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

                                   Form 10-QSB

( X )    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
         ACT OF 1934 (Fee Required)

             For the quarterly period year ended September 30, 2001
                                                 ------------------

(   )    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
         ACT OF 1934 (No Fee Required)

       For the transition period from ______________ to _________________

                         Commission file number 0-15179

                        NEUROTECH DEVELOPMENT CORPORATION
                 (Name of small business issuer in its charter)

                     DELAWARE                               06-1100063
             -----------------------                      ---------------
             (State of incorporation                       (IRS Employer
                or organization)                        Identification No.)

     10 CEDAR SWAMP ROAD, GLEN COVE, NEW YORK,                11542
     -----------------------------------------            ---------------
     (Address of principal executive offices)               (Zip Code)

             Issuer's telephone number:                   (516) 671-2400
                                                          ---------------

                                       N/A
--------------------------------------------------------------------------------
              (former name, former address and former fiscal year
                         if changed since last report)

         Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.

                                Yes ( X )   No (  )
                                    -----      ----

         117,556,471  shares  of  issuer's  common  stock  were  outstanding  at
November 9, 2001.

         Transitional Small Business Disclosure Format (Check One): Yes    No X
                                                                       ---   ---


<PAGE>


                                TABLE OF CONTENTS

                             ITEM NUMBER AND CAPTION

   PART I                                                               PAGE
                                                                        ----
     ITEM 1.   FINANCIAL STATEMENTS                                       3
     ITEM 2.   MANAGEMENT'S DISCUSSION AND PLAN OF OPERATIONS             9

   PART II

     ITEM 1.   LEGAL PROCEEDINGS                                          12
     ITEM 2.   CHANGES IN SECURITIES                                      12
     ITEM 3.   DEFAULTS UPON SENIOR SECURITIES                            14
     ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS        14
     ITEM 5.   OTHER INFORMATION                                          14
     ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K                           14



                                       2
<PAGE>



                         PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.



<TABLE>
<CAPTION>

                        NEUROTECH DEVELOPMENT CORPORATION
                                 AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS



                                                                      September 30,            June 30,
                                                                           2001                  2001
                                                                      -------------          ------------
                                                                       (Unaudited)
                                  ASSETS
<S>                                                                  <C>                    <C>
CURRENT ASSETS
  Cash and cash equivalents                                           $           -          $          -
  Accounts receivable - related parties
    less allowance for doubtful accounts - $51,083                                -                     -
                                                                      -------------          ------------
            Total current assets                                                  -                     -

INVESTMENT, less allowance for impairment - $1,320,000                            -                     -
                                                                      -------------          ------------
TOTAL ASSETS                                                          $           -          $          -
                                                                      =============          ============


                      LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
   Accounts payable and accrued expenses                              $   1,440,116          $  1,504,836
   Accounts payable - related parties                                       271,952               298,168
   Net liabilities of discontinued operations                             1,359,195             1,359,195
                                                                      -------------          ------------
            Total current liabilities                                     3,071,263             3,162,199

STOCKHOLDERS' DEFICIT
   Common stock; par value $0.01 per share;
       authorized 200,000,000 shares;
       issued 117,556,471 and 98,612,872 shares, respectively             1,175,565               986,129
   Additional paid-in capital                                            31,057,224            28,400,273
   Retained deficit                                                   ( 32,271,007)          (31,308,029)
                                                                      -------------          ------------
                                                                          ( 38,218)          ( 1,921,627)

   Accounts receivable from exercise of stock options                  ( 1,816,500)                    -
   Note receivable from sale of common stock                             ( 146,400)            ( 143,985)
   Deferred compensation                                                 ( 114,612)            ( 141,054)
   Treasury stock 1,354,829 shares, at cost                              ( 955,533)            ( 955,533)
                                                                      -------------          ------------
            Total stockholders' deficit                                ( 3,071,263)          ( 3,162,199)
                                                                      -------------          ------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                           $           -          $          -
                                                                      =============          ============

The Notes to Consolidated Financial Statements
  are an integral part of these statements.

</TABLE>


                                       3
<PAGE>


                   NEUROTECH DEVELOPMENT CORPORATION
                            AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                              (Unaudited)


                                                     Three Months Ended
                                                        September 30,
                                                  2001               2000
                                              ------------       ------------
REVENUE                                       $          -       $          -

COSTS AND EXPENSES
     Salaries and benefits                         692,611            215,000
     Consulting services                            26,442          2,400,000
     Professional fees                             140,944             39,352
     Travel                                         54,559              6,481
     Administrative                                 47,709             63,904
     Interest                                          713                 49
                                              ------------       ------------
       Loss before income tax benefit           ( 962,978)       ( 2,724,786)

INCOME TAX BENEFIT                                       -                  -
                                              ------------       ------------
         Net loss                              ($ 962,978)       ($2,724,786)
                                              ============       ============

Basic loss per share                          ($     0.01)       ($     0.04)
                                              ============       ============
Weighted average number of
     common shares outstanding                 116,201,642         66,339,869
                                              ============       ============

The Notes to Consolidated Financial Statements
  are an integral part of these statements.

                                       4
<PAGE>

<TABLE>
<CAPTION>

                   NEUROTECH DEVELOPMENT CORPORATION
                            AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF CASH FLOWS
                              (Unaudited)


                                                                  Three Months Ended
                                                                     September 30,
                                                                 2001              2000
                                                              -----------      ------------

<S>                                                          <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net loss                                                    ($ 962,978)      ($2,724,786)

  Adjustments to reconcile net loss to
     net cash used in operating activities

     Amortization of deferred consulting fees                      26,442         2,400,000
     Stock issued for services                                  1,027,472                 -
     Changes in assets and liabilities
        Accounts receivable - related party                             -             8,685
        Accounts payable and accrued expenses                   ( 64,720)           275,282
        Accounts payable - related party                        ( 26,216)            27,880
                                                              -----------      ------------
          Net cash used in operating activities                         -         ( 12,939)

CASH FLOWS FROM FINANCING ACTIVITIES
     Sale of common stock                                               -            10,000
                                                              -----------      ------------
          Net cash provided by financing activities                     -            10,000
                                                              -----------      ------------
          Net decrease in cash                                          -          ( 2,939)

CASH, BEGINNING                                                         -             2,939
                                                              -----------      ------------
CASH, ENDING                                                  $         -      $          -
                                                              ===========      ============
Notes to Consolidated Financial Statements
  are an integral part of these statements.

</TABLE>


                                       5
<PAGE>


                        NEUROTECH DEVELOPMENT CORPORATION
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


NOTE 1.   BASIS OF PRESENTATION

     The  accompanying  unaudited  consolidated  financial  statements have been
     prepared in accordance with generally  accepted  accounting  principles for
     interim  financial   information  and  the  instructions  to  Form  10-QSB.
     Accordingly,  they do not include all information and footnotes required by
     generally accepted accounting principles for complete financial statements.
     In the opinion of management,  all adjustments  considered  necessary for a
     fair presentation have been included. Operating results for the three month
     period ended September 30, 2001 are not  necessarily  indicative of results
     that  may be  expected  for the year  ending  June 30,  2002.  For  further
     information,  refer to the consolidated  financial statements and footnotes
     thereto included in the Company's annual report on Form 10-KSB for the year
     ended June 30, 2001.


NOTE 2.   ORGANIZATION AND NATURE OF OPERATIONS

     The accompanying  consolidated  financial  statements have been prepared in
     conformity   with   generally   accepted   accounting   principles,   which
     contemplates  continuation of the Company as a going concern.  However, the
     Company has  incurred  significant  losses since  inception  resulting in a
     shareholders'  deficit  of  ($3,071,263)  and  working  capital  deficit of
     ($3,017,263) at September 30, 2001. In addition, the Company has no assets.
     Effective  October 17, 1998, the Company  discontinued  all of its previous
     operations.  The  Company's  subsidiary,   Global,  has  defaulted  on  its
     obligations and Global's secured  creditors have take  substantially all of
     Global's assets.  These factors raise substantial doubt about the Company's
     ability  to  continue  as  a  going  concern.  The  accompanying  financial
     statements do not include any  adjustments  relating to the  recoverability
     and classification of recorded assets, or the amounts and classification of
     liabilities  that  might be  necessary  in the  event  the  Company  cannot
     continue in existence.

     In view of  these  matters,  the  continued  existence  of the  Company  is
     dependent  upon  its  ability  to  meet  its  financing  requirements  and,
     ultimately,  the  success  of its  planned  future  operations.  Management
     believes that actions presently being taken to acquire an existing business
     and to develop a new line of business constructing  prefabricated hospitals
     in third world countries provide the Company the opportunity to continue as
     a going  concern.  However,  there  can be no  assurance  that the  planned
     acquisitions or new line of business will be successful.

NOTE 3.   DISCONTINUED OPERATIONS

     Effective July 1, 1998, the Company  discontinued  and sold its home health
     care business.  Effective  October 17, 1998, the Company  discontinued  and
     closed its  hospital  operations.  In  connection  with the  closing of the
     hospital,  the Company's secured creditors assumed substantially all assets
     of Global, the Company's wholly-owned subsidiary.




                                       6
<PAGE>


                        NEUROTECH DEVELOPMENT CORPORATION
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


NOTE 3.   DISCONTINUED OPERATIONS - continued

     Net liabilities of discontinued operations consist of the following:

        Notes payable                                        ($  385,747)
        Accounts payable and accrued expenses                (   973,448)
                                                             ------------

          Net liabilities of discontinued operations         ($1,359,195)
                                                              ==========

NOTE 4.   INVESTMENTS

     During the year ended June 30, 2000, the Company acquired a 12.6% ownership
     interest  in  American  International  Medical  Resources,  Inc.  (AIM) for
     $1,320,000. AIM then made a deposit of $1,250,000 toward the acquisition of
     Residential  Healthcare,  Inc.  To date,  the  Company  has been  unable to
     complete the planned  transaction  and its investment in AIM has been fully
     impaired.  Should the  transaction  ultimately be  consummated,  management
     believes  that  the  full  amount  of  the  investment  in AIM  before  the
     impairment  provision  will be applied  to the  acquisition  as  originally
     anticipated.

     In March 2001, the Company  finalized the  documentation of a joint venture
     with China Chen South America Construction Contracting Co. (CCS). The joint
     venture,  called  International  Humanitarian  Development  Ltd. (IHD), was
     formed in Hong Kong.  CCS is obligated to  contribute  cash,  construction,
     finance,  engineering  and project  management  to IHD for a 50%  ownership
     interest. The Company is obligated to contribute cash and assign its rights
     in various letters of understanding to IHD for a 50% ownership interest. To
     date,  the  Company  has not made its cash  contribution  to IHD and, as of
     September 30, 2001, the joint venture has had no operations.

     In  April  2001,  the  Company  entered  into an  agreement  with  Shanghai
     Shipbuilding  for the formation of a joint  venture.  The new joint venture
     will be  incorporated in Hong Kong and will be equally owned by each party.
     The purpose of the joint venture will be to market, design, build and equip
     marine  craft with health care  applications.  At September  30, 2001,  the
     proposed joint venture has had no operations.

NOTE 5.   CONTINGENCIES

     DVI Business  Credit  Corp.,  and DVI Financial  Services,  Inc. have filed
     claims  against the Company for alleged  breaches of  guarantee  agreements
     relating  to two  promissory  notes  made by Global and  guaranteed  by the
     Company.  DVI  Business  Credit  Corp.  has also filed a motion for partial
     summary  judgment on its claim  relating to its loan  against the  accounts
     receivable of Global. The Court found that the promissory note is valid and
     enforceable.  However,  the amount  owed is still in  dispute.  DVI has not
     provided to the Company an acceptable  accounting for the  collateral.  The
     Company contends that the collateral



                                       7
<PAGE>


                        NEUROTECH DEVELOPMENT CORPORATION
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


NOTE 5.   CONTINGENCIES - continued

     assumed by DVI was sufficient to satisfy the Company's obligation. However,
     should the Company be completely unsuccessful,  the ultimate exposure could
     range up to approximately  $516,760 plus attorney's fees. At this point, it
     is  uncertain  as to the  ultimate  resolution  of  this  matter  and it is
     uncertain as to the amount,  if any,  that will finally be recovered by the
     Plaintiffs.  The Company believes that it has adequately accrued its future
     obligations and that the ultimate resolution of this matter will not have a
     material effect on its financial position.


NOTE 6.   STOCK OPTIONS

     In August 2001, the Company  granted  5,700,000  options to purchase common
     stock of the  Company at an exercise  price of $.10 per share.  The options
     are exercisable for five years from the date of issuance.  The market value
     of the Company's common stock exceeded the exercise price on the grant date
     and $342,000 was recorded as compensation expense.

     Also in August 2001, 13,300,000 options were exercised and 3,650,000 common
     shares  related to a previously  expired  option were issued.  The proceeds
     resulting  from the  exercise  of the  options  and the stock  issuance  of
     $1,816,500  have not been paid to the  Company as of  September  30,  2001.
     Accordingly,   that  amount  has  been   recorded  as  a  receivable   from
     stockholders  and reported as an offset  against  stockholders'  equity.  A
     reconciliation of stock options  outstanding as of September 30, 2001 is as
     follows:

                                                               Shares
                                                                (000)
                                                               ------
         Outstanding, July 1, 2001                              7,800
              Granted                                           5,700
              Exercised                                        13,300
              Forfeited                                             -
                                                               ------

         Outstanding, September 30, 2001                          200
                                                               ======


NOTE 7.   STOCKHOLDERS' EQUITY

     In August and  September  2001,  the Company  issued  18,943,599  shares of
     common  stock upon  exercise  of options  and for  services  rendered.  All
     issuances  of common  stock were valued at the market  price on the date of
     issuance or at the option price of the options granted.


                                       8
<PAGE>


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

Certain statements contained herein are not based on historical facts, but are
forward-looking statements that are based upon numerous assumptions about future
conditions that could prove not to be accurate. Actual events, transactions and
results may materially differ from the anticipated events, transactions or
results described in such statements. The Company's ability to consummate such
transactions and achieve such events or results is subject to certain risks and
uncertainties. Such risks and uncertainties include, but are not limited to, the
existence of demand for and acceptance of the Company's products and services,
regulatory approvals, including those of foreign governments and regulatory
changes, risks relating to international investments and business operations,
dependence upon suppliers and strategic partners, adverse economic conditions,
the impact of competition, the ability to obtain financing, the ability to reach
final agreements, the costs of financing and other factors affecting the
Company's business that are beyond the Company's control. The Company undertakes
no obligation and does not intend to update, revise or otherwise publicly
release the result of any revision to these forward-looking statements that may
be made to reflect future events or circumstances.

Results Of Operations And Plan Of Operation

Liquidity and Capital Resources
-------------------------------

At September 30, 2001, the Company had $-0- in cash. The Company has incurred
significant losses since inception resulting in a shareholders' deficit and
working capital deficit of $3,071,263 at September 30, 2001.

While the Company continues to develop its business ventures, the Company will
likely continue to incur substantial operating losses for some period subsequent
to September 30, 2001.

The Company has significant liabilities and no assets or assured revenues. Since
the Company has no assets or revenues, it will be difficult to obtain financing
for many if not all of the projects described in this Section. If financing is
obtained, there can be no assurance that the Company will not default on its
obligations or that the Company will produce any profits from any of the
projects described herein.

The Company hopes to finance its plans and opportunities on a project-by-project
basis and through its relationship with various financial institutions including
through its relations with Vertical Capital Partners Inc. (formerly Security
Capital Trading, Inc.). See "Financial Advisory Agreement" below. However, there
can be no assurance that any financing will ever be obtained.

In view of these matters, the continued existence of the Company is dependent
upon its ability to obtain financing and meet its financing requirements and,
ultimately, the success of its planned future operations. Management hopes that
actions presently being taken to develop its line of business constructing
prefabricated hospitals in third world countries provide the Company the
opportunity to continue as a going concern. No assurances can be made that any
financing will be completed or that the Company will have enough capital to
continue operations.

Result of Operations
--------------------

The Company had no revenues for the quarter ended September 30, 2001 nor for the
years ended June 30, 2001, and 2000.


                                       9
<PAGE>


The Company had losses for the quarterly periods ended September 30, 2001, and
2000, of $962,978 and $2,724,786 , respectively. The losses resulted
primarily from expenses incurred in the design and development of a rapid
deployment healthcare system.

Management continues to expend significant time and effort in implementing and
exploring future lines of business. Because of lack of revenues, stock of the
Company has been utilized where possible and practical as payment for expenses
of the Company. These large amounts of stock issuances have resulted in
recognized expenses.

While the Company has not produced any revenue from continuing operations since
1998, the Company believes it has moved forward in forming strategic
relationships, developing services, and marketing the Company's proprietary
healthcare system. The Company's healthcare system is intended to be a turnkey
rapid deployment healthcare system for the third world using, in most cases,
prefabricated building systems purchased in the United States and proprietary
operational and training programs. "Turnkey rapid development healthcare system"
means a complete healthcare system, including construction, operational links,
software, insurance and education. Management hopes that it will develop
positive cash flow in 2002, but there can no assurance that it will do so, and,
in fact, management has previously miscalculated how long it will take to
develop positive cash flow. All of the Company's planned projects are major
capital undertakings and require numerous approvals at many levels of
government, most of which are foreign governmental entities or agencies. The
Company currently believes that it should be able to meet all of its clients'
material requirements, assuming its clients can arrange financing and satisfy
the other provisions of the arrangements with the Company, such as obtaining all
necessary government approvals.

The Company believes that many cities in Asia, Eastern Europe, South America,
Africa, Central America and other parts of the world are potential markets for
the Company's system.

The Company believes that licensed physicians in many countries would find the
services offered the Company's subsidiary, Doctors4Doctors.com, Inc., to be
beneficial. See "Doctors4Doctors Activities" below.

Financial Advisory Agreement
----------------------------

On December 5, 2000, the Company entered into a two-year financial advisory
agreement with Security Capital Trading, Inc. ("Security Capital"). Under the
terms of the agreement, Security Capital will provide consulting advice as an
investment banker to the Company. The agreement contemplates that Security
Capital will independently review financial and similar matters relating to
Neurotech's business, which includes its overseas contracts in China and
Indonesia, its planned acquisitions, financial instruments, current investments,
and management. Pursuant to its review and findings, Security Capital has
prepared a report for the Neurotech Board of Directors, as well as assist
Neurotech in preparing a strategic plan addressing its financing, management and
acquisition program needs. The Company has issued 1,025,641 shares of the
Company's common stock to Security Capital for its services. In addition, the
Company has issued 102,564 shares of the Company's common stock to a third party
in consideration for introducing the two parties.

Letters of Understanding for Construction in China and Indonesia
----------------------------------------------------------------

Neurotech has letters of understanding with Indonesian and Chinese companies or
authorities to implement its health care system and provide modular hospitals.
These letters of understanding are generally contingent upon a complete
feasibility study, payment of a deposit, final documentation and financing. In
Indonesia, the Company has executed two such letters of understanding with
Techni-Lube Singapore PTE, Ltd. for three tertiary hospitals in Jakarta and one
in Bandung. In China, Neurotech has letters of understanding with the Hongyan
Economic Industry & Trade Co., Ltd., the Xian Municipal Government, the Zhen
Jiang Province Riyueming Economic and Trade Co., Ltd., the People's Government
of Jiading, Shanghai, The People's No.4 People's Hospital in Tai-Zing City,
Ren'ai Tumours Therapeutic Centre, the Jiangsu Development Authority, the
Shanghai Dadran Biological Technology Development Co., Ltd., and the Zhongshan
Hospital affiliated to Medical Center of Fudan University for various types of
facilities and services. The Company is obligated to assign most of these
letters of understanding to International Humanitarian Development Ltd., the
50/50 joint venture with CCS described below. There can be no assurance that any
of these projects will prove to be feasible or, if so, that they will be
completed.

The Company had planned to begin construction of the hospitals in Indonesia and
China in March 2000, June 2000, and June 2001. However, estimated construction
start dates have been revised to mid-2002 because of delays


                                       10
<PAGE>


associated with implementing payment facilities acceptable to the Company. The
Company believes that the financing should be able to be obtained because CCS
has a production history which will aid the joint venture in its financing
attempts. The Company anticipates that it will be paid in advance for each phase
of the construction work, and that it will not have to raise any additional
funds to support these projects beyond amounts received for the projects.
However, the Company cannot be certain that the funding will be obtained and, if
so, when it will be obtained.

Doctors4Doctors Activities
--------------------------

Doctors4Doctors.net, Neurotech's physician services website for licensed
physicians only, has opened its web site for registration and is piloting
services in beta form at this time. Work has begun on Chinese language
architecture for its website, and the Company is attempting to position itself
with a strategic partner to act as a value added reseller. China, which has
approximately 3 million licensed physicians, is seen as the largest new market
for these services. China has numerous medical websites, many of which are
operating profitably. D4D's telemedicine and continuing education are seen as
the largest potential usage items in this marketplace. The Company is
positioning all of its new healthcare facilities as institutional members of
Doctors4Doctors, and is in the process of trying to create institutional
membership software that potentially could be used by healthcare institutions
around the world.

IHD Joint Venture with CCS
--------------------------

On March 14, 2001, the Company finalized the documentation of its joint venture
with China Chen South America Construction Contracting Co. ("CCS"). The joint
venture, called International Humanitarian Development Ltd. ("IHD"), was formed
in Hong Kong. The goal of IHD will be to build hospitals, nursing homes,
schools, railways and related infrastructures throughout the world. Initially,
it will focus on constructing hospitals in Indonesia and China. IHD will be
formed with registered capital of HDK$1,150,000, and shares will be issued
equally to Neurotech and CCS. Neurotech is obligated to contribute cash and
assign its rights in certain contracts to IHD. These contracts relate to the
construction of modular and tertiary hospitals in Indonesia and China. To date,
Neurotech has not made its cash contribution to IHD. CCS is obligated to
contribute cash and construction, finance, engineering and project management to
IHD. The senior officers of IHD are Lawrence Artz, Chairman; Zhao Lian-yu,
Managing Director; Dr. Donald Rizzuto, Medical Director; and Jing Qi Zhu,
Director of Public Information.

IHD has entered into a series of agreements which contemplate the beginning of
construction of certain projects in 2002. IHD has not created or accumulated any
expenses or overhead for its operations to date. This joint venture provides a
strategic partnership for Neurotech. While CCS's expertise in construction, and
transportation is well known worldwide, CCS also owns and operates hospitals and
numerous other related business. Neurotech's unique health care system,
creativity, and applied management techniques and American technology are
complementary to the brick and mortar talents of CCS.

IHD has entered into agreements with Beijing Longenge Culture Promotion Ltd. to
construct a school; with Shanghai Industrial Comprehensive Development Zone Co.,
Ltd. to construct a geriatric facility and hospital; with Guangzhou Eastern Red
Cross Hospital to build an acute care 200-bed hospital; with CCS to build a
"Rail Hospital," a tertiary regional type of facility which includes specially
fitted rail cars for the transportation of patients and supplies; with the
Shanghai Civil Affairs Bureau to build a senior care facility and to remove and
relocate structures on the site; with China Huanqiu Chemical Engineering Corp.
to build a research center in Beijing; with WaigaoQiao Service Center of Medical
Treatment and Hygiene to construct an acute care modular facility; with Beijing
Hua Shi Tong on behalf of the Jishou University for the expansion construction
of such university and with Beijing Lu Long Tai for the construction of an
environmental research center. All of these projects are subject to the payment
of deposits, preparation of final budgets, plans and documents, and obtaining
financing and governmental approvals. There is no assurance that any or all of
these items can be accomplished or obtained or that IHD or Neurotech will
realize any revenue or income from these proposed projects.

IHD received financial instruments issued from WaigaoQiao Service Center of
Medical Treatment and Hygiene for a deposit on the construction of an acute-care
modular facility in the face amount of USD $3,750,000. However, no valuation has
been obtained on these financial instruments. The financial instruments are
being held in Hong Kong by a third party and will not be released or available
until additional financing is arranged for the remainder of this


                                       11
<PAGE>


USD $15,000,000 project. If financing is not arranged, the financial instruments
must be returned. There is no assurance that this financing will be obtained or
of the valuation of the financial instruments described above.

Hospital Ships
--------------

The Company has entered into a joint venture agreement with Shanghai
Shipbuilding Corporation for the formation of a joint venture which will be
organized in Hong Kong and has been formed for the purpose of marketing,
designing, building and equiping marine craft with health care applications,
such as hospital ships and marine clinics. The Company believes that the
combined efficiency of Neurotech's hospital operating system and Shanghai
Shipbuilding's competitive construction costs should allow the venture to be
among the lowest cost providers of quality hospital ships in its target markets.

The Company has entered into a letter of understanding to build and equip a
hospital ship for the Wu Meng Chao Hepatabiliary Surgery Fund, which is
affiliated with one of China's leading hospitals for treatment of liver
disorders and cancer. This ship, which is to be deployed in China, is intended
to be over 300 ft. long and to house 104 patients, with the capacity to
clinically serve almost 1,000 patients per day. With an anticipated seagoing
cruising speed of 17 knots, this ship could service many of China's coastal
locations. This vessel, priced at approximately $67,000,000 USD, will take
approximately 2 1/2 years to complete. It continues to be cooperatively designed
by Shanghai Shipbuilding Corporation, one of China's leading shipbuilders, and
Neurotech. It is anticipated that this ship will be completely built and fitted
out at Shanghai Shipbuilding's facility.

Neurotech is currently negotiating with an international relief agency for the
deployment of a series of these vessels in Africa, but there can be no assurance
that such negotiations will be successful.

Venezuela Agreement
-------------------
On August 21, 2001, the Company entered into an agreement to build 19 turnkey
acute care hospitals in Venezuela with Ciudad Medica Neveri. These hospitals
will be based upon the standard configuration of the Company's existing products
and will be adapted to the local morbidity requirements of each area. The
contract requires a working deposit of $60,000,000. Ciudad Medica Neveri is a
private company, which the Company believes is duly licensed to own and operate
hospitals in Venezuela. The first two hospitals are scheduled to be built in
Barcelona and Merida. There is no assurance that the deposit will be received or
that construction will be commenced.

Subsequent Events

On November 10, 2001, the Company entered into a joint cooperation agreement to
develop and construct a new nursing school in the City of Tongxiang in Zhejiang
Province, China. The projected budget for the facility is $15,000,000 USD.
Neurotech is responsible for project application to the World Council of Peoples
for the United Nations to finance the project. This project is subject to the
payment of a deposit, preparation of final budgets, plans and documents, and
obtaining financing and governmental approvals. There is no assurance that this
project will be started or completed or that the Company will realize any
revenue or income from this project.


                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

         No new material legal proceedings were commenced and no material
developments occurred in existing legal proceedings during the Company's fiscal
quarter ended September 30, 2001. For information on the Company's other ongoing
reportable litigation, please refer to the Company's 10-KSB for the fiscal year
ended June 30, 2001.


ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS.

(a)      None.


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<PAGE>


(b)      None.

(c)      On August 15, 2001, the Neurotech Board of Directors authorized certain
         bonus compensation to the following persons for services rendered to
         the Company in the form of options to purchase shares of the Common
         Stock of the Company in the amounts listed below, each option to be
         exercisable for a period of five years from the date of issuance at an
         exercise price of $.10 per share. The closing price for Neurotech
         Common Stock on the date of this grant was $.16 per share.

                                              Number of Shares of Common Stock
            Name of Issuee                   Purchasable by Exercise of Options
            --------------                   ----------------------------------
            Mr. Bernard Artz                              1,500,000
            Mr. Lawrence Artz                             1,500,000
            Cyberian Enterprises Ltd.                     1,500,000
            Mr. Leonard Markman                             750,000
            Mr. Donald H. Rizzuto                           250,000
            Mrs. Marie Rizzuto                               50,000
            Mrs. Soraya Zapata                              150,000

         On August 15, 2001, the Company issued, pursuant to privately
         negotiated transactions in reliance on Section 4(2) of the Securities
         Act of 1933, common stock to certain entities and individuals described
         in the following five paragraphs:

             An investor was issued 333,330 shares of the Common Stock of the
             Company as reimbursement of payment of expenses of the Company of
             $25,000 at $.075 per share.

             An investor was issued 366,941 shares of the Common Stock of the
             Company as reimbursement of payment of expenses of the Company of
             $55,041 at $.15 per share.

             An investor was issued 40,000 shares of the Common Stock of the
             Company for an investment of $10,000 at $.25 per share.

             An investor was issued 13,328 shares of the Common Stock of the
             Company as reimbursement of payment of expenses of the Company of
             $3,332 at $.25 per share.

             A web site service provider was issued 40,000 shares of the Common
             Stock of the Company as compensation for services rendered in the
             amount of $24,514.

         On August 17, 2001, the following entities and individuals exercised
         their outstanding stock options and received shares of the Company's
         Common Stock in the following amounts:

             Name                                      Number of Shares
             ----                                      ----------------
             Wellington Capital Corporation              3,600,000
             Mr. Bernard Artz                            3,950,000
             Steven A. Massey                            2,450,000
             Cyberian Enterprises Ltd.                   1,500,000
             Leonard Markman                             1,000,000
             Lawrence Artz                               3,950,000
             Soraya Zapata                                 150,000
             Donald H. Rizzuto                             250,000
             Marie Rizzuto                                  50,000


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<PAGE>


         On August 23, 2001, the Company issued, pursuant to privately
         negotiated transactions in reliance on Section 4(2) of the Securities
         Act of 1933, Common Stock to certain individuals described in the
         following three paragraphs:

             A consultant was issued 500,000 shares of Neurotech Common Stock in
             lieu of monetary compensation for his retainer of $50,000 at $.10
             per share.

             A legal services provider was issued 200,000 shares of Neurotech
             Common Stock in lieu of monetary compensation for legal services
             rendered in connection with the Company's Venezuelan project in the
             amount of $20,000.

             A marketing services provider was issued 200,000 shares of
             Neurotech Common Stock in lieu of monetary compensation of $20,000
             for marketing services rendered.

         On August 27, 2001, Wellington Capital Corporation was issued 50,000
         shares of the Company's Common Stock pursuant to such entity's
         exercising of stock options previously outstanding.

         On September 24, 2001, the Company issued, pursuant to privately
         negotiated transactions in reliance on Section 4(2) of the Securities
         Act of 1933, common stock to certain individuals described in the
         following three paragraphs:

             A service provider was issued 200,000 shares of the Company's
             Common Stock in lieu of monetary compensation of $20,000 for U.N.
             representation services.

             An individual was issued 50,000 shares of the Company's Common
             Stock in lieu of monetary compensation of $5,000 for international
             construction planning services.

             An individual was issued 50,000 shares of the Company's Common
             Stock in lieu of monetary compensation of $5,000 for technical
             manufacturing advice services.

(d)      None.


ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

         None.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

         None.


ITEM 5.  OTHER INFORMATION.

         See Part I, Item 2 - "Subsequent Events."


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

a.  Exhibits

Exhibit Number                       Name of Exhibit
--------------                       ---------------

Exhibit 10.1             Documentation of Coorperative [sic] Intentions, dated
                         November 10, 2001, between Tongxiang Hygiene School and
                         the Company (File herewith)

b.  Reports on Form 8-K
    None



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                                   SIGNATURES

         In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized this 19th day of November, 2001.


                        NEUROTECH DEVELOPMENT CORPORATION


                        By:  /S/  Bernard Artz
                        -------------------------------------------------------
                           Bernard Artz, Chairman and Chief Financial Officer



                                       15
<PAGE>

Table of Exhibits


Exhibit Number                       Name of Exhibit
--------------                       ---------------

Exhibit 10.1             Documentation of Coorperative [sic] Intentions, dated
                         November 10, 2001, between Tongxiang Hygiene School and
                         the Company (Filed herewith)



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