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 December 31, 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
February 8, 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
     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.

                        NEUROTECH DEVELOPMENT CORPORATION
                                 AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                         December 31,           June 30,
                                                                             2001                 2001
                                                                       ---------------       ---------------
                                                                         (Unaudited)
                                    ASSETS
<S>                                                                     <C>                   <C>
CURRENT ASSETS
     Cash and cash equivalents                                           $         203         $           -
     Accounts receivable - related parties
         less allowance for doubtful accounts - $51,083                              -                     -
                                                                       ---------------       ---------------
            Total current assets                                                   203                     -

INVESTMENT, less allowance for impairment - $1,320,000                               -                     -
                                                                       ---------------       ---------------
TOTAL ASSETS                                                             $         203         $           -
                                                                       ===============       ===============


                      LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
     Accounts payable and accrued expenses                               $   1,810,542         $   1,504,836
     Accounts payable - related parties                                        322,336               298,168
     Net liabilities of discontinued operations                              1,359,195             1,359,195
                                                                       ---------------       ---------------

            Total current liabilities                                        3,492,073             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                                                      (32,715,641)          (31,308,029)
                                                                       ---------------       ---------------

                                                                              (482,852)           (1,921,627)

     Accounts receivable from exercise of stock options                     (1,816,500)                    -
     Note receivable from sale of common stock                                (148,815)             (143,985)
     Deferred compensation                                                     (88,170)             (141,054)
     Treasury stock 1,354,829 shares, at cost                                 (955,533)             (955,533)
                                                                       ---------------       ---------------
            Total stockholders' deficit                                     (3,491,870)           (3,162,199)
                                                                       ---------------       ---------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                              $         203         $           -
                                                                       ===============       ===============
</TABLE>

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


                                       3
<PAGE>



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

<TABLE>
<CAPTION>

                                                     Three Months Ended                         Six Months Ended
                                                        December 31,                              December 31,
                                                  2001                2000                  2001                2000
                                            -----------------   ------------------    ------------------  ------------------
<S>                                              <C>                 <C>                   <C>                 <C>
REVENUE                                          $         -         $          -          $          -        $          -

COSTS AND EXPENSES
     Salaries and benefits                           323,540              665,014             1,015,951             880,014
     Consulting services                              26,442            2,737,225                52,884           5,137,225
     Professional fees                                48,923              123,474               189,867             162,826
     Travel                                           10,728               59,383                65,287              65,864
     Administrative                                   35,201               81,329                82,910             145,233
     Interest                                              -                    -                   713                  49
                                            -----------------   ------------------    ------------------  ------------------

         Loss before income tax benefit            ( 444,834)         ( 3,666,425)          ( 1,407,612)        ( 6,391,211)

INCOME TAX BENEFIT                                         -                    -                     -                   -
                                            -----------------   ------------------    ------------------  ------------------

         Net loss                                 ($ 444,834)        ($ 3,666,425)         ($ 1,407,612)       ($ 6,391,211)
                                            =================   ==================    ==================  ==================

Basic loss per share                                ($  0.00)            ($  0.05)             ($  0.01)           ($  0.10)
                                            =================   ==================    ==================  ==================

Weighted average number of
     common shares outstanding                   116,201,642           69,535,782           111,183,099          67,260,411
                                            =================   ==================    ==================  ==================
</TABLE>

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


                                       4
<PAGE>


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

<TABLE>
<CAPTION>

                                                                                Six Months Ended
                                                                                  December 31,
                                                                           2001                  2000
                                                                      --------------        --------------
<S>                                                                   <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES
     Net loss                                                          ($ 1,407,612)         ($ 6,391,211)

     Adjustments to reconcile net loss to net cash
        provided by (used in) operating activities

        Amortization of deferred consulting fees                             52,884             4,817,600
        Stock issued for services                                         1,025,057             1,183,448
        Changes in assets and liabilities
           Accounts receivable - related party                                    -                 7,000
           Accounts payable and accrued expenses                            305,706               235,917
           Accounts payable - related party                                  24,168               123,592
                                                                      --------------        --------------
              Net cash provided by
                 (used in) operating activities                                 203              ( 23,654)

CASH FLOWS FROM FINANCING ACTIVITIES
     Sale of common stock                                                         -                20,715
                                                                      --------------        --------------
                 Net cash provided by financing activities                        -                20,715
                                                                      --------------        --------------
                 Net increase (decrease) in cash                                203               ( 2,939)

CASH, BEGINNING                                                                   -                 2,939
                                                                      --------------        --------------

CASH, ENDING                                                                  $ 203                   $ -
                                                                      ==============        ==============
</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)

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 and
     six month periods ended December 31, 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  ($3,491,870)  and  working  capital  deficit of
     ($3,491,870)   at  December  31,  2001.   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.


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>


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.
     Neither  company made its  required  cash  contribution  to IHD and all CCS
     representatives  have resigned  from the venture.  As of December 31, 2001,
     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 December  31,  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>

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  December  31,  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 December 31, 2001 is as
     follows:

                                                              Shares
                                                               (000)

         Outstanding, July 1, 2001                             7,800
              Granted                                          5,700
              Exercised                                       13,300
              Forfeited                                            -

         Outstanding, December 31, 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>

NOTE 8.   SUBSEQUENT EVENTS

     In January  2002,  Neurotech  received an initial  deposit of RMB 9,000,000
     (USD $1.1 million) from Shanghai Dadian Biological  Technology  Development
     Co. Ltd.  (Shanghai  Dadian) for the  construction  of Ren De  Convalescent
     Hospital.  Also, in January 2002,  Neurotech  entered into a subcontracting
     agreement with Shanghai Guangsha (Group) Co. Ltd.  (Shanghai  Guangsha) for
     the first phase of the construction. The deposit received by Neurotech from
     Shanghai  Dadian  has been paid to  Shanghai  Guangsha  as a deposit on the
     first phase of construction.



                                       9
<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 December 31, 2001, the Company had $203 in cash. The Company has incurred
significant losses since inception resulting in a shareholders' deficit and
working capital deficit of $3,491,870 at December 31, 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 December 31, 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 or six months ended December 31,
2001 nor for the years ended June 30, 2001, and 2000.

The Company had losses for the six months ended December 31, 2001, and 2000 of
$1,407,612 and $6,391,211, respectively. The Company had losses for the
quarterly periods ended December 31, 2001, and 2000, of $444,834 and $3,666,425,
respectively. The losses resulted primarily from expenses incurred in the design
and development of a rapid deployment healthcare system.



                                       10
<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 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 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.


                                       11
<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
 --------------------------

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.

 Resignation of CCS from IHD Joint Venture
 -----------------------------------------

On October 30, 2001, China Chen South America Construction Contracting Co.
("CCS") resigned its ownership interest in the International Humanitarian
Development Ltd. ("IHD") joint venture with the Company. IHD was to be
capitalized with registered capital of HDK$1,150,000, with shares to be issued
equally to Neurotech and CCS. Neurotech was obligated to contribute cash and
assign its rights in certain contracts to IHD. These contracts related to the
construction of modular and tertiary hospitals in Indonesia and China. CCS was
obligated to contribute cash and construction, finance, engineering and project
management to IHD. Neither party deposited their required equity contributions.
All CCS representatives have resigned from the venture.

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 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 Neurotech will realize any revenue or income
from these proposed projects.

It is anticipated that CCS will not acquire the "Rail Hospital" as disclosed in
previous filings.

IHD returned 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, due to the lack of
availability of acceptable financing for this facility. There is no assurance
that an acceptable substitute for this deposit or financing for this
facility will be obtained.

 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.


                                       12
<PAGE>

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

The Company has entered into an agreement with Shanghai Shipbuilding Corporation
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 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.

Subsequent Events

 Neurotech Development Corporation Appoints BDO International to Incorporate a
 -----------------------------------------------------------------------------
 Wholly Owned Subsidiary in China and to act as Accountants and Auditors for
 ---------------------------------------------------------------------------
 such Subsidiary
 ---------------

Neurotech Development Corporation formally entered into an agreement with BDO
Shanghai Zhonghua on January 18, 2002, whereby BDO agreed to form a corporation
to be known as Neurotech Shanghai Co. Ltd. in the Free Trade Zone of Shanghai.
BDO has filed documents to form this corporation. The parties are awaiting
licensing by the Shanghai authorities. BDO will perform all accounting, audit,
and bookkeeping services on behalf of Neurotech Shanghai Co. Ltd.. These
services include remittances and collections, filing of taxes, and quarterly
reports in accordance with SEC and GAAP requirements.

 Officers And Directors to Be 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 Deposit Arrangement for Shanghai Dadian Biological Technology Co.
 -----------------------------------------------------------------------------
 Ltd.
 ----

As a deposit for the construction of the Ren De Convalescent Hospital, Shanghai
Dadian Biological Technology Development Co. Ltd. ("Shanghai Dadian") issued a
series of checks on January 11, 2002. The initial check was issued to Neurotech
in the amount of RMB 9,000,000 (USD 1.1 Million), and other post-dated checks
are being held by BDO International in the amount of RMB 36,000,000 (USD 4.4
Million) which will be deposited into the account of Neurotech Shanghai Co. Ltd.
when such corporation is licensed. The post-dated checks are dated February 15,
2002 (to be deposited February 20, 2002) for RMB 9,000,000, March 15, 2002 RMB
9,000,000 (USD 1.1 Million) and April 15, 2002 for RMB 18,000,000 (USD 2.2
Million).


                                       13
<PAGE>

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

On January 21, 2002 Neurotech entered into 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 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.


                           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 December 31, 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.

         (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."


                                       14
<PAGE>

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

         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 *********





                                       15
<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 12th day of February, 2002.


                        NEUROTECH DEVELOPMENT CORPORATION


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



                                       16
<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 *********



                                       17
<PAGE>