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 March 31, 2002

   ( ) 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 ( )

126,708,136 shares of issuer's common stock were outstanding at May 16, 2002.

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

          Consolidated Financial Statements:
          Balance sheets as of March 31, 2002 and June 30, 2001        3
          Statements of operations for the three and nine months
            ended March 31, 2002 and 2001                              4
          Statements of cash flows for the nine months ended
            March 31, 2002 and 2001                                    5
          Notes to consolidated financial statements                   6

  ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS
            OR PLAN OF OPERATION                                      10

PART II

  ITEM 1.   LEGAL PROCEEDINGS                                         14
  ITEM 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS                 14
  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                          15




                                       2
<PAGE>



                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

<TABLE>
<CAPTION>

                        NEUROTECH DEVELOPMENT CORPORATION
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

                                                           March 31, 2002       June 30, 2001
                                                            (Unaudited)           (Audited)
                                                           --------------       -------------
<S>                                                        <C>                  <C>
Assets
Current assets:
   Cash                                                    $          197       $           -
   Accounts receivable - related parties less
     allowance for doubtful accounts of $51,083                         -                   -
   Work-in-process                                                300,000                   -
                                                           --------------       -------------
        Total current assets                                      300,197                   -
Investment, less allowance for impairments
   of $1,320,000                                                        -                   -
                                                           --------------       -------------
        Total assets                                       $      300,197       $           -
                                                           ==============       =============

Liabilities and Stockholders' Deficit
Current liabilities:
   Accounts payable and accrued expenses                   $    2,104,462       $   1,504,836
   Accounts payable - related parties                           2,251,165             298,168
   Net liabilities of discontinued operations                   1,359,195           1,359,195
                                                           --------------       -------------
        Total current liabilities                               5,714,822           3,162,199

Stockholders' deficit
   Common stock; par value $0.01 per share;
     authorized 200,000,000 shares; issued
     118,858,471 and 98,612,872 shares,
     respectively                                               1,188,585             986,129
   Additional paid-in capital                                  31,248,464          28,400,273
   Retained deficit                                           (33,501,007)        (31,308,029)
                                                           --------------       -------------
                                                               (1,063,958)         (1,921,627)
   Accounts receivable from exercise of stock
     options                                                   (1,816,500)                  -
   Note receivable from sale of common stock                     (151,230)           (143,985)
   Deferred compensation                                       (1,427,404)           (141,054)
   Treasury stock 1,354,829 shares, at cost                      (955,533)           (955,533)
                                                           --------------       -------------
        Total stockholders' deficit                            (5,414,625)         (3,162,199)
                                                           --------------       -------------
        Total liabilities and stockholders' deficit        $      300,197       $           -
                                                           ==============       =============
</TABLE>


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

                                        3


<PAGE>
<TABLE>
<CAPTION>
                        NEUROTECH DEVELOPMENT CORPORATION
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)


                                                    Three Months Ended              Nine Months Ended
                                                         March 31,                      March 31,
                                                    2002           2001            2002           2001
                                                ------------    -----------    ------------    -----------
<S>                                             <C>             <C>            <C>             <C>
 Project revenues                               $  3,300,000    $         -    $  3,300,000    $         -
 Cost of project revenues                          3,000,000              -       3,000,000              -
                                                ------------    -----------    ------------    -----------
      Gross profit                                   300,000              -         300,000              -
 Costs and Expenses
   Salaries and benefits                             425,211        297,093       1,441,162      1,177,107
   Consulting services                               390,766        500,342         443,650      5,637,567
   Professional fees                                  33,055         63,582         222,922        226,408
   Travel                                            135,402         54,646         200,689        120,510
   Administrative                                    100,932         22,932         183,842        168,165
   Interest                                                -             50             713             99
                                                ------------    -----------    ------------    -----------
      Total costs and expenses                    (1,085,366)      (938,645)     (2,492,978)    (7,329,856)
                                                ------------    -----------    ------------    -----------
 Loss from operations before
   income tax benefit                               (785,366)      (938,645)     (2,192,978)    (7,329,856)
 Income tax benefit                                        -              -               -             -
                                                ------------    -----------    ------------    -----------
 Net loss                                       $   (785,366)   $  (938,645)   $ (2,192,978)   $(7,329,856)
                                                ============    ===========    ============    ===========

 Basic and diluted loss per share               $      (0.01)   $     (0.01)   $      (0.02)   $     (0.10)
                                                ============    ===========    ============    ===========

 Weighted average number of common shares
   outstanding, basic and diluted                116,886,442     80,313,043     113,056,460     71,633,538
                                                ============    ===========    ============    ===========
</TABLE>


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)



                                                                Nine months ended
                                                                    March 31,
                                                              2002             2001
                                                          -----------      -----------
<S>                                                       <C>              <C>
Cash flows from operating activities:
    Net loss                                              $(2,192,978)     $(7,329,856)
    Adjustments to reconcile net loss to
    net cash used in operating activities:
       Amortization of deferred consulting fees               443,650        5,317,942
       Stock issued for services                            1,226,902        1,201,448
       Provision for bad debt                                       -            3,000
    Changes in assets and liabilities:
       Accounts receivable - related party                          -            7,000
       Accounts payable and accrued expenses                  599,626          582,464
       Work-in-process                                       (300,000)               -
                                                          -----------      -----------
    Net cash used in operating activities                    (222,800)        (218,002)
                                                          -----------      -----------
Cash flows from financing activities:
    Sale of common stock                                            -           20,715
    Advances from stockholder                                 222,997          194,348
                                                          -----------      -----------
    Net cash provided by financing activities                 222,997          215,063
                                                          -----------      -----------
Net decrease in cash                                              197           (2,939)
Cash, beginning                                                     -            2,939
                                                          -----------      -----------
Cash, ending                                               $      197       $        -
                                                          ===========      ===========
</TABLE>


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


                                        5

<PAGE>


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



1.   Basis of            The  accompanying   unaudited   consolidated  financial
     Presentation        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 and nine month  periods  ended March 31, 2002
                         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.



2.   Organization        The accompanying consolidated financial statements have
     and Nature of       been prepared in  conformity  with  generally  accepted
     Operations          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  ($5,414,625)
                         and working  capital  deficit of  ($5,414,625) at March
                         31, 2002. In addition, the Company has substantially 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.



                                       6
<PAGE>

3.   Construction        The company  entered  into an agreement  with  Shanghai
     in Progress         Dadian  Biological  Technology   Development  Co.  Ltd.
                         ("Shanghai  Dadian") for the construction of the Ren De
                         Convalescent   Hospital.  In  January,  2002  Neurotech
                         entered  into  an  agreement  with  Shanghai   Guangsha
                         (Group)   Co.   Ltd.   for  the  first   phase  of  the
                         construction  of the hospital.  Shanghai  Guangsha is a
                         well  known  construction  firm with  expertise  in the
                         construction of hospitals and residential  real estate.
                         This phase consists of civil engineering and site work,
                         and it is  anticipated  to be completed at a cost of $5
                         million.  A deposit in the amount of $3.3  million  has
                         been paid to  Shanghai  Guangsha  (Group)  Co.  Ltd. by
                         Neurotech.  This  money  was  derived  from  the  funds
                         received from Shanghai Dadian.  During the three months
                         ended March 31, 2002 the company recognized revenues of
                         $3.3 million and incurred  project  costs of $3 million
                         in connection with the first phase of the construction

                         Revenues from fixed price  contracts are  recognized on
                         the percentage-of-completion method, measured primarily
                         by  the   percentage  of  costs  incurred  to  date  to
                         estimated total costs of each contract.  This method is
                         used because  management  considers expended amounts to
                         be the best  available  measure  of  progress  on these
                         contracts.

                         Contract  costs  include all direct  material and labor
                         costs and those  indirect  costs  related  to  contract
                         performance.  Selling, general and administrative costs
                         are charged to expense as incurred.

                         Provision for estimated losses on uncompleted contracts
                         is  made  in  the  period  in  which  such  losses  are
                         determined.  Changes in job performance, job conditions
                         and estimated  profitability may result in revisions to
                         costs and  income and are  recognized  in the period in
                         which  revisions  are  determined.  Income  from  final
                         contract  negotiations  is included  in  revenues  when
                         resolved.

                         The  asset  "work  in  process"  represents  additional
                         deposits paid to the construction company.


4.   Discontinued        Effective  July 1, 1998, the Company  discontinued  and
     Operations          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.



                                       7
<PAGE>

                         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
                                                                ==========


5.   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.  Neither company made its
                         required   cash   contribution   to  IHD  and  all  CCS
                         representatives  have resigned from the venture.  As of
                         March 31, 2002, the 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 March 31, 2002,  the  proposed  joint
                         venture has had no operations.


                                       8
<PAGE>

6.   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 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.


7.   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.



                                       9
<PAGE>





                         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
                         March  31,  2002.  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 March
                         31, 2002 is as follows.

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

                         Outstanding, March 31, 2002                  200
                                                                ============


8.   Stockholders'       In  August  and  September  2001,  the  Company  issued
     Equity              18,943,599  shares of common  stock  upon  exercise  of
                         options  and for  services  rendered.  In  January  and
                         February 2002, the Company issued  1,302,000  shares of
                         common  stock for  services.  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.


9.   Recently Issued     In June 2001, the Financial  Accounting Standards Board
     Accounting          issued  Statements  of Financial  Accounting  Standards
     Pronouncements      (SFAS)  141,  Business  Combinations,   and  SFAS  142,
                         Goodwill and Other Intangible Assets. SFAS 141 requires
                         business combinations  initiated after June 30, 2001 to
                         be  accounted   for  using  the   purchase   method  of
                         accounting.  It also  specifies  the types of  acquired
                         intangible  assets that are  required to be  recognized
                         and reported  separately  from goodwill.  SFAS 142 will
                         require that goodwill and certain intangibles no longer
                         be  amortized,  but instead  tested for  impairment  at
                         least  annually.  SFAS 142 is  required  to be  applied
                         starting with fiscal years beginning after December 15,
                         2001,  with  early  application  permitted  in  certain
                         circumstances.  The company is reviewing the provisions
                         of this standard.  Its adoption is not expected to have
                         a material effect on the financial statements.

                         In  August   2001,   the  FASB  issued  SFAS  No.  143,
                         "Accounting for Asset Retirement Obligations." SFAS No.
                         143  provides  accounting  and  reporting  guidance for
                         legal  obligations  associated  with the  retirement of
                         long-lived  assets that  result  from the  acquisition,
                         construction or normal operation of a long-lived asset.
                         The standard is effective  January 1, 2003. The company
                         is  reviewing  the  provisions  of this  standard.  Its
                         adoption is not  expected to have a material  effect on
                         the financial statements.



                                       10
<PAGE>


10.  Subsequent          (a)  In April 2002, Neurotech received a fourth payment
     Events                   from   Shanghai   Dadian   Biological   Technology
                              Development Co. Ltd. (Shanghai Dadian) of USD $2.2
                              million   for   the   construction   of   Ren   De
                              Convalescent  Hospital.  The  amount  received  by
                              Neurotech  from  Shanghai  Dadian has been paid to
                              Shanghai    Guangsha   as   a   payment   on   the
                              construction.

                         (b)  Also in April 2002, the Company  announced that it
                              will  move  forward  the  date  for  its  plan  of
                              recapitalization. The recapitalization will become
                              effective   upon   acceptance   of   filing  of  a
                              certificate   of   amendment   to  the   Neurotech
                              Development  Corporation Articles of Incorporation
                              in Delaware. As of such effectiveness,  all shares
                              of issued and outstanding  common stock will cease
                              to  represent  an interest in the company and will
                              only  represent  a right  to be  exchanged  to new
                              shares  of  Class A and  Series  1 Class B  common
                              stock of the  Company.  For each one and one tenth
                              (1.1 ) share of common  stock,  stockholders  will
                              receive one (1) share of Class A common  stock and
                              one-tenth  (1/10th) share of Series Class B common
                              stock,  which  is  convertible,  on a  one-for-one
                              basis,    into   Class   A   common   stock.   The
                              recapitalization  plan also calls for the  current
                              common   stock   to  be   deregistered   once  the
                              reclassification  is effective and the new Class A
                              and  Series 1 Class B common  stock is  registered
                              with the SEC on Form 8-A.

                         (c)  In May 2002, the Company issued  1,000,000  shares
                              and  2,500,000  of common  stock,  for  consulting
                              services rendered, at the market price on the date
                              of   issuance   of  $.10  and   $.11  per   share,
                              respectively.



                                       11
<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 March 31, 2002 the company  had $197 cash on hand.  The company has  incurred
significant  losses since  inception  resulting  in a  cumulative  stockholders'
deficit and a working capital deficit of $5,414,625 at March 30, 2002.

While the Company continues to develop its business  ventures,  the Company will
likely  continue in a deficit cash position but  operating  losses will decline.
However,  the company  anticipates  that this period will be rather brief as the
company anticipates additional revenues from China as additional contracts begin
construction.

The company has begun its first project and has shown its first income in China.
The company feels that this is in line with  political  changes,  and changes in
monetary  policies in China. The company is dependent upon its clients obtaining
financing  and/or  issuing  negotiable   securities,   guarantees  or  financial
instruments  satisfactory  to the  international  banking  community.  While the
company can make no assurances  that  additional  financing will be achieved the
company is confident that  continuation of its project in process will bring the
company into profitability.

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

The Company had revenues in this quarter of  $3,300,000,  which  represents  the
total  revenue for the nine  months  ended  March 30,  2002.  The Company had no
revenues for the years ended June 30, 2001 and 2000.

The  Company  had  losses  for the 9 months  ended  March  31,  2002 and 2001 of
$2,192,978  and  $7,329,856,  respectively.  The  company  had  losses  for  the
quarterly  periods  ended March 31, 2002 and 2001,  of  $785,366  and  $938,645,
respectively. 10 .



                                       12
<PAGE>


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  significant  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 be 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 is in negotiation  with DVI for a
settlement of the obligations claimed by DVI. Such a settlement would take place
over a 3 year period and may require the issuance of stock or warrants.

The Company has begun construction on one of its oldest contracts in China. This
$52,000,000  project  which is now  underway is expected to pave the way for the
implementation of other company contracts.  While there is no assurance that any
of the Company's other contracts will be financed, the Company is confident that
completion of this  contract will set forth the market  example for which others
will  follow.  The Company  continues  to  aggressively  market its  proprietary
healthcare system in China, Indonesia,  and other parts of Asia. The company has
added additional  representatives in China, as well as additional staff in China
and has created a series of new strategic  vendor  relationships  to replace CCS
it's  previous  joint  venture  partner.  The Company has also  diversified  its
"turnkey" methodologies and expanded in the areas of education.

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 has created  new  strategic  relationships  to expand its markets in
Eastern Europe, Philippines and India.

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. The Company has expanded the
professional management and services of Doctors4Doctors. 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  assisted
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. Security Capital Trading, Inc.
is now known as Vertical Capital Partners.


        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 Dadian Biological  Technology  Development Co., Ltd., and the Zhongshan
Hospital  affiliated to Medical Center of Fudan  University for various types of
facilities and services.  Bank guarantees  provided from an Indonesian  customer
described  above have expired and have been  rescheduled  to mature in December,
2002.  There is no assurance that these  instruments will be honored at maturity
for various  reasons,  including the current  political  and economic  crisis in
Indonesia. 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 has begun  construction  on one of its oldest  contracts,  Shanghai
Dadian Biological  Technology  Development Co., 3,000 bed nursing home facility.
The company has recognized initial revenue of $3.3 million in this period.



                                       13
<PAGE>



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  associated  with
implementing   payment  facilities   acceptable  to  the  Company.  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
                           --------------------------

The Company has named Dr.  Fredrick  Lane as President of  Doctors4Doctors.  Dr.
Lane  represents  experienced  management in physician  services and  continuing
education.  Dr. Lane is a former Dean of Students at Harvard  University Medical
School, and brings with him additional  expertise and product concepts which are
being integrated into the Doctors4Doctors medical services. 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  plans  to  position  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.


                           China's Accession Into WTO
                           --------------------------

Management  believes that China's  accession  into the World Trade  Organization
(WTO) will increase the chances of governmental approval of Neurotech's projects
and will encourage new sources of capital to enter the Chinese market.



                                       14
<PAGE>


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

The Company has entered into an agreement with Shanghai Shipbuilding Corporation
for the purpose of marketing,  designing,  building and  equipping  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.

The company is in the process of negotiating with additional  potential users of
these  vessels.  The cost  benefit of producing  these ships in China,  with the
deployment of Neurotechs  operating  system and training  program,  supported by
Telemedicine  and  Doctors4Doctors   services,   make  these  ships  viable  for
deployment in areas where healthcare is not available.

Neurotech  continues to negotiate  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.  This  uncertainty  is highlighted by the
financial and political crisis in Argentina.  This crisis has impacted the local
currency and economy and the  availability  of financing for this  project.  The
customer  continues  to  attempt  to  arrange  funds  for this  project.  Recent
political  and  economic  instability  in  Venezuela  has  delayed  the  initial
construction of this project.  However, our customer has expressed confidence in
commencing soon.


Subsequent Events


         Neurotech Development Corporation Appoints BDO International As
         ---------------------------------------------------------------
                                    Auditors
                                    --------

Neurotech  Development  Corporation  formally entered into an agreement with BDO
Shanghai  Zhonghua  on April 12,  2002,  whereby  BDO  Shanghai is to act as the
Company's auditors. The company filed a form 8K with the Securities and Exchange
Commission at that time.


         Officers And Directors Appointed to Neurotech Shanghai Co. Ltd.
         --------------------------------------------------------------

Officers and directors named in the licensing application for Neurotech Shanghai
Co. Ltd., are Lawrence Artz,  Chairman,  Cong Chen, Vice  President,  Dr. Donald
Rizzuto,  Director,  BenjaminWang,  Vice President,  Chen Rui Han, Director. BDO
Shanghai Zhonghua will act as company Secretary.


     Installment Payments Made by Shanghai Dadian Biological Technology Co.
     ---------------------------------------------------------------------
          Ltd. for the Construction of the Ren De Convalesent Hospital
          ------------------------------------------------------------

Payments for the  construction  of the Ren De  Convalescent  Hospital,  Shanghai
Dadian Biological Technology  Development Co. Ltd. ("Shanghai Dadian") were made
via a series of checks issued on January 11, 2002.  The initial check was issued
to Neurotech in the amount of RMB 9,000,000 (USD 1.1 Million), and the remaining
RMB 36,000,000  (USD 4.4 Million) has been received by the Company in accordance
with  the  following  schedule  February  15,  2002 for RMB  9,000,000  (USD 1.1
million),  March 15, 2002 RMB 9,000,000 (USD 1.1 Million) and April 15, 2002 for
RMB 18,000,000 (USD 2.2 Million).


                                       15
<PAGE>


   Neurotech Continues Subcontracting Agreement with Shanghai Guangsha (Group)
   ---------------------------------------------------------------------------
                                    Co. Ltd.
                                    --------

On January 21, 2002 Neurotech  entered into an agreement with Shanghai  Guangsha
(Group) Co. Ltd. for the first phase of the  construction of Ren De Convalescent
Hospital.  Shanghai Guangsha is a well known construction firm with expertise in
the construction of hospitals and residential  real estate.  This phase consists
of civil  engineering  and site work, and it is anticipated to be completed at a
cost of RMB  40,500,000.  A deposit in the amount of RMB 9,000,000 has been paid
to Shanghai Guangsha (Group) Co. Ltd. by Neurotech.  This money was derived from
the first check issued by Shanghai  Dadian to Neurotech,  as described  above. A
certificate of completion  must be issued by Neurotech in order to approve final
payments.  Neurotech has remitted to Shanghai  Guangsha RMB  45,000,000  for the
construction of this facility and is carrying forward work in process into phase
II.


 Neurotech enters into Administrative Agreement to build Geriatric Community in
 ------------------------------------------------------------------------------
                                  Shanghai Area
                                  -------------

On December 17,  2001,  Neurotech  entered  into an agreement  with a consortium
represented  by  their   appointed   group  leader  to  plan  and   administrate
construction of an integrated geriatric  community,  which is initially expected
to consist of  approximately  50,000 homes,  an acute care  hospital,  a skilled
nursing  facility,  a  primary  school,  a middle  school,  a high  school,  and
commercial  and  recreational  centers.  Neurotech  will assist in  developing a
comprehensive  operating plan for the community.  There can be no assurance that
any  deposit  or other  funds  will be  received  for this  project or that this
project will be commenced or be completed.  The company has continued  work with
the consortium in the planning and financing arrangements of this project.


                      Neurotech Files Recapitalization Plan

On April 18, 2002 Neurotech  filed a plan for  recapitalization  on Form 8A with
the Securities and Exchange Commission.  Under the plan the Company has set up a
new class of  preferred  stock and will issue new shares of Class A and Series 1
Class B in  exchange  for old  shares  of  Neurotech  common.  No  shares of the
preferred  stock  have been  registered  for sale.  New shares of Class A common
shall be traded under the symbol  NEKAV,  and new shares of Series 1 Class B are
expected to trade under symbol NEKBV. Both symbols have new CUSIP numbers.


               Neurotech enters into financial Advisory Agreements

The company  entered into  consulting  and financial  advisory  agreements  with
Robscott  Trading Inc..on Feb. 15, 2002. The purpose of these  agreements was to
help improve public  knowledge of the company and identify  methods of improving
the company's  market share through merger and acquisition and future  strategic
planning.  The company entered into a similar agreement wit h Pacifica Financial
Group on Feb 26, 2002. Both  consultants  were  compensated by payment of shares
lent by the principals and others to the Company.


          Neurotech Appoints Dr. Fredrick Lane to Head Doctors4Doctors
                                   Subsidiary

On April 24, 2002,  Dr.  Fredrick Lane was appointed as President of Neurotech's
subsidiary  Doctors4Doctors.  Dr. Lane is an experienced  surgeon, and educator,
and has served as Dean of Students  at Harvard  Medical  School.  He has special
knowledge  and  understanding  of  all  of  Doctors4Doctrors  services  and  has
introduced additional proprietary services to the company.


                     Neurotech Enters into Letter of Intent
                        With WorldLink Technologies Inc.

On May 7, 2002  Neurotech  entered into a letter of intent for the issuance of a
stock  dividend,  merger,  and  listing  of  securities.  Under the terms of the
proposed  transaction,  Worldlink  would  merge  into a newly  formed  Neurotech
subsidiary.  Shares  of the  subsidiary  would  be  distributed  to  Neurotech's
stockholders as a dividend after the current recapitalization plan is completed.
Upon the distribution of the shares  appropriate form 10 registration  statement
would be filed,  and the Company would apply for admission to the American Stock
Exchange,  as it  has  the  prerequisite  requirements  for  such  listing.  The
companies  have  complementary  market  locations,  and  intend to cross  market
services and content.  Worldlink is a provider of wireless  telephone  services,
and  broadband  with  emphasis  on banking and  finance  systems and  continuing
education.


          Neurotech Enters into Cross Marketing MOU with Exus Networks

On  May  2,  2002  Neurotech  entered  into  a  cross  marketing  memorandum  of
understanding with EXUS Networks,  OTC BB: EXUS, To cross market its products in
Poland, Uzbekistan, Kazakhstan, Ukraine and Cyprus. While NURO will cross market
Exus  services in its Asian domain.  Exus is a satellite  provider of telephonic
services, broadband, and continuing medical education. The companies have agreed
to develop new content together in the areas of continuing medical education.



                                       16
<PAGE>

                           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
March 31, 2002.  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.

(b) None.

(c) None.

(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."


                                       17
<PAGE>



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

a. Exhibits

 EXHIBITS
 --------

Exhibit 10.1     Subcontracting Agreement dated January 21, 2002,
                 between the Company and Shanghai Guangsha (Group)

Exhibit 10.2     Administrative  Agreement and Memorandum of Understanding
                 dated December 17, 2001, between the Company and *********

Exhibit 10.3     Letter of Intent with WorldLink Technologies Inc.

Exhibit 10.4     Robscott Trading & Inc. Consulting Agreement

Exhibit 10.5     Capital Research Group, Inc. Consulting Agreement

Exhibit 10.6     CLX & Associates, Inc. Consulting Agreement

Exhibit 10.7     Pacifica Financial Group, Inc. Consulting Agreement

Exhibit 10.8     Exus Networks, Inc. Memorandum of Understanding


b. Form 8-K

On April 12,  2002 we filed a Form 8-K  diclosing  a change  in our  independent
accountants. There was no disagreements with our prior independent accountants.


                                       18
<PAGE>



                                   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 20th day of May, 2002.

                        NEUROTECH DEVELOPMENT CORPORATION





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



                                       19
<PAGE>



Table of Exhibits



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

Exhibit 10.1              Subcontracting Agreement dated January 21, 2002,
                          between the Company and Shanghai Guangsha (Group)
                          Co. Ltd.

Exhibit 10.2              Administrative Agreement and Memorandum of
                          Understanding dated December 17, 2001, between the
                          Company and ************

Exhibit 10.3              Letter of Intent with WorldLink Technologies Inc.

Exhibit 10.4              Robscott Trading & Inc. Consulting Agreement

Exhibit 10.5              Capital Research Group, Inc. Consulting Agreement

Exhibit 10.6              CLX & Associates, Inc. Consulting Agreement

Exhibit 10.7              Pacifica Financial Group, Inc. Consulting Agreement

Exhibit 10.8              Exus Networks, Inc. Memorandum of Understanding




                                       20
<PAGE>