UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
                                   -----------

[X]      QUARTERLY  REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE  SECURITIES
         EXCHANGE ACT OF 1934

                      For the Quarter Ended March 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 333-29903

                               AMMONIA HOLD, INC.
        -----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

                    Utah                                     75-2337459
         -------------------------------                 -------------------
         (State or other jurisdiction of                  (I.R.S. Employer
         incorporation or organization)                  Identification No.)

                    10 Gunnebo Drive, Lonoke, Arkansas 72086
                    ----------------------------------------
                    (Address of principal executive offices)

Registrant's telephone no., including area code:  (501) 676-2994

         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 the registrant was required to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days.               Yes   X                   No
                        -----                     -----
                      APPLICABLE ONLY TO CORPORATE ISSUERS

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

          Class                               Outstanding as of March 31, 2001
   -----------------------------              --------------------------------
   Common Stock, $.001 par value                         7,638,190

                                       -1-

<PAGE>


<TABLE>
<CAPTION>

                                TABLE OF CONTENTS
                                -----------------

Heading                                                                                                   Page
-------                      PART I.  FINANCIAL INFORMATION                                               ----

<S>                                                                                                        <C>
Item 1.      Financial Statements.....................................................................      3

                  Balance Sheets - March 31, 2001 and June 30, 2000...................................      4

                  Statements of Operations -- three and nine months ended
                    March 31, 2001 and 2000...........................................................      6

                  Statements of Cash Flows -- three and nine months ended
                    March 31, 2001 and 2000...........................................................      7

                  Notes to Financial Statements ......................................................      8

Item 2.      Management's Discussion and Analysis and Results of Operations...........................      9

                           PART II. OTHER INFORMATION

Item 1.      Legal Proceedings........................................................................     11

Item 2.      Changes In Securities and Use of Proceeds................................................     11

Item 3.      Defaults Upon Senior Securities..........................................................     11

Item 4.      Submission of Matters to a Vote of Securities Holders....................................     11

Item 5.      Other Information........................................................................     11

Item 6.      Exhibits and Reports on Form 8-K.........................................................     11

             SIGNATURES...............................................................................     12
</TABLE>

                                       -2-

<PAGE>



                                     PART I

Item 1.           Financial Statements

         The following unaudited Financial Statements for the period ended March
31, 2001, have been prepared by the Company.


                               AMMONIA HOLD, INC.

                              FINANCIAL STATEMENTS

                        March 31, 2001 and June 30, 2000

                                       -3-

<PAGE>


<TABLE>
<CAPTION>

                       Ammonia Hold, Inc. and Subsidiaries
                                 Balance Sheets

                                     Assets
                                     ------

                                                                  March 31,         June 30,
                                                                    2001              2000
                                                                 ----------        ----------
                                                                (Unaudited)         (Audited)
<S>                                                              <C>               <C>
Current Assets
     Cash and Cash equivalents                                   $   19,884        $   18,042
     Accounts receivable net of allowance for
       doubtful accounts of $25,275                                 843,926           967,766
     Prepaid expenses                                                28,928            28,604
     Investments in Trading equities                                 58,160           483,400
     Inventory                                                      741,615           876,614
     Other receivables and accrued investment income                 27,139            27,260
     Notes receivable - current                                     120,163           167,840
                                                                 ----------        ----------
         Total Current Assets                                    $1,839,815        $2,569,526
                                                                 ==========        ==========
Property, Plant & Equipment
     Depreciable assets - net of accumulated depreciation         1,460,520         1,559,845
     Land                                                           296,212           281,212
                                                                 ----------        ----------
         Total Property, Plant and Equipment                      1,756,732         1,841,057
                                                                 ----------        ----------
Other Assets
     Patents - net of accumulated amortization of
       $319,649 and $301,640, respectively                          335,289           363,050
     Investment                                                     270,821           677,100
                                                                 ----------        ----------
         Total Other Assets                                         606,110         1,040,150
                                                                 ----------        ----------
         Total Assets                                            $4,202,657        $5,450,733
                                                                 ==========        ==========
</TABLE>

         The accompanying notes are an integral part of these financial
                                   statements

                                       -4-

<PAGE>


<TABLE>
<CAPTION>

                        Ammonia Hold, Inc. and Subsidiary
                                 Balance Sheets

                      Liabilities and Stockholders' Equity
                      ------------------------------------

                                                                              March 31,           June 30,
                                                                               2001                 2000
                                                                           -----------           -----------
                                                                            (Unaudited)           (Audited)
<S>                                                                        <C>                   <C>
Current Liabilities
     Accounts payable                                                      $   295,416           $   168,857
     Accrued expenses                                                          230,466                51,792
     Margin account and overdraft                                                 --                  21,576
     Notes payable                                                             436,000               415,000
     Accrued allowance for coupons/
       grocery store allowances                                                730,137               785,622
                                                                           -----------           -----------
         Total Current Liabilities                                           1,692,019             1,442,847
                                                                           ===========           ===========
Stockholders' Equity

     Common Stock, par value $.001 authorized shares 100,000,000:
       7,638,190 shares issued and outstanding                                   7,638                 7,638
     Additional Paid-in Capital                                              9,648,591             9,648,591
     Accumulated Deficit                                                    (7,145,591)           (5,648,343)
                                                                           -----------           -----------
         Total Stockholders' Equity (Deficit)                                2,510,638             4,007,886
                                                                           -----------           -----------
         Total Liabilities and Stockholders' Equity                        $ 4,202,657           $ 5,450,733
                                                                           ===========           ===========
</TABLE>


         The accompanying notes are an integral part of these financial
                                   statements

                                       -5-

<PAGE>

<TABLE>
<CAPTION>


                       Ammonia Hold, Inc. and Subsidiaries
                             Statement of Operations

                                                For the Three Months Ended     For the Nine Months Ended
                                                   March          March          March         March
                                                 31, 2001        31, 2000       31, 2001      31, 2000
                                                ---------      ---------      ---------      ---------
                                               (Unaudited)     (Unaudited)    (Unaudited)   (Unaudited)

<S>                                           <C>            <C>            <C>            <C>
Total Revenues                                $   259,150    $   322,875    $ 1,160,613    $ 2,129,104

Cost of Sales                                     138,668        185,066        695,814      1,185,478
                                                ---------      ---------      ---------      ---------
     Gross Profit                                 120,482        137,809        464,799        943,626
                                                ---------      ---------      ---------      ---------
   General & Administrative
     Expenses                                     180,686        393,970        821,263      1,200,632
   Sales & Marketing                               23,201        112,116        167,445        782,855
   Depreciation                                    33,468           --          100,404           --
   Amortization                                     9,752           --           29,256           --
                                                ---------      ---------      ---------      ---------
     Total Expense                                247,107        506,086      1,118,368      1,983,487
                                                ---------      ---------      ---------      ---------
     Income/(Loss)
     From Operations                             (126,625)      (368,277)      (653,569)    (1,039,861)
                                                ---------      ---------      ---------      ---------
     Other Income/Expenses                         (4,298)        49,812        (12,179)        87,261

     Other Comprehensive
     Income/Expenses                                 --             --         (831,500)       736,200
                                                ---------      ---------      ---------      ---------
     Income (Loss)
     Before Income Taxes                         (130,923)      (318,465)    (1,497,248)      (216,400)

     Provisions For Income Taxes                     --             --             --             --

     Net Income                                  (130,923)      (318,465)    (1,497,248)      (216,400)
                                                =========      =========      =========      =========
     Net (Loss) Per Share                     $     (0.17)   $     (0.04)   $    (0.196)   $     (0.28)
                                                =========      =========      =========      =========
     Weighted Average
     Outstanding Shares                         7,638,190      7,638,190      7,638,190      7,638,190
                                                =========      =========      =========      =========
</TABLE>


         The accompanying notes are an integral part of these financial
                                   statements

                                       -6-

<PAGE>

<TABLE>
<CAPTION>

                       Ammonia Hold, Inc. and Subsidiaries
                      Consolidated Statement of Cash Flows

                                                                        For the Nine Months Ended
                                                                    March 31,            March 31,
                                                                      2001                  2000
                                                                  -----------              ---------
                                                                   (Unaudited)           (Unaudited)
<S>                                                               <C>                   <C>
Cash Flows form Operating Activities:
   Net gain (loss)                                                $(1,497,248)          $  (216,400)
   Non-cash items:
     Depreciation                                                     100,404                 95,138
     Amortization                                                      29,256                 29,260
     Comprehensive Income                                             831,500               (679,105)
   Changes in current assets and liabilities:
     (Increase) decrease in:
       Accounts receivable                                            123,840               (290,169)
       Prepaid expenses/deposits                                         (324)                (5,291)
       Inventories                                                    134,999                 63,990
   Increase (decrease) in:
     Other receivables                                                   --                    3,874
     Accounts payable                                                 126,559                 67,372
     Accrued liabilities                                              100,258                (66,353)
                                                                  -----------              ---------
       Net Cash Provided (Used) by Operating Activities               (50,756)               997,684

Cash Flows from Investing Activities
   Purchase/sale of equity and bonds                                     --                  798,172
   Purchase of property and equipment                                 (16,079)               (37,520)
   Note Receivable (decrease)                                          47,677                116,122
   Note Payable (increase)                                             21,000                115,113
                                                                  -----------              ---------
       Net Cash Provided (Used) Investing Activities                   52,598                991,887

Cash Flows from Financing Activities                                     --                     --
                                                                  -----------              ---------
       Net Cash Provided (Used) by Financing Activities                  --                     --

       Net increase (decrease) in cash                                  1,842                 (5,797)

       Cash and Cash Equivalents at
       Beginning of Period                                             18,042                 11,181
                                                                  -----------              ---------
       Cash and Cash Equivalents at
       End of Period                                              $    19,884              $   5,384
                                                                  ===========              =========
Supplemental Cash Flow Information
     Cash paid for interest                                       $    27,780              $    --
     Cash paid for income taxes                                          --                     --

</TABLE>


                                       -7-

<PAGE>



                       Ammonia Hold, Inc. and Subsidiaries
                                 March 31, 2001

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

GENERAL
-------

Ammonia  Hold,  Inc.  and  Subsidiaries   (the  Company)  has  elected  to  omit
substantially  all  footnotes to the  financial  statements  for the nine months
ended  March 31,  2001 since  there have been no  material  changes  (other than
indicated in other  footnotes)  to the  information  previously  reported by the
Company in their  Annual  Report  filed on Form 10-KSB for the Fiscal year ended
June 30, 2000.

UNAUDITED INFORMATION
---------------------

The  information  furnished  herein was taken from the books and  records of the
Company without audit.  However, such information reflects all adjustments which
are, in the opinion of management,  necessary to properly reflect the results of
the interim  period  presented.  The  information  presented is not  necessarily
indicative of the results from operations expected for the full fiscal year.

                                       -8-

<PAGE>


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

         The following table sets forth the percentage  relationship to sales of
principal  items  contained in the Company's  Statements  of Operations  for the
three and nine month  periods  ended March 31, 2001 and 2000. It should be noted
that percentages discussed throughout this analysis are stated on an approximate
basis.

<TABLE>
<CAPTION>
                                                        Three Months Ended              Nine Months Ended
                                                              March 31,                      March 31,
                                                              ---------                      ---------
                                                        2001           2000             2001             2001
                                                        ----           ----             ----             ----
                                                              (Unaudited)                     (Unaudited)
<S>                                                      <C>             <C>            <C>              <C>
Total revenues.......................................    100%            100%           100%             100%
Cost of sales........................................     54              57             60              56
Gross profit.........................................     46              43             40              44
Total expenses.......................................     95             157             96              93
(Loss) from operations...............................    (49)           (114)           (56)             (49)
Other income (expense)...............................     (2)             15             (1)              4
Unrealized gain (loss) on
 securities..........................................     -                -            (72)              35
Income (loss) before income
 taxes...............................................    (51)             (99)         (129)            (10)
Provisions for income taxes..........................     -                -             -               -
Net income (loss)....................................    (51)             (99)         (129)            (10)
--------------------
</TABLE>


Results of Operations

         Total  revenues  for the three and nine month  periods  ended March 31,
2001 ("third  quarter"  and "first nine  months" of fiscal  2001,  respectively)
decreased 20% and 45% when compared to the respective 2000 fiscal  periods.  The
decreases are due  primarily to reduced  orders for product and loss of sales to
grocery  store  chains.  Cost of  sales  (as a  percentage  of  total  revenues)
decreased from 57% for the third quarter of fiscal 2000 to 54% for the same 2001
period,  but increased from 56% for the first nine months of 2000 to 60% for the
corresponding  2001 period. The increases during the first nine months of fiscal
2001 is due  primarily to sale of lower margin  products and attempts to be more
competitive,  although the third quarter showed some improvement. Actual cost of
sales  decreased  25% and 41% for the second  quarter  and first nine  months of
fiscal 2001,  respectively,  compared to the  corresponding  2000  period.  This
reflects the decreases in revenues for the respective fiscal 2001 periods.

         General and  administrative  expenses for the second  quarter and first
nine months of fiscal 2001 decreased 54% and 32% for the third quarter and first
nine months of fiscal 2001,  respectively,  compared to the  corresponding  2000
periods.  The  decreases are  primarily  attributed to Company's  attempt to cut
costs to compensate for reduced sales.  Sales and marketing  expenses  decreased
79% for both the third  quarter  and first nine  months of fiscal  2001,  due to
reduced costs associated with grocery store promotions.

         For the third  quarter  of fiscal  2001,  the  Company  had a net other
expenses of $4,298  compared to net other income of $49,812 for the 2000 period.
These results are due primarily to realized  securities  gains in 2000.  For the
first  nine of fiscal  2001,  the  Company  had net other  expenses  of  $12,179
compared to net other  income of $87,261 for the 2000 period.  This  decrease is
also due to fewer realized securities gains in 2000. The Company also recognized
an unrealized loss on securities of $831,500 for the first nine months of fiscal
2001,  due to the  reduction in market value of trading  securities  held by the
Company.  For the first nine months of fiscal 2000,  the Company  recognized  an
unrealized  gain of  $736,200  due to  increases  in  market  value  of  trading
securities held by the Company.

                                       -9-

<PAGE>

         Net loss for the third quarter of fiscal 2001 was $130,932  compared to
a net loss of $318,465 for the third  quarter of fiscal  2000.  Net loss for the
first  nine  months  of fiscal  2001 was  $1,497,248  compared  to a net loss of
$216,400 for the same period in fiscal 2000. The fiscal 2001 loses are primarily
attributed to the decreases in revenues.

Liquidity and Capital Resources

         For the past two fiscal years, the Company's working capital needs have
been  satisfied  primarily  through its operations and by cash provided from its
investing  activities.  Working capital at March 31, 2001 was $147,796,  an 87 %
decrease from  $1,126,679 at June 30, 2000.  The decrease in working  capital is
primarily  attributed  to the 75%  increase in  accounts  payable due to tighter
liquidity  associated  with operating  losses,  and the 345% increase in accrued
expenses  due to the loss of revenues  from  decreased  distribution  to grocery
chains.

         Net cash used by  operating  activities  for the first  nine  months of
fiscal 2001 was  $50,756  compared  to net cash  provided  of  $997,684  for the
corresponding 2000 period.  This result is primarily  attributed to the increase
in net loss.  The Company  also  realized  $52,598 in cash flows from  investing
activities  during the first nine months of fiscal 2001 compared to $991,887 for
the first nine months of 2000.  This was primarily due to the sale of investment
securities in the 2000 period.

         The Company  anticipates  meeting its working  capital needs during the
next twelve  months  primarily  with  revenues from  operations  resulting  from
increased  marketing  activities  related  to  the  Company's  products.  If the
Company's operations are not adequate to fund its operations and it is unable to
secure  financing from private sources or from the sale of its  securities,  the
Company could  experience a cash flow shortage which could curtail the Company's
operations.

         As of March 31, 2001,  the Company had total assets of  $4,202,657  and
total stockholders'  equity of $2,510,638.  In comparison,  as of June 30, 2000,
the Company had total assets of  $5,450,733  and total  stockholders'  equity of
$4,007,886.

         In the opinion of management,  inflation has not had a material  effect
on the operations of the Company.

Risk Factors and Cautionary Statements

         Forward-looking  statements  in this  report are made  pursuant  to the
"safe harbor"  provisions  of the Private  Securities  Litigation  Reform Act of
1995.  The  Company  wishes to advise  readers  that  actual  results may differ
substantially from such forward-looking  statements.  Forward-looking statements
involve  risks and  uncertainties  that  could  cause  actual  results to differ
materially from those expressed in or implied by the statements,  including, but
not limited to, the  following:  the ability of the Company to generate  working
capital,  the  development  of the  Company's  existing  and new  products,  the
potential  market for the Company's  products,  competitive  factors,  and other
risks detailed in the Company's  periodic report filings with the Securities and
Exchange Commission.

                                      -10-

<PAGE>



                                     PART II

Item 1.           Legal Proceedings

         There are no material pending legal proceedings to which the Company or
any of its  subsidiaries  is a party or to which any of its  property is subject
and,  to the best of its  knowledge,  no such  actions  against  the Company are
contemplated or threatened.

Item 2.           Changes In Securities and Use of Proceeds

         This Item is not applicable to the Company.

Item 3.           Defaults Upon Senior Securities

         This Item is not applicable to the Company.

Item 4.           Submission of Matters to a Vote of Security Holders

         This Item is not applicable to the Company.

Item 5.           Other Information

         This Item is not applicable to the Company.

Item 6.           Exhibits and Reports on Form 8-K

         (a)      Exhibits

         (b)      Reports on Form 8-K

                  No  report  on Form 8-K was filed by the  Company  during  the
                  three month period ended March 31, 2001.

                                      -11-

<PAGE>



                                   SIGNATURES
                                   ----------


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

                               AMMONIA HOLD, INC.
                               ------------------



Date:  May 17, 2001       By:  /s/ Michael D. Parnell
                               ----------------------
                                   MICHAEL D. PARNELL,
                                   President and Director



Date:  May 17, 2001       By:  /s/ Dan N. Thompson
                              --------------------------------------------------
                                   DAN N. THOMPSON,
                                   Secretary, Treasurer, Chief Financial Officer
                                   and Director
                                  (Principal Accounting Officer)

                                      -12-

<PAGE>