UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549




                                   FORM 10-QSB

             [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
                 For the quarterly period ended March 31, 2002

       [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
      For the transition period from _________________ to _________________


                        Commission file number: 2-96392-A


                             TANGENT SOLUTIONS, INC.
        (Exact name of small business issuer as specified in its charter)


                        DELAWARE                     65-0952956
           (State or other jurisdiction             (IRS Employer
         of incorporation or organization)         Identification No.)


                  6801 POWERLINE ROAD, FT. LAUDERDALE, FL 33309
                    (Address of principal executive offices)


                                 (954) 935-8100
                           (Issuer's telephone number)


Check whether the  registrant  filed all  documents  and reports  required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the  distribution  of
securities under a plan confirmed by a court.   Yes [X]   No [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 15,510,286

Transitional Small Business Disclosure Format (check one): Yes [ ]   No [X]


<page>



PART I   FINANCIAL INFORMATION


Item 1. Financial Statements:

    Consolidated Balance Sheet March 31, 2002

    Consolidated Statements of Operations for the Three Months
       Ended March 31, 2002 and 2001


    Consolidated Statements of Cash Flows for the Three Months
       Ended March 31, 2002 and 2001

    Selected Notes to Consolidated Financial Statements


Item 2. Management's Discussion and Analysis of March 31, 2002 Results



PART II   OTHER INFORMATION

Item 1. Legal Proceedings

Item 2. Changes in Securities

Item 3. Defaults Upon Senior Securities

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

Item 5. Other Information

Item 6. Exhibits and Reports on Form 8-K


Signatures


<page>


Part 1   Financial Information


Item 1.  Financial Statements



                    TANGENT SOLUTIONS, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET
                                 MARCH 31, 2002
                                   (Unaudited)


ASSETS

Current Assets:
    Cash and cash equivalents ...............................   $   115,813
    Accounts receivable, net of allowance
       for doubtful accounts of $96,110 .....................        98,704
    Other current assets ....................................         5,577
    Current assets of discontinued operation ................        28,800
                                                                -----------
                                                                -----------

                 Total current assets .......................       248,894

    Property, plant, and equipment, net of
       accumulated depreciation of $1,072,478 ...............        48,743
                                                                -----------
                                                                -----------

                 Total assets ...............................   $   297,637
                                                                ===========
                                                                ===========

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
    Current maturities of long term obligations .............   $   240,327
    Accounts payable and accrued expenses ...................       300,746
    Deferred revenue ........................................       109,950
    Current liabilities of discontinued operation ...........       191,700
                                                                -----------
                                                                -----------

                 Total current liabilities ..................       842,723

    Long term obligations, net of current maturities ........       139,708
                                                                -----------
                                                                -----------

                 Total liabilities ..........................       982,431
                                                                -----------
                                                                -----------


Stockholders' deficit:
    Preferred stock, par value $.001, authorized
         1,000,000 shares, no shares issued and
             outstanding ....................................          --
    Common stock, par value $.001, 100,000,000
         shares authorized, 15,510,286 issued and outstanding        15,510
    Additional paid-in capital ..............................     8,296,640
    Accumulated deficit .....................................    (8,996,944)
                                                                -----------
                                                                -----------

                 Total stockholders' deficit ................      (684,794)
                                                                -----------
                                                                -----------

                 Total liabilities and stockholders' deficit    $   297,637
                                                                ===========
                                                                ===========


   The accompanying notes are an integral part of these financial statements.


<page>



                             TANGENT SOLUTIONS, INC.
                      CONSOLIDATED STATEMENT OF OPERATIONS
               FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                                   (Unaudited)


                                                      2002            2001
                                                  ------------    ------------

Sales .........................................   $    478,555    $    186,959
Cost of sales .................................         37,610          14,187
                                                  ------------    ------------
                                                  ------------    ------------

Gross profit ..................................        440,945         172,772
                                                  ------------    ------------
                                                  ------------    ------------

Operating expenses:
   Selling, general and administrative ........        246,401         549,020
   Research and development ...................         78,430          18,465
                                                  ------------    ------------
                                                  ------------    ------------

   Total operating expenses ...................        324,831         567,485
                                                  ------------    ------------
                                                  ------------    ------------

Income (loss) from operations .................        116,114        (394,713)
                                                  ------------    ------------
                                                  ------------    ------------

Other income (expense):
   Interest income ............................             77            --
   Interest expense ...........................         (8,810)        (35,743)
                                                  ------------    ------------
                                                  ------------    ------------

   Total other income (expense) ...............         (8,733)        (35,743)
                                                  ------------    ------------
                                                  ------------    ------------

Income (loss) before reorganization items .....        107,381        (430,456)

Reorganization expense ........................           --           (35,763)
                                                  ------------    ------------
                                                  ------------    ------------

Income (loss) from continuing operation .......        107,381        (466,219)

Discontinued operations (Note 3):
   Loss from discontinued operation --
     QuickCREDIT Corp. ........................        (80,572)       (107,204)
                                                  ------------    ------------
                                                  ------------    ------------

Net income (loss) .............................   $     26,809    $   (573,423)
                                                  ============    ============
                                                  ============    ============

Net income (loss) per share for continuing
   operation -- basic and diluted .............   $       0.01    $      (0.10)

Net loss per share for discontinued
   operation -- basic and diluted .............   $      (0.01)   $      (0.02)
                                                  ------------    ------------
                                                  ------------    ------------

Net income (loss) per share -- basic and diluted  $       0.00    $      (0.12)
                                                  ============    ============
                                                  ============    ============

Weighted average number of shares outstanding --
   basic and diluted ..........................     15,510,286       4,642,190
                                                  ============    ============
                                                  ============    ============



   The accompanying notes are an integral part of these financial statements.


<page>



                    TANGENT SOLUTIONS, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                                   (Unaudited)


                                                            2002         2001
                                                         ---------    ---------
Cash flows from operating activities:
   Net income (loss) .................................   $  26,809    $(573,423)

      Adjustments to reconcile net income (loss) to
         net cash used in operating activities:
              Depreciation and amortization ..........       2,855       43,035
              Accounts receivable ....................     (41,543)      (8,559)
              Accounts payable & accrued expenses ....       96,159      434,761
              Deferred revenue .......................     (24,430)     (80,021)
                                                         ---------    ---------
                                                         ---------    ---------

Net cash provided by (used in) operating activities ..      59,850     (184,207)
                                                         ---------    ---------
                                                         ---------    ---------

Net cash from financial activities:

        Repayment of loans ...........................     (40,927)        --
        Reorganization loan from related party .......        --        237,277
                                                         ---------    ---------
                                                         ---------    ---------

Net cash (used in) provided by financing activities ..     (40,927)     237,277
                                                         ---------    ---------
                                                         ---------    ---------

Net increase in cash .................................      18,923       53,070

Cash -- beginning of period ..........................      96,890       12,310
                                                         ---------    ---------
                                                         ---------    ---------

Cash -- end of period ................................   $ 115,813    $  65,380
                                                         =========    =========
                                                         =========    =========

Supplemental disclosure of cash flow information:

    Cash paid for interest during the quarter ........   $   6,709    $  35,743
                                                         =========    =========
                                                         =========    =========
    Cash paid for income taxes during the quarter ....   $    --      $    --
                                                         =========    =========
                                                         =========    =========


The  accompanying  notes are an integral  part of these  consolidated  financial
statements.


<page>


                             TANGENT SOLUTIONS, INC.
                     SELECTED NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

1.   Basis of Presentation

The accompanying  unaudited consolidated financial statements have been prepared
in accordance with accounting principles generally accepted in the United States
of America for interim  financial  information and with the instructions to Form
10-QSB and Article 10 of Regulation S-X. Accordingly, they do not include all of
the  information  and  footnotes  required by  accounting  principals  generally
accepted in the United States of America for complete financial  statements.  In
the opinion of  management,  all  adjustments  considered  necessary  for a fair
presentation  (consisting of normal recurring accruals) have been included.  The
preparation of financial  statements in conformity  with  accounting  principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and disclosure of contingent  assets and liabilities at the date of
the  financial  statements  and the  reported  amounts of revenues  and expenses
during the reported  period.  Actual results could differ from those  estimates.
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 December 31, 2001.

2.   Business

Tangent  Solutions,   Inc.,  a  Delaware  corporation,   through  its  operating
subsidiaries  (collectively  with  the  subsidiaries,  the  "Company"),  creates
software and  provides  services  primarily  to the mortgage  lending and credit
agency   industries.   The  Company  also  fulfills  requests  from  independent
membership clubs for credit information products.  All of the Company's business
operations are conducted  through  Engineered  Business  Systems,  Inc. ("EBS"),
Quick Credit Corp. ("QCC"), and Consumer Guardian,  Inc. ("CGI").  EBS, acquired
by the Company in December  1996,  develops and sells software  quality  control
products and services  for the  mortgage  and credit  industry.  QCC is a wholly
owned  corporation,  formed by the  Company in  February  1998,  which  compiles
information  provided by credit  repositories,  organizes the information in the
form of reports,  and sells the  comprehensive  credit reports to its customers.
QCC ceased  operations  and sold its client base  subsequent to the close of the
first  quarter of 2002 (see Note 4). CGI is a wholly owned  corporation  and was
formed by the Company in August 2001 to specialize  in membership  club services
and consumer credit. During the quarter ended March 31, 2002, CGI was inactive.

On  September  1, 2000,  the  Company  and its  subsidiaries  filed a  voluntary
petition for relief under Chapter 11 of the United States Bankruptcy Code in the
United  States  Bankruptcy  Court for the  Southern  District of  Florida.  From
September 1, 2000 through April 30, 2001, the Company  operated its business and
managed  its affairs as a  debtor-in-possession.  The United  States  Bankruptcy
Court  confirmed the joint Plan of  Reorganization  (the "Plan") on May 1, 2001.
The final decree from the  Bankruptcy  Court was issued January 15, 2002. All of
the common and  preferred  stock that was  outstanding  prior to May 1, 2001 was
cancelled  and new shares of common  stock were  issued in  accordance  with the
Plan.  Majority  holders  of the  Company's  voting  shares  before May 1, 2001,
received the majority of voting shares after that date.  Therefore,  a change of
control did not occur. The Company continued its basis of accounting and did not
adopt  fresh  start  accounting,  which  would  apply if there  was a change  in
control.

3.  Uncertainty -- Going Concern

The Company's  continued  long-term  existence is dependent  upon its ability to
implement its business plan after  emerging from  bankruptcy on May 1, 2001. The
Company must resolve its liquidity  problems,  principally by obtaining  equity,
increasing sales and achieving profitable operations.  The Company experienced a
profit of $26,809 for the quarter  ended March 31, 2002.  However,  at March 31,
2002, the Company had a stockholders'  deficit of $684,794 and negative  working
capital of  $593,829.  Additionally,  the  Company was  delinquent  on four note
payable payments of approximately $57,000 at March 31, 2002. These matters raise
substantial doubt about the Company's ability to continue as a going concern.

Management's  plans in regard to this matter are to create  additional  products
and  refine  existing  products,   much  of  which  is  completed  and  awaiting
introduction  to the  marketplace.  It also  plans to expand  its  sales  force,
increase  market  penetration  and  volume of sales and to  further  reduce  its
operating costs to generate positive cash flow (see Note 4).  Additionally,  the
Company  must  raise  equity  in order to  finance  its  expansion,  to  improve
liquidity and sustain  operations.  The financial  statements do not include any
adjustments that might result from the outcome of this uncertainty.

4.  Discontinued Operations

On April 23, 2002, the Company  elected to close the operations of QCC effective
April 30,  2002 and sell its assets.  On May 16,  2002,  the Company  sold QCC's
customer  list to a  competitor.  The sales  agreement  provided  for an initial
payment of $10,000 and monthly payments over the next twelve months based upon a
formula related to the amount of sales generated from the customer list. Because
the future  payments are contingent upon sales from the customer list, the sales
price cannot be certain.  Sales of QCC for the quarter  ended March 31, 2002 and
2001,  were  $155,138 and  $177,510  respectively.  At March 31,  2002,  QCC had
accounts receivable of approximately  $28,800,  net of an allowance for doubtful
accounts of $86,847 and accounts  payable and accrued  expenses of approximately
$191,700.  The statement of operations  has been prepared to show the effects of
the discontinued operation.

5.  Segment Information

Segment  information  for the  quarters  ended  March  31,  2002 and 2001 was as
follows:

                                                     QCC
                                           EBS  (Discontinued)  Corporate  Total
                                          ----  --------------  ---------  -----

                                 March 31, 2002
                                 (in thousands)

Sales ..................................   479        155           --      634
Operating income (loss) ................   209        (81)         (102)     26
Depreciation and amortization ..........   --          --             3       3
Total assets ...........................   117         29           152     298
Capital expenditures ...................   --          --           --       --

                                 March 31, 2001
                                 (in thousands)

Sales ..................................   187        177           --      364
Operating income (loss) ................  (110)      (343)        (120)    (573)
Depreciation and amortization ..........    --         --            1        1
Total Assets ...........................    75          2          141      218
Capital expenditures ...................    --         --           --       --


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

The following  discussion of the  Company's  financial  condition and results of
operations should be read in conjunction with the Financial Statements and Notes
thereto appearing elsewhere in this document.

Statements in this "Management's  Discussion and Analysis of Financial Condition
and Results of Operations" and elsewhere in this document, as well as statements
made in press releases  and/or  statements that may be made by the Company or by
officers,  directors, or employees of the Company acting on the Company's behalf
that are not  statements  of historical  or current  fact,  constitute  "forward
looking  statements"  within the  meaning of the Private  Securities  Litigation
Reform Act 1995.  Such  forward  looking  statements  involve  known and unknown
risks,  uncertainties,  and other  unknown  factors  that could cause the actual
results of the Company to be materially different from the historical results or
from any future results expressed or implied by such forward looking statements.
In addition to statements that explicitly describe such risks and uncertainties,
readers  are urged to consider  statements  labeled  with the terms  "believes,"
"belief,"  "expects,"  "intends,"  "anticipates,"  or "plans"  to be  uncertain,
forward looking statements.  The forward looking statements contained herein are
also subject generally to other risk and  uncertainties  that are described from
time to time in the Company's reports and registration statements filed with the
Securities and Exchange Commission.

The  following  table sets  forth  information  on  operations  for the  periods
indicated.


                                  Consolidated

                                               2002                   2001
                                        -----------------     ------------------
                                            $         %           $         %
                                        ---------   -----     ---------   ------
Sales from continuing operations        $ 478,555    100%     $ 186,959    100%
Cost of sales                              37,610      8%        14,187      8%
Operating Expenses                        324,831     68%       567,485   (304%)
Income (loss) from continuing
    operations                            107,381     22%      (466,219)  (249%)
Loss from discontinued operations         (80,572)   (17%)     (107,204)   (57%)
Net income (loss)                          26,809      6%      (573,423)  (307%)


By subsidiary:


Engineered Business Systems, Inc.
                                               2002                   2001
                                        -----------------     ------------------
                                            $         %           $         %
                                        ---------   -----     ---------   ------
Net sales                               $ 478,555    100%     $ 186,959     100%
Cost of sales                              37,610      8%        14,187       8%


Quick Credit Corporation
    (discontinued operations)
                                               2002                   2001
                                        -----------------     ------------------
                                            $         %           $         %
                                        ---------   -----     ---------   ------
Net sales                               $ 155,138    100%     $ 177,510     100%
Cost of sales                             125,169     81%       138,134      78%



The Company  emerged from its Chapter 11  bankruptcy  proceeding on May 1, 2001.
Thus,  the Company's  balance sheets and statements of operations and cash flows
after this date reflect a material change and are not necessarily  comparable to
the results for the quarter ended March 31, 2001.


Three Months Ended March 31, 2002 vs. Three Months Ended March 31, 2001

Consolidated

Sales from continuing  operations for the three months ended March 31, 2002 were
$478,555,  an increase of 156% over the $186,959 in continuing  operations sales
for the same period in 2001.  This  increase  was  primarily  due to the sale of
several EBS software licenses for its ACES(TM) and DESC(TM) products  reflecting
increased  acceptance  of our new Silver  and Gold  versions  of ACES.  Sales of
discontinued  operations  were  $155,138 for the quarter ended March 31, 2002, a
decrease of $22,372 from the same quarter in 2001.

Cost of sales  represents  commissions on current sales only. Cost of sales from
continuing  operations for the quarter ended March 31, 2002 was $37,610 compared
to $14,189 for the same period of 2001.  This increase was primarily a result of
higher total  commissions paid for the sales of its EBS quality control software
licenses. Cost of sales for discontinued operations was $125,169 for the quarter
ended March 31, 2002 as compared to $138,134, a decrease of $12,965 for the same
period in 2001.

Gross  profits for the quarter  ended March 31, 2002 for  continuing  operations
were $440,945,  or 92% of revenue,  as compared to $172,772,  or 92% of revenue,
during the same period in 2001.  This  increase was primarily due to the sale of
several  higher-margin  EBS  software  licenses  for its  ACES(TM)  and DESC(TM)
products.

Selling,   general  and  administrative   expenses  from  continuing  operations
decreased to $246,401  for the three  months ended March 31, 2002 from  $549,020
during the same period in 2001, a decrease of $302,619.  This was  primarily due
to the  general  decrease  in  expenses  over the long term  implemented  by the
management of the Company.

The income from  continuing  operations for the quarter ended March 31, 2002 was
$107,381,  as compared to a loss from continuing  operations of $466,219 for the
same quarter in 2001.  This  represents  an increase of $573,600,  attributed to
both cost-cutting  measures and increased sales by its EBS subsidiary during the
quarter.

The loss from  discontinued  operations at March 31, 2002 was $80,572 as opposed
to $107,204 for the same period in 2001. This represents the loss effect for the
quarters relating to QCC, which has been closed.

For the quarter ended March 31, 2002,  the Company's  cash provided by operating
activities  was $59,850 as compared to $184,207  used by operations at March 31,
2001. The difference is due to the increased sales in EBS.

Management  believes  that the  Company is well  positioned  toward  meeting its
business  objectives as it nears completion of its first phase of redevelopment.
The Company was successful in forming a credible  management and sales team that
has gained the  confidence  of outside  investors who have funded the Company to
date.  The  Company  was  certified  as a "Secure  Facility"  by  TruSecure  and
established its IBM partner-in-development  program. This allowed the Company to
re-engineer  its EBS Xchange to a level which  management  believes  will be the
premier  credit  engine in the  industry.  The  Company has also  completed  the
implementation of its Enterprise  Solution,  which allows management the ability
to manage its subsidiaries much more effectively  through the integration of its
accounting  functions  and  information  delivery.  ACES(TM) and  DESC(TM)  were
redeveloped  and now contain  many more  wanted  features  and can also  deliver
credit reports via the internet. As all the products and services come together,
they form a confluence to deliver better solutions to a greater market base. The
Company is extremely  encouraged  by its dynamic  marketing and sales group that
has gained the respect and support of Company  personnel and has revitalized its
recognition  in the mortgage  industry and now  anticipates  new and  profitable
contracts  to be  consummated  in the near  future.  The Company has taken every
precaution  in assuring  that  expenses are kept to a minimum,  and as indicated
earlier,  salaries  have been  kept at a modest  level  and  expenses  have been
reduced.  The research and development of this past year, as stated above,  will
serve as the  foundation  for  additional R&D to continue to improve and upgrade
its proprietary software in the marketplace.

The Company has recently  incorporated its consumer services business,  CGI. The
Company  started this division as a result of market  research and analysis that
leads  management to believe that there would be strong interest in its services
and products. This should minimize the impact of the boom-and-bust cycles of the
mortgage  industry,  which have affected the Company in the past. The Company is
currently preparing a comprehensive  identity theft program,  which is scheduled
for launch in late 2002. However,  there can be no assurance that the operations
of CGI will be successful.

Recently,  the Company  joined  IBM's  Partners  and ASP  Business  Partners-in-
Development  programs.  The Company's lead time in marketing its products should
be greatly reduced. Having access to world-class technology both in hardware and
software  development tools gives the Company's products tremendous  scalability
and reliability as well as cross platform availability. The Company's ability to
access the IBM laboratories and IBM's development teams will keep the Company on
the leading edge of technology.  The Company will also be able to take advantage
of IBM's vast  marketing  channels and financing  options for the benefit of the
Company's customers. No assurances can be given that the above plans will result
in increased sales and cash flows.

Over 30% of the Company  payroll is spent on Research & Development  in order to
develop and re-engineer  products for our current  markets.  This money is being
spent to ensure  continuity  of the  Company's  participation  in the  financial
markets with products that are  state-of-the-art  and competitive.  The research
and development of this past year, as stated above, will serve as the foundation
for additional R&D to continue to improve and upgrade the Company's  proprietary
software in the marketplace.

As the  Company  grows its  recently  introduced  ACES(TM)/ASP  application,  it
expects  that it will need to purchase  additional  IBM  products  and may offer
larger  customers  the option of  purchasing  their own system and placing it in
either the Company's or IBM's secured facility.  These combinations  provide new
options and  opportunities for the Company.  However,  there can be no assurance
that the new options and  opportunities  will result in increased sales and cash
flows.

Short & Long Term Plans for the Company

The Company embarked on a transformation  of its IT  infrastructure.  Management
determined  that if the Company did not have a reliable  and  scalable  platform
going  forward,  it could only expect  operational  and service  problems in the
future. It was determined that a secure hardware platform should be implemented.
The IBM iSeries was chosen.  Additionally  a  company-wide  Enterprise  Software
Platform was necessary so that  operations  would be simplified,  along with the
entire  accounting  and  auditing  functions.  The VAI Systems  2000 was chosen.
Because of these  changes,  the Company  will easily  segue into its  e-commerce
niche to become  technologically  competitive  with the  current  leaders in the
Credit Granting and Consumer Credit  industries.  These changes will allow us to
concentrate on gaining market share through smart and effective marketing and an
increased  sales effort.  In order to do e-commerce in a secure manner,  we have
secured a certification  from ICSA, and now have the ability to deliver personal
and confidential information in the most secure manner. However, there can be no
assurance  that these  actions  will  increase  sales or cash flows or  decrease
expenses.

EBS' flagship product,  ACES(TM),  is regarded by experts as the leading quality
control  software  package in the  industry.  The Company has released a new and
improved  version  entitled ACES Silver.  This product will be given to all ACES
'98  users at no  charge,  providing  they  extend  their  software  maintenance
contract  for three  additional  years.  Our  customers  will enjoy the  greater
reliability offered by ACES(TM) Silver, and the Company will also benefit,  both
from  the  reduced  need to  provide  software  maintenance  and the  additional
recurring revenue created. ACES(TM) is also being offered as an ASP application,
which should expand our market.

Subsequent  to the close of the quarter  ended March 31, 2002,  EBS released its
ACES(TM)  Gold version,  which offers  enhanced  features  from the  predecessor
ACES(TM)  2000  version.   The   marketplace   has  accepted  this  new  release
enthusiastically.  Other  features  are planned in the future for both  ACES(TM)
Silver and Gold versions,  which are expected to give an additional  competitive
edge to the Company,  although no assurances  can be given that this will be the
case.

In April 2002, QCC and all of its  affiliates  were notified by one of the major
repositories  that all  credit  services  were being  discontinued  immediately.
Management  of the Company met and decided to sell the QCC  customer  list after
all other alternatives were evaluated. After a concentrated search, necessitated
by the  inability  to provide  full  service to our  customers,  we sold the QCC
customer  list to a  major  competitor  for a sum of  money  to be  paid  over a
one-year  period,  the amount to be  determined  by the net  amount of  business
generated by the customer  list. It is estimated by  management  that the entire
net proceeds to the Company will total between $130,000 to $200,000, although no
assurances can be given that the Company will realize these amounts. Since Quick
Credit has been a drain on the cash flow of the Company  since  inception,  this
event allows the Company to focus on research and  development  and marketing of
its high margin leading technologies.

The Company has  substantially  reduced SG&A expenses for continuing  operations
for the  long  term  and  continues  to  seek  additional  reductions.  Further,
management believes that cash on hand, combined with anticipated income, will be
sufficient to sustain the Company during the entire  redevelopment  phase, which
is on schedule for  completion  by August 1, 2002.  Beyond  August 1, 2002,  the
Company will be dependent on securing additional financing.  The Company is also
dependent on sales that must materialize as management has projected,  and sales
are vulnerable to circumstances that are out of the Company's  control,  such as
outside  market  conditions,  additional  terrorist  incidents,  the  health and
well-being  of our sales  teams or any other  unforeseen  barriers.  In order to
implement its marketing strategy, additional capital is required by the Company.
Management is in discussions with several groups to raise the necessary  funding
for the  Company,  but  there  can be no  assurances  that it will  result  in a
financing.


<page>


PART II      OTHER INFORMATION


Item 1.   Legal Proceedings

From time to time,  various claims,  charges,  and litigation may be asserted or
commenced against the Company arising from, or related to, contractual  matters,
intellectual  property,  personal injury,  insurance  coverage and personnel and
employment disputes.  The Company may be involved in some litigation that, while
the outcome cannot be predicted with  certainty,  the Company does not expect to
have a material or adverse effect on the consolidated financial position.  There
are no known or suspected lawsuits against the Company at this time.


Item 2.   Changes in Securities

None.


Item 3.   Defaults on Senior Securities

The Company is delinquent on payments totaling  approximately $57,000 on four of
its six notes payable


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

None.


Item 5.   Other Information

None.


Item 6.   Reports on Form 8-K

On May 28, 2002,  the Company filed Form 8-K in which the Company  disclosed the
resignation of Charles M. Moche as Chief Financial  Officer.  Additionally,  the
Company announced the discontinuance of the Quick Credit Corporation operations,
due to  actions  taken by one of the  major  credit  repositories.  The  Company
immediately  sold its customer  list to a  competitor  and proceeds of the sales
will be paid over a 12-month period based on actual revenues  generated from the
customer list.


<page>


                                   SIGNATURES

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



                                             Tangent Solutions, Inc.




Date: July 12, 2002             By: /s/ Vito A. Bellezza
                                    ______________________________________

                                    President and CEO and Director