United States
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
(Mark one)
   X     QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE  ACT OF 1934

                For the quarterly period ended September 30, 2001
                                       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 -- 1,631,357 shares as of November 7, 2001
<PAGE>

                                      INDEX

                       LASER CORPORATION AND SUBSIDIARIES


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

Item 1.  Financial Statements (Unaudited)

         Consolidated Balance Sheets - September 30, 2001 and December 31, 2000.

         Consolidated Statements of Operations - Three months ended September
         30, 2001 and 2000; Nine months ended September 30, 2001 and 2000.

         Consolidated Statements of Cash Flows - Nine months ended September 30,
         2001 and 2000.

         Notes to Consolidated Financial Statements - September 30, 2001.

Item 2.  Management's Discussion and Analysis.


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





SIGNATURES
----------



                                  Page 2 of 10
<PAGE>

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

<TABLE>
<CAPTION>


                                                     September 30,         December 31,
ASSETS                                                  2001                   2000
------                                               --------------      --------------
                                                     (Unaudited)
<S>                                                  <C>                 <C>
CURRENT ASSETS
  Cash and cash equivalents                          $       34,210      $       38,600
  Receivables, net                                          410,650             705,527
  Inventories                                               776,216             628,064
  Other current assets                                       39,869              40,681
                                                     --------------      --------------
        Total Current Assets                              1,260,945           1,412,872
                                                     --------------      --------------

NON-CURRENT ASSETS
  Equipment and leasehold improvements, net                 217,284             242,260
  Other assets                                               35,662              37,656
                                                     --------------      --------------
                                                     $    1,513,891      $    1,692,788
                                                     ==============      ==============

LIABILITIES AND
---------------
STOCKHOLDERS' EQUITY (DEFICIT)
------------------------------

CURRENT LIABILITIES
  Accounts payable                                   $    1,187,189      $      912,101
  Accrued expenses                                          290,117             274,846
  Accrued warranty expense                                  200,000             140,000
  Current portion of long-term debt                         513,475              13,262
                                                     --------------      --------------
      Total Current Liabilities                           2,190,781           1,340,209
                                                     --------------      --------------

LONG-TERM DEBT                                                8,823             518,788
                                                     --------------      --------------
      Total Liabilities                              $    2,199,604      $    1,858,997
                                                     ==============      ==============

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY (DEFICIT)
  Preferred Stock, 10,000,000 shares authorized;
   no shares issued or outstanding;                           ---                  ---
  Common Stock, $.05 par value, 40,000,000 shares
   authorized; 1,631,357 and 1,624,859 shares
   issued, respectively                                      81,568              81,243
  Additional paid-in capital                              2,148,936           1,943,861
  Deferred Compensation                                    (136,800)               ---
  Retained deficit                                       (2,779,417)         (2,191,313)
                                                     --------------      --------------
       Total Stockholders' Equity (Deficit)                (685,713)           (166,209)
                                                     --------------      --------------
                                                     $    1,513,891      $    1,692,788
                                                     ==============      ==============
</TABLE>


           See accompanying notes to consolidated financial statements



                                  Page 3 of 10
<PAGE>

                       LASER CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                 Three months ended                   Nine months ended
                                            -----------------------------     ------------------------------
                                              Sept. 30,        Sept. 30,         Sept. 30,        Sept. 30,
                                                2001             2000              2001             2000
                                            ------------     ------------     -------------     ------------
<S>                                         <C>              <C>              <C>               <C>
 REVENUES:
  Net sales                                 $    669,539     $  1,374,265     $   2,343,338     $  2,812,160
  Interest and other income                          310              986             1,496            4,634
                                            ------------     ------------     -------------     ------------
                                                 669,849        1,375,251         2,344,834        2,816,794

COSTS AND EXPENSES:
  Cost of products sold                          569,623          998,135         1,936,298        2,323,276
  Selling, general and
    administrative                               168,874          271,194           768,257          756,469
  Research and development                        44,829           72,043           166,571          194,880
  Royalties                                        8,305            7,618            25,931           22,966
  Interest                                         9,595           10,086            35,881           13,257
                                            ------------     ------------     -------------     ------------
                                                 801,226        1,359,076         2,932,938        3,310,848
                                            ------------     ------------     -------------     ------------

INCOME (LOSS) FROM
 OPERATIONS BEFORE
 INCOME TAXES                                   (131,377)          16,175          (588,104)        (494,054)

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

NET INCOME (LOSS)                           $   (131,377)    $     16,175     $    (588,104)    $   (494,054)
                                            ============     ============     =============     ============

NET INCOME (LOSS)
  PER SHARE
  - Basic and Diluted                       $       (.08)    $        .01     $        (.36)    $       (.30)
                                            ============     ============     =============     ============

  Average number of shares of
    Common Stock outstanding
      - Basic and Diluted                      1,631,000        1,629,000         1,630,000        1,629,000
                                            ============     ============     =============     ============

</TABLE>


           See accompanying notes to consolidated financial statements



                                  Page 4 of 10
<PAGE>

                       LASER CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                  NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                 2001                2000
                                                              ------------      -------------
<S>                                                           <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES

  Net loss                                                    $   (588,104)     $    (494,054)

  Adjustments to reconcile net loss
    to net cash provided from (used in)
    operating activities:
      Depreciation and amortization                                 47,867             53,909
      Provision for losses on accounts receivable                    3,000             54,003
      Stock compensation expense                                    45,600             39,047
  (Increase) decrease in assets:
      Receivables                                                  291,877            (88,891)
      Inventories                                                 (148,152)           101,353
      Other assets                                                   2,806            (28,475)
  Increase (decrease) in liabilities:
      Trade accounts payable and
        accrued expenses                                           365,359           (250,933)
                                                              ------------      -------------
      Net Cash Provided from (Used in) Operating Activities         20,253           (614,041)

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of property and equipment                              (22,891)            (6,663)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Payments on Capital Leases                                        (9,752)            (8,355)
  Proceeds from Notes Payable                                         ---             500,000
  Proceeds from Sale of Stock                                        8,000            124,039
                                                              ------------      -------------
     Net Cash Provided from (Used in) Financing Activities          (1,752)           615,684
                                                              ------------      -------------

INCREASE (DECREASE) IN CASH
     AND CASH EQUIVALENTS                                           (4,390)            (5,020)

CASH AND CASH EQUIVALENTS, BEG. OF PERIOD                           38,600            113,337
                                                              ------------      -------------

CASH AND CASH EQUIVALENTS, END OF PERIOD                      $     34,210      $     108,317
                                                              ============      =============
</TABLE>


           See accompanying notes to consolidated financial statements



                                  Page 5 of 10
<PAGE>

                       LASER CORPORATION AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

                               September 30, 2001

NOTE A - BASIS OF PRESENTATION

         The accompanying  unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles 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 generally  accepted  accounting  principles  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 and the nine months
ended September 30, 2001 are not necessarily  indicative of the results that may
be expected  for the year ending  December 31,  2001.  For further  information,
refer to the  consolidated  financial  statements and footnotes  thereto for the
year ended  December 31, 2000  included in the  Company's  Annual Report on Form
10-KSB (file number 0-13316).

NOTE B - RECLASSIFICATIONS

         Certain 2000  financial  statement  amounts have been  reclassified  to
conform to 2001 presentation.

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 nine month  period  ended  September  30,  2001 the  Company
issued 1,998 shares of common stock to two board members in exchange for $15,000
of accrued  director's  fees. The Company also issued Employee Stock Options and
recorded  $182,400  of deferred  compensation  of which  $45,600 was  recognized
during the nine months ended September 30, 2001.

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

                                Three Months              Nine Months
                                Ended Sept. 30,         Ended Sept. 30,
                             2001         2000       2001          2000
                             ----         ----       ----          ----

         Interest             845         1,336      2,923        4,507
                              ---         -----      -----        -----

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



                                  Page 6 of 10
<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 September 30, 2001.

         Net sales for the three months ended  September  30, 2001 were $669,539
as compared to $1,374,265 for the same period in 2000, a decrease of $704,726 or
51 %. This  decrease  was  primarily  the result of  decreased  sales of medical
products which decreased from $764,813 for the period ending  September 30, 2000
to $89,408  for the same period in 2000,  a decrease  of $675,405 or 88%.  Laser
product and service  sales also  decreased  for the same period from $609,452 in
2000 to $580,131 for the period ended  September 30, 2001, a decrease of $29,321
or 5%.

         Cost of products  sold for the three  months ended  September  30, 2001
were $569,623 as compared to $998,135 for the same period in 2000, a decrease of
$428,512 or 43%. This  decrease was  primarily the result of decreased  sales of
medical  products.  As a percentage of net sales,  cost of products sold was 85%
for the three  months ended  September  30, 2001 as compared to 73% for the same
period  in 2000.  This  percentage  increase  in the cost of  products  sold was
primarily the result of differences in sales product mix between the two periods
that resulted from the decrease in medical product sales during 2001.

         Selling,  general,  and  administrative  expenses  for the three months
ended  September  30, 2001 were  $168,874  as compared to $271,194  for the same
period in 2000,  a decrease  of  $102,320  or 38%.  This  decrease  in  selling,
general,  and  administrative   expenses  was  the  result  of  decreased  sales
commission  expenses that  resulted  from the decrease in medical  product sales
during 2001.




                                  Page 7 of 10
<PAGE>

         Research  and  development  expenditures  for the  three  months  ended
September  30,  2001 were  $44,829 as compared to $72,043 for the same period in
2000, a decrease of $27,214 or 38%.

         Royalty  expenses for the three months  ended  September  30, 2001 were
$8,305 as compared to $7,618 for the same period in 2000.

         Interest  income and other revenue for the three months ended September
30, 2001 was $310 as compared to $986 for the same period in 2000, a decrease of
$676 or 69%.  Interest  expenses for the three month period ended  September 30,
2001 were $9,595 as compared to $10,086 during the same period of 2000. Interest
expenses are  primarily  the result of the interest  accrued on two  convertible
notes payable.

         The Company  recognized a net loss for the three months ended September
30, 2001 of $131,377 or $.08 per share compared to net income of $16,175 or $.01
per share for the same period in 2000, a decline of $147,552 or $. 09 per share.
This decline was primarily the result of decreased medical sales.


Nine months ended September 30, 2001.

         Net sales for the nine months ended  September 30, 2001 were $2,343,338
as compared to $2,812,160 for the same period in 2000, a decrease of $468,822 or
17%.  This  decrease  was  primarily  the result of  decreased  sales of medical
products  which  decreased  from  $910,148  for the  nine  month  period  ending
September  30,  2000 to  $519,352  for the same  period in 2001,  a decrease  of
$390,796 or 43%.  Laser  product and service  sales also  decreased for the same
period from  $1,902,012  in 2000 to  $1,823,986  for the nine month period ended
September 30, 2001, a decrease of $78,026 or 4%.

         Cost of products sold for the nine months ended September 30, 2001 were
$1,936,298 as compared to $2,323,276  for the same period in 2000, a decrease of
$386,978 or 17%. This  decrease was  primarily the result of decreased  sales of
medical  products.  As a percentage of net sales,  cost of products sold was 83%
for the nine  months  ended  September  30, 2001 and were also 83 % for the same
period in 2000.

         Selling, general, and administrative expenses for the nine months ended
September  30, 2001 were $768,257 as compared to $756,469 for the same period in
2000,  an  increase of $11,788 or 2%. This  increase  in selling,  general,  and
administrative  expenses was  primarily  the result of increased  marketing  and
sales activities associated with medical products and to the valuation of common
stock  options that were granted by the Company which were  partially  offset by
reductions in bad debt expense and other general and administrative expenses.

         Research  and  development  expenditures  for  the  nine  months  ended
September  30, 2001 were $166,571 as compared to $194,880 for the same period in
2000, a decrease of $28,309 or 15%..

         Royalty  expenses  for the nine months  ended  September  30, 2001 were
$25,931 as  compared  to $22,966  for the same  period in 2000,  an  increase of
$2,965 or 13 %.


                                  Page 8 of 10
<PAGE>

         Interest  income and other revenue for the nine months ended  September
30,  2001 was  $1,496 as  compared  to  $4,634  for the same  period in 2000,  a
decrease of $3,138 or 68 %.  Interest  expenses  for the nine month period ended
September 30, 2001 were $35,881 as compared to $13,257 during the same period of
2000.  Interest expenses are primarily the result of the interest accrued on two
convertible notes payable. The accrual of interest on these notes started during
the third quarter of 2000 which  accounts for the increase in interest  expenses
for the 2001 nine month period ended September 30, 2001.

         The Company  recognized a net loss for the nine months ended  September
30,  2001 of  $588,104  or $.36 per share  compared to a net loss of $494,054 or
$.30 per share for the same  period in 2000,  an increase in net loss of $94,050
or $.06 per share.  This  increase in net loss was  primarily  the result of the
decreased medical sales,  increased marketing activities and to the valuation of
common stock options granted by the Company.

LIQUIDITY AND CAPITAL RESOURCES

         On September 30, 2001, the Company had a deficit in working  capital of
$929,836 as  compared to working  capital of $72,663 at  December  31,  2000,  a
decrease of  $1,002,499.  This  decrease in working  capital was  primarily  the
result of the Company's  net loss for the nine month period ended  September 30,
2001 and to the  reclassification  of long term debt as current  portion of long
term debt on the two convertible notes payable due during 2002.

         Cash equivalents at September 30, 2001 were $34,210 compared to $38,600
on  December  31,  2000,  a decrease  of $4,390 or 11 %. This  decrease  in cash
equivalents  was  primarily  a  result  of the  Company's  net loss for the nine
month's  ended  September  30, 2001 which was  partially  offset by decreases in
accounts receivable and increases in accounts payable and inventory. The Company
is  continuing  to explore  other  sources  for  additional  capital but has not
entered into any agreements for additional sources of borrowing or capital other
than that which has already been received through the sale of common stock.



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

                                  Page 9 of 10
<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:   November 7, 2001                      /s/ B. Joyce Wickham
        ----------------                      ----------------------------------
                                              B. Joyce Wickham
                                              President, Chief Executive Officer
                                              Treasurer and Director

Date:   November 7, 2001                      /s/ Reo K Larsen
        ----------------                      ----------------------------------
                                              Reo K Larsen
                                              General Accounting Manager

                                  Page 10 of 10
<PAGE>