U.S. 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 For the quarter ended March 31, 2002

|_|   TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
      ACT OF 1934 For the transition period from         to

                          Commission File No. 000-25107

                        THERMOELASTIC TECHNOLOGIES, INC.
                        --------------------------------
                 (Name of Small Business Issuer in its Charter)

            COLORADO                                        51-0387926
            --------                                        ----------
 (State or Other Jurisdiction of                      (I.R.S. Employer I.D. No.)
  incorporation or organization)

                      5546 Canvasback Rd. Blaine, WA 98230
                    (Address of Principal Executive Offices)
                    Issuer's Telephone Number: (360) 371-5061

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 Company was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days. (1) Yes |X| No |_| (2)
Yes |X| No |_|

 (APPLICABLE ONLY TO CORPORATE ISSUERS)

State the number of shares outstanding of each Issuer's classes of common
equity, as of the latest practicable date: March 31, 2001: Common Stock -
64,747,414

                       DOCUMENTS INCORPORATED BY REFERENCE

A description of any "Documents Incorporated by Reference" is contained in Item
6 of this report.

Transitional Small Business Issuer Format Yes|_| No |X|

<PAGE>

PART I - FINANCIAL INFORMATION
Item 1.   Financial Statements

A financial statement, unaudited and included herein, beginning on page F-1
(Exhibit 99.0), is incorporated herein by this reference.

The Financial Statements of the Company required to be filed with this 10-QSB
Quarterly Report were prepared by management and commence on the following page,
together with related Notes. In the opinion of management, these Financial
Statements fairly present the financial condition of the Company, but should be
read in conjunction with the Financial Statements of the Company for the year
ended September 30, 2001 previously filed with the Securities and Exchange
Commission.

Item 2. Management's Discussion and Analysis

When used in this Form 10-QSB, the words "anticipate", "estimate", "expect",
"project" and similar expressions are intended to identify forward-looking
statements. Such statements are subject to certain risks, uncertainties and
assumptions including the possibility that the Company=s proposed plan of
operation will fail to generate projected revenues. Should one or more of these
risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated, estimated
or projected.

PRINCIPAL PRODUCT

ThermoElastic Technologies, Inc., a Colorado corporation (the "Company"), was
incorporated on January 30, 1995 as "L.P.R. Cybertek". On July 15, 1999, the
Company entered into a reverse acquisition agreement with ThermoElastic
Technologies, Inc., a Delaware corporation. As part of that acquisition, the
Company changed its name to "ThermoElastic Technologies, Inc." The goal of the
Company is to market products throughout specified geographical locations in the
dental field. Licensing agreements have and will be entered into with qualified
companies and individuals to expand use into other diverse areas and products.
The Company is currently in the business of marketing and distributing a new
generation acrylic, known as Biocompatible Intraoral Thermo Elastic Material
("BITEM"), which is anticipated to be sold to dental related businesses and
other allied fields throughout the world. The Company has also acquired the
exclusive right to distribute DISIFIN in the United States and Canada. DISIFIN
is a solid cleaning product used as a disinfectant in the medical, dental and
food processing industries. In January, 2002, the Company ceased being a
development stage company as it received all governmental approvals required for
selling BITEM.

The Company has a subsidiary, ThermoElastic Technologies (CANADA), Inc., which
was organized in June, 1999. The subsidiary is inactive and no financial
activities have occurred in the subsidiary.

The Company, over the next twelve months, intends to market and distribute BITEM
AND DISIFIN in the United States and internationally and to utilize the World
Wide Web in the implementation of its planned business operations. The Company
shall conduct new product research and development as funds allow. Management
possesses the experience to implement its business plan. No significant
equipment purchases are planned over the next twelve months.

<PAGE>

The Company currently has 1,290,000 options outstanding at exercise prices
ranging from $.001 per share to $.10 per share, with 25,000 options exerciseable
at fifty percent of market price. In April, 2002, the Company increased its
authorized shares to 1,000,000,000 of which 980,000,000 are common, par value
$.0001 and 20,000,000 are preferred shares, $.001 par value. There are no
preferred shares currently issued and outstanding. Also in April, 2002, the
Company registered 40,000,000 shares of its common stock to be issued to
consultants.

RESULTS OF OPERATIONS

For the three months ended March 31, 2002, the Company had revenues of $24,540
with a gross profit of $19,685. The Company's expenses during this period were
$231,243, resulting in a net loss for the quarter of ($211,558). For the three
months ended March 31, 2001, the Company had revenues of $751 with a gross
profit of $635 and expenses of $381,220 for a net loss for the quarter of
($380,585). The net loss per share for the three month periods ended March 31,
2002 and 2001 was ($.00) and ($.02), respectively. The Company's general and
administrative expenses for the three months ended March 31, 2002 were
approximately $72,000 compared to general and administrative expenses of
approximately $81,000 for the three months ended March 31, 2001.

For the six months ended March 31, 2002, the Company had revenues of $25,040
with a gross profit of $20,064. The Company's expenses during this period were
$3,138,154, resulting in a net loss for the six month period of ($3,118,090).
For the six months ended March 31, 2001, the Company had revenues of $951, with
a gross profit of $603 and expenses of $544,756, resulting in a net loss of
($544,153). The difference between the two periods is primarily due to the
research, development and consulting fees of approximately $2,900,000 the
Company incurred in the prior quarter. The net loss per share for the six month
periods ended March 31, 2002 and 2001 was ($.06) and ($.03), respectively.

The Company has two customers which account for the majority of its sales and
has one producer and one packager for its products.

The Company's assets at March 31, 2002 were approximately $403,000 compared to
assets of approximately $595,000 at September 30, 2001. The Company's current
assets at March 31, 2002 were approximately $82,000 and consisted primarily of
prepaid expenses of approximately $45,000 and accounts receivable of
approximately $30,000. The Company's other assets at March 31, 2002 consisted
primarily of its product rights to BITEM and DISIFIN totaling approximately
$320,000. The Company's current assets at September 30, 2001 were approximately
$269,000 and consisted primarily of prepaid expenses totaling approximately
$248,000 and accounts receivable of approximately $13,500. The Company's other
assets at September 30, 2001 were its product rights in BITEM and DISIFIN
totaling of $325,000.

The Company's current liabilities at March 31, 2002 were approximately $560,000
compared to current liabilities of approximately $657,000 at September 30, 2001.
The current liabilities of the Company at March 31, 2002 consist of account
payables to related entities of approximately $205,000, trade payables of
approximately $150,000, product rights payable of $125,000, and accrued
liabilities of approximately $82,000. Its current liabilities at September 30,
2001 consisted of accounts payable of approximately $210,000 to related
entities, trade accounts payable of $183,000, products rights payable of
$125,000, loans payable of $117,075, and accrued liabilities of approximately
$21,000.

Total shareholders' equity (deficit) increased from a deficit of ($61,175) at
September 30, 2001 to total shareholders' (deficit) of approximately ($157,757)
at March 31, 2002.

LIQUIDITY

ThermoElastic currently has no material commitments for capital expenditures
except for its obligations with respect to BITEM and DISIFIN. As of March 31,
2002, the Company still

<PAGE>

owes $75,000 in product rights payable with regard to BITEM.

The Company will use the proceeds from raising capital or borrowing money to pay
its expenses and to further its business plan. The Company expects to use any
proceeds received from the exercise of the Series A and B Warrants to expand
operations. However, there can be no assurances that the warrants will be
exercised or that the Company's sales will meet its growth expectations. Should
either of these fail to occur, the Company may elect to (i) reduce the planned
expansion of operations or (ii) pursue other financing alternatives such as a
rights offering, warrant exercise or borrowings. The Company's planned growth
and profitability could be delayed or diminished if the two options listed above
are not implemented. The Series A and B Warrants were due to expire on December
31, 2001 but the Company has extended the expiration date up to and including
December 31, 2002. The A Warrants are exerciseable at $2.00 per share and the B
Warrants are exerciseable at $3.00 per share. The total A and B Warrants
currently outstanding are 666,400 and 666,400, respectively.

Over the next two years, the Company's liquidity is dependent on increased
revenues from operations, additional infusions of capital and debt financing.
The Company believes that additional capital and debt financing in the next
twelve months will allow the Company to commence its marketing and sales efforts
and thereafter result in revenue and greater liquidity in the long term.
However, there can be no assurances that the Company will be able to obtain
additional equity or debt financing in the future, if at all.

PART II - OTHER INFORMATION

Items 1, 2, 3, 4 and 5. Not applicable.

Item No. 6 B Exhibits and Reports on Form 8-K

(a) No reports on Form 8-K were filed during the quarter ended March 31, 2002.

(b) Exhibits

99 Financial Statements for the periods ended March 31, 2002 and 2001

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.

May 17, 2002
                                        THERMOELASTIC TECHNOLOGIES, INC

                                        By: /s/      Kenneth B. Liebscher
                                        Kenneth B. Liebscher, President and CFO