UNITED TEXTILES & TOYS CORP.
            (A Subsidiary of Multimedia Concepts International, Inc.)

                     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 December 31, 2001

                                       OR

          [ ] 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 0-21178

                          UNITED TEXTILES & TOYS CORP.
        (Exact Name of Small Business Issuer as Specified in its Charter)
<TABLE>
<CAPTION>

<S>                                                                         <C>
                  Delaware                                                  13-3626613
        ---------------------------------                     ----------------------------------
         (State or Other Jurisdiction of                      (IRS Employer Identification No.)
         Incorporation or Organization)
</TABLE>

               1385 Broadway, Suite 814, New York, New York 10018
                    (Address of Principal Executive Offices)

                                 (212) 391-1111
                (Issuer's Telephone Number, Including Area Code)

                                       N/A
              (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  Securities  Exchange  Act of 1934 during the past 12
months (or for such  shorter  period that  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 of each of the issuer's classes of common equity
outstanding as of the latest practicable date: Common Stock, par value $.001 per
share: 4,550,234 shares outstanding as of February 11, 2002.

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

<PAGE>
                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

PART I.                   FINANCIAL INFORMATION                                                              Page
                                                                                                            Number

Item 1.          FINANCIAL STATEMENTS
<S>                                                                                                            <C>
                 Balance Sheets as of  December 31, 2001 (unaudited)
                 and March 31, 2001.                                                                           3

                 Statements of Operations (unaudited) for the nine and three months ended December 31,
                 2001 and December 31, 2000                                                                    5

                 Statements of Cash Flows (unaudited) for the nine months ended
                 December 31, 2001 and December 31, 2000
                                                                                                               6

                 Notes to Financial Statements                                                                 7

Item 2.          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF  OPERATIONS
                                                                                                               9

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<PAGE>
                                 BALANCE SHEETS
                   As of December 31, 2001 and March 31, 2001
<TABLE>
<CAPTION>

                                                                                             Dec. 31,              March 31,
                                                                                               2001                  2001
                                                                                         ------------------    ------------------

                                     ASSETS

     CURRENT ASSETS:
<S>                                                                                                 <C>                   <C>
       Cash                                                                                         $ 478                 $ 618
       Prepaid expenses and other current assets                                                    3,746                 5,689
                                                                                         ------------------    ------------------
            Total current assets                                                                    4,224                 6,307
                                                                                         ------------------    ------------------

     FURNITURE, FIXTURES AND EQUIPMENT
       Furniture, fixtures and equipment                                                           38,152                38,152
       Accumulated depreciation on furniture, fixtures and equipment                              (38,152)              (38,152)
                                                                                         ------------------    ------------------
       Furniture, fixtures and equipment - Net
                                                                                                        0                     0
                                                                                         ------------------    ------------------

     OTHER ASSETS
       Due from affiliates                                                                        167,783               279,721
       Deposits and other assets                                                                    7,220                 7,220
                                                                                         ------------------    ------------------
            Total other assets                                                                    175,003               286,941
                                                                                         ------------------    ------------------


               Total Assets                                                                $      179,227        $      293,248
                                                                                         ==================    ==================

</TABLE>
     The accompanying notes are an integral part of these consolidated financial
statements

                                        3
<PAGE>
                                 BALANCE SHEETS
                   As of December 31, 2001 and March 31, 2001
<TABLE>
<CAPTION>

                                                                                      Dec. 31,              March 31,
                                                                                        2001                   2001
                                                                                   ----------------       ---------------

                  LIABILITIES AND STOCKHOLDERS' EQUITY

  CURRENT LIABILITIES:
<S>                                                                                     <C>                <C>
   Accounts payable                                                                     $ 48,173           $    65,353
   Accrued expenses and other current liabilities                                         51,838               144,083
   Due to Officer                                                                        300,803               252,337
                                                                                   ----------------       ---------------

        Total current liabilities                                                        400,814               461,773
                                                                                   ----------------       ---------------
        Total liabilities                                                                400,814               461,773
                                                                                   ----------------       ---------------

 STOCKHOLDERS' EQUITY:
 Common stock, $.001 par value; 10,000,000 shares authorized, 4,550,234 shares
   issued and outstanding at December 31, 2001 and 4,550,234 shares issued and
   outstanding at March 31, 2001                                                           4,550                 4,550
   Additional paid-in capital                                                          8,142,281             8,142,281
   Retained earnings (Deficit)                                                        (8,368,418)           (8,315,356)
                                                                                   ----------------       ---------------

        Total stockholders' equity                                                      (221,587)             (168,525)
                                                                                   ----------------       ---------------

        Total liabilities and stockholders' equity                                     $ 179,227            $  293,248
                                                                                   ================       ===============


</TABLE>
     The accompanying notes are an integral part of these consolidated financial
statements

                                        4

<PAGE>
                             STATEMENT OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                             For the Three Months Ended                  For the Nine months Ended
                                                       ---------------------------------------    ----------------------------------
                                                           Dec. 31,              Dec. 31,             Dec. 31,           Dec. 31,
                                                             2001                  2000                 2001              2000
                                                       ------------------    -----------------    -----------------    -------------
                                                                                 Restated                                Restated
                                                                                 (Note 4)                                (Note 4)

Operating expenses:
<S>                                                        <C>                   <C>                  <C>                <C>
  Operating expenses                                       $ 17,537              $ 31,429             $ 53,067           $ 129,340
  Interest expense                                                -                     -                    -              19,326
                                                       ------------------    -----------------    -----------------    -------------
         Total operating expenses                            17,537                31,429               53,067             148,666
                                                       ------------------    -----------------    -----------------    -------------
Operating income (loss)                                     (17,537)              (31,429)             (53,067)           (148,666)
Other income:
         Interest and other income                                3                   302                    5                 724
                                                       ------------------    -----------------    -----------------    -------------

Net loss                                                  $ (17,534)            $ (31,127)           $ (53,062)         $ (147,942)
                                                       ==================    =================    =================    =============


Calculation of basic and diluted common share and
share equivalents:
Basic and diluted loss per common share and share
equivalent                                                $  (.004)             $  (.007)            $  (.012)          $   (.033)
                                                       ==================    =================    =================    =============

Weighted average number of common shares
outstanding                                               4,550,234             4,550,234            4,550,234           4,550,234
                                                       ==================    =================    =================    =============


</TABLE>

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

                                        5
<PAGE>
                             STATEMENT OF CASH FLOWS
                                   (Unaudited)
                           Increase (Decrease) in Cash
<TABLE>
<CAPTION>

                                                                                                          For the Nine Months Ended
                                                                                                    --------------------------------
                                                                                                        Dec. 31,          Dec. 31,
                                                                                                          2001             2000
                                                                                                    -----------------    -----------
    CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                                                         <C>           <C>
    Net loss                                                                                                $(53,062)     $(147,942)
                                                                                                    -----------------    -----------
    Adjustments to reconcile net loss to cash (used) provided for operating
    Activities: Changes in assets and liabilities:
       (Increase) decrease in prepaid and other current assets                                                 1,943              -
       Increase (decrease) in accounts payable                                                               (17,180)        (3,367)
       Increase (decrease) in accrued expenses and other liabilities                                         (92,245)        67,767
                                                                                                    -----------------    -----------
              Total adjustments                                                                             (107,482)        64,400
                                                                                                    -----------------    -----------
              Net cash provided (used) by operating activities                                              (160,544)       (83,542)
                                                                                                    -----------------    -----------

    CASH FLOWS FROM INVESTING ACTIVITIES:
       Investment in affiliated companies                                                                          -         44,708
                                                                                                    -----------------    -----------
              Net cash provided by (used for) investing activities                                                 -         44,708
                                                                                                    -----------------    -----------

    CASH FLOWS FROM FINANCING ACTIVITIES:
      Loans and exchanges-officer                                                                            48,466         103,892
      Loans and advances- affiliates                                                                        111,938         (65,208)
                                                                                                    -----------------    -----------
            Net cash provided by (used for ) financing activities                                           160,404          38,684
                                                                                                    -----------------    -----------

    NET INCREASE (DECREASE) IN CASH                                                                            (140)           (150)
                                                                                                    -----------------    -----------

    Cash, beginning of period                                                                                   618             750
                                                                                                    -----------------    -----------
    Cash, end of period                                                                                   $     478           $ 600
                                                                                                    =================    ===========

    Supplemental disclosure of cash flow information:
    Interest paid                                                                                         $       -            $ -
                                                                                                    -----------------    -----------
    Taxes paid                                                                                            $     455            $ -
                                                                                                    =================    ===========
</TABLE>
     The accompanying notes are an integral part of these consolidated financial
statements

                                        6


<PAGE>
                          UNITED TEXTILES & TOYS CORP.
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2001
                                   (Unaudited)





NOTE 1 -          BASIS OF PRESENTATION:

                  The accompanying unaudited financial statements have been
                  prepared in accordance with generally accepted accounting
                  principles for interim financial information and the
                  instructions to Form 10-QSB. Accordingly, they do not include
                  all the information and footnotes required by generally
                  accepted accounting principles for more complete financial
                  statements. In the opinion of management, the interim
                  financial statements include all adjustments considered
                  necessary for a fair presentation of the Company's financial
                  position and the results of its operations for the nine months
                  ended December 31, 2001 and are not necessarily indicative of
                  the results to be expected for the full fiscal year. For
                  further information, refer to the Company's Annual report on
                  Form 10-KSB for the fiscal year ended March 31, 2001, as filed
                  with the Securities and Exchange Commission.

NOTE 2 -          DESCRIPTION OF COMPANY:

                  United Textiles & Toys Corp. (the "Company") is a Delaware
                  corporation which was organized in March 1991 and commenced
                  operations in October 1991. The Company formerly designed,
                  manufactured, and marketed a variety of lower priced women's
                  dresses, gowns, and separates (blouses, camisoles, jackets,
                  skirts, and pants) for special occasions and formal events. In
                  April 1998, the Company ceased all operating activities.

NOTE 3 -          INVESTMENT BY MULTIMEDIA CONCEPTS INTERNATIONAL, INC.:

                  On January 2, 1998, the Company issued 3,571,429 shares of its
                  common stock to Multimedia, a company of which the Company's
                  President, Chief Executive Officer, and a Director is also
                  President, Chief Executive Officer and a Director of
                  Multimedia. The issuance of these common shares at a price of
                  $.28 per share ($.01 above the closing price on December 31,
                  1997) represented payment for $1,000,000 loaned to the Company
                  by Multimedia.

                  As a result of this transaction, Multimedia owns 78.5% of the
                  outstanding shares of common stock of the Company, effectively
                  making the Company a subsidiary of Multimedia.

                  On January 20, 1998, U.S. Stores Corp.  (USSC) acquired
                  1,465,000 shares of Multimedia's  common stock.  U.S. Stores
                  was incorporated on November 10, 1997.  During July and August
                  of 2001, USSC sold  substantially  all of its holdings
                  in Multimedia, effectively reducing its percentage of
                  ownership to below 5%.

                                       7
<PAGE>
                          UNITED TEXTILES & TOYS CORP.
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2001
                                   (Unaudited)


NOTE 4 -          INVESTMENT IN AFFILIATED COMPANY:

                  The Company's  investment in Play Co. Toys & Entertainment
                  Corp. (Play Co.) was accounted for on the equity method of
                  accounting.  Its investment was reduced to zero as a result of
                  Play Co.'s continued  losses.  On March 28, 2001, Play
                  Co. filed for  protection  under  Chapter 11 of the US
                  Bankruptcy  Code.  In August 2001 the case was converted to a
                  Chapter 7 filing.





                                       8
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULT OF OPERATIONS

Results of Operations

United Textiles & Toys Corp. (the "Company") is a Delaware corporation
which was organized in March 1991 and  commenced  operations in October 1991. In
April 1998, the Company ceased all operating activities.

Statements contained in this report which are not historical facts may be
considered forward looking information with respect to plans, projections, or
future performance of the Company as defined under the Private Securities
Litigation Reform Act of 1995. These forward looking statements are subject to
risks and uncertainties which could cause actual results to differ materially
from those now projected.

Three months ended December 31, 2001 compared to three months ended
December 31, 2000

Operating expenses were $17,537 for the three months ended December 31, 2001 as
compared to $31,429 for the three months ended December 31, 2000. This decrease
of $13,892 or 44%, was primarily due to a reduction in salaries and professional
fees. A comparative listing of selected operating expenses for the two periods
is as follows:

                                               Dec. 31,          Dec. 31,
                                                 2001              2000
                                             --------------    --------------

Salaries                                           $ 2,925          $ 12,675
Professional fees                                    5,000            10,250
Transfer agent fees                                  1,591             2,363
Other expenses                                       8,021             6,141
                                             --------------    --------------
Total                                              $17,537          $ 31,429
                                             ==============    ==============

The Company incurred no interest expense in the three months ended December 31,
2001 nor in the three months ended December 31, 2000.

For the three months ended December 31, 2001, the Company reported a net loss of
$17,534, or basic loss per share of $.004, as compared to a net loss of $31,127,
or a basic loss per share of $.007 for the three months December 31, 2000. The
weighted average number of common shares used in the computation of basic
earnings per share was 4,550,234 for the three months ended December 31, 2001
and December 31, 2000.

Nine months ended December 31, 2001 compared to nine months ended December
31, 2000

Operating expenses were $53,067 for the nine months ended December 31, 2001, as
compared to $129,340 for the nine months ended December 31, 2000. This decrease
of $76,273 or 59%, was due to an assessment in the period ended December 31,
2000 by the State of New York for penalties on late filing and payment of both
corporate franchise and payroll tax returns for prior years. Additionally,
salaries and professional fees were reduced by $44,728.


                                       9

<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULT OF OPERATIONS (CONTINUED)

Results of Operations (continued)

A comparative listing of selected operating expenses for the two periods is
as follows:

                                               Dec. 31,          Dec. 31,
                                                 2001              2000
                                             --------------    --------------

Salaries                                           $ 8,775          $ 38,225
Professional fees                                   27,000            42,278
Transfer agent fees                                  6,599             5,939
Penalty assessments                                      -            27,632
Other expenses                                      10,693            15,266
                                             --------------    --------------
Total                                              $53,067     $     129,340
                                             ==============    ==============

The Company incurred no interest expense in the nine months ended December 31,
2001, as compared to $19,326 in the nine months ended December 31, 2000. The
recognition of interest expense was a result of an assessment by the State of
New York, in the period ended September 30, 2000 for late filing of both
franchise and payroll tax returns.

Liquidity and Capital Resources

At December 31, 2001, the Company reported cash and cash equivalents of $478,
working capital deficit of $396,593, and stockholders' equity of $(221,587) as
compared to cash and cash equivalents of $618, working capital deficit of
$455,466, and stockholders' equity of $(168,525) at March 31, 2001.

The Company used $160,544 from operating activities for the nine months ended
December 31, 2001 and $83,542 for the nine months ended December 31, 2000.

The Company reported no activity from investing during the period ended December
31, 2001 and an increase from investing activities in the period ended December
30, 2000 of $44,708.

The Company provided $160,404 from financing activities for the period ended
December 31, 2001 and $38,684 for the period ended December 31, 2000 The primary
source of these funds were additional loans made to the Company by an officer of
the Company.

As a result, cash decreased $140 for the nine months ended December 31, 2001 and
decreased $150 for the nine months ended December 31, 2000.

For the nine months ended December 31, 2001, the Company reported a net loss of
$53,067, or basic earnings deficit per share of $.012, as compared to a net loss
of $147,942, or a basic earnings deficit per share of $.033, for the nine months
ended December 31, 2000. The weighted average number of common shares used in
the computation of basic earnings per share was 4,550,234 for the nine months
ended December 31, 2001 and 2000.

Trends Affecting Liquidity, Capital Resources and Operation

Since the Company ostensibly has no operations, there are no trends that
will affect liquidity, capital resources, and operations. 10

                                       10