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**SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549****FORM 10-Q**

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

                For the quarterly period ended September 30, 2001

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

          For the transition period from: ____________ to ____________

                             Commission file number:
                                   33-55254-26

                         **SEAVIEW VIDEO TECHNOLOGY, INC.**
             (exact name of registrant as specified in its charter)

          **NEVADA****87-0438640**
 (State or other jurisdiction of                      (IRS Employer
 incorporation or organization)                      Identification No.)

                         **SEAVIEW VIDEO TECHNOLOGY, INC.
                        111 SECOND AVENUE NE, SUITE 1600
                             ST.PETERSBURG, FL 33701****(727) 866-3660**
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15d of the Securities and Exchange Act of 1934
during the preceding 12 months (or 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.

                         [X] Yes        [ ]  No

                      **APPLICABLE ONLY TO CORPORATE ISSUERS:**

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

  Total number of shares of Common Stock, as of September 30, 2001: 18,539,909

**SEAVIEW VIDEO TECHNOLOGY, INC.

                                      INDEX

Part I.  FINANCIAL INFORMATION                                          Page No.**

         Item 1.   Financial Statements                                  3 - 10

         Item 2.   Management's Discussion and Analysis of Financial    11 - 16
                   Condition and Results of Operations

**Part II. OTHER INFORMATION**                                                 17

         Item 6.   Exhibits and Reports on Form 8-K                        18

**Signatures**                                                                 19

**Exhibits**                                                                   19

                                       2
**PART I.  FINANCIAL INFORMATION**

Item 1.  Financial statements

                         **SEAVIEW VIDEO TECHNOLOGY, INC.**
                                 BALANCE SHEETS

                                                                  **(Unaudited)
                                                                 September 30,       December 31,
                  Assets                                             2001                2000**
                                                               ----------------    ---------------

Current Assets:
    Cash and cash equivalents                                  $       8,237       $        41,264
    Accounts Receivable, net of allowance for
    doubtful accounts of $97,933 and $24,389 in
    2001 and 2000, respectively                                      258,928                60,793
    Accounts Receivable, Officer                                     -                     512,757
    Accounts Receivable, employees                                    40,000                40,000
    Inventory                                                        537,649               293,355
    Prepaid expenses                                                  73,533                60,000
                                                               -------------       ---------------
        Total current assets                                         918,347             1,008,169

Property and equipment, net                                          444,901               504,535
Investments                                                          785,023               889,918
Deferred tax asset                                                 1,868,634             1,439,322
                                                               -------------       ---------------
        Total assets                                           $   4,016,905       $     3,841,944
                                                               =============       ===============

                  **Liabilities and Stockholders' Equity**

Current Liabilities:
    Accounts Payable                                           $     705,960       $       343,606
    Convertible Debentures                                            -                    200,000
    Warrants outstanding                                                                   250,000
    Accrued liabilities                                               29,202                36,277
                                                               -------------       ---------------
        Total current liabilities                                    735,162               829,883
Stockholders equity:
Common Stock                                                          25,837                17,133
Additional paid-in capital                                         7,460,039             5,251,033
Unearned Restricted Stock Compensation                             (765,936)              (40,974)
Receivable from sale of stock                                      (256,750)                -
Treasury Stock                                                     (277,757)                -
Accumulated deficit                                              (2,903,690)           (2,215,131)
                                                               -------------       ---------------
        Total stockholders equity                                  3,281,743             3,012,061
                                                               -------------       ---------------
        Total liabilities and stockholders equity              $   4,016,905       $     3,841,944
                                                               =============       ===============

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

                                       3
**SEAVIEW VIDEO TECHNOLOGY, INC.**
                            STATEMENTS OF OPERATIONS

                                                       **Unaudited                   Unaudited****Quarter Ended Sept. 30,    Nine Months Ended Sept. 30,**
                                               ------------------------   ----------------------------
                                                   **2001         2000          2001            2000**
                                               -----------   ----------   ------------    ------------

Net Revenue                                    $   184,745   $  212,592   $    891,216    $    968,780
Cost of goods sold                                  93,568       70,650        444,617         332,843
                                               -----------   ----------   ------------    ------------
     Gross Profit                                   91,177      141,942        446,599         635,937
Operating expenses:
     Salaries & Wages                              117,793      296,216        400,142         684,898
     Advertising & Promotions                      105,323      683,311        257,260       1,756,018
     Provision for doubtful accounts                73,544        -             73,544           -
     Depreciation                                   19,878       12,591         59,634          30,397
     Rent & Utilities                               25,393       28,095         71,097          75,726
     Professional fees                             157,539      180,222        422,843         361,537
     Other Expenses                                103,298       23,141        175,055         460,990
                                               -----------   ----------   ------------    ------------
         Total operating expenses                  602,768    1,223,576      1,459,575       3,369,566
                                               -----------   ----------   ------------    ------------
Net income (loss) from operations                (511,591)  (1,081,634)    (1,012,976)     (2,733,629)
Interest Income                                          0        1,707              0           2,846
Equity in earnings (loss) of affiliate            (33,868)            0       (104,895)              0
                                               -----------   ----------   ------------    ------------

Income (loss) before taxes                       (545,459)  (1,079,927)    (1,117,871)     (2,730,783)
Income tax (benefit) expense                     (212,729)    (424,420)      (429,310)     (1,047,315)

Net (Loss) Income                              $ (332,730)   $(655,507)   $  (688,561)    $(1,683,468)
                                               ===========   ==========   ============    ============

Basic net income (loss) per common share             (.02)        (.05)          (.04)           (.15)

Diluted net income (loss) per common share           (.02)        (.05)          (.04)           (.15)

Basic weighted number of common shares
 outstanding                                    19,543,178   13,398,948     18,734,602      11,284,185
Diluted weighted number of common shares
outstanding                                     19,543,178   13,398,948     18,734,602      11,284,185

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

                                        4

**SEAVIEW VIDEO TECHNOLOGY, INC**
                            STATEMENTS OF CASH FLOWS

                                                                    **Unaudited
                                                                Nine Months Ended
                                                         September 30,      September 30,
                                                              2001               2000
                                                         ------------       -------------****Cash flows from Operating activities:**
    Net (Loss) Income                                    $   (688,561)      $  (1,683,468)
    Adjustments to reconcile net income (loss) to net
        cash provided by operating activities
        Depreciation                                           59,634              30,397
        Amortization of unearned compensation                 228,000              25,000
        Equity in loss of affiliate                           104,895                   0
        Compensation expense of stock issuance to
        employees                                              21,052             137,459
        Compensation expense of stock issuance to
        consultants                                            63,998             271,255
        Deferred income taxes                                (429,312)         (1,073,106)
    (Increase) decrease in:
        AR Trade                                             (198,135)            (44,174)
        Inventory                                            (244,294)           (220,835)
        Employee AR                                                 0             (39,382)
        Prepaid Assets                                        (13,533)            (35,803)
        Income tax benefit                                          0                   0
    (Decrease) increase in:
        Due to Bank                                                 0             (10,412)
        AP Trade                                              362,354             272,704
        Accrued Liabilities                                    (7,075)            (43,562)
        Income taxes payable                                        0              25,795
                                                         ------------       -------------
    Net cash provided by (used) in operating activities      (740,977)         (2,388,132)
Cash flows from Investing activities:
    Additions to property and equipment                            (0)           (407,003)
                                                         ------------       -------------
    Net cash used in investing activities                          (0)           (407,003)
Cash flows from Financing activities:
    Officer(Loan) repayment                                   235,000            (491,293)
    Proceeds from conversion of stock warrants                      0             200,000
    Proceeds from private placement subscriptions
                                                              472,950                   0
    Proceeds from subordinated debentures                           0           3,288,000
                                                         ------------       -------------
    Net cash provided by financing activities                 707,950           2,996,707
    Net (decrease) increase in cash and cash equivalents
                                                              (33,027)            201,572
    Cash and cash equivalents at beginning of period
                                                               41,264                   0
                                                         ------------       -------------
    Cash and cash equivalents at end of period           $      8,237       $     201,572
                                                         ============       =============
    Supplemental Disclosures of Cash Flow
    Information:
    Conversion of convertible debentures to common stock $    200,000       $   2,699,095
                                                         ============       =============
    Conversion of stock warrants to common stock         $    250,000       $     200,000
                                                         ============       =============
    Stock returned as Note repayment                     $    277,757       $           0
                                                         ============       =============
    Receivables from sales of stock                      $    486,450       $           0
                                                         ============       =============
    Cash paid for taxes                                  $          0       $           0
                                                         ============       =============
    Cash paid for interest                               $          0       $           0
                                                         ============       =============

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

                                        5

**SEAVIEW VIDEO TECHNOLOGY, INC.**
               Notes to Interim Consolidated Financial Statements
                         September 30, 2001 (Unaudited)

**1.   OPERATIONS AND ORGANIZATION**

          SeaView Video Technology, Inc., (the "Company") was originally
incorporated in the State of Utah on April 16, 1986. In order to change its
domicile, the Company was reorganized under the laws of Nevada on December 30,
1993. On March 24, 1999, the Company entered into a reorganization agreement
with SeaView Underwater Research, Inc. ("SeaView Florida"), a privately held
Corporation that was incorporated in the State of Florida on April 2, 1998 ("the
reorganization"). At the time of the reorganization the Company was a
non-operating Company whose common stock was not publicly traded. It was,
however, subject to the reporting requirements of the Securities Exchange Act of
1934. In connection with the reorganization, the Company issued 5,000,000 shares
of its common stock to SeaView Florida's shareholders in exchange for 100% of
SeaView Florida's outstanding shares of common stock and $250,000 cash. For
accounting purposes the reorganization was treated as a recapitalization. As a
result of the reorganization,
 o The Company was the surviving entity;
 o SeaView Florida ceased to exist;
 o SeaView Florida's shareholders gained control of the Company;
 o The Company's Board of Directors resigned and was replaced by a Board of
   Directors selected by SeaView Florida's shareholders; and
 o The Company changed its name to SeaView Underwater Research Inc. to reflect
   the continuance of SeaView Florida's business plan.

On February 2, 2000 the Company changed its name to SeaView Video Technology,
Inc.

**Products**
The company manufactures underwater video cameras, lights, and accessories
through several third party assembly companies for the marine, commercial, and
consumer-retail markets. The Company has also developed a video security system
utilizing an exclusive patented technology, which enables video transmission
through existing electrical wiring. SecureView, manufactured through independent
contractors, is a light bulb camera and decoder combination which can be
deployed, without additional wiring, as a security monitoring system. The
product sales and distribution efforts concentrate on the following: (1) direct
to the public and government (2) through a network of approximately 700
independent dealers and (3) through an expanding retailers network. The Company
has registered trademarks for many of its products.

**2.   SIGNIFICANT ACCOUNTING POLICIES***Basis of Presentation.*  The accompanying unaudited financial
statements have been prepared in accordance with prescribed guidance of the
Securities and Exchange Commission ("SEC"), and therefore, do not include all
information and footnotes necessary for a complete presentation of financial
position, results of operations, cash flows and stockholders' equity in
conformity with generally accepted accounting principals. In the opinion of
management, all adjustments considered necessary for a fair presentation of the
results of operations and financial position have been included and all such
adjustments are of a normal recurring nature. Operating results for the nine
month period ended September 30, 2001, are not necessarily indicative of the
results that can be expected for a full fiscal year. The accompanying financial
statements have been prepared on the accrual basis of accounting.

     *Reclassifications.* To conform to 2001 presentation, certain 2000
amounts have been reclassified.

                                       6
**SEAVIEW VIDEO TECHNOLOGY, INC.**
               Notes to Interim Consolidated Financial Statements
                         September 30, 2001 (Unaudited )

     *Consolidation.* Investments in 20%-50% owned affiliates are accounted for on
the equity method, and, accordingly, operations include the Company's share of
its loss.

     *Cash and cash equivalents.*  The Company considers all highly liquid
instruments with original maturities of 90 days or less to be cash equivalents
for financial statement purposes.

     *Inventories.*  Inventories consist of raw materials and finished goods held
for resale and are stated at the lower of cost or market. Inventory costs are
determined using the first-in, first-out (FIFO) method.

     *Property and equipment.*  Property and equipment are stated at cost less
accumulated depreciation. Depreciation on property and equipment is calculated
on the straight line method over the estimated useful lives of the assets
ranging from five to ten years. Maintenance and repairs are charged to expense
as incurred.

     *Stock Based Compensation.*  In October 1995, the Financial Accounting
Standards Board issued Statement of Financial Accounting Standard ("SFAS") No.
123, "Accounting for Stock-Based Compensation". SFAS 123 allows companies which
have stock based compensation arrangements with employees to adopt a fair-value
basis of accounting for equity instruments or to continue to apply the intrinsic
value based method required by with Accounting Principles Board ("APB") Opinion
No. 25, "Accounting for Stock issued to Employees". The company has elected to
account for stock based compensation arrangements in accordance with APB No. 25.

     *Revenue recognition.* Product revenue is recognized when both title and risk
of loss transfers to the customer, provided that no significant obligations
remain. Provision is made for an estimate of product returns and doubtful
accounts, based on historical. As of September 30, 2001, estimated amounts for
returns were not considered material.

     *Income taxes.* Prior to April 1, 1999, the Company had elected S Corporation
status under Section 1362(a) of the Internal Revenue Code. Under the election,
the stockholders included their share of the Company's applicable taxable income
or loss on their federal income tax return. Accordingly, no provision for income
taxes had been made. On April 1, 1999, the Company elected to terminate its
Subchapter S status in favor of a taxable C Corporation as designated in the
Internal Revenue Code. Accordingly, pro forma income taxes, net income, and
earnings per share have been included on the face of the historical income
statement for the period presented prior to April 1, 1999. In addition, a pro
forma adjustment has been made to reclassify undistributed earnings of $180,467
through April 1, 1999 as additional paid in capital.

Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
bases. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in the tax rate is recognized in income in
the period that includes the enactment date of the rate change.

     *Earnings per Share.*  Net income (loss) per share is computed using the
weighted-average number of common shares and dilutive common equivalent shares
outstanding during

                                       7
**SEAVIEW VIDEO TECHNOLOGY, INC.**
               Notes to Interim Consolidated Financial Statements
                         September 30, 2001 (Unaudited )

the related period. Common equivalent shares consist of unearned shares,
warrants, and subordinated convertible debentures, using the treasury stock
method.

     *Use of estimates.*  The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.

**3.   INVESTMENTS**

     The investment security of $785,023 at September 30, 2001, represents a
     21.23% ownership of capital in Golden Springs LLC, a state of Florida
     limited liability company.  In consideration for its equity position in
     Golden Springs, LLC, the Company conveyed 150,000 shares of its common
     stock to Golden Springs, LLC subject to restrictions under Rule 144 of the
     Securities and Exchange Act of 1933, as amended. The resolution approved by
     the board of directors to issue shares dictated that the shares be replaced
     by the President and C.E.O.  These shares were contributed in 2001. The
     investment is accounted for under the equity method. The value of the
     investment was reduced by $33,868 and $107,775 during the quarter and nine
     months ended  September 30, 2001,respectively, to reflect the Company's
     share of Golden Spring's loss for the respective period.

     The difference between the cost of the investment in Golden Springs, LLC,
     and the Company's equity in net assets at the date of acquisition was
     approximately $969,000. The difference is being amortized as goodwill over
     the estimated life of the asset and is reflected as an adjustment to the
     Company's equity in the earnings or loss of Golden Springs.

**4.   STOCK AWARD AGREEMENT**

     Under a Professional Services Agreement effective March 25, 1999, 2,700,000
     shares of restricted common stock were issued to a key employee. Upon
     issuance of stock under the plan, unearned compensation equivalent to the
     market value of the stock at the date of grant is charged to stockholders'
     equity and subsequently amortized over the period of the agreement, three
     years.

     On February 14, 2001, the Company entered into a Consulting and Licensing
     Agreement with Richard L. McBride for the granting of licensing  rights to
     various patents, patent applications, and provisional patent applications
     and for consulting services to be provided. This agreement superceded all
     prior agreements between the Company and Richard McBride, including the
     March 25, 1999 professional services agreement. As a result, the remaining
     unearned compensation of $40,974 as of December 31, 2000, was recognized as
     compensation expense during the nine months ended September 30, 2001.

     In exchange for these services and licensing rights, the Company issued to
     Richard L. McBride 1,000,000 shares of the Company's common stock with a
     value of $743,750, representing $100,000 for consulting services and
     $643,750 for licensing rights. The term of the agreement is through March
     31, 2003 and the initial term of the licensing rights is for fourteen
     contiguous years. Upon issuance of stock under the agreement, unearned
     compensation equivalent to the market value of the stock at the date of

                                       8
**SEAVIEW VIDEO TECHNOLOGY, INC.**
               Notes to Interim Consolidated Financial Statements
                         September 30, 2001 (Unaudited )

     grant is charged to stockholders' equity and subsequently amortized over
     the period of the agreement and term of the rights. Professional fees of
     $19,829 and $49,752 were recognized in connection with the issuance for the
     quarter and nine months ended September 30, 2001, respectively.

**5.   STOCK ISSUANCE**

     Under an employment agreement effective February 01, 2001, 100,000 shares
     of common stock with a value of $83,125 were issued to a key employee. Upon
     issuance of stock under the agreement, unearned compensation equivalent
     to the market value of the stock at the date of grant is charged to
     stockholders' equity and subsequently amortized over the period of the
     agreement, two years. Amortization expense of $10,391 and $27,709 was
     recognized during the quarter and nine months ended September 30, 2001,
     respectively.

     During the year ended December 31, 2000, the Company issued 397,600 shares
     of common stock with a fair value of $271,255 as payment for services based
     on the fair value of the services provided during 2000.  Additional
     professional fees of $36,581 and $109,743 were recognized during the
     quarter and nine months ended September 30, 2001, respectively for services
     provided during this period related to these shares. The remaining unearned
     compensation associated with these services is $16,342 at September 30,
     2001.

     During the third quarter 2001, 105,000 shares of the Company's common stock
     were issued as payment for services rendered under the 2001 Consultant
     Services Plan.  Professional fees of $37,800 were recognized based on the
     fair value of the stock.

     During the nine months ended September 30, 2001, $200,000 convertible
     debentures and $250,000 stock warrants were converted into 400,000 and
     250,000 shares, respectively, of the Company's restricted common stock.
     Proceeds of $100,000 and $250,000 from the issuance of the convertible
     debentures and stock warrants, respectively, were incorrectly classified as
     additional paid in capital at December 31, 2000. The December 31, 2000,
     balance sheet has been reclassified to correct the error. The error had no
     impact on the Company's reported net income or earnings per share.

**6.   RECAPITALIZATION**

     On March 24, 1999, Gopher, Inc. ("Gopher") acquired all of the outstanding
     common stock of SeaView Video Technology, Inc. in exchange for 5,000,000
     shares of Gopher's restricted stock and $250,000 cash. Gopher was formed as
     a non-operating public shell company, and, therefore, for accounting
     purposes, the combination has been treated as a recapitalization of SeaView
     Video Technology, Inc. and the issuance of stock by the company for the net
     monetary assets of Gopher.

     The transaction is recorded as a capital transaction as described above,
     and, as such, pro forma information is not presented, since the transaction
     does not result in a business combination.  The historical financial
     statements prior to March 24, 1999 are those of SeaView Video Technology,
     Inc., and reflect the restatement of the equity accounts based on the ratio
     of the exchange of 5,000,000 shares of Gopher for 100 shares of SeaView
     Video Technology, Inc.

                                       9
**SEAVIEW VIDEO TECHNOLOGY, INC.**
               Notes to Interim Consolidated Financial Statements
                         September 30, 2001 (Unaudited)

**7.   PRIVATE PLACEMENT CAPITAL OFFERING**

     During the nine months ended September 30, 2001, 17,042,000 shares of the
     Company's restricted common stock were offered for sale through a private
     equity placement exempt from registration under Section 4(2) of the
     Securities Act of 1933 and, Rule 506 of Regulation D, thereof. The
     placement was open to select officers, employees, and representatives of
     the Company for the purchase of restricted common stock. During the quarter
     ended September 30,2001, subscriptions for 10,050,000 shares were
     cancelled, and new subscriptions for 305,000 shares were received.

     During the quarter and nine months ended September 30, 2001 $229,700 and
     $472,950 was received under stock subscription agreements, respectively, in
     connection with our private placement. A receivable for subscriptions of
     the remaining shares for $256,750 was recorded as a reduction of equity as
     of September 30, 2001. Proceeds from the offering are being used to fund
     operations of the Company.

**8.   TREASURY STOCK**

     During the nine months ended September 30, 2001, 150,000 shares of the
     Company's restricted common stock were returned to the Company's treasury
     by a former officer of the Company in accordance with a resolution approved
     by the board of directors (Note 4). The returned shares were retired by the
     Company. An adjustment for the par value of the shares was recorded to
     additional paid in capital.

     During the year ended December 31, 2000, the Company accepted several
     non-interest bearing notes from a former officer of the Company, with a
     balance of $512,757 at December 31, 2000. The notes were collateralized by
     6.5 million shares of company stock. During the nine months ended September
     30, 2001 $235,000 of the balance was repaid in cash. The remaining balance
     of $277,757 was repaid through the return of 353,575 shares of the
     Company's restricted common stock to the Company's treasury.

**9.   COMMITMENTS AND CONTINGENCIES**

     The Company is a defendant to a consolidated class action lawsuit pending
     in the United States District Court for the Middle District of Florida
     against the Company and Richard L. McBride, the Company's former chief
     executive officer. Commencing in May 2001, five nearly identical class
     action lawsuits were filed against the Company and McBride, and, on July
     24, 2001, those lawsuits were consolidated. The plaintiffs' Consolidated
     Amended Complaint was extended and is currently due on December 17, 2001.
     In the five initial complaints, the plaintiffs thereto claimed violations
     of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule
     10b-5 promulgated thereunder. In the five initial complaints, the
     plaintiffs to those actions alleged, among other things, that from March
     30, 2000 to March 19, 2001, the Company and McBride misstated the Company's
     sales and revenue figures; improperly recognized revenues; misrepresented
     the nature and extent of the Company's dealer network; falsely touted
     purported sales contracts and agreements with large retailers;
     misrepresented the Company's ability to manufacture, or to have
     manufactured, its products; and misrepresented the Company's likelihood of
     achieving certain publicly announced sales targets. The consolidated action
     likely will seek compensatory and other damages, and costs and expenses
     associated with the litigation. The Company intends to defend the action.

     The Company is involved in various claims and legal actions arising in the
     ordinary course of business.  In the opinion of management, the ultimate
     disposition of these matters will not have a material adverse effect on the
     Company's financial position, results of operations or liquidity.

                                       10

Item 2.   Management's discussion and analysis of financial condition
          and results of operations

         **MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                              RESULTS OF OPERATIONS****A.   Overview**

The Company continues the process of positioning the Company for anticipated
sales and profit growth. The main efforts focus on the basics of business with
emphasis on two key components: building the product; and selling the product.
In addition, the company is reviewing capital financing options to fund
increased company operations, production, advertising and marketing.

The initial phase of installing a new accounting system and implementing
internal accounting controls have been completed. Efforts are also continuing to
develop and implement a budget, planning and forecast process, which contributed
in part to the 50.7% reduction in total operating expenses for the 3rd quarter,
and which produced an improvement of 52.7% in net income from operations.

*Production.* SeaView marine products continue to be manufactured and shipped in a
timely manner. The necessary projections and arrangements have been made with
our contract assemblers and parts suppliers to expand as necessary to meet the
demand generated by anticipated orders currently being negotiated by our
manufacturer's sales representatives from key retailers. SecureView production
became available in May 2001 for the first time. After initial production run
product quality testing and fine-tuning of the manufacturing process, the
Company began full production in mid-June 2001. The necessary projections and
arrangements have been made with our contract and parts suppliers to provide a
consistent flow of SecureView product through April 2002. We also have the
capabilities to ramp up and expand unit production to meet the anticipated
increase in sales demand as new retailers come on-line and new business is
developed. New sourcing opportunities overseas have been investigated. The
company is prepared to begin producing initial product overseas when the time is
appropriate. Overseas production should allow for more aggressive pricing and
promotional strategies while maintaining similar margins. In turn, this strategy
should produce an increase in market share.

*Sales*

The Company sales efforts continue to expand. Our sales strategy consists of a
blend of Direct Sales, Retail Partners, Commercial Sales and Government Sales.
In the long term, we expect that Direct Sales for SeaView marine products will
contribute less to the overall sales strategy while SecureView products will
continue as part of our Direct Sales efforts.

The Retail-Partner sales efforts are driven by the team of fifteen independent
manufacturer's sales representatives. The Company plans to continue expanding
this team. The team is aggressively cultivating and negotiating new retail
partners. The company has been issued vendor numbers by three major retailers

                                       11

and we continue to have several vendor agreements in various stages of
processing, and we will announce these new retail partners as they are
confirmed. To date, West Marine, Costco, Supercircuits, Inc., SmartHome.com, The
Sports Authority, Jimmy Houston's Fishing Stores, AllProBass.com, Heartland
America, mvp.com, bluelight.com, sportschalet.com, dunhamsports.com,
mcsports.com, oshmans.com, buy.com, faxsports.com, iqvcsports.com, fogdog.com,
gijoes.com, dickssportinggoods.com, gartsports.com, sportmart.com,
boatingchannel.com and SkyMall, Inc. are on the SeaView team of retailers. They
join our 700 plus dealers across the United States and overseas in selling and
promoting SeaView and SecureView products through various channels. Unified
Marine, Inc. continues as a dealer and teaming partner and is contributing to
the growth of this sector. SecureView was formally launched at the August 2001
International Hardware Show followed up by the International Security Conference
& Expo. At both venues, SecureView received media coverage highlighting our
product line.

Our Government Sales effort continues to evolve from our GSA listing, police
departments, and schools. We continue to move forward on negotiating and closing
a Taiwan contract for SecureView product. The closing of any Taiwan contract is
not expected until late 2002.

The Commercial Sales sector is the fastest growing area, primarily as a result
of the newly developed SecureView Parking Lot Surveillance System. The current
independent manufacturer's sales representative's team continues to present and
work with major retailers, mall management companies, fast food restaurants and
Fortune 500 companies. Their efforts have resulted in acquiring beta test sites
with several significant customers. We expect that these installations will be
completed in the first half of 2002 once our customers have completed their
capital appropriations approval processes. The sales team presents a powerline
security solution to these customers, which includes a Multi-Camera SecureView
System. In addition, we plan to continue to participate in trade shows for Bar
& Restaurant Owners, Building Contractors & Electricians, and Commercial
Security. The most recent show was the American Society of Industrial Security
this September. Long term the commercial sales sector is projected to grow into
several vertical business operations.

*New Products*

The SeaMaster Underwater Video Camera features a new state-of-the-art camera
board that transitions from color to black & white based on lighting conditions.
The SeaMaster will continue to utilize our patented white infrared technology
with the addition of a newly developed zoom function. The SeaMaster System will
be positioned as our premier SeaView marine product and is planned to be
launched at trade shows in the 4th quarter of this year.

The RS SecureView, AC/LAN and DC SecureView continue to move forward, and are
being refined by our research and development team. Efforts have also started to
move to digital power line signals versus the current analog. We expect that
this will allow for video, voice and data transmissions over the power line.

**B.  Results of Operations**

     The following table sets forth, as a percentage of net revenue, certain

                                       12

items in the Company's statements of operations for the quarters indicated. The
performance of the Company during this quarter is not indicative of future
financial results or conditions.

                                     **Quarter Ended Sept. 30,    Nine Months Ended Sept. 30,
                                       2001           2000          2001           2000
                                      --------       --------      --------       --------**

Net Revenue                            100.0%         100.0%        100.0%         100.0%
Cost of goods sold                      50.6           33.2          49.9           34.4
                                      --------       --------      --------       --------
    Gross Profit                        49.4           66.8          50.1           65.6
Operating Expenses:
    Salaries & Wages                    63.8          139.3          44.9           70.7
    Advertising & Promotions            57.0          321.5          28.9          181.3
    Depreciation                        10.8            5.9           6.7            3.1
    Provision for doubtful accounts     39.8            0.0           8.3            0.0
    Professional fees                   85.3           84.8          47.4           37.3
    Rent & Utilities                    13.7           13.2           8.0            7.8
    Other Expenses                      55.9           10.9          19.6           47.6
                                      --------       --------      --------       --------
    Total operating expenses           326.3          575.6         163.8          347.8
    Undistributed earnings
     (loss) of affiliate               (18.3)           0.0         (11.8)           0.0

Interest Income                          0.0            0.8           0.0            0.3
                                      --------       --------      --------       --------
Income Before Taxes                   (295.2)        (508.0)       (125.5)        (281.9)
Income tax (benefit) expense          (115.1)        (199.6)        (48.2)        (108.1)
                                      --------       --------      --------       --------
Net Income                            (180.1)%       (308.4)%       (77.3)%       (173.8)%
                                      ========       ========      ========       ========

     *Net Revenue.*  Net revenue decreased 13.1% and 8.0% for the quarter and nine
months ended September 30, 2001, from $212.6 thousand to $184.7 thousand and
from $968.8 thousand to $891.2 thousand, respectively. The changes were the
result of reduced advertising and the company's focus on the retail sector for
sales which has been sluggish due to slowing economic conditions and recently
exacerbated by world events.

     *Cost of Goods Sold.*  Cost of goods sold increased 32.4% and 33.6% for the
quarter and nine months ended September 30, 2001, from $70.6 thousand to $93.6
thousand and from $332.8 thousand to $444.6 thousand, respectively. This
increase was primarily caused by moving larger scale production to third party
contractors which we expect will provide a more consistent cost structure in the
future.  Cost of goods sold relates to parts and fees paid to outside companies
for manufacturing the product and procurement of certain parts and components
used in the manufacturing process.

                                       13
*Salaries and Wages.*  Salaries and wages decreased 60.2% and 41.6% for the
quarter and nine months ended September 30, 2001, from $296.2 thousand to $117.8
thousand and from $684.9 thousand to $400.1 thousand, respectively. This
decrease primarily related to compensation associated with stock issued to key
employees. Salaries and wages comprises of inside wages and outside labor.

     *Advertising and Promotion*.  Advertising and promotion expenses decreased
84.6% and 85.4% for the quarter and nine months ended September 30, 2001, from
$683.3 thousand to $105.3 thousand and from $1.7 million to $257.2 thousand,
respectively. This decrease was primarily a result of the company's move to
focus on developing mass market retail distribution instead of direct sales
advertising and promotions. Advertising and promotions comprises the expense to
advertise at boat shows and to advertise in industry magazines. This number also
includes postage, printing and travel, attributable to advertising and
promotion.

     *Provision for doubtful accounts.*  The provision for doubtful accounts
increased 100% to $73.5 thousand for the quarter and nine months ended September
30, 2001. The increase relates to an allowance for uncollectible accounts placed
on aged receivables for the period.

     *Depreciation Expense.*  Depreciation expense increased 57.9% and 96.2% for
the quarter and nine months ended September 30, 2001, from $12.6 thousand to
$19.9 thousand and from $30.4 thousand to $59.6 thousand, respectively. This
increase in depreciation expense was caused by previous equipment acquisitions
by the company since the comparable prior period. Depreciation on equipment is
calculated on the straight line method over the estimated useful lives of the
assets ranging from five to seven years.

     *Rent and Utilities.*  Rent and utilities decreased 9.6% and 6.1% for the
quarter and nine months ended September 30, 2001, from $28.1 thousand to $25.4
thousand and from $75.7 thousand to $71.1 thousand, respectively. The changes
were the result of the Company's move to a lower rent location. Rent and
utilities includes office rent, telephone and utilities.

     *Professional fees.*  Professional fees decreased 12.6% and increased 17.0%
for the quarter and nine months ended September 30, 2001, from $180.2 thousand
to $157.5 thousand and from $361.5 thousand to $422.8 thousand, respectively.
This increase was primarily caused by fees paid and stock issued to consultants
and professionals, and fees paid to attorneys and accountants. Professional fees
consist of fees paid to various consultants, attorneys, and accountants.

     *Other Expenses.* Other expenses increased 346.4% and decreased 62.0% for the
quarter and nine months ended September 30, 2001, from $23.1 thousand to $103.3
thousand and from $461.0 thousand to $175.1 thousand, respectively. The decrease
was the result of reduced research and development costs and product licensing
fees along with general cost cutting measures being implemented. Other expenses
comprise of cost of research and development, product licensing, insurance,
property taxes, bank charges and other miscellaneous expenses.

                                       14
*Income Taxes.* Prior to April 1, 1999, the company had elected S Corporation
status under Section 1362(a) of the Internal Revenue Code. Under the election,
the stockholders included their share of the Company's applicable taxable income
or loss on their federal income tax return. Accordingly, no provision for income
taxes was made for periods prior to April 1, 1999. On April 1, 1999, the Company
elected to terminate its Subchapter S status in favor of a taxable C Corporation
as designated in the Internal Revenue Code. Income tax provisions have been
recorded for periods presented subsequent to April 1, 1999. The effective tax
rates were 39.0% and 38.4%, and, 39.3% and 38.3%, for the quarters and nine
months ended September 30, 2001 and 2000, respectively.

**C.   LIQUIDITY AND CAPITAL RESOURCES**

On March 24, 1999, we entered into a reorganization agreement with SeaView
Underwater Research, Inc. ("SeaView Florida"), a privately held Corporation that
was incorporated in the State of Florida on April 2, 1998 ("the
reorganization"). At the time of the reorganization we were a non-operating
Company whose common stock was not publicly traded. We were however, subject to
the reporting requirements of the Securities Exchange Act of 1934. In connection
with the reorganization, we issued 5,000,000 shares of our common stock to
SeaView Florida's shareholders in exchange for 100% of SeaView Florida's
outstanding shares of common stock and $250,000 cash. For accounting purposes
the reorganization was treated as a recapitalization. As a result of the
reorganization,

     o    We were the surviving entity;

     o    SeaView Florida ceased to exist;

     o    SeaView Florida's shareholders gained control of our Company;

     o    Our Board of Directors resigned and were replaced by a Board of
          Directors selected by SeaView Florida's shareholders; and

     o    We changed our name to SeaView Underwater Research Inc. to reflect our
          continuance of SeaView Florida's business plan.

Since our inception we have financed our operations primarily through internal
cash flow. Since the date of the reorganization, financing has primarily been
obtained through debt and equity securities sales. Such securities sales also
occurred during the quarter ended September 30, 2001, as set forth in Part II,
Item 2, below

Based upon the Company's anticipated capital needs for the operations of its
business, management believes that the combination of the Company's current cash
reserves, cash flow from operations, and expected capital financing arrangements
should be sufficient to meet the Company's funding requirements to conduct its
operations, and further implement its growth strategy plan through at least
2002.

                                       15
**Special Notice Regarding Forward Looking Statements**

     This Form 10-Q, the quarterly report, and certain information provided
periodically in writing or orally by the Company's Officers or its agents
contains statements which constitute "forward-looking statements" within the
meaning of Section 27A of the Securities Act, as amended and Section 21E of the
Securities Exchange Act of 1934. The terms "SeaView Video Technology,"
"company," "we," "our" and "us" refer to SeaView Video Technology, Inc. The
words "expect," "believe," "plan," "intend," "estimate" and similar expressions
and variations thereof if used are intended to specifically identify
forward-looking statements. Those statements appear in a number of places in
this Form 10-Q and in other places, particularly, "Management's Discussion and
Analysis of Financial Condition and Results of Operations," and include
statements regarding the intent, belief or current expectations of the Company,
its directors or its officers with respect to, among other things:

     (i)   the successful expansion of the Company in new and existing markets

     (ii)  the Company's new SecureView product;

     (iii) our liquidity and capital resources

     (iv)  our future performance and operating results; and

     Investors and prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ materially from
those projected in the forward-looking statements as a result of various
factors. The factors that might cause such differences include, among others,
the following:

     (i)   any adverse effect or limitations caused by any governmental
           regulations or actions;

     (ii)  the ability to finance our future growth;

     (iii) any increased competition in business and in acquisitions;

     (iv)  inability to successfully conduct our business in new markets;

     (v)   the continued relationship with and success of our professional
           association customers and their continued ability to grow in
           conjunction with our growth;

     (vi)  any inability to meet or exceed analysts expectations in any future
           period

We undertake no obligation to publicly update or revise the forward looking
statements made in this Form 10-Q or annual report to reflect events or
circumstances after the date of this Form 10-Q and annual report or to reflect
the occurrence of unanticipated events.

                                       16

PART II.  OTHER INFORMATION

Item 1. Legal Proceedings

The Company is a defendant to a consolidated class action lawsuit pending in the
United States District Court for the Middle District of Florida against the
Company and Richard L. McBride, the Company's former chief executive officer.
Commencing in May 2001, five nearly identical class action lawsuits were filed
against the Company and McBride, and, on July 24, 2001, those lawsuits were
consolidated. The plaintiffs' Consolidated Amended Complaint was extended, and
is currently due on December 17, 2001. In the five initial complaints, the
plaintiffs thereto claimed violations of Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. In the
five initial complaints, the plaintiffs to those actions alleged, among other
things, that from March 30, 2000 to March 19, 2001, the Company and McBride
misstated the Company's sales and revenue figures; improperly recognized
revenues; misrepresented the nature and extent of the Company's dealer network;
falsely touted purported sales contracts and agreements with large retailers;
misrepresented the Company's ability to manufacture, or to have manufactured,
its products; and misrepresented the Company's likelihood of achieving certain
publicly announced sales targets. The consolidated action likely will seek
compensatory and other damages, and costs and expenses associated with the
litigation. The Company intends to defend the action.

Other than stated above there are no material pending legal proceedings other
than routine litigation arising in the ordinary course of business. We do not
believe that the results of such routine litigation, even if the outcome were
unfavorable to us would have a material effect on our financial position.

Item 2. Changes in Securities and Use of Proceeds.

During the nine months ended September 30, 2001, 17,042,000 shares of the
Company's restricted common stock were offered for sale through a private equity
placement exempt from registration under Section 4(2) of the Securities Act of
1933, and Rule 506 of Regulation D, thereof. The placement was open to select
officers, employees, and representatives of the Company for the purchase of
restricted common stock. During the quarter ended September 30,2001,
subscriptions for 10,050,000 shares were cancelled, and new subscriptions for
305,000 shares were received.

During the quarter and nine months ended September 30, 2001 $229,700 and
$472,950 was received under stock subscription agreements, respectively, in
connection with our private placement. A receivable for subscriptions of the
remaining shares for $256,750 was recorded as a reduction of equity as of
September 30, 2001. Proceeds from the offering are being used to fund operations
of the Company.

                                       17

We made the above mentioned issuances and sales in reliance upon Section 4(2)
and Rule 506 of Regulation D of the 1933 Act.

During the third quarter 2001, 105,000 shares of the Company's common stock were
issued as payment for services rendered under the 2001 Consultant Services Plan.
Professional fees of $37,800 were recognized based on the fair value of the
stock.

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

(a)
        EXHIBIT
        NUMBERDESCRIPTION

        11.1            Computation of Earnings per Share

(b)     Reports on Form 8-K

        None

                                       18
**SEAVIEW VIDEO TECHNOLOGY, INC.**

                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Company has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of St.
Petersburg, State of Florida on November 13, 2001.

                  SEAVIEW VIDEO TECHNOLOGY, INC.

                  By: /s/ George S. Bernardich, III
                  GEORGE S. BERNARDICH, III
                  Chief Executive Officer

                  By: /s/ J.R. Cox
                  J.R. COX
                  Secretary and Treasurer

                  By: /s/ Douglas Bauer
                  Douglas Bauer
                  Chief Financial Officer

                                  EXHIBIT INDEX

        EXHIBIT
        NUMBER          EXHIBIT DESCRIPTION

        11.1            Computation of Per share Earnings.

                                       19
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