -------------       ---------------


COMMITMENTS AND CONTINGENCIES                          ---                  ---
STOCKHOLDERS' EQUITY (DEFICIT)
  Preferred Stock, no par value,
   10,000,000 shares authorized;
   no shares issued                                    ---                  ---
  Common Stock, $.05 par value,
   40,000,000 shares authorized;
   1,643,073 and 1,631,357 shares
   issued, respectively                             82,154               81,568
  Additional paid-in capital                     2,168,350            2,148,936
  Deferred Compensation                           (136,800)            (136,800)
  Accumulated deficit                           (2,914,592)          (2,833,025)
                                             -------------       ---------------

       Total Stockholders' Deficit                (800,888)            (739,321)
                                             -------------       ---------------

                                             $   1,221,771       $     1,295,566
                                             =============       ===============


           See accompanying notes to consolidated financial statements

                                   Page 3 of 9
<PAGE>

                       LASER CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                                      Three months ended
                                             -----------------------------------
                                                March 31,           March 31,
                                                  2002                2001
                                             -------------       ---------------

 REVENUES:
  Net sales                                  $     705,706       $      850,936
  Interest and other income                             38                  952
                                             -------------       ---------------

                                                   705,744              851,888

COSTS AND EXPENSES:
  Cost of products sold                            584,518              735,722
  Selling, general and administrative              169,178              226,505
  Research and development                          16,347               72,301
  Royalties                                          6,932               10,300
  Interest                                          10,336               16,593
                                             -------------       ---------------

                                                   787,311            1,061,421
                                             -------------       ---------------

LOSS FROM OPERATIONS BEFORE INCOME TAXES           (81,567)            (209,533)

INCOME TAX BENEFIT (EXPENSE) - CURRENT                 ---                  ---
                                             -------------       ---------------

NET LOSS                                     $     (81,567)      $     (209,533)
                                             =============       ===============

NET LOSS PER SHARE                           $       ( .05)      $        ( .13)
                                             =============       ===============

 WEIGHTED AVERAGE NUMBER OF SHARES OF
   COMMON STOCK OUTSTANDING - BASIC AND
   DILUTED                                       1,638,000            1,630,000
                                             =============       ===============





           See accompanying notes to consolidated financial statements

                                   Page 4 of 9
<PAGE>

                       LASER CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                                   (Unaudited)



                                                  2002                2001
                                             -------------       ---------------

CASH FLOWS FROM OPERATING ACTIVITIES

  Net loss                                   $     (81,567)      $     (209,533)

  Adjustments to reconcile net loss
    to net cash provided from (used in)
    operating activities:
      Depreciation and amortization                 14,858               16,055
      Provision for losses on accounts
        receivable                                   2,585                4,995
  (Increase) decrease in assets:
      Receivables                                 (145,100)             228,492
      Inventories                                  177,795             (149,663)
      Other assets                                    (495)              (5,811)
  Increase (decrease) in liabilities:
      Trade accounts payable and
        accrued expenses                            11,422              136,918
                                             -------------       ---------------
      Net Cash (Used in) Provided from
        Operating Activities                       (20,502)              21,453

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of property and equipment                  ---              (10,209)

CASH FLOWS FROM FINANCING ACTIVITIES -
  Payments on Capital Leases                        (3,650)              (3,097)
  Proceeds from Sale of Stock                          ---                5,000
                                             -------------       ---------------
     Net Cash (Used in) Provided from
       Financing Activities                         (3,650)               1,903

(DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS                                        (24,152)              13,147

CASH AND CASH EQUIVALENTS, BEG. OF PERIOD           26,837               38,600
                                             -------------       ---------------

CASH AND CASH EQUIVALENTS, END OF PERIOD     $       2,685       $       51,747
                                             =============       ===============




           See accompanying notes to consolidated financial statements

                                   Page 5 of 9
<PAGE>

                       LASER CORPORATION AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

                                 March 31, 2002

NOTE A - BASIS OF PRESENTATION

         The accompanying  unaudited consolidated financial statements have been
prepared in accordance  with  accounting  principles  generally  accepted in the
United States of America for interim financial  information and the instructions
to Form 10-QSB and Rule 310 of Regulation S-B. Accordingly,  they do not include
all of the information and footnotes required by accounting principles generally
accepted in the United States of America for complete financial  statements.  In
the opinion of management,  all adjustments (consisting only of normal recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating  results for the three months ended March 31, 2002 are not necessarily
indicative of the results that may be expected for the year ending  December 31,
2002. For further  information,  refer to the consolidated  financial statements
and  footnotes  thereto for the year ended  December  31,  2001  included in the
Company's Annual Report on Form 10-KSB (file number 0-13316).

NOTE B - RECLASSIFICATIONS

         Certain 2001  financial  statement  amounts have been  reclassified  to
conform to 2002 presentations.

NOTE C - WEIGHTED AVERAGE SHARES

         Loss per common share is computed using the weighted  average number of
common shares  outstanding.  Common  equivalent  shares consist of the Company's
stock options and are considered to be  antidilutive  common stock  equivalents,
determined using the treasury stock method.

NOTE D - SUPPLEMENTAL CASH FLOW INFORMATION

         During the  quarter  ended March 31,  2002 the  Company  issued  11,716
shares of common  stock to two board  members in exchange for $20,000 of accrued
director's fees.

         Actual cash paid for interest and income taxes are as follows:

                                                        Three Months
                                                        Ended March 31,
                                                 2002                  2001
                                             -------------       ---------------

        Interest                                     1,586                1,135
                                             -------------       ---------------

        Income Taxes                                   ---                 ----
                                             -------------       ---------------


                                   Page 6 of 9
<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

         This report contains certain forward-looking statements and information
relating to the Company that are based on the beliefs of  management  as well as
assumptions  made by, and information  currently  available to management.  Such
statements  reflect the current view of the Company respecting future events and
are subject to certain  risks,  uncertainties,  and  assumptions,  including the
risks and uncertainties noted throughout the document.  Although the Company has
attempted to identify  important  factors that could cause the actual results to
differ  materially,  there may be other  factors that cause the  forward-looking
statements not to come true as anticipated,  believed,  projected,  expected, or
intended.  Should one or more of these risks or  uncertainties  materialize,  or
should  underlying  assumptions  prove  incorrect,  actual  results  may  differ
materially from those  described  herein as  anticipated,  believed,  projected,
estimated, expected, or intended.

         The  following  discussion  should  be read  in  conjunction  with  the
consolidated  financial  statements and notes thereto appearing in the Company's
Annual Report on Form 10-KSB (file number 0-13316).

RESULTS OF OPERATIONS
---------------------

Three months ended March 31, 2002.

         Net sales for the three  months  ended March 31, 2002 were  $705,706 as
compared to $850,936 for the same period in 2001, a decrease of $145,230 or 17%.
This decrease was primarily the result of the decreased  sales of laser products
and service  sales which  decreased  from  $665,909 in 2001 to $517,015  for the
period  ended March 31,  2002,  a decrease of $148,894 or 22%.  Medical  product
sales  increased  from  $185,027 in 2001 to $188,691 for the period ending March
31, 2002.

         Cost of products  sold for the three  months  ended March 31, 2002 were
$584,518  as compared  to  $735,722  for the same period in 2001,  a decrease of
$151,204  or 21%,  which  was  primarily  due to the  decrease  in  sales.  As a
percentage  of net sales,  cost of  products  sold was 83% for the three  months
ended  March 31,  2002 as  compared  to 86% for the same  period  in 2001.  This
percentage  decrease in the cost of products  sold was primarily the result of a
decrease in labor and material costs.

         Selling,  general,  and  administrative  expenses  for the three months
ended March 31, 2002 were  $169,178 as compared to $226,505  for the same period
in 2001, a decrease of $57,327 or 25%.  This decrease in selling,  general,  and
administrative  expenses was  primarily  the result of decreased  marketing  and
sales activities associated with medical products.

         Research and development  expenditures for the three months ended March
31, 2002 were  $16,347 as  compared  to $72,301  for the same period in 2001,  a
decrease of $55,954 or 77%.

         Royalty  expenses for the three months ended March 31, 2002 were $6,932
as compared to $10,300 for the same period in 2001, a decrease of $3,368 or 33%.

                                   Page 7 of 9
<PAGE>

         Interest  income and other revenue for the three months ended March 31,
2002 was $38 as compared to $952 for the same period in 2001, a decrease of $914
or 96%.  Interest  expenses for the three month period ended March 31, 2002 were
$10,336 as  compared to $16,593 of  interest  expense  during the same period of
2001.

         The Company  recognized a net loss for the three months ended March 31,
2002 of $81,567 or $.05 per share compared to a net loss of $209,533 or $.13 per
share for the same period in 2001, an  improvement of $127,966 or .08 per share.
This  decrease in net loss is primarily  the result of decreased  marketing  and
sales expenses.


LIQUIDITY AND CAPITAL RESOURCES

         On March 31,  2002,  the  Company  had a deficit in working  capital of
$1,015,224  as compared to a deficit in working  capital of $967,013 at December
31, 2001, an increase in working  capital  deficit of $48,211.  This decrease in
working capital was primarily the result of the Company's net loss for the three
month period ended March 31, 2002.

         Cash  equivalents at March 31, 2002 were $2,685  compared to $26,837 on
December  31,  2001,  a  decrease  of  $24,152  or 90%.  This  decrease  in cash
equivalents was primarily a result of the Company's net loss for the three month
period ended March 31, 2002.  The Company's  continuation  as a going concern is
dependent on its ability to generate sufficient income and cash flow to meet its
obligations  on a  timely  basis,  to  obtain  additional  financing  as  may be
required, and ultimately to attain profitability. There is no assurance that the
Company will be successful in its efforts.


PART II.  OTHER INFORMATION
          -----------------

      None



                                   Page 8 of 9
<PAGE>

                                   SIGNATURES


         In accordance with the  requirements of the Securities  Exchange Act of
1934,  the  registrant  caused  this  report to be  signed on its  behalf by the
undersigned thereunto duly authorized.




                                LASER CORPORATION


Date:   May 14, 2002                         /s/ B. Joyce Wickham
     ---------------                         -----------------------------------
                                             B. Joyce Wickham
                                             President, Chief Executive Officer
                                             and Director



Date:   May 14, 2002                         /s/ Mark L. Ballard
     ---------------                         -----------------------------------
                                             Mark L. Ballard
                                             Treasurer, Assistant Secretary
                                             and Director





                                   Page 9 of 9
<PAGE>