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 June 30, 2002

                                       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

                              U.S. BIOMEDICAL 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>

               1410 Broadway, Suite 1602, New York, New York 10018
                    (Address of Principal Executive Offices)

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

      (Former name, address and 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 August 10, 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  June 30, 2002 (unaudited)
                  and March 31, 2002.                                                                                       3

                  Statements of Operations (unaudited) for the three months ended June 30, 2002 and June
                  30, 2001                                                                                                  5

                  Statements of Cash Flows (unaudited) for the three months
                  ended June 30, 2002 and June 30, 2001                                                                     6

                  Notes to Financial Statements                                                                             7

  Item 2.         MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF  OPERATIONS
                                                                                                                            9
</TABLE>

                                       2
<PAGE>
                             U.S. BIOMEDICAL CORP.
                    (FORMERLY UNITED TEXTILES & TOYS CORP.)
           (A Subsidiary of Multimedia Concepts International, Inc.)

                                 BALANCE SHEETS
                     As of June 30, 2002 and March 31, 2002
<TABLE>
<CAPTION>

                                                                                               June 30,            March 31,
                                                                                                 2001                2002
                                                                                            ----------------    ----------------

                                     ASSETS

         CURRENT ASSETS:
<S>                                                                                         <C>                 <C>
           Cash                                                                             $         (25)      $           26
           Prepaid expenses and other current assets                                                3,746                3,746
                                                                                            ----------------    ----------------
         Total current assets                                                                       3,721                3,772
                                                                                            ----------------    ----------------
                                                                                                    3,721                3,772
                                                                                            ----------------    ----------------


         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                                                                    352,546              333,546
           Deposits and other assets                                                                7,220                7,220
                                                                                            ----------------    ----------------
           Total other assets                                                                     359,766              340,766
                                                                                            ----------------    ----------------

                   Total Assets                                                             $     363,487       $      344,538
                                                                                            ================    ================
</TABLE>





    The accompanying notes are an integral part of these financial statements
                                        3
<PAGE>
                             U.S. BIOMEDICAL CORP.
                    (FORMERLY UNITED TEXTILES & TOYS CORP.)
           (A Subsidiary of Multimedia Concepts International, Inc.)


                                 BALANCE SHEETS
                     As of June 30, 2002 and March 31, 2002
<TABLE>
<CAPTION>

                                                                                            June 30,             March 31,
                                                                                              2002                 2002
                                                                                        -----------------    ------------------

                       LIABILITIES AND STOCKHOLDERS' EQUITY

      CURRENT LIABILITIES:
<S>                                                                                         <C>                  <C>
         Accounts payable                                                                   $   55,423              $ 60,623
         Accrued expenses and other current liabilities                                         70,207                55,586
         Due to affiliated company                                                             230,987               230,987
         Due to Officer                                                                        268,076               234,369
                                                                                        -----------------    ------------------

                 Total current liabilities                                                     624,693               581,565
                                                                                        -----------------    ------------------
      Total liabilities                                                                        624,693               581,565
                                                                                        -----------------    ------------------

      STOCKHOLDERS' EQUITY:
        Common stock, $.01 par value; 500,000,000 shares authorized, 4,550,234
            shares issued and outstanding at June 30, 2002 and 10,000,000 shares
            authorized, 4,550,234 shares
            issued and outstanding at March 31, 2002                                             4,550                 4,550
        Preferred stock, $.001 par value; 10,000,000 shares authorized, no shares
            issued and outstanding at June 30, 2002.
          Additional paid-in capital                                                         8,142,281             8,142,281
          Retained earnings (Deficit)                                                       (8,408,037)           (8,383,858)
                                                                                        -----------------    ------------------

                 Total stockholders' equity                                                   (261,206)             (237,027)
                                                                                        -----------------    ------------------

                 Total liabilities and stockholders' equity                             $      363,487             $ 344,538
                                                                                        =================    ==================

</TABLE>
    The accompanying notes are an integral part of these financial statements
                                        4
<PAGE>
                             U.S. BIOMEDICAL CORP.
                    (FORMERLY UNITED TEXTILES & TOYS CORP.)
           (A Subsidiary of Multimedia Concepts International, Inc.)

                             STATEMENT OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                                                    For the three months ended
                                                                                                 ----------------------------------
                                                                                                   June 30,            June 30,
                                                                                                     2002                2001
                                                                                                 --------------     ---------------

      Operating expenses:
<S>                                                                                                <C>                 <C>
        Operating expenses                                                                         $ 24,179            $ 20,942
                                                                                                 --------------     ---------------
                Total operating expenses                                                             24,179              20,942
                                                                                                 --------------     ---------------
      Operating income (loss)                                                                       (24,179)            (20,942)
      Other income:
                Interest and other income                                                              -                      2
                                                                                                 --------------     ---------------
      Net loss                                                                                      $ (24,179)          $ (20,940)
                                                                                                 ==============     ===============

      Calculation of basic and diluted common share and share equivalents:
        Basic and diluted loss per common share and share equivalent                                  $ (.005)            $  (.01)
                                                                                                 ==============     ===============

      Weighted average number of common shares outstanding                                           4,550,234           4,550,234
                                                                                                 ==============     ===============
</TABLE>

    The accompanying notes are an integral part of these financial statements
                                        5
<PAGE>
                             U.S. BIOMEDICAL CORP.
                    (FORMERLY UNITED TEXTILES & TOYS CORP.)
           (A Subsidiary of Multimedia Concepts International, Inc.)


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

                                                                                                 For the three months ended
                                                                                              ---------------  ---------------
                                                                                                 June 30,           June 30,
                                                                                                   2002               2001
                                                                                              ---------------    ---------------
      CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                                               <C>                <C>
      Net loss                                                                                    $ (24,179)         $ (20,940)
                                                                                              ---------------    ---------------
      Adjustments to reconcile net loss to cash (used) provided for operating
         activities:
      Changes in assets and liabilities:
         Increase (decrease) in accounts payable                                                     (5,200)               397
         Increase (decrease) in accrued expenses and other liabilities                               14,621            (41,731)
                                                                                              ---------------    ---------------
                Total adjustments                                                                     9,421            (41,334)
                                                                                              ---------------    ---------------
                Net cash provided (used) by operating activities                                    (14,758)           (62,274)
                                                                                              ---------------    ---------------

      CASH FLOWS FROM FINANCING ACTIVITIES:
         Loans and advances - affiliates                                                            (19,000)           (24,924)
         Loans and exchanges                                                                         33,707            87,600
                                                                                              ---------------    ---------------
                Net cash provided by (used for) investing activities                                 14,707            62,676
                                                                                              ---------------    ---------------

      NET INCREASE (DECREASE) IN CASH                                                                   (51)               402
                                                                                              ---------------    ---------------

      Cash, beginning of period                                                                          26                618
                                                                                              ---------------    ---------------
      Cash, end of period
      Supplemental disclosure of cash flow information:                                        $        (25)     $       1,020
                                                                                              ===============    ===============
      Interest paid                                                                            $        -        $        -
                                                                                              ---------------    ---------------
      Taxes paid                                                                               $        -        $        -
                                                                                              ===============    ===============

</TABLE>
    The accompanying notes are an integral part of these financial statements
                                        6
<PAGE>
                              U.S. BIOMEDICAL CORP.
                     (FORMERLY UNITED TEXTILES & TOYS CORP.)
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)



NOTE 1 -          INTERIM RESULTS AND BASIS OF PRESENTATION:

                  The accompanying unaudited financial statements as of June 30,
                  2002 and for the three month periods then ended have been
                  prepared in accordance with generally accepted accounting
                  principles for interim financial information and with the
                  instructions to Form 10-QSB and Items 303 and 310 of
                  Regulation S-B. In the opinion of management, the unaudited
                  financial statements have been prepared on the same basis as
                  the annual financial statements and reflect all adjustments,
                  which include only normal recurring adjustments, necessary to
                  present fairly the financial position as of June 30, 2002 and
                  the results of operations and cash flows for the three month
                  periods then ended. The financial data and other information
                  disclosed in these notes to the interim financial statements
                  related to these periods are unaudited. The results for the
                  three months ended June 30, 2002 are not necessarily
                  indicative of the results to be expected for any subsequent
                  quarter or the entire fiscal year. The balance sheet at March
                  31, 2002 has been derived from the audited financial
                  statements at that date.

                  Certain information and footnote disclosures normally included
                  in financial statements prepared in accordance with generally
                  accepted accounting principles have been condensed or omitted
                  pursuant to the Securities and Exchange Commission's rules and
                  regulations. The Company believes, however, that the
                  disclosures in this report are adequate to make the
                  information presented not misleading in any material respect.
                  The accompanying financial statements should be read in
                  conjunction with the audited financial statements of U.S
                  Biomedical Corp. (Formerly United Textiles & Toys Corp.) as of
                  March 31, 2002 and notes thereto included in the Company's
                  report on Form 10-KSB as filed with the Securities and
                  Exchange Commission.

NOTE 2 -          SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

                  a.       Description of Company:

                  U.S Biomedical Corp. (Formerly 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; it now operates solely as a holding
                  company.

                  b.       Use of 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 and liabilities, revenues and expenses and
                  disclosure of contingent assets and liabilities at the date of
                  the financial statements. Actual amounts could differ from
                  those estimates.

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

                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)

NOTE 2 -          SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

                      c.       Concentration of Credit Risk:

                      Financial instruments that potentially subject the Company
                      to concentrations of credit risk consist primarily of cash
                      and affiliated company receivables. The Company maintains,
                      at this time, deposits in federally insured financial
                      institutions.

                      d.       Fair value of Financial Instruments:

                      The carrying amount of the Company's financial
                      instruments, consisting of cash, accounts receivable,
                      accounts payable and borrowings approximate their fair
                      value due to the relatively short maturity (90 days) of
                      these instruments.

                      e.       Fixed Assets and Depreciation:

                      Furniture and fixtures are recorded at cost. Depreciation
                      is provided using the straight-line method over the
                      estimated useful lives of the related assets. Maintenance
                      and repairs are charged to operations as incurred.

                      f.       Statements of Cash Flows:

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

                      g.       Income Taxes:

                      The Company accounts for income taxes in accordance with
                      Statement of Financial Standards (SFAS) No. 109,
                      "Accounting for Income Taxes." Deferred income taxes are
                      recognized upon the differences between financial
                      statement and income tax bases of assets and liabilities
                      using enacted rates in effect for the year in which the
                      differences are expected to reverse. Valuation allowances
                      are established, when necessary, to reduce the deferred
                      tax assets to the amount expected to be realized. The
                      provision for income taxes represents the tax payable for
                      the period and the change during the period in deferred
                      tax assets and liabilities, including the effect of change
                      in the valuation allowance, if any.


                                       8
<PAGE>
                              U.S. BIOMEDICAL CORP.
                     (FORMERLY UNITED TEXTILES & TOYS CORP.)
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)


Note 2.           SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued

                      h.       Net Loss Per Share:

                      During the three-month period ended December 31, 1997, the
                      Company adopted the provisions of SFAS No. 128, "Earnings
                      Per Share," which requires the disclosure of "basic" and
                      "diluted" earnings (loss) per share. Basic earnings (loss)
                      per share is computed by dividing net income (loss), by
                      the weighted average number of common shares outstanding.

                      Diluted earnings (loss) per share is similar in
                      calculation except that the weighted average number of
                      common shares is increased to reflect the effects of
                      potential additional shares that would result from the
                      exercise of stock options or other convertible
                      instruments. For the three months ended June 30, 2002 and
                      June 30, 2001 there were no items of potential dilution
                      that would impact on the computation of diluted earnings
                      or loss per share.

                      The following summarizes the components of the basic and
                      diluted loss per common share and share equivalents:
<TABLE>
<CAPTION>

                                                                                                Three Months Ended June 30,
                                                                                               -------------------------------
                                                                                                   2002             2001
                                                                                               -------------    --------------

<S>                                                                                            <C>              <C>
                      Net loss applicable to common shares                                     $    (.005)      $    (.01)
                                                                                               =============    ==============
</TABLE>


                      i.       Impairment of Long-Lived Assets:

                      SFAS No. 121, Accounting for the Impairment of Long-Lived
                      Assets and Long-Lived Assets to be Disposed of, requires
                      that long-lived assets and certain identifiable
                      intangibles to be held and used by an entity be reviewed
                      for impairment whenever events or changes in circumstances
                      indicate that the carrying amount of an asset may not be
                      recoverable. The Company has adopted SFAS No. 121. There
                      were no long lived assets impairment recognized by the
                      Company for the three months ended June 30, 2002 and June
                      30, 2001.


                                       9
<PAGE>
                              U.S. BIOMEDICAL CORP.
                     (FORMERLY UNITED TEXTILES & TOYS CORP.)
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)


Note 2.           SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued):

                      j.       Effect of New Accounting Pronouncements:

                      In June 1997, the FSAB issued SFAS No. 130, "Reporting
                      Comprehensive Income." This statement establishes
                      standards for reporting and display of comprehensive
                      income and its components (revenues, expenses, gains and
                      losses) in an entity's financial statements. This
                      statement requires an entity to classify items of other
                      comprehensive income by their nature in a financial
                      statement and display the accumulated balance of other
                      comprehensive income separately from retained earnings and
                      additional paid-in-capital in the equity section of a
                      statement of financial position.

                      This pronouncement, which is effective for fiscal years
                      beginning after December 15, 1997, was adopted by the
                      Company during the fiscal year ending March 31, 1999 .
                      There were no other items of comprehensive income to
                      report during the three months ended June 30, 2002 and
                      June 30, 2001.

                      In  December   1999,   the   Securities   and  Exchange
                      Commission issued staff Accounting Bulleting No. 101 ("SAB
                      No. 101"), Revenue Recognition in Financial Statements,
                      which summarizes certain of the staff's views on revenue
                      recognition. The Company's revenue recognition policies
                      are in accordance with SAB No. 101.

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 Concepts International, Inc., a
                  company of which the Company's President is also President,
                  Chief Executive Officer, and a Director. 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 Concepts
                  International, Inc.

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

                  On January 20, 1998, U.S. Stores acquired 1,465,000 shares
                  Multimedia Concepts International, Inc.'s common stock. U.S.
                  Stores was incorporated on November 10, 1997. The Company's
                  president is also President and Director of U.S. Stores. In
                  December 2001 US Stores divested of its ownership in
                  Multimedia International Concepts, Inc. The shares were sold
                  to numerous individual investors, none of whom acquired a
                  significant interest in Multimedia.

                                       10
<PAGE>
                              U.S. BIOMEDICAL CORP.
                     (FORMERLY UNITED TEXTILES & TOYS CORP.)
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (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,  consequently no updated  financial
                   information is available.

NOTE 5-  RELATED PARTY TRANSACTIONS

                   The Company has  historically  had an arrangement  with
                   its parent Multimedia Concepts  International,  Inc. and its
                   subsidiary,  US Apparel  Corp.,  in which the companies fund
                   each other with working capital.

                   As  of  June  30,   2002,   the  Company   recorded  an
                   outstanding  payable to Multimedia  Concepts  International,
                   Inc.  in the amount of  $204,242.  As of March 31,  2002 the
                   balance due from Multimedia Concepts International, Inc. was
                   $214,642.

                   The Company's President has provided funding for working
                   capital. As of June 30, 2002, the amount due this officer was
                   $268,076. As of March 31, 2002, the Company was indebted to
                   this officer in the amount of $234,369.

NOTE 6-  LITIGATION INVOLVING THE COMPANY'S PRESIDENT

                  In August 2001, the United States Attorney's Office for the
                  Eastern District of New York of the United States District
                  Court issued an indictment against the Company's president
                  Ilan Arbel and eleven other individuals. The indictment
                  charged Mr. Arbel with violations related to the issuance,
                  sale and purchase of securities, including the Securities of
                  Multimedia Concepts International, Inc.

                  Specifically, Mr. Arbel was named in 13 counts of a 51-count
                  indictment. Mr Arbel was charged with one count of conspiracy
                  to commit securities fraud; two counts of securities fraud; on
                  count of conspiracy to commit money laundering; one count of
                  conspiracy to engage in unlawful monetary transactions. And
                  eight counts of money laundering.

                  Mr. Arbel has pled not guilty and intends to vigorously
                  contest the allegations and he believes that the allegations
                  are without merit. An unfavorable resolution of the matter
                  could adversely impact the value of the Company's securities,
                  and could prevent Mr. Arbel form rendering services to, or
                  continuing his affiliation with the Company.

                                       11
<PAGE>
                              U.S. BIOMEDICAL CORP.
                     (FORMERLY UNITED TEXTILES & TOYS CORP.)
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)

NOTE 7-  AMENDMENT TO THE ARTICLES OF INCORPORATION

                  On May 23, 2002, the majority stockholders of the Company
                  approved an amendment to the Company's Certificate of
                  Incorporation to increase the number of authorized shares of
                  Common Stock from 10,000,000 to 500,000,000, to authorize the
                  creation of 10,000,000 shares of "blank check" preferred stock
                  and to change the Company's name from United Textiles & Toys
                  Corp. to U.S. Biomedical Corp. The Company currently has
                  authorized capital stock of 10,000,000 shares and
                  approximately 4,550,234 shares of Common Stock are outstanding
                  as of the Record Date.

                  The Board believes that the increase in authorized common
                  shares would provide the Company greater flexibility with
                  respect to the Company's capital structure for such purposes
                  as additional equity financing, and stock based acquisitions.
                  The Company anticipates that the "blank check" preferred stock
                  will be designated into classes as deemed appropriate by the
                  Company in the future.

                  Change of the Company's Name

                  The   amendment   to   the   Company's    Articles   of
                  incorporation  will  change the  Company's  name from United
                  Textiles & Toys Corp. to U.S.  Biomedical  Corp. The Company
                  is  changing   its  name  to  U.S.   Biomedical   Corp.   in
                  anticipation  of  potentially  merging with a company in the
                  medical field.

                  Increase In Authorized Common Stock

                  The terms of the additional shares of Common Stock will be
                  identical to those of the currently outstanding shares of
                  Common Stock. However, because holders of Common Stock have no
                  preemptive rights to purchase or subscribe for any unissued
                  stock of the company, the issuance of additional shares of
                  common Stock will reduce the current stockholders' percentage
                  ownership interest in the total outstanding shares of Common

                  Stock. This amendment and the creation of additional shares of
                  authorized common stock will not alter the current number of
                  issued shares. The relative rights and limitations of the
                  shares of Common Stock will remain unchanged under this
                  amendment.

                  As of the record date, a total of 4,550,234 shares of the
                  Company's currently authorized 10,000,000 shares of Common
                  Stock are issued and outstanding. The increase in the number
                  of authorized but unissued shares of Common Stock would enable
                  the Company, without further stockholder approval, to issue
                  shares form time to time as may be required for proper
                  business purposes, such as raising additional capital for
                  ongoing operations, business and asset acquisitions, stock
                  splits and dividends, present and future employee benefit
                  programs and other corporate purposes.

                                       12
<PAGE>
                              U.S. BIOMEDICAL CORP.
                     (FORMERLY UNITED TEXTILES & TOYS CORP.)
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)

NOTE 7-  AMENDMENT TO THE ARTICLES OF INCORPORATION (CONTINUED)

                  One of the effects of the amendment might be to enable the
                  Board of Directors to render it more difficult to, or
                  discourage an attempt to, obtain control of the Company by
                  means of a merger, tender offer, proxy contest or otherwise,
                  and thereby protect the continuity of present management.

                  Creation Of Blank Check Preferred Stock

                  The Board of Directors would, unless prohibited by applicable
                  law, have additional shares of Common Stock available to
                  effect transactions (such as private placements) in would
                  thereby dilute the interest of any party attempting to gain
                  control of the Company. Such action could discourage an
                  acquisition of the Company, which stockholders might view as
                  desirable.

                  The amendment to the Articles of Incorporation will create
                  10,000,000 authorized shares of "blank check" preferred stock.
                  The proposed Amendment to the Articles of Incorporation.

                  The term " blank check" refers to preferred stock, the
                  creation and issuance of which is authorized in advance by the
                  stockholders and the terms, rights and features of which are
                  determined by the board of directors of the Company upon
                  issuance. The authorization of such blank check preferred
                  stock would permit the Board of Directors to authorize and
                  issue preferred stock from time to tome in one or more series.

                  Subject to the provisions of the Company's Amended and
                  Restated Articles of Incorporation and the limitations
                  prescribed by law, the board of directors would be expressly
                  authorized, at its discretion, to adopt resolutions to issue
                  shares, to fix the number of shares and to change the number
                  of shares constituting any series and to provide for or change
                  the voting powers, designations, preferences and relative,
                  participating, optional or other special rights,
                  qualifications, limitations or restrictions thereof, including
                  dividend rights (including whether the dividends are
                  cumulative), dividend rates, terms of redemption (including
                  sinking fund provisions), redemption prices, conversion rights
                  and liquidation preferences of the shares constituting any
                  series of the preferred stock, in each case without any
                  further action or vote by the stockholders. The board of
                  directors would be required to make any determination to issue
                  shares of preferred stock based on its judgement as to the
                  best interests of the Company and its stockholders. The board
                  of directors is seeking stockholder approval of an amendment
                  to the Articles of Incorporation which would give the board of
                  directors flexibility, without further stockholders action, to
                  issue preferred stock on such terms and conditions as the
                  board of directors deems to be in the best interests of the
                  Company and its stockholders.


                                       13
<PAGE>
                              U.S. BIOMEDICAL CORP.
                     (FORMERLY UNITED TEXTILES & TOYS CORP.)
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)

NOTE 7-  AMENDMENT TO THE ARTICLES OF INCORPORATION (CONTINUED)

                  Creation Of Blank Check Preferred Stock (Continued)

                  The amendment will provide the Company with increased
                  financial flexibility in meeting future capital requirements
                  by providing another type of security in addition to its
                  Common Stock, as it will allow preferred stock to be available
                  for issuance from time to time and with such features as
                  determined by the board of directors for any proper corporate
                  purpose.

                  It is anticipated that such purpose may include exchanging
                  preferred stock for Common Stock and, without limitation, may
                  include the issuance for cash as a means of obtaining capital
                  for use by the Company, or issuance as part or all of the
                  consideration required to be paid by the Company for
                  acquisitions of other businesses or assets.

                  Any issuance of preferred stock with voting rights could,
                  under certain circumstances, have the effect of delaying or
                  preventing a change in control of the Company by increasing
                  thee number of outstanding shares entitled to vote and by
                  increasing the number of outstanding shares entitled to vote
                  and by increasing the number of votes required to approve a
                  change in control of the Company. Shares of voting or
                  convertible preferred stock could be issued, or rights to
                  purchase such shares could be issued, to render more difficult
                  or discourage an attempt to obtain control of the Company by
                  means of a tender offer, proxy contest, merger or otherwise.
                  The ability of the board of directors to issue such additional
                  shares of preferred stock, with the rights and preferences it
                  deems advisable, could discourage an attempt by a party to
                  acquire control of the Company by tender offer or other means.
                  Such issuances could therefore deprive stockholders of
                  benefits that could result form such an attempt, such as the
                  realization of a premium over the market price that such an
                  attempt could cause.

                  Moreover, the issuance of such additional shares of preferred
                  stock to persons friendly to the board of directors could make
                  it more difficult to remove incumbent managers and directors
                  from office even if such change were to be favorable to
                  stockholders generally.

                  While the amendment may have anti-takeover ramifications, the
                  board of directors believes that the financial flexibility
                  offered by the amendment outweighs any disadvantages. To the
                  extent that the amendment may have anti-takeover effects, the
                  amendment may encourage persons seeking to acquire the Company
                  to negotiate directly with the board of directors enabling the
                  board of directors to consider the proposed transaction in a
                  manner that best serves the stockholders' interests.

                  The Company's majority stockholders also approved the 2002
                  Employee Stock Option Plan (the "2002 Option Plan") pursuant
                  to which options to purchase up to 50,000,000 shares of common
                  stock may be issued thereunder. The following is a summary of
                  principal features of the 2002 Option Plan.


                                       14
<PAGE>
                              U.S. BIOMEDICAL CORP.
                     (FORMERLY UNITED TEXTILES & TOYS CORP.)
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)

NOTE 8-  2002 EMPLOYEE STOCK OPTION PLAN

                  General

                  On May 23, 2002, the Company's majority Stockholders approved
                  the creaton of the 2002 Employee Stock Option Plan. Under the
                  2002 option Plan, options may be granted which are intended to
                  qualify as Incentive Stock Options ("ISO") under Section 422
                  of the Internal Revenue Code of 1986 (the "Code"). The 2002
                  Option Plan is not a qualified deferred compensation plan
                  under Section 401 (a) of the Internal Revenue Income Security
                  Act of 1974 ("ERISA").

                  Purpose

                  The primary purpose of the 2002 Option Plan is to attract and
                  retain the best available personnel for the Company in order
                  to promote the success of the Company's future business that
                  it selects to enter and to facilitate the ownership of the
                  Company's stock by employees at such time as the Company has
                  employees..

                  Administration

                  The 2002 Option Plan, will be administered by the Company's
                  Board of Directors, as the Board of Directors may be composed
                  from time to time. All question of interpretation of the 2002
                  Option Plan are determined by the determination by a majority
                  of the members of the Board of Directors.

                  Notwithstanding the foregoing, the Board of Directors may at
                  any time, or from time to time, appoint a committee (the
                  "Committee") of at least two members of the Board of
                  Directors, and delegate to the Committee the authority of the
                  Board of Directors to administer the Plan. Upon such
                  appointment and delegation, the Committee shall have all the
                  powers, privileges and duties of the Board of Directors, and
                  shall be substituted for the Board of Directors, in the
                  administration of the Plan, subject to certain limitations.

                  Members of the Board of Directors who are eligible employees
                  are permitted to participate in the 2002 Option Plan, provided
                  that any such eligible member may not vote on any matter
                  affecting the administration of the 2002 Option Plan or the
                  grant of any option pursuant to it, or serve on a committee
                  appointed to administer the 2002 Option Plan. In the event
                  that any member of the Board of Directors is at any time not a
                  "disinterested person", as defined in Rule 16b-3 (c) (3) (i)
                  promulgated pursuant to the Securities Exchange Act of 1934,
                  the Plan shall not be administered by the Board of Directors,
                  and may only by administered by a Committee, all the members
                  of which are disinterested persons, as so defined.

                                       15
<PAGE>

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

                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)

NOTE 8-  2002 EMPLOYEE STOCK OPTION PLAN  (CONTINUED)

                  Eligibility

                  Under the 2002 Option Plan, options may be granted to key
                  employees, officers, directors or consultants of the Company,
                  as provided in the 2002 Option Plan.

                  Terms Of Options

                  The term of each Option granted under the Plan shall be
                  contained in a stock option agreement between the Optionee and
                  the Company and such terms shall be determined by the Board of
                  Directors consistent with the provisions of the Plan,
                  including the following:

a)                Purchase Price. The purchase price of the Common Shares
                  subject to each ISO shall not be less than the fair market
                  value (as set forth in the 2002 Option Plan), or in the case
                  of the grant of an ISO to a Principal Stockholder, not less
                  that 100% of fair market value of such Common Shares at the
                  time such Option is granted. The purchase Price of the Common
                  Shares subject to each Non- ISO shall be determined at the
                  time such Option is granted, but in no case less than 85% of
                  the fair market Value of such Common Shares at the time such
                  Option is granted. The purchase price of the Common Shares
                  subject to each Non-ISO.

b)                Vesting. The dates on which each Option (or portion thereof)
                  shall be exercisable and the conditions precedent to such
                  exercise, if any, shall be fixed by the Board of Directors, in
                  its discretion, at the time such Option is granted.

c)                Expiration. The expiration of each Option shall be fixed by
                  the Board of Directors, in its discretion, at the time such
                  Option is granted; however, unless otherwise determined by the
                  Board of Directors at the time such Option is granted, an
                  Option shall be exercisable for tem (10) years after the date
                  on which it was granted (the "Grant Date"). Each Option shall
                  be subject to earlier termination as expressly provided in the
                  2002 Option Plan or as determined by the Board of Directors,
                  in its discretion, at the time such Option is granted.

d)                Transferability. No Option shall be transferable, except by
                  will or the laws of descent and distributions, and any Option
                  may be exercised during the lifetime of the Optionee only by
                  him. No Option granted under the Plan shall be subject to
                  execution, attachment or other process.

e)                Option Adjustments. The aggregate number and class of shares
                  as to which Options may be granted under the Plan, the number
                  and class shares covered by each outstanding Option and the
                  exercise price per share thereof (but not the total price),
                  and all such Options, shall each be proportionately adjusted
                  for any increase decrease in the number of issued Common
                  Shares resulting from split-up spin-off or consolidation of
                  shares or any like Capital adjustment or the payment of any
                  stock dividend.


                                       16
<PAGE>
                              U.S. BIOMEDICAL CORP.
                     (FORMERLY UNITED TEXTILES & TOYS CORP.)
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)

NOTE 8-  2002 EMPLOYEE STOCK OPTION PLAN (CONTINUED)

                  Terms Of Options (continued)

                  Except as otherwise provided in the 2002 Option Plan, any
                  Option granted hereunder shall terminate in the event of a
                  merger, consolidation, acquisition of property or stock,
                  separation, reorganization or liquidation of the Company.
                  However, the Optionee shall have the right immediately prior
                  to any such transaction to exercise his Option in whole or in
                  part notwithstanding any otherwise applicable vesting
                  requirements.

f)                Termination,   Modification  and  Amendment.  The  2002
                  Option Plan (but not Options  previously  granted  under the
                  Plan) shall terminate ten (10) years from the earlier of the
                  date of its  adoption by the Board of  Directors or the date
                  on which the Plan is approved by the affirmative vote of the
                  holders of a majority of the  outstanding  shares of capital
                  stock of the Company entitled to vote thereon, and no Option
                  shall be granted after  termination of the 2002 Option Plan.
                  Subject to certain restrictions, the 2002 Option Plan may at
                  any time be terminated  and from time to time be modified or
                  amended by the affirmative vote of the holders of a majority
                  of the  outstanding  shares  of  the  capital  stock  of the
                  Company present,  or represented,  and entitled to vote at a
                  meeting duly held in accordance  with the applicable laws of
                  the State of Nevada.

                  Restrictions of Resale

                  Certain officers and directors of the company may be deemed to
                  be "affiliates" of the Company as that term is defined under
                  the Securities Act. The Common Stock acquired under the 2002
                  Option Plan by an affiliate may be reoffered or resold only
                  pursuant to an effective registration statement or pursuant to
                  Rule 144 under the Securities Act or another exemption form
                  the registration requirements of the Securities Act.

NOTE 9-  DUE TO AFFILIATED COMPANIES

                  On June 6, 2002, the Company entered into an agreement with
                  Multimedia and European American Capital Corp. ("EACC").
                  Pursuant to the terms of the Agreement, EACC acquired
                  3,299,808 shares of common stock of Multimedia in exchange for
                  the release by EACC of a debt in the amount of $230,986.59
                  owed by the Company to EACC (the "Debt"). In consideration for
                  the issuance of the 3,299,808 shares of common stock, the
                  Company entered into a promissory note whereby it agreed to
                  pay to the Multimedia the amount of $239,986.59. As directed
                  by EACC, the 3,299,808 shares of common stock were issued to
                  CBA Capital Corp. Due to Mr. Arbel's position as an executive
                  officer and/or director and/or his direct or beneficial
                  ownership interest in each of the companies involved in this
                  transaction, each of the companies are under the common
                  control of Mr. Arbel.

                                       17
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                  CONDITION AND RESULT OF OPERATIONS

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 projected. The words "anticipate", "believe", "estimate", "expect",
"objective", and "think" or similar expressions used herein are intended to
identify forward-looking statements. The forward-looking statements are based on
the Company's current views and assumptions and involve risks and uncertainties
that include, among other things, the effects of the Company's business, actions
of competitors, changes in laws and regulations, including accounting standards,
employee relations, customer demand, prices of purchased raw material and parts,
domestic economic conditions, including housing starts and changes in consumer
disposable income , and foreign economic conditions, including currency rate
fluctuations. Some or all of the facts are beyond the Company's control.

The following discussion and analysis should be read in conjunction with the
consolidated financial statements and related footnotes which provide additional
information concerning the Company's financial activities and condition.


Critical Accounting Policies

         a.       Use of 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 and liabilities, revenues and expenses and
                  disclosure of contingent assets and liabilities at the date of
                  the financial statements. Actual amounts could differ from
                  those estimates.

         b.       Concentration of Credit Risk:

                  Financial instruments that potentially subject the Company to
                  concentrations of credit risk consist primarily of cash and
                  affiliated company receivables. The Company maintains, at this
                  time, deposits in federally insured financial institutions.

         c.       Fair value of Financial Instruments:

                  The carrying amount of the Company's financial instruments,
                  consisting of cash, accounts receivable, accounts payable and
                  borrowings approximate their fair value due to the relatively
                  short maturity (90 days) of these instruments.

         d.       Fixed Assets and Depreciation:

                  Furniture and fixtures are recorded at cost. Depreciation is
                  provided using the straight-line method over the estimated
                  useful lives of the related assets. Maintenance and repairs
                  are charged to operations as incurred.


                                       18
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                  CONDITION AND RESULT OF OPERATIONS

Critical Accounting Policies (continued)


         e.       Statements of Cash Flows:

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

         f.       Income Taxes:

                  The Company accounts for income taxes in accordance with
                  Statement of Financial Standards (SFAS) No. 109, "Accounting
                  for Income Taxes." Deferred income taxes are recognized upon
                  the differences between financial statement and income tax
                  bases of assets and liabilities using enacted rates in effect
                  for the year in which the differences are expected to reverse.
                  Valuation allowances are established, when necessary, to
                  reduce the deferred tax assets to the amount expected to be
                  realized.

                  The provision for income taxes represents the tax payable for
                  the period and the change during the period in deferred tax
                  assets and liabilities, including the effect of change in the
                  valuation allowance, if any.

         g.       Net Loss Per Share:

                  During the three-month period ended December 31, 1997, the
                  Company adopted the provisions of SFAS No. 128, "Earnings Per
                  Share," which requires the disclosure of "basic" and "diluted"
                  earnings (loss) per share. Basic earnings (loss) per share is
                  computed by dividing net income (loss), by the weighted
                  average number of common shares outstanding.

                  Diluted earnings (loss) per share is similar in calculation
                  except that the weighted average number of common shares is
                  increased to reflect the effects of potential additional
                  shares that would result from the exercise of stock options or
                  other convertible instruments. For the years ended March 31,
                  2002 and March 31, 2001 there were no items of potential
                  dilution that would impact on the computation of diluted
                  earnings or loss per share.

         h.       Impairment of Long-Lived Assets:

                  SFAS No. 121, Accounting for the Impairment of Long-Lived
                  Assets and Long-Lived Assets to be Disposed of, requires that
                  long-lived assets and certain identifiable intangibles to be
                  held and used by an entity be reviewed for impairment whenever
                  events or changes in circumstances indicate that the carrying
                  amount of an asset may not be recoverable. The Company has
                  adopted SFAS No. 121. There were no long lived assets
                  impairment recognized by the Company for the years ended March
                  31, 2002 and March 31, 2001.



                                       19
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                  CONDITION AND RESULT OF OPERATIONS

Critical Accounting Policies (continued)

         i.       Effect of New Accounting Pronouncements:

                  In June 1997, the FSAB issued SFAS No. 130, "Reporting
                  Comprehensive Income." This statement establishes standards
                  for reporting and display of comprehensive income and its
                  components (revenues, expenses, gains and losses) in an
                  entity's financial statements.
                  This statement requires an entity to classify items of other
                  comprehensive income by their nature in a financial statement
                  and display the accumulated balance of other comprehensive
                  income separately from retained earnings and additional
                  paid-in-capital in the equity section of a statement of
                  financial position.

                  This pronouncement, which is effective for fiscal years
                  beginning after December 15, 1997, was adopted by the Company
                  during the fiscal year ending March 31, 1999 . There were no
                  other items of comprehensive income to report during the years
                  ended March 31, 2002 and March 31, 2001.

                  In  December   1999,   the   Securities   and  Exchange
                  Commission  issued staff Accounting  Bulleting No. 101 ("SAB
                  No.  101"),  Revenue  Recognition  in Financial  Statements,
                  which  summarizes  certain of the  staff's  views on revenue
                  recognition.  The Company's revenue recognition policies are
                  in accordance with SAB No. 101.

Results of Operations

For the three months ended June 30, 2002 compared to the three months ended June
30, 2001:

         Operating expenses were $24,179 as compared to $20,942 for the three
months ended June 30, 2001. This increase of $3,237, or 15%, was primarily due
to a reduction in professional fees off set by an increase in other general
expenses. A comparative listing of selected operating expenses for the two
periods is as follows:

                                              June 30,            June 30,
                                                2002                2001
                                           ----------------    ---------------

Salaries                                           $ 2,925            $ 2,925
P/R Taxes                                              224                224
Professional fees                                    4,000              6,000
Transfer agent fees                                  4,509              4,858
Other expenses                                      12,521              6,935
                                           ----------------    ---------------
Total                                             $ 24,179           $ 20,942
                                           ================    ===============

         For the three months ended June 30, 2002, the Company reported a net
loss of $24,179, or basic loss per share of .005, as compared to a net loss of
$20,940, or a basic loss per share of $.01 for the three months June 30, 2001.
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 June 30, 2002 and
June 30, 2001.
                                       20
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULT OF OPERATIONS (CONTINUED)


Liquidity and Capital Resources

         At June 30, 2002, the Company reported cash and cash equivalents of
$(25), working capital deficit of $609,500, and stockholders' equity of
$(249,734) as compared to cash and cash equivalents of $26, working capital
deficit of $577,793, and stockholders' equity of $(237,027) at March 31, 2002.

          The Company used from operating activities, $14,758 for the three
months ended June 30, 2002 and $62,274 for the three months ended June 30, 2001.

         The Company provided $14,707 from financing activities for the period
ended June 30, 2002 and $62,676 for the period ended June 30, 2001 The primary
source of these funds were additional loans made to the Company by an officer of
the Company.

         As a result, cash decreased $51 for the three months ended June 30,
2002 and increased $402 for the three months ended June 30, 2001.


Trends Affecting Liquidity, Capital Resources and Operations

         Since the Company is ostensibly a holding company, there are no trends
that will affect liquidity, capital resources, and operations.
























                                       21

<PAGE>
Item 6.   Exhibits and Reports on Form 8-K

(a) Exhibit 99.1

     Certification  pursuant to 18 U.S.C.  Section 1350, as adopted  pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

(b) Reports on Form 8-K during Quarter

     None

The Company did not file any Reports on Form 8-K during the last quarter of the
period covered by this Report.

                                       22
<PAGE>
                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant has duly
cause this report on Form 10QSB to be signed on its behalf by the undersigned,
thereunto duly authorized.

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

                                  (Registrant)

                                         /s/ Ilan Arbel
                                         ---------------------------------------
                                         Ilan Arbel                     8/19/02
                                         President

                                         /s/ Aileen Goode
                                         ---------------------------------------
                                         Aileen Goode                   8/19/02
                                         Chief Financial Officer














                                       23