U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB
(Mark One)

      (X)   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
            EXCHANGE ACT OF 1934
            For the quarterly period ended:  May 31, 2002

      ( )   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
            SECURITIES EXCHANGE ACT OF 1934
            For the transition period from                  to
                                            ---------------    -----------------

                         Commission file number 0-21320

                                 Magna-Lab Inc.
        (Exact name of small business issuer as specified in its charter)

          New York                                             11-3074326
(State or other jurisdiction of                              (IRS Employer
 incorporation or organization)                            Identification No.)

                      Six Kimball Lane, Lynnfield, MA 01940
                    (Address of principal executive offices)

                                 (781) 246 4774
                           (Issuer's telephone number)
   (Former name, former address and former fiscal year, if changed since last
report)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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 ( )

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date - June 30, 2002

 Class A Common Stock, $.001 Par Value                           74,079,453
---------------------------------------------             ----------------------

 Class B Common Stock, $.001 Par Value                              379,485
---------------------------------------------            -----------------------
                Class                                            Shares


    Transitional Small Business Disclosure Format (check one) Yes ( ) No (X)


<PAGE>

PART I: FINANCIAL INFORMATION

      Item 1. - Financial Statements

                          MAGNA-LAB INC. AND SUBSIDIARY


                                    CONTENTS


PART 1 - FINANCIAL INFORMATION (UNAUDITED)

    ITEM 1. - FINANCIAL STATEMENTS

           CONDENSED CONSOLIDATED BALANCE SHEET                               2

           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                    3

           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                    4

           CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY           5

           NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS             6-8

    ITEM 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN
              OF OPERATION                                                 9-11

PART II - OTHER INFORMATION                                                  12

    ITEM 6. - EXHIBITS AND REPORTS ON FORM 8-K                               19

SIGNATURES                                                                   13




All items which are not applicable or to which the answer is negative have been
omitted from this report.


                                       1
<PAGE>


                          MAGNA-LAB INC. AND SUBSIDIARY

                      CONDENSED CONSOLIDATED BALANCE SHEET
                            May 31, 2002 (unaudited)


                                     ASSETS

CURRENT ASSETS:
  Cash and cash equivalents                                        $  2,051,000
  Due from Related Party                                                 59,000
  Inventory, deposits and prepaid expenses                               87,000
                                                                   ------------
     Total current assets                                             2,197,000
PROPERTY AND EQUIPMENT, net                                              73,000
OTHER ASSETS - Restricted cash                                           59.000
                                                                   ------------
                                                                   $  2,329,000
                                                                   ============

                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

  Accounts payable                                                 $    437,000
  Accrued expenses and other current liabilities                        236,000
                                                                   ------------
        Total current liabilities                                       673,000
                                                                   ------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
  Preferred stock, par value $.01 per share, 5,000,000
     shares authorized, no shares issued                                     --
  Common stock, Class A, par value $.001 per share, 120,000,000
     shares authorized, 74,079,453 shares issued and outstanding.        74,000
  Common stock, Class B, par value $.001 per share,
     3,750,000 shares authorized, 1,875,000 shares issued,
     379,485 shares outstanding                                           1,000
  Capital in excess of par value                                     26,699,000
  Accumulated deficit                                               (25,118,000)
                                                                   ------------
        Total stockholders' equity                                    1,656,000
                                                                   ------------
                                                                   $  2,329,000
                                                                   ============

See accompanying Notes


                                       2
<PAGE>


                          MAGNA-LAB INC. AND SUBSIDIARY

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unaudited)

                                                 Three months ended May 31,
                                                 --------------------------
                                                      2002         2001
                                                 ------------  -----------
REVENUES                                         $         --  $        --
                                                 ------------  -----------
COSTS AND EXPENSES:
  Selling, g eneral and administrative                522,000      460,000
  Non-cash charge for options/warrants                340,000      173,000
  Research and development                            344,000      273,000
                                                 ------------  -----------
                                                    1,206,000      906,000
OTHER INCOME (EXPENSE)
  Interest income                                      10,000       59,000
                                                 ------------  -----------
NET LOSS                                         $ (1,196,000) $  (847,000)
                                                 ============  ===========
WEIGHTED AVERAGE NUMBER OF
 SHARES OUTSTANDING, BASIC AND DILUTED             74,460,000   70,659,000
                                                 ============  ===========
NET LOSS PER SHARE, BASIC AND DILUTED            $      (0.02) $     (0.01)
                                                 ============  ===========


See accompanying Notes

                                       3


<PAGE>


                          MAGNA-LAB INC. AND SUBSIDIARY


                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                Increase (Decrease) in Cash and Cash Equivalents
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                    Three Months ended May 31,
                                                                   --------------------------
                                                                       2002           2001
                                                                   -----------    -----------
<S>                                                                <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                                         $(1,196,000)   $  (847,000)
                                                                   -----------    -----------
  Adjustments:
    Depreciation and amortization                                        6,000          1,000
    Non-cash charge for options/warrants                               340,000        173,000
  Effect on cash of changes in operating assets and liabilities:
    Inventory, deposits and prepaid expenses                            12,000        (68,000)
    Accounts payable, accrued liabilities and all other               (143,000)       108,000
                                                                   -----------    -----------
           Total adjustments                                           215,000        214.000
                                                                   -----------    -----------
NET CASH USED IN OPERATING ACTIVITIES                                 (981,000)      (633,000)
                                                                   -----------    -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
    None                                                                    --             --
                                                                   -----------    -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Loan to Related Party, Noga                                        (59,000)            --
                                                                   -----------    -----------
NET CASH USED IN FINANCING ACTIVITIES                                  (59,000)            --
                                                                   -----------    -----------
NET DECREASE IN CASH
  AND CASH EQUIVALENTS                                              (1,040,000)      (633,000)
CASH AND CASH EQUIVALENTS:
  Beginning of period                                                3,091,000      5,816,000
                                                                   -----------    -----------
  End of period                                                    $ 2,051,000    $ 5,183,000
                                                                   ===========    ===========
</TABLE>


SUPPLEMENTAL INFORMATION ON NON-CASH TRANSACTIONS
    None


See accompanying Notes

                                       4
<PAGE>

                          MAGNA-LAB INC. AND SUBSIDIARY

            CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
               For the three months ended May 31, 2002 (unaudited)


<TABLE>
<CAPTION>
                                                        Common Stock
                                    -------------------------------------------------       Capital in
                                             Class A                  Class B                Excess
                                    -------------------------------------------------        of Par         Accumulated
                                      Shares         Amount      Shares       Amount          Value             Deficit
                                    -----------------------------------------------------------------------------------
<S>                                 <C>             <C>          <C>          <C>         <C>              <C>
BALANCES, February 28, 2002         74,079,453      $74,000      379,485      $1,000      $26,359,000      $(23,922,000)

CONVERT B TO A SHARES                       --           --           --          --               --                --

OPTION/WARRANT CHARGE                       --           --           --          --          340,000                --
NET LOSS                                    --           --           --          --               --        (1,196,000)
                                                                                                           ------------
                                    -----------------------------------------------------------------------------------
BALANCES, May 31, 2002              74,079,453      $74,000      379,485      $1,000      $26,699,000      $(25,118,000)
                                    ===================================================================================
</TABLE>


See accompanying Notes.


                                       5
<PAGE>

                                       13
                          MAGNA-LAB INC. AND SUBSIDIARY

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

NOTE 1 - BASIS OF PRESENTATION:

The accompanying condensed consolidated financial statements have been prepared
in accordance with the instructions to Form 10-QSB and do not include all of the
information and disclosures required by accounting principles generally accepted
in the United States of America. All adjustments which are of a normal recurring
nature and, in the opinion of management, necessary for a fair presentation have
been included. These statements should be read in conjunction with the more
complete information and consolidated financial statements and notes thereto
included in the Company's annual report on Form 10-KSB for the year ended
February 28, 2002.

NOTE 2 - DISCUSSION OF THE COMPANY'S ACTIVITIES/PRODUCTS AND GOING CONCERN
CONSIDERATION:

Company Activities - Magna-Lab Inc. and Subsidiary (the "Company") is engaged in
research, development and commercialization activities. The Company received
U.S. marketing clearance from the U.S. Food and Drug Administration ("FDA") in
2001 for its first two products, the Illuminator Probe(TM) and the Illuminator
Surface Coil(TM). These products are intended to non-invasively aid in the
production of high-resolution Magnetic Resonance Imaging ("MRI") images of the
aortic arch, the descending aorta and the coronary vessels of the heart and
associated structures in the thoracic region to advance the definitive diagnosis
of Coronary Heart Disease.

The Company's efforts are currently focused on: (a) commercialization of the
Illuminator products, including conducting clinical studies to further
investigate the clinical utility of the Company's products, (b) further
development and regulatory work on the Illuminator products (c) development of
the Artery View product for intravascular MRI imaging and (d) capital raising
and business development activities. The Company has had no product sales and
has incurred net operating losses and negative cash flows from operations since
inception.

Going Concern Consideration - The Company's activities have been supported by
equity financings including approximately $7,749,000 raised in the two fiscal
years ended February 28, 2002. As indicated in the accompanying condensed
consolidated financial statements, at May 31, 2002, the Company had
approximately $2,051,000 in cash and approximately $1,524,000 in working capital
and for the three months ended May 31, 2002, the Company had a loss from
operations of approximately $1,196,000 and utilized approximately $1,040,000 in
cash for operating and financing activities. Further, losses are continuing
subsequent to May 31, 2002. These factors, among others, indicate that the
Company is in need of additional financing or a strategic arrangement in order
to complete its planned activities for the fiscal year that began on March 1,
2002. The Company's plans to deal with this uncertainty include raising
additional capital or entering into a strategic arrangement in order to complete
commercialization of its Illuminator products and development of its Artery View
product.

There can be no assurance that management's plans to raise capital, enter into a
strategic arrangement or complete commercialization and/or development can be
realized. These factors, among others, indicate that the Company may be unable
to continue operations as a going concern. No adjustment has been made in the
accompanying condensed consolidated financial statements to the amounts and
classification of assets and liabilities which could result should the Company
be unable to continue as a going concern.

NOTE 3  -  LOSS PER SHARE OF COMMON STOCK:

Net loss per share is computed based on the weighted average number of Class A
Common and Class B Common shares outstanding. Dilutive options and warrants
outstanding would be considered in the computation of net income per share under
the treasury stock method when their effect is to reduce reported net income per
share. Since the effect of outstanding options is antidilutive, they have been
excluded from the Company's computation of net loss per share. Therefore, basic
and diluted loss per share were the same for the quarters ended May 31, 2002 and
2001.


                                       6
<PAGE>

NOTE 4 - DEVELOPMENT ACTIVITIES:

In October 2001, the Company entered into a Clinical Trial Agreement with
Brigham and Women's Hospital ("BWH"), an affiliate of Harvard Medical School
under which BWH is conducting a clinical study of the Company's Illuminator
products as discussed further in the Company's Annual Report on Form 10-KSB for
the year ended February 28, 2002. No milestones under the agreement resulted in
a charge to operations during the three months ended May 31, 2002. In June 2002,
the Company was advised that BWH's Institutional Review Board had concluded to
permit the imaging of "healthy volunteers" with the Company's device.

In January 2002, the Company entered into an Animal Study Agreement with
Massachusetts General Hospital ("MGH"), an affiliate of Harvard Medical School,
to conduct a study of the Artery View intravascular catheter coil as discussed
further in the Company's Annual Report on Form 10-KSB for the year ended
February 28, 2002. The purpose of the study is to obtain in-vivo,
high-resolution MRI images of the coronary vessel walls in a series of studies
using animals. The Company charges the payments to expense based generally upon
the progress of the study, which has a term of six months. During the quarter
ended May 31, 2002, approximately $23,000 was paid and approximately $30,000 was
charged to expense for the progress of this agreement.

During the quarter ended May 31, 2002, the Company received FDA marketing
clearance for its Auto-Tune Interface to the General Electric 1.5 tesla Signa(R)
MRI systems. The Auto-Tune Interface is intended to aid in the efficiency of
using the Company's Illuminator products by tuning each procedure to the unique
characteristics of each patient automatically.

NOTE 5 - PROPERTY AND EQUIPMENT:

Details of property and equipment at May 31, 2002 are as follows:

      Machinery, equipment, furniture and leasehold improvements     $  92,000
      Less accumulated depreciation and amortization                 (  19,000)
                                                                     ---------
                                                                     $  73,000
                                                                     =========

NOTE 6 - OTHER MATTERS

Loan to related party - In March 2002, the Company advanced $59,000 to an
officer and principal shareholder of Noga Investments in Technology, Ltd.
(Noga"), a principal shareholder of the Company. The loan is guaranteed by Noga,
was due in March 2002 and is as yet unpaid.

Inventory, deposit and prepaid expenses - Inventory, deposit and prepaid
expenses include approximately $67,000 on deposit with the Company's third party
manufacturer that will be deducted from the final billings due to this vendor.

Non-cash charge for options/warrants issued to consultants - The non-cash charge
for options/warrants results from options granted to non-employee members of
management and to consultants. The charge in the three months ended May 31, 2002
includes approximately $120,000 related to the termination of the services of
one of these consultants. Also see Form 10-KSB for the year ended February 28,
2002.

Options - In May 2002, options to purchase 1,055,033 shares of class A common
stock expired unexercised including options to purchase 805,833 shares held by
ongoing personnel/consultants including the Chairman, Chief Scientific Officer,
Treasurer and others.

NOTE 7 -  COMMITMENTS AND CONTINGENCIES:

Debt Reduction Program - Information regarding the Debt Reduction Program
commenced in 1997 is contained in Note 8 to Consolidated Financial Statements
contained in the Company's Form 10-KSB for the year ended February 28, 2002.
There has been no material change in the status of such program.

Litigation - The Company has been sued for collection of a bill for storage for
approximately $17,000 that


                                       7
<PAGE>

it disputes. Settlement discussions are in progress and the Company intends to
vigorously defend and counterclaim should such matter not be settled on a
reasonable basis. The Company knows of no other pending litigation against it
although there are some unpaid judgments against the Company for various claims
related to the 1997 restructuring that the Company believes do not exceed
$40,000. Also see Form 10-KSB for the year ended February 28, 2002.



                                       8
<PAGE>

Item 2. Management's Discussion and Analysis or Plan of Operation

      Factors and Risks That May Affect Future Results

      Some of the statements contained in this report discuss our plans and
strategies for our business or state other forward-looking statements, as this
term is defined in the Private Securities Litigation Reform Act of 1995. The
words "anticipate," "believe," "estimate," "expect," "plan," "intend," "should,"
"seek," "will," and similar expressions are intended to identify these
forward-looking statements, but are not the exclusive means of identifying them.
These forward-looking statements reflect the current views of our management.
However, various risks, uncertainties and contingencies could cause our actual
results, performance or achievements to differ materially from those expressed
in, or implied by, these statements. For a description of some of the risks that
the Company faces please see our Annual Report on Form 10-KSB for the year ended
February 28, 2002. We assume no obligation to update any forward-looking
statements contained in this report, whether as a result of new information,
future events or otherwise. Any investment in our common stock involves a high
degree of risk.

      Overview

      We have been engaged in research and development activities and, in May
and June 2001, received U.S. marketing clearance from the FDA for our first two
products. Our FDA clearance is currently limited to use with the General
Electric 1.5T Signa(R) MRI Systems. These two products, Illuminator Probe and
Illuminator Surface Coil, are intended to non-invasively aid in the production
of high-resolution MRI images of the aortic arch, the descending aorta and the
coronary vessels of the heart and associated structures in the thoracic region
to advance the definitive diagnosis of Coronary Heart Disease.

We developed these products, and another product (Artery View) still under
development for intravascular MRI imaging, in collaboration with the
Cardiovascular Institute of the Mount Sinai School of Medicine in New York. The
collaboration with Mount Sinai concluded in October 2000. We have engaged a
third party manufacturer to produce the Illuminator products and have received
our initial production quality product. Our marketing efforts are currently
focused on establishing clinical studies to further investigate the clinical
effectiveness and advantages of our products. We established our first such
study in October 2001 with Brigham and Women's Hospital, an affiliate of Harvard
Medical School. In July 2002, the Company is scheduled to begin imaging healthy
volunteers in addition to clinical cases. Imaging healthy volunteers will not
only increase the number of patients in the study, it will also allow the
Company more flexibility in imaging anatomical targets of interest that might
not be practical with a clinical case because clinical cases involve very sick
patients and a focus on their specific needs. Since the patient enrollment to
date has not yet met our anatomical targeting goal, the Company is reducing and
deferring various planned activities, as described below, in order to focus its
resources on the clinical work and preserve cash. Separately, our Artery View is
being developed in animal studies under a January 2002 agreement with
Massachusetts General Hospital ("MGH"), an affiliate of Harvard Medical School.

      We have no product sales to date and have incurred net operating losses
and negative cash flows since inception.

      Prior to 1997, our efforts had been focused on development and
commercialization of anatomy specific MRI scanners. Due to a lack of sufficient
sales of the scanner, in February 1997 we made a strategic decision to refocus
our efforts to our current line of business. This enabled us to continue to
focus on our core competencies in MRI technology while at the same time
addressing a perceived need in cardiology for non-invasive or minimally invasive
procedures to aid in detection and diagnosis of CHD.

      We have an accumulated deficit at May 31, 2002 of $25,118,000, of which
approximately $15,500,000 is attributable to our activities prior to March 1997.
Our activities since March 1997 have been funded through private equity
financing aggregating approximately $12.2 million.


                                       9
<PAGE>

      Plan of Operations and Liquidity

      Our activities have been supported largely by equity financings including
approximately $7,749,000 raised during the fiscal years ended February 28, 2002
and 2001. At May 31, 2002, we had approximately $2,051,000 in cash and cash
equivalents and approximately $1,524,000 in working capital. In addition, we
have agreed to sell a remaining $664,000 of Class A common stock to or at the
direction of Noga, our principal stockholder, who committed to purchase such
amount when a former officer failed to fund such amount pursuant to a prior
commitment. The purchase price for such shares would be the same as the
officer's prior commitment, or $.22 per share. To date, such remaining
investment has not been made.

      Cash used by operations and financing activities during the quarter ended
May 31, 2002 totaled approximately $1,040,000 (including a loan to an officer of
our principal stockholder, Noga, of approximately $59,000).

      In an effort to conserve cash, we have begun to limit the scope of our
activities so that we focus primarily on the clinical work necessary to support
future marketing activities. In that regard, we have begun to limit marketing
activities and programs, infrastructure growth, recruiting, development work
relative to non-minor refinements and machines of additional manufacturers.
Based on these adjustments to our plan of operation, we anticipate that our
existing cash and working capital at May 31, 2002 will be sufficient to meet our
planned spending through approximately November 30, 2002 and that we will
require additional financing to continue beyond then. Should the remaining
$664,000 investment commitment be made before then, we would expect to have
sufficient cash to complete our reduced operations for an additional two to
three months and would need additional financing at that point in time. We
presently have no commitments for the additional financing necessary to continue
our operations. If we are unsuccessful in obtaining sufficient financing on a
timely basis, we may be forced to further delay, scale back or eliminate some or
all of our planned operations. Our plan of operation and capital requirements
are dependent upon a number of factors such as those described under "Item 1.
Description of Business - Factors and Risks that May Affect Future Results" in
our Annual Report on Form 10-KSB for the year ended February 28, 2002.

      Critical Accounting Principles -

      In response to recent SEC guidance to issuers, we have identified critical
accounting principles which affect our consolidated financial statements. We
have determined the critical principles by considering accounting policies that
involve the most complex or subjective decisions or assessments. They are:

      Going Concern Consideration - Our consolidated condensed financial
statements have been prepared assuming we are a "going concern". There can be no
assurance that our plans to raise capital, enter into a strategic arrangement or
complete commercialization and/or development can be realized. As such, we may
be unable to continue operations as a going concern. No adjustment has been made
in the consolidated condensed financial statements which could result should we
be unable to continue as a going concern.

      Research and Development Costs - Costs of research and development
activities, including patent costs, are charged to operations when incurred.
Items of equipment or materials which are purchased and have alternative future
uses either in production or research and development activities are
capitalized, at cost, as equipment or inventory. When we engage in collaborative
research arrangements with third parties, we charge such costs over the
identifiable milestones, if such milestones exist, over time if that is the more
appropriate measure, or as payments are made if neither milestones or time are
appropriate.

      Accounting for Stock-Based Compensation - We have elected to apply the
disclosure-only provisions of SFAS No. 123, Accounting for Stock-Based
Compensation. In accordance with the provisions of SFAS No. 123, we apply
Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to
Employees, and related interpretations in accounting for stock options issued.
This means that we do not charge operations for an imputed cost of options
issued to employees. We account for stock issued to non-employees in accordance
with the


                                       10
<PAGE>

provisions of SFAS No. 123 and the related pronouncements. Those pronouncements
require us to charge operations and credit paid-in-capital for an amount
calculated to reflect the time value of the option or warrant utilizing a Black
Scholes methodology.

      Results of Operations -

      Operating expenses for the three months ended May 31, 2002 were
$1,206,000, compared to $906,000 in the prior year.

      Included in operating expenses are stock compensation charges under SFAS
No. 123 of $340,000 for the three months ended May 31, 2002 and $173,000 for the
three months of the prior year. Such charges result from options and warrants
granted to consultants and other non-employees. The increase of $167,000 relates
principally to a non-recurring charge to operations in the current quarter of
approximately $120,000 related to the termination of a financial advisory
agreement in March 2002. Therefore, such charges could decrease in future
quarters as the period of amortization of charges for one consultant ends during
the second quarter. Such charges would, however, increase if new options or
warrants were granted to consultants that we employ or may employ in the future.
At May 31, 2002, unamortized compensation charges totaled approximately
$220,000, approximately half of which will be amortized in the quarter ending
August 31, 2002.

      Of the remaining operating expenses of $866,000 for the three months ended
May 31, 2002 and $733,000 for the three months ended May 31, 2001, the principal
components were the following: (a) costs for human resources were approximately
$440,000 in the current quarter compared to approximately $380,000 in the prior
year quarter due principally to additions to the Company's research and
development staff, (b) outsourced engineering costs were approximately $100,000
in the current quarter compared to approximately $130,000 in the prior year
quarter due to the stage of current development activities (c) professional
services, insurance and investor relations costs were approximately $155,000 in
the current quarter compared to approximately 75,000 in the prior year quarter
due principally to legal costs incurred to prepare for a possible financing, the
addition of product . Additionally, occupancy grew to approximately $45,000 in
the current quarter due to the opening of the Lynnfield headquarters in August
of 2002.

         Other income of $10,000 in the quarter ended May 31, 2002 and $59,000
in the quarter ended May 31, 2001 consisted principally of interest income. In
the quarter ended May 31, 2002, the lower interest income results from both
lower average balances and lower interest rates.


                                       11
<PAGE>


 _____________________________________


PART II - OTHER INFORMATION


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

      (a) Exhibits
                None

      (b) The Company filed no reports on Form 8-K during the quarter ended May
31, 2002.


                                       12
<PAGE>

                                   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.


                                              MAGNA-LAB INC.
                                              (Registrant)

Date: July 12, 2002                  By:  /s/ John R. Geisel
                                          --------------------------------------
                                          John R. Geisel
                                          Chief Executive
                                          Officer (Principal Executive Officer),


                                      By: /s/ Kenneth C. Riscica
                                          --------------------------------------
                                          Treasurer and Secretary
                                          (Principal Financial
                                          and Accounting Officer)

                                       13