NORAM GAMING & ENTERTAINMENT, INC.


                        Filing Type:     10QSB
                        Description:     Quarterly Report
                        Filing Date:     May 18, 2001
                         Period End:     March 31, 2001
                   Primary Exchange:     Over the Counter Bulletin Board
                             Ticker:     NORE


<PAGE>


                                TABLE OF CONTENTS



                                      10QSB

PART I.................................................................        1
Item 1.................................................................        2
Item 2.................................................................        2
PART II................................................................        3
Item 6.................................................................        3
Condensed Balance Sheets...............................................        3
Condensed Statements of Operations.....................................        4
Condensed Statements of Cash Flows.....................................        5
Notes to Condensed Financial Statements................................        6


<PAGE>

NORAM GAMING & ENTERTAINMENT, INC. - 10QSB - QUARTERLY REPORT
Date Filed: May 18, 2001
--------------------------------------------------------------------------------


                                  UNITED STATES
                        SECURITY AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FOR 10-QSB

[x] Quarterly Report pursuant to Section 13 or 15 (d) of the Securities Exchange
    Act of 1934

               For the quarterly period ended March 31, 2001
                                              --------------

[ ] Transition Report pursuant to 13 or 15 (d) of the Securities Exchange Act of
    1934

 For the transition period from_____ to_____ Commission File Number 33-55254-37


                       NORAM GAMING & ENTERTAINMENT, INC.
                       ----------------------------------

             Nevada                                               87-0485316
-------------------------------                              -------------------
(State or other jurisdiction of                                 (IRS Employer
           incorporation)                                    Identification No.)

2315 NW 107 Avenue
Unit 1M22, Mail Box 83
Miami FL                                                            33172
----------------------------------------                        --------------
(Address of principal executive offices)                          (Zip Code)

Issuer's telephone number, including area code: (305-402-2085)
                                                -------------

Indicated  by a check  mark,  whether  the  issuers  (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 period 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

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

               Class                            Outstanding as of March 31, 2001
------------------------------------            --------------------------------
$.001 par value Class A Common Stock                       26,705,298



                                                                          Page 1

<PAGE>

NORAM GAMING & ENTERTAINMENT, INC. - 10QSB - QUARTERLY REPORT
Date Filed: May 18, 2001
--------------------------------------------------------------------------------

                         PART 1 - FINANCIAL INFORMATION

Item 1.  Financial Statements.

BASIS OF PRESENTATION

General

     The  accompanying  unaudited  financial  statements  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  operations  and  financial  position have been included and all such
adjustments are of a normal recurring  nature.  Operating  results for the three
months ended March 31, 2001, are not necessarily  indicative of the results that
can be expected for the year ending December 31, 2001.

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

     As of March 31,  2001,  the Company had $463 cash in the bank.  There is no
certainty that the Company can meet its current financial commitments.

     Net loss was  $(57,579)  for the three months ended March 31, 2001 compared
with net loss of $(51,780) for the same period in 2000.  The  Company's  general
and  administrative  expenses increased in 2001 due to an increase in consulting
fees.

     Net revenue was $0 for the three months ended March 31, 2001  compared with
$12,696  for the same  period in 2000 for a decrease  of 100%.  The  decrease in
revenues is attributed to the decision by the Company to  discontinue  the bingo
operations  and  concentrate on selling bingo  equipment.  Cost of sales for the
three months ended March 31, 2001 were $0 compared to $7,056 for the same period
in 2000 for a decrease of 100%.

     General and administrative expenses were $55,234 for the three months ended
March 31,  2001  compared to $47,554 for the same period in 2000 for an increase
of 16%.  Depreciation and  amortization  expense was $1,114 for the three months
ended  March  31,  2001  compared  to $2,058  for the same  period in 2000 for a
decrease of 46%.  Interest expense for the three months ended March 31, 2001 was
$1,231 compared to $7,808 for the same period in 2000 for a decrease of 84%.





                                                                          Page 2

<PAGE>
<TABLE>
<CAPTION>

                       NORAM GAMING & ENTERTAINMENT, INC.
                            CONDENSED BALANCE SHEETS


                                                           March 31,     December 31,
                                                              2001           2000
                                                          -----------    -----------
                                                          (Unaudited)     (Audited)
<S>                                                       <C>            <C>
ASSETS
  CURRENT ASSETS
    Cash                                                  $       463    $       462
    Inventory                                                 163,841        163,841
                                                          -----------    -----------
               TOTAL CURRENT ASSETS                           164,304        164,303

  PROPERTY AND EQUIPMENT                                        4,974          6,088
                                                          -----------    -----------

                                                          $   169,278    $   170,391
                                                          ===========    ===========

LIABILITIES & STOCKHOLDERS' DEFICIT
  CURRENT LIABILITIES
    Accounts payable                                      $    21,500    $    21,500
    Bridge loans                                              259,000        259,000
    Current portion of long-term debt                          58,427         60,845
    Demand loans payable - related parties                     93,943         90,442
    Accrued expenses                                          108,248        107,960
    Accrued expenses - related parties                        178,750        178,750
                                                          -----------    -----------
               TOTAL CURRENT LIABILITIES                      719,868        718,497
                                                          -----------    -----------

  STOCKHOLDERS' (DEFICIT) Common stock $.001 par value:
     Authorized - 50,000,000 shares
     Issued and outstanding 26,705,298
     and 25,328,042, respectively                              26,705         25,328
    Additional paid-in capital                              2,830,849      2,777,131
    Deficit                                                (3,408,144)    (3,350,565)
                                                          -----------    -----------
               TOTAL STOCKHOLDERS' DEFICIT                   (550,590)      (548,106)
                                                          -----------    -----------

                                                          $   169,278    $   170,391
                                                          ===========    ===========

</TABLE>



 See accompanying summary of notes to unaudited condensed financial statements.

                                                                          Page 3

<PAGE>

                       NORAM GAMING & ENTERTAINMENT, INC.
                       CONDENSED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                                   Three months ended March 31,
                                                   ----------------------------
                                                        2001            2000
                                                   ------------    ------------

Net Sales                                          $       --      $     12,696
Cost of Sales                                              --             7,056
                                                   ------------    ------------

               GROSS PROFIT                                --             5,640

General and administrative expenses                      55,234          47,554
Depreciation and amortization                             1,114           2,058
Interest expense                                          1,231           7,808
                                                   ------------    ------------
                                                         57,579          57,420
                                                   ------------    ------------


               NET LOSS                            $    (57,579)   $    (51,780)
                                                   ============    ============

Net loss per weighted average share                $       (.00)   $       (.00)
                                                   ============    ============

Weighted average number of common shares used to
  compute net loss per weighted average
  share                                              26,230,910      16,379,200
                                                   ============    ============







 See accompanying summary of notes to unaudited condensed financial statements.

                                                                          Page 4

<PAGE>

                       NORAM GAMING & ENTERTAINMENT, INC.
                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                   Three months ended March 31,
                                                   ----------------------------
                                                        2001            2000
                                                   ------------    ------------

OPERATING ACTIVITIES
  Net loss                                         $    (57,579)   $    (51,780)
  Adjustments to reconcile net loss to
    cash provided (used) by operating activities:
      Stock issued for services and expenses             55,095            --
      Depreciation                                        1,114           2,058
  Changes in assets and liabilities:
      Inventory                                            --             7,496
      Accounts payable                                     --            (4,635)
      Accrued expenses                                      288          48,956
                                                   ------------    ------------
               NET CASH PROVIDED (USED) BY
                 OPERATING ACTIVITIES                    (1,082)          2,095

INVESTING ACTIVITIES
      Contract collections                                 --            11,019
                                                   ------------    ------------
               NET CASH PROVIDED BY
                 INVESTING ACTIVITIES                      --            11,019

FINANCING ACTIVITIES
      Loan proceeds                                       3,500            --
      Loan repayments                                    (2,417)         (3,429)
                                                   ------------    ------------
               NET CASH PROVIDED (USED) BY
                 FINANCING ACTIVITIES                     1,083          (3,429)
                                                   ------------    ------------

               INCREASE IN CASH                               1           9,685

Cash-beginning of period                                    462             429
                                                   ------------    ------------

               CASH-END OF PERIOD                  $        463    $     10,114
                                                   ============    ============

SUPPLEMENTAL INFORMATION Cash paid for:
  Interest                                         $        903    $      2,027
                                                   ============    ============




See accompanying summary of notes to unaudited condensed financial statements.

                                                                          Page 5

<PAGE>

NORAM GAMING & ENTERTAINMENT, INC. - 10QSB - QUARTERLY REPORT
Date Filed: May 18, 2001
--------------------------------------------------------------------------------

                       NORAM GAMING & ENTERTAINMENT, INC.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                 MARCH 31, 2001

NOTE 1:  SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

Basis of Presentation

The  accompanying  financial  statements  have been prepared in accordance  with
generally  accepted   accounting   principles  ("GAAP")  for  interim  financial
information.  Accordingly,  they  do not  include  all of  the  information  and
footnotes  required by  generally  accepted  auditing  principles  for  complete
financial statements.  The unaudited financial statements should,  therefore, be
read in  conjunction  with the  financial  statements  and notes  thereto in the
Report on Form 10KSB for the year ended  December  31,  2000.  In the opinion of
management,  all  adjustments  (consisting of normal and recurring  adjustments)
considered necessary for a fair presentation, have been included. The results of
operation  for the three month period  ended March 31, 2001 are not  necessarily
indicative of the results that may be expected for the entire fiscal year.

Accounting Methods

The  Company  recognized  income and  expenses  based on the  accrual  method of
accounting.

Dividend Policy

The Company has not yet adopted any policy regarding payment of dividends.

Inventory

Inventory  consists of  equipment  for resale and is valued at the lower of cost
(first-in, first-out basis) or market.

Cash and Cash Equivalents

For  financial  statement  purposes,  the Company  considers  all highly  liquid
investments  with  an  original  maturity  date of  three  months  or less  when
purchased to be cash equivalents.

Estimates

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect the  reported  amounts of assets,  liabilities,  revenues,  and  expenses
during the reporting period.  Estimates also affect the disclosure of contingent
assets and liabilities at the date of the financial  statements.  Actual results
could differ from these estimates.

NOTE 2:  GOING CONCERN

The financial  statements are presented on the basis that the Company is a going
concern,  which  contemplates  the realization of assets and the satisfaction of
liabilities  in the normal course of business over a reasonable  length of time.
At March 31, 2001 the Company had a deficit in working capital of $555,564 and a
loss from operations of $57,579.

Management feels that expanding its operations to the Internet and a combination
of debt  financing  and sale of common  stock will  provide  sufficient  working
capital to allow the Company to continue as a going concern.


                                                                          Page 6

<PAGE>

NORAM GAMING & ENTERTAINMENT, INC. - 10QSB - QUARTERLY REPORT
Date Filed: May 18, 2001
--------------------------------------------------------------------------------


                           PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

(a)      Exhibits
         99-1 Financial Statements as of March 31, 2001

(b)      Reports on Form 8-K
         None

                                   SIGNATURES

     Pursuant to the  requirements  of the  Securities and Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                              NORAM GAMING & ENTERTAINMENT, INC.






DATED:  May 18, 2001                          /s/  George C. Zilba, Director
                                              ----------------------------------
                                              George C. Zilba




                                                                          Page 7