SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 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 February 28, 2001
                                        -----------------

[ ]      Transition report under Section 13 or 15(d) of the Exchange Act

         For the transition period from _________ to ___________

         Commission file number 33-55254-15
                                -----------

                              delSECUR Corporation
        (Exact Name of Small Business Issuer as Specified in Its Charter)


         NEVADA                                      87-0438451
------------------------------------               -----------------
(State or Other Jurisdiction of                    (IRS Employer
Incorporation or Organization)                     Identification No.)


1801 McGill College, Suite 1330,
Montreal, Quebec Canada                            H3A 2N4
(Address of Principal Executive Offices)         (Zip Code)


(Issuer's Telephone Number, Including Area Code) (514) 282-9000
                                                ---------------

Indicate by a check mark 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 issuer 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

         State the number of shares of each of the issuer's classes of common
equity, as of the latest practicable date:

         Class                   Outstanding as of February 28, 2001
------------------------         -----------------------------------
$.001 PAR VALUE CLASS A                     14,509,304 SHARES
COMMON STOCK

                                        1

<PAGE>



                                     PART I
                              FINANCIAL INFORMATION

ITEM 1.  Financial Statements.

         The accompanying unaudited financial statements (pages F-1 through F-3)
have been  prepared  in  accordance  with the  instructions  to Form 10-QSB and,
therefore, do not include all information and footnotes necessary for a complete
presentation  of  financial  position,  results  of  operations,  cash flows and
stockholders'   deficit  in  conformity  with  generally   accepted   accounting
principles.  In the opinion of management,  all adjustments considered necessary
for a fair presentation of the results of operation and financial  position have
been  included  and all  such  adjustments  are of a  normal  recurring  nature.
Operating  results  for  the  nine  months  ended  February  28,  2001  are  not
necessarily  indicative  of the results that can be expected for the year ending
May 31, 2001.

ITEM 2.  Management's Plan of Operation.

         Pursuant to an Agreement  made and entered  into on February  25th 1998
the Company issued and delivered on February 26, 1998,  12,848,300 shares of its
Common Stock bearing a restrictive  legend to 3127575  Canada Inc. (now delSECUR
Inc.), a Canadian  Corporation,  in exchange for which issuance, it acquired all
of the  outstanding  shares of 3127575 Canada Inc.  Through 3127575 Canada Inc.,
the Company has become the exclusive  licensee of the del-ID(R)  technology  for
personal   identification   by   means  of   electronic   scanning   of   finger
characteristics.  3127575 Canada Inc.,  obtained these  exclusive  rights by the
Exclusive  License  Agreement  dated  November 12, 1997 between it and Pierre de
Lanauze, inventor of the del-ID(R) technology.

         The  transaction was exempt from the  registration  requirements of the
Securities  Act of 1933 by virtue of Section  4(2)  thereof.  Also,  because the
12,848,300  shares  were  issued  solely to non-U.S.  persons,  the  transaction
qualified for exemption under Rules 901 et seq. of Regulation S.

         Following the above  transaction  the former  shareholders  of delSECUR
Inc. owned 92.5% of the outstanding shares of the Company.

         The del-ID(R) technology permits precise and positive authentication of
the  identity  of any living  individual  and is  applicable  to a wide range of
financial  transactions  where  authentication of the individual is necessary to
eliminate  fraud  and other  improper  use of  services.  The  del-ID(R)  system
collects  biological  data from the finger image of the individual and transfers
the image to a unique electronic  signature called the "del-gram".  The del-gram
is not a digitized  bitmap  image of the  finger,  but a  synthesized  subset of
biological data sufficient to identify the individual.


                                        2

<PAGE>



         Commercial  applications  of the del-ID(R)  technology are numerous and
include access to the information highway/internet,  identification of employees
working  from a home  office  and  requiring  access  to  certain  databases  or
information,  health cards, social insurance cards, drivers' licenses,  passport
control encryption and access to confidential files, control of payment by debit
or credit payment systems such as credit cards,  smartcards,  authentication  of
oral telephone  ordering,  access control to sensitive areas, hotel room access,
cellular and digital telephone controls, automobile entry and protection, census
and  election  control,  door  locks,  vault  locks,  residential  alarm  system
controls, timesheet management, student file management and many others.

         Patent  protection is currently pending for the del-ID(R) system in the
United States.  The International  Preliminary  Examination Report was issued in
accordance with the Patent Cooperation Treaty application (PCT) that included 82
countries.  The Examiner has recognized and acknowledged the inventive step, the
novelty  and the  industrial  applicability  by  accepting  all of the 11 claims
represented by the technology.

         In April 1998,  delSECUR inc.  signed an agreement  with the "Centre de
Recherche en Informatique de Montreal (CRIM)" for a scientific evaluation of the
technology.  The evaluation holds two topics. The primary one covers theoretical
and accurate applications.  The primary topic analysis has been done by the CRIM
in  collaboration  with  a  major  American  University.  The  CRIM  having  the
knowledge, mainly for software aspects than hardware, it was decided to give the
technical aspects of the del-ID(R) to C-MAC Electronic Systems Inc. in Winnipeg.
Their  mandate was to revise the  feasability  of the  Engineering  Models to be
implemented  on  different  dedicated  applications.   C-MAC  Technologies  Inc.
confirmed that the existing del-ID(R) prototypes  demonstrates that the Proof of
Concept works using common  discrete  analog and  integrated  digital IC's.  The
first  del-ID(R)  devices shall go under  production  in the near future.  Those
del-ID(R)  devices will be implemented for dedicated  applications  with leading
corporations. The secondary covers the implementation of a study in a controlled
laboratory environment.

         Moreover,  culminating  several  months  of  discussions  with  various
agencies  and senior  levels of the United  States  Government,  the  Company is
involved with National Security Agency who has signed a Confidential  Agreement.
The signing of the  agreement  will permit  delSECUR  inc. to disclose  its core
del-ID(R)  technology  to NSA for  testing  and  evaluation  as a  national  and
international  means of protection  against computer hacking.  They have to make
recommendations   to  the  US   Federal   Government.   The   signing   of  this
Confidentiality Agreement confirmed the uniqueness and innovative aspects of the
del-ID(R)  technology,  as mentioned on the Press  Release  issued on April 5th,
2000.

         Commercial  applications  of the del-ID(R)  technology are numerous and
include access to the information highway/internet,  identification of employees
working  from a home  office  and  requiring  access  to  certain  databases  or
information,  health cards, social insurance cards, drivers' licenses,  passport
control encryption and access to confidential files, control of payment by debit
or credit payment systems such as credit cards,

                                        3

<PAGE>



smartcards,  authentication  of  oral  telephone  ordering,  access  control  to
sensitive areas,  hotel room access,  cellular and digital  telephone  controls,
automobile entry and protection,  census and election control, door locks, vault
locks,  residential alarm system controls,  timesheet  management,  student file
management and many others.

         The  Company  expects  to  encounter  substantial  competition  in  the
business  in which it  proposes  to  engage.  It is  likely  that the  competing
entities will have  significantly  greater  experience,  resources,  facilities,
contacts and managerial expertise than the Company and will, consequently, be in
a better  position  than the  Company  to obtain  access to and to engage in the
proposed  business.  The Company may not be in a position to compete with larger
and more experienced entities.  Business  opportunities in which the Company may
ultimately participate are likely to be very risky and extremely speculative.

         The  Company  will not  manufacture  del-ID(R)  cards  or card  readers
directly.  This will tend to minimize the capital  requirements  of the Company,
its principal  activities  being  limited to marketing  the del-ID(R)  system to
manufacturers and/or users  internationally.  Anticipated sources of revenue are
license fees payable by government agencies and corporate entities for the right
to manufacture,  use or sell cards and card readers  incorporating the del-ID(R)
system,  as well as royalty  payments by such  entities for each card and reader
employed in a del-ID(R)  system.  We anticipate the first commercial  revenue in
twelve months from the present.

         delSECUR  Corporation  announced  July 1st 1999 the  creation  of a new
wholly owned  subsidiary,  delSECUR USA Inc.,  incorporated in Delaware and with
its principal offices located at 801 Pennsylvania  Avenue, Suite 800, Washington
D.C. 20004.

         This  subsidiary has been created  specifically  to manage all delSECUR
operations  in the  United  States.  The  decision  to  locate  the  offices  in
Washington  D.C. was made  following the recent  expressions  of interest in the
del-ID (R) technology by several U.S. Government agencies.

         The  Agreement  dated  February  25,  1998  and the  Exclusive  License
Agreement  dated  November  12,  1997 were  attached  as Exhibits A and B to the
Company's electronic filing of Form 8-K on March 10, 1998.

         As of  February  28,  2001,  the  Company's  balance  sheet  showed  an
accumulated  deficit of  $8,461,185,  an increase of $2,489,938  during the nine
months.  Operations to date have been financed  principally by loans from senior
management  and others.  Additional  unsecured  loan  facilities  continue to be
available and are believed by management to be sufficient to finance  operations
over the next  several  months,  pending  the  anticipated  initial  receipt  of
contract revenues during the second half of the current fiscal year.

         The Company  had a net loss of  $2,489,938  for the nine  months  ended
February 28, 2001 compared with a loss of $1,802,397 for the same period for the
prior year. The main

                                        4

<PAGE>



increase  from  2000 was an  additional  $425,000  spent  for  promotion.  About
$2,073,000 of expenses and $331,000 of liabilities  were paid by issuing 216,893
shares of common stock.

         The Company will continue to seek marketing  opportunities  for product
licensing  with  governmental  agencies and  corporate  entities on a world-wide
basis.

         As the Company will be engaged in securing licensing  contracts for use
of its existing del-ID(R)  technology,  no significant expansion of the physical
plant,  equipment  or number of employees is foreseen for the period of the next
twelve months.

                                   SIGNATURES

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

                                   delSECUR Corporation


Date:    April 23, 2001           By:     /s/ Pierre de Lanauze
     ------------------              -----------------------------------------
                                  Pierre de Lanauze, President,
                                  Chairman of the Board and Director


                                        5

<PAGE>



                       delSECUR CORPORATION AND SUBSIDIARY
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEETS
                         (expressed in Canadian dollars)

<TABLE>
<CAPTION>
                                                                       February 28,                  May 31,
                                                                           2001                       2000
                                                                  ----------------------     ---------------------
ASSETS                                                                  (Unaudited)                 (Audited)
     CURRENT ASSETS
<S>                                                               <C>                        <C>
         Cash                                                     $               21,031     $              8,755
         Sales taxes receivable                                                   28,797                   27,139
         Prepaid expenses                                                         42,220                   31,873
         Receivable-related party                                                190,000                  185,960
                                                                  ----------------------     --------------------

                                      TOTAL CURRENT ASSETS                       282,048                  253,727

OTHER ASSETS
     Property and equipment                                                      161,634                  137,220
     License from related party                                                        1                        1
                                                                  ----------------------     --------------------
                                                                                 161,635                  137,221
                                                                  ----------------------     --------------------

                                                                  $              443,683     $            390,948
                                                                  ======================     ====================

LIABILITIES & DEFICIT
     CURRENT LIABILITIES
         Accounts payable                                         $              124,211     $            114,234
         Accrued liabilities                                                      75,433                   90,862
         Payable-related party                                                   184,907                  185,157
         Payable - officer                                                     1,536,100                1,497,800
         Deposit on stockq                                                       375,000                        0
         Payable - director                                                       74,889                  342,942
         Loans payable                                                           195,000                  195,000
                                                                  ----------------------     --------------------

                                 TOTAL CURRENT LIABILITIES                     2,565,540                2,425,995

         Deferred credit                                                           4,216                    5,366

     STOCKHOLDERS' DEFICIT
         Common Stock $.001 par value:
           Authorized - 100,000,000 shares
           Issued and outstanding 14,509,304
              shares (14,292,411 at May 31, 2000)                                 20,698                   20,371
         Additional paid-in capital                                            6,314,414                3,910,463
         Deficit accumulated during the
           development stage                                                  (8,461,185)              (5,971,247)
                                                                  ----------------------     --------------------

                               TOTAL STOCKHOLDERS' DEFICIT                    (2,126,073)              (2,040,413)
                                                                  ----------------------     --------------------

                                                                  $              443,683     $            390,948
                                                                  ======================     ====================

</TABLE>

                                      F - 1

<PAGE>



                       delSECUR CORPORATION AND SUBSIDIARY
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                         (expressed in Canadian dollars)
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                    Three Months Ended                  Nine Months Ended           From Date of
                                                       February 28,                       February 28,              inception to
                                                  2001              2000             2001              2000           02/28/01
                                            ----------------  ---------------   ---------------  ---------------   ---------------
<S>                                         <C>               <C>               <C>              <C>               <C>
Net sales                                   $              0  $             0   $             0  $             0   $             0
Cost of sales                                              0                0                 0                0                 0
                                            ----------------  ---------------   ---------------  ---------------   ---------------

                              GROSS PROFIT                 0                0                 0                0                 0

Other income                                               0                0                 0                0             8,000

Depreciation and amortization                         11,853           19,968            32,261           36,811           235,152
Interest expense                                       5,850            9,750            17,550           18,463            92,576
Research and development                              64,011           10,257           163,530           98,845           825,555
Loss on settlement of shares                               0                0           331,396           95,090           426,486
General and administrative expenses                  257,858          167,823         1,945,201        1,553,188         6,846,150
                                            ----------------  ---------------   ---------------  ---------------   ---------------
                                                     339,572          207,798         2,489,938        1,802,397         8,425,919
                                            ----------------  ---------------   ---------------  ---------------   ---------------

                                  NET LOSS  $       (339,572) $      (207,798)  $    (2,489,938) $    (1,802,397)  $    (8,417,919)
                                            ================  ===============   ===============  ===============   ===============

Basic and diluted loss per share
Net income (loss) per weighted
   average share                            $           (.02) $          (.01)  $          (.17) $          (.13)
                                            ================  ===============   ===============  ===============

Weighted average number of common
   shares used to compute net income
   (loss) per weighted average share              14,380,493       14,243,411        14,380,493       14,243,411
                                            ================  ===============   ===============  ===============
</TABLE>



                                      F - 2

<PAGE>


                       delSECUR CORPORATION AND SUBSIDIARY
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS
                         (expressed in Canadian dollars)
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                        Nine Months Ended             From Date of
                                                                          February 28,                inception to
                                                                     2001              2000            02/28/2001
                                                               ---------------    ---------------  ------------------
OPERATING ACTIVITIES
<S>                                                            <C>                <C>              <C>
  Net (loss)                                                   $    (2,489,938)   $    (1,802,397) $       (8,417,919)
  Adjustments to reconcile net (loss) to cash provided
     (used) by operating activities:
       Depreciation                                                     32,261             36,811             235,152
       Amortization of deferred credit                                  (1,150)            (1,150)             (3,450)
       Free rent                                                             0                  0               7,666
       Stock issued for services                                     2,072,671            983,431           3,638,012
       Loss on settlement of shares                                    331,606                  0             331,606
       Related party advances                                                0                  0             305,402
       Foreign exchange fluctuation                                     38,300            (24,400)            122,800
       Changes in assets and liabilities:
         Sales tax receivable                                           (1,658)            12,703             (28,797)
         Prepaid expenses                                              (10,347)             1,084             (42,220)
         Officer loan                                                        0            357,420                   0
         Receivable - related party                                     (4,040)           (34,381)           (495,402)
         Accounts payable                                                9,978           (219,953)            124,212
         Accrued liabilities                                           (15,429)              (147)             75,433
         Payable - related party                                          (250)            (8,071)            184,907
         Payable - director                                           (268,053)            53,097              74,889
                                                               ---------------    ---------------  ------------------
                                    NET CASH PROVIDED (USED)
                                     BY OPERATING ACTIVITIES          (306,049)          (645,953)         (3,887,709)

INVESTING ACTIVITIES
  Purchase of property & equipment                                     (56,675)           (11,003)           (396,786)
                                                               ---------------    ---------------  -------------------

                                    NET CASH PROVIDED (USED)
                                     BY INVESTING ACTIVITIES           (56,675)           (11,003)           (396,786)

FINANCING ACTIVITIES
  Loan                                                                       0                  0             601,850
  Repayment of loan                                                          0            (22,987)           (406,850)
  Loan from director                                                         0                  0           2,085,250
  Deposit on stock                                                     375,000                  0             375,000
  Stock sold                                                                 0                282                 382
  Contribution to paid-in capital by director                                0            691,613           1,649,894
                                                               ---------------    ---------------  ------------------

                                        NET CASH PROVIDED BY
                                        FINANCING ACTIVITIES           375,000            668,908           4,305,526
                                                               ---------------    ---------------  ------------------

                           INCREASE (DECREASE) IN CASH
                                        AND CASH EQUIVALENTS            12,276             11,952              21,031

Cash and cash equivalents at beginning of year                           8,755             14,473                   0
                                                               ---------------    ---------------  ------------------

                            CASH AND CASH EQUIVALENTS
                                            AT END OF PERIOD   $        21,031    $        26,425  $           21,031
                                                               ===============    ===============  ==================

Cash paid for interest                                         $        17,550    $        21,450  $           47,900
                                                               ===============    ===============  ==================
</TABLE>

During the nine months  ended  February  28, 2001,  the Company  issued  216,893
shares of common stock for services of $2,072,671  and to settle  liabilities of
$331,606.  During the nine months ended  February 29, 2000,  the Company  issued
204,000 shares of common stock for services of $983,431.

                                      F - 3