`SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                 FORM 10-Q/A

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

                For the quarterly period ended September 30, 2000

                 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 1403
                            St. Petersburg, FL 33701

                                 (727) 866-3660
              (Registrant's telephone number, including area code)

                        SEAVIEW UNDERWATER RESEARCH, INC.
 (Former name, former address and former fiscal year, if changed since last report)

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 1, 2000: 15,452,285




                        SEAVIEW UNDERWATER RESEARCH, INC.


                                      INDEX



Part I.  FINANCIAL INFORMATION                                                  Page No.


         Item 1.           Financial Statements                                 3 - 8

         Item 2.           Management's Discussion and Analysis of Financial    9 - 13
                           Condition and Results of Operations


Part II. OTHER INFORMATION


         Item 6.           Exhibits and Reports on Form 8-K                     14


                           Signatures                                           15


                           Exhibits                                             16 - 18






PART I.  FINANCIAL INFORMATION

Item 1.  Financial statements (restated)

                                          SEAVIEW VIDEO TECHNOLOGY, INC.
                                 BALANCE SHEETS



                                                                      September 30,       December 31,
                           Assets                                         2000              1999
                                                                       (unaudited)



Current Assets:
    Cash and cash equivalents.........................                $   201,572            $         -
     Accounts receivable-Trade........................                     44,174                      -
     Accounts receivable-Employees....................                     39,382                      -
     Accounts receivable-Officer......................                    491,293                      -
    Prepaid expenses..................................                     45,000                   9,197
     Income tax benefit...............................                         -                   25,795
    Inventory.........................................                    341,439                 120,604
                                                                       ---------------         --------------
       Total current assets...........................                  1,162,860                 155,596
Property and equipment, net...........................                    516,936                 140,330
Investments, Available for Sale                                         1,027,500                      -
Deferred tax asset ...................................                  1,101,129                  28,023
                                                                       ---------------         --------------
       Total assets...................................                $ 3,808,425           $     323,949
                                                                      =============            ==============

                  Liabilities and Stockholders' Equity

Current Liabilities:
     Due to Bank......................................                         -                   10,412
     Accounts Payable.................................                    272,704                      -
     Current tax payable..............................                         -                       -
     Convertible Debentures                                               100,000
    Accrued Liabilities...............................                     10,000                  53,562
                                                                      ---------------         --------------
       Total Liabilities..............................                    382,704                  63,974
Stockholders' equity:
Capital stock.........................................                     16,684                   9,380
Additional paid-in capital............................                  5,152,482                 335,571
Unearned Restricted Stock Compensation................                    (49,307)                (74,306)
Retained earnings.....................................                 (1,694,138)                (10,670)
                                                                      ---------------         --------------
       Total stockholders' equity.....................                  3,425,721                 259,975
                                                                      ---------------         --------------
       Total liabilities and stockholders' equity.....               $  3,808,425            $    323,949
                                                                      ===============         ==============


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





                         SEAVIEW VIDEO TECHNOLOGY, INC.
                             STATEMENT OF OPERATIONS
                                   (Unaudited)

                                            Quarter Ended    Quarter Ended      Nine Months        Nine Months
                                            September 30,     September 30,    Ended Sept. 30,        Ended
                                            Sept. 30,
                                               2000               1999            2000                    1999
                                         ----------------     --------------   -------------       ------------


Net Revenue..................            $     212,592        $    214,444      $ 968,780           $  880,042
Cost of goods sold...........                   70,650              30,211        332,843              172,615
                                         ----------------     --------------   -------------       ------------
         Gross Profit........                  141,942             184,233        635,937             707,427
Operating expenses:
     Salaries  & Wages.......                  296,216              42,378        684,898             142,839
     Advertising  & Promotions....             683,311              60,355      1,756,018             261,084
     Depreciation.................              12,591               4,035         30,397              12,020
     Rent & Utilities.............              28,095              20,008         75,726              75,310
     Other Expenses...............             203,363              48,785        822,527             160,239
                                          ----------------     --------------   -------------       ------------
         Total operating expenses...         1,223,576             175,561      3,369,566             651,492
                                          ----------------     --------------   -------------       ------------
         Operating Profit (loss)...      $  (1,081,634)       $      8,672    $(2,733,629)          $  55,935

Interest Income....................              1,707                  -           2,846                  -
                                          ----------------     --------------   -------------       ------------
Income  (loss)  before taxes.......      $  (1,079,927)       $      8,672    $(2,730,783)          $  55,935

Income tax (benefit) expense ......           (424,420)             (1,173)    (1,047,315)              8,986
                                          ----------------     --------------   -------------       ------------

Net Income.........................      $    (655,507)       $      9,845    $(1,683,468)          $  46,949
                                         ===============       =============  =============         =============


Basic net (loss) income per common share $      (0.05)        $      0.002    $     (0.15)          $   0.007
Diluted net (loss) income per common
     Share..........................     $      (0.05)        $      0.001    $     (0.15)          $   0.005
Pro forma basic net income per common share
Pro forma diluted net income per common
     share..........................
Basic weighted average common shares
     outstanding....................       13,398,948             6,340,000     11,284,185           6,340,000
Diluted weighted average common shares
     outstanding....................       13,398,948             9,016,282     11,284,185           9,052,822





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



                                        4






                        SEAVIEW UNDERWATER RESEARCH, INC
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)

                                                                               Nine months        Nine months
                                                                                 Ended              Ended
                                                                            Sept. 30, 2000         Sept. 30, 1999
                                                                             --------------       --------------



Cash flows from operating activities:
     Net  (loss) income...................................                  $   (1,683,468)         $   46,949
     Adjustments to reconcile net income to net cash provided
          by operating activities:
          Depreciation....................................                          30,397              12,020
           Amortization of unearned compensation..........                          25,000              17,360
           Compensation expense of stock issuance for services....                 271,255              14,300
           Compensation expense of stock issuance to employees..                   137,459                  -
            Deferred income taxes.................................              (1,073,106)             (4,044)
     (Increase) decrease in:
        Inventory.................................................                (220,835)            (48,107)
        Accounts receivable trade.................................                 (44,174)                 -
        Employee accounts receivable..............................                 (39,382)                 -
        Prepaid Assets............................................                 (35,803)                 -
      Increase (decrease) in:
        Accounts Payable..........................................                 272,704                  -
        Accrued Liabilities.......................................                 (43,562)                 -
          Income taxes payable....................................                  25,795               13,030
                                                                                ------------           -----------


        Net cash provided by (used in) operating activities........              (2,377,720)             51,508
                                                                                --------------       --------------

Cash flows from investing activities:
     Additions to property and equipment...........................                (407,003)            (60,170)
                                                                                -------------        --------------
        Net cash used in investing activities......................                (407,003)            (60,170)
                                                                                -------------        --------------
Cash flows from financing activities:
      Proceeds from  conversion of stock warrants.....................              200,000                   0

     Proceeds from issuance of convertible subordinated debentures                3,288,000                   0
         Officer Loans.............................................                (491,293)                  -
                                                                                -------------        --------------
        Net cash provided by financing activities.....................            2,996,707                   0
                                                                                -------------        -------------
        Net (decrease) increase in cash and cash equivalents..........              211,984              (8,662)
Cash and cash equivalents at beginning of period......................              (10,412)             14,516
                                                                                -------------       --------------
Cash and cash equivalents at end of period...........................          $    201,572         $     5,854
                                                                                =============       =============



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

                                        5





                         SEAVIEW VIDEO TECHNOLOGY, INC.
               Notes to Interim Consolidated Financial Statements
                         September 30, 2000 (Unaudited)

1.       OPERATIONS AND ORGANIZATION

        SeaView Video Technology, Inc., (the "Company" or "we" or "our") was
originally incorporated in the State of Utah on April 16, 1986. In order to
change our domicile, we were reorganized under the laws of Nevada on December
30, 1993. 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.

On February 2, 2000 we changed our name to SeaView Video Technology, Inc.

Our Products
We manufacture underwater video cameras, lights, and accessories through several
third party assembly companies for the marine, commercial, and consumer-retail
markets.  We have 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. Our 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. We have registered trademarks for
many of our products.

2.       SIGNIFICANT ACCOUNTING POLICIES

        Basis of presentation / basis of consolidation. 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 three and nine-month periods ended September 30, 2000, are not
necessarily indicative of the results that can be expected for a full fiscal
year.

       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 seven 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. Revenue is recognized at the time of product
shipment. Such revenue is recorded net of estimated product return. At September
30, 2000, estimated amounts for returns are 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.

        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.       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.
Amortization of $8,333 and $25,000 was recorded for the three and nine-month
periods ended September 30, 2000, respectively.

        Because the terms of the Professional Services Agreement call for no
cash payment by the employee, the intrinsic value of the compensation to the
employee as defined by APB No. 25 equals the fair market value of the award as
defined by SFAS No. 123. Thus, pro forma disclosures of net income and earnings
per share, as if the fair value based method of accounting had been applied,
have been omitted.

4.       NOTE RECEIVABLE-OFFICER

        During the second quarter 2000, the Company accepted several
non-interest bearing notes from an officer, leaving a balance of $491,293 at
September 30, 2000. The notes are collateralized by 6.5 million shares of
company stock. The term of the loans is 120 days.

5.              INVESTMENTS

        On July 12, 2000, the Company acquired a twenty percent (20%) ownership
interest in Golden Springs, LLC, a state of Florida limited liability company.
In consideration for its 20% 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. within 120
days. Golden Springs, LLC reports total assets of $4.06 million.

6.       CONVERTIBLE DEBENTURES

        During the nine months ended September 30, 2000, the Company issued 8%
convertible debentures for proceeds of $3,288,000. The debentures were non-
interest bearing for the first thirty days, after which, interest was payable
quarterly. The debentures were for a term of twelve months. The debentures were
convertible by the option of the holders into shares of the Company's restricted
common stock on the basis of $.50 to $8.00 per share. Proceeds from the issuance
were used to fund operations of the Company. During the nine months ended
September 30, 2000, the Company exchanged $3,188,000 of the debentures for
5,373,584 shares of the Company's common stock.

7.              RECAPITALIZATION

SeaView Video Technology, Inc., (the "Company" or "we" or "our") was originally
incorporated in the State of Utah on April 16, 1986. In order to change our
domicile, we were reorganized under the laws of Nevada on December 30, 1993. 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.

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.

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


8.            STOCK WARRANTS

        During the nine months ended September 30, 2000, warrants were exercised
for 200,000 shares of common stock, at $1.00 per share from a previous
resolution dating from the reverse merger into Gopher, Inc. The proceeds were
used to fund operations.

9.             COMMITMENTS AND CONTINGENCIES

        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.




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

           SeaView Video Technology, Inc., (the "Company" or "we" or "our") was
originally incorporated in the State of Utah on April 16, 1986. In order to
change our domicile, we were reorganized under the laws of Nevada on December
30, 1993. 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"). We later changed our name to SeaView Video Technology, Inc.

        The Company manufactures underwater video cameras, lights, and
accessories for the marine commercial and consumer retail market. The Company
has also developed and manufactures a video security system utilizing exclusive
patented technology, which enables video transmission through existing
electrical wiring. The key product, SecureView, is a light bulb camera and
decoder system. The Company sells and distributes its product lines through the
following channels: (1) direct to the public and government (2)through a network
of approximately 700 independent dealers and (3) through an expanding retailers
network. Production is contracted through several outside assembly companies.
The Company has registered trademarks for many of its products.

B.  Results of Operations

        The financial statements and results of operations for the 2nd and 3rd
quarters ended June 30, 2000 and September 30, 2000 have been restated in
accordance with Generally Accepted Accounting Principles. Our original Form 10-Q
for the quarter ended September 30, 2000, which was filed on November 14, 2000,
incorrectly included as revenues and accounts receivable approximately
$2,252,794 of purchase orders that we received for our new SecureView security
camera products, but were not shipped to the customer by September 30, 2000.
After restatement, our 3rd quarter net revenues were approximately $213,592. Our
restatements also include a reduction in liabilities, totaling approximately
$849,235, that were previously recorded relating to the purchase orders that
were erroneously included as revenues. As set forth in the chart below, these
restatements have resulted in a reduction of our net income by approximately
$871,639 for the quarter ended September 30, 2000. We discovered these errors
for the first time during an internal review of fiscal year 2000 operations that
was undertaken by our newly hired CFO. As of the date of this filing, our new
management has successfully implemented internal accounting control procedures
that are designed to ensure that similar errors do not occur.

                             Original                               Original
                 Filing      Restated                               Filing       Restated
             Quarter Ended  Quarter Ended                          Nine Months  Nine Months
                                                                   Ended Sept
                Sept. 30     Sept. 30         $            %            30       Ended Sept 30      $              %
                  2000         2000         Change      Change         2000          2000         Change        Change

Net Revenue  $ 2,465,386    $  212,592  $ (2,252,794)   -91%     $ 4,405,580    $ 968,780      $ (3,436,800)     -78%


Net Income   $   216,132    $ (655,507) $   (871,639)  -403%     $   155,128  $(1,683,468)     $ (1,838,596)   -1185%


Total Assets $ 5,937,521    $3,808,425  $ (2,129,096)   -36%     $ 5,937,521  $ 3,808,425      $ (2,129,096)     -36%


Total Liab.  $ 1,231,939    $  382,704  $   (849,235)   -69%     $ 1,231,939  $   382,704      $   (849,235)     -69%



         The following table sets forth, as a percentage of net revenue, certain
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            Quarter         Nine Months       Nine Months
                                            Ended Sept. 30,    Ended Sept. 30,     Ended                Ended
                                                2000               1999         Sept. 30, 2000     Sept. 30,1999
                                           ----------------    ---------------  ---------------    ---------------



Net Revenue......................                100.0%             100.0%         100.0%              100.0%
Cost of goods sold...............                 33.2%              14.1%          34.4%               19.6%
                                           ----------------    ---------------  ---------------    ---------------
                  Gross Profit...                 66.8%              85.9%          65.6%             80.4%
              Operating expenses:
     Salaries  & Wages............               139.3%              19.8%          70.7%              16.2%
     Advertising  & Promotions....               321.5%              28.1%         181.3%              29.7%
     Depreciation.................                 5.9%               1.9%           3.1%               1.4%
     Rent & Utilities.............                13.2%               9.3%           7.8%               8.6%
     Other Expenses...............                95.7%              22.7%          84.9%              18.2%
                                           ----------------    ---------------  ---------------    ---------------
         Total Operating expenses..              575.6%              81.8%         347.8%              74.1%
                                           ----------------    ---------------  ---------------    ---------------

         Operating Profit (loss)...            (508.8)%               4.1%       (282.2)%               6.3%
  Interest Income..................                0.8%               0.0%           0.3%               0.0%
                                           ----------------    ---------------  ---------------    ---------------

   Income  before taxes............            (508.0)%               4.1%       (281.9)%               6.3%

         Income tax (benefit) expense ....       199.6%              (.5)%         108.1%               1.0%
                                           ----------------    ---------------  ---------------    ---------------

Net Income                                     (308.4)%               4.6%      ( 173.8)%               5.3%
                                           ===============     ===============  ===============    ===============


        Net Revenue. Net revenue decreased .8% and increased 10.1% for the
quarter and nine months ended September 30, 2000, from $214.4 thousand to $212.6
thousand and from $880.0 thousand to $968.8, respectively. The increase was
primarily caused by increased sales resulting from the Company's increased
investment in advertising and the establishment of a Dealer Sales Base.

        Cost of Goods Sold. Cost of goods sold increased 133.8% and 92.8% for
the quarter and nine months ended September 30, 2000, from $30.2 thousand to
$70.6 thousand and from $172.6 thousand to $332.8, respectively. This increase
was primarily caused by increased cost of utilization of outsourced resources.
Cost of goods sold relates to the parts and fees paid to outside companies for
manufacturing the product.


        Salaries and Wages. Salaries and wages increased 598.6% and 379.6% for
the quarter and nine months ended September 30, 2000, from $42.4 thousand to
$296.2 thousand and from $142.8 thousand to $684.9 thousand, respectively. This
increase was primarily caused by increased compensation resulting from increased
staffing and employee stock compensation plans. Salaries and wages comprise
inside wages and outside labor.

        Advertising and Promotion. Advertising and promotion expenses increased
1031.3% and 589.4% for the quarter and nine months ended September 30, 2000,
from $60.4 thousand to $683.3 thousand and from $261.1 thousand to $1.8 million,
respectively. This increase was primarily caused by increased national and
regional advertising efforts including national television advertising and
celebrity spokesperson campaigns. 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.

        Depreciation Expense. Depreciation expense increased 215.0% and 153.3%
for the quarter and nine months ended September 30, 2000, from $4.0 thousand to
$12.6 thousand and from $12.0 thousand to $30.4 thousand, respectively. This
increase in depreciation expense was caused by property and equipment
acquisitions by the Company during the 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 increased 40.5% and 5.5% for the
quarter and nine months ended September 30, 2000, from $20.0 thousand to $28.1
thousand and from $75.3 thousand to $75.7 thousand, respectively. The increase
is primarily the result of additional space acquired and lease renegotiations.
Rent and utilities includes office rent, telephone and utilities.

        Other Expenses. Other expenses increased 316.8% and 413.4% for the
quarter and nine months ended September 30, 2000, from $48.8 thousand to $203.4
thousand and from $160.2 thousand to $822.5 thousand, respectively. This
increase was primarily caused by research and development costs. The increase is
also attributable to fees paid and stock issued for services provided by
consultants, and fees paid to accountants, attorneys, and other professionals.
Other expenses comprise of cost of research and development, insurance, property
taxes, bank charges and other miscellaneous expenses.

        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.


         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, 2000, as
set forth in Part II, Item 2, below.

        Based upon the Company's anticipated capital needs for operations of its
business and general corporate purposes, management believes that the
combination of the funds expected to be available under the Company's current
cash reserves and cash flow from operations should be sufficient to meet the
Company's funding requirements to conduct its operations and for further
implementation of its growth strategy and current plans through at least 2001.

Item 3.   Quantitative and Qualitative Disclosures about Market Risk

         Not Applicable.




               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 Underwater Research,"
"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)     our liquidity and capital resources

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

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

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

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

PART II.        OTHER INFORMATION

Item 1.           Legal Proceedings


         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, 2000, the Company issued
182,500 shares of restricted common stock to employees under an employee bonus
arrangement. Compensation expense of $137,460 was recognized in connection with
the issuance.

        During the nine months ended September 30, 2000, the Company issued
397,600 shares of common stock as payment for advertising, consulting and
professional services. Expenses of $271,255 were recognized based on the fair
value of the services provided.

        During the nine months ended September 30, 2000, the Company issued 8%
convertible debentures for proceeds of $3,288,000. The debentures were non-
interest bearing for the first thirty days, after which, interest was payable
quarterly. The debentures were for a term of twelve months. The debentures were
convertible by the option of the holders into shares of the Company's restricted
common stock on the basis of $.50 to $8.00 per share. Proceeds from the issuance
were used to fund operations of the Company. During the nine months ended
September 30, 2000, the Company exchanged $3,188,000 of the debentures for
5,373,584 shares of the Company's common stock.

        During the nine months ended September 30, 2000, we issued 200,000
shares of our common stock to warrant holders who received their warrants at the
time of our reorganization. The warrants were exercisable into common stock at a
price of $1.00 per share. The proceeds were used to fund our
operations.

        We made the above mentioned issuances and sales in reliance upon Section
4(2) and Rule 506 of Regulation D of the 1933 Act. We believed that Section 4(2)
and Rule 506 of Regulation D were available because sales were made without
general solicitation or advertisement. We believe that each purchaser was
accredited or sophisticated enough to evaluate the merits of the investment. All
shares of common stock were issued with a restrictive legend.


Item 5.           Other Information

       Not Applicable

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


       EXHIBIT
(a)    NUMBER             DESCRIPTION
       ------             -----------

       11.1          Computation of Earnings per Share
         27          Financial Data Schedule for the quarter Ended September 30,
                     2000 (SEC only)


(b)      Reports on Form 8-K

         None.







                         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 14, 2000.


                  SEAVIEW VIDEO TECHNOLOGY, INC.


                  By: _________________________
                  George S. Bernardich III
                  Chief Executive Officer


                  By: _________________________
                  J.R. COX
                  Secretary and Treasurer








                                  EXHIBIT INDEX

EXHIBIT
NUMBER     EXHIBIT DESCRIPTION

11.1     Computation of Per share Earnings.

27       Financial Data Schedule for the quarter September 30, 2000 (for SEC use only)`