U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 FORM 10-QSB A/1

(Mark One)
[X]      QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND
         EXCHANGE ACT OF 1934
                  For the quarterly period ended November 30, 2000

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

                   Commission file number    0-30276
                                         ----------------

                   ADIRONDACK PURE SPRINGS MT. WATER CO., INC.
                   -------------------------------------------
              (Exact Name of Small Business Issuer in its Charter)

               NEW YORK                                11-3377469
     ----------------------------                   ----------------
     (State or other jurisdiction                   (I.R.S. Employer
     incorporated or organization)                 Identification No.)

                 125 Michael Drive, Suite 101, Syosset, NY 11791
                 -----------------------------------------------
                    (Address of principal executive offices)

                                 (516) 921-7288
                                 --------------
                           (Issuer's Telephone Number)

              ----------------------------------------------------
              (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 [ ] No [ ]

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

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

                      APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: 15,881,000

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

                                  Page 1 of 17
<PAGE>

                   ADIRONDACK PURE SPRINGS MT. WATER CO., INC.
                                   FORM 10-QSB
                                      INDEX


                                                                        Page No.
Part I - Financial Information

         Item 1 - Financial Statements (unaudited)

                  Balance Sheets - November 30, 2000 and November 30,
                     1999 (Unaudited)                                         3

                  Statements of Operations - Three Months ended
                     November 30, 2000 and 1999 and period March 7,
                     1997 (inception) to November 30, 2000                  4-5

                  Statements of Cash Flows - Three Months ended
                     November 30, 2000 and 1999 and period March 7,
                     1997 (inception) to November 30, 2000                    6

                  Notes to Financial Statements                            7-13

         Item 2 - Management's Discussion and Analysis of Financial
         Condition and Results of Operations                              14-15

Part II - Other Information

         Item 1 - Legal Proceedings                                          16

         Item 2 - Changes in Securities and Use of Proceeds                  16

         Item 4 - Submission of Matters to a Vote of Security Holders        16

         Item 5 - Other Information                                          16

         Item 6 - Exhibits and Reports on Form 8-K                           16

         Signatures                                                          17

                                  Page 2 of 17
<PAGE>
<TABLE>
<CAPTION>

                                                           ADIRONDACK PURE SPRINGS MT. WATER CO., INC.

                                                                         (A Development Stage Company)

                                                                                        BALANCE SHEETS
                                                                                           (Unaudited)

                                                                                          November 30,

======================================================================================================
                                                                                  2000          1999
------------------------------------------------------------------------------------------------------
<S>                                                                           <C>           <C>
ASSETS

Current Assets
     Cash                                                                     $    5,893    $    4,384
     Accounts Receivable - Trade                                                  57,206        31,132
     Deferred Offering Costs                                                       2,450         2,450
     Inventory                                                                    31,716        24,034
------------------------------------------------------------------------------------------------------
Total Current Assets                                                              97,265        62,000
------------------------------------------------------------------------------------------------------

Property and Equipment
     Site Development                                                             85,027        77,466
     Office Equipment, Displays                                                   15,324         7,824
     Trademark                                                                    21,165             0
     Accumulated Depreciation, Amortization                                      (15,841)       (5,903)
------------------------------------------------------------------------------------------------------
Total Property and Equipment                                                     105,675        79,387
------------------------------------------------------------------------------------------------------

Other Asset
     Deposits                                                                          0        13,507
     Security Deposits                                                            24,712        24,712
------------------------------------------------------------------------------------------------------

TOTAL ASSETS                                                                  $  227,652    $  179,606
======================================================================================================

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current Liabilities
     Debentures Payable                                                       $   36,450    $        0
     Accounts Payable                                                            169,865       147,694
     Accrued Salary                                                              284,647       150,333
     Loan Payable                                                                127,887        81,467
     Payroll Tax Payable                                                          16,478        32,376
------------------------------------------------------------------------------------------------------
Total Current Liabilities                                                        645,227       411,870
------------------------------------------------------------------------------------------------------

Stockholders' Equity
     Common Stock - Authorized 40,000,000 Shares $.01 Par Value;
      15,931,000 and 13,881,000 Issued and Outstanding                            35,720        35,220
     Preferred Stock - Series A, Authorized, 1,000,000 at $.01 Par
      Value; 20,000 Shares Issued                                                    200           200
     Paid-in Capital                                                             524,723       424,683
     Deficit Accumulated During Development Stage                               (978,218)     (692,367)
------------------------------------------------------------------------------------------------------
Total Stockholders' Equity (Deficit)                                            (417,575)     (232,264)
------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                    $  227,652    $  179,606
======================================================================================================
</TABLE>

                                  Page 3 of 17
<PAGE>
<TABLE>
<CAPTION>

                                                     ADIRONDACK PURE SPRINGS MT. WATER CO., INC.

                                                                   (A Development Stage Company)

                                              STATEMENTS OF OPERATIONS AND (DEFICIT) ACCUMULATED
                                                                        DURING DEVELOPMENT STAGE
                                                                                     (Unaudited)

                                                                                  For the Period

================================================================================================
                                                                                      March 7,
                                                        September      September       1997
                                                        1, 2000 to     1, 1999 to  (inception) to
                                                        November       November      November
                                                        30, 2000       30, 1999      30, 2000
------------------------------------------------------------------------------------------------
<S>                                                    <C>            <C>            <C>
REVENUES
     Sales                                             $  32,328      $  10,197      $  116,784

COST OF SALES                                            (18,310)        20,065        (184,608)
------------------------------------------------------------------------------------------------

GROSS PROFIT (LOSS)                                      (14,018)        (9,868)        (67,824)
------------------------------------------------------------------------------------------------

EXPENSES
     Officer's Salary                                     25,000         31,000         358,333
     Promotion                                             2,390              0           7,740
     Consulting, Professional Fees                        39,727         24,000         240,754
     Commission                                                0            900               0
     Utilities, Telephone                                  4,151              0          24,930
     Office Rent, Expenses                                19,899         15,769         152,959
     Taxes                                                     0          1,836          11,440
     Insurance                                                 0              0           9,356
     Travel, Auto Expense                                  4,343          1,532          32,998
     Equipment Rental                                          0              0           8,399
     Supplies, Miscellaneous                               1,288              0          41,615
     Depreciation, Amortization                            1,584         (2,191)          5,118
------------------------------------------------------------------------------------------------

TOTAL EXPENSES                                            98,382         72,846         893,642
------------------------------------------------------------------------------------------------

OTHER INCOME (EXPENSES)
     Rent Income                                          10,200         12,250          60,247
     Startup Costs                                             0        (75,000)        (75,000)
     Stock Placement Fees                                      0              0          (1,999)
------------------------------------------------------------------------------------------------

TOTAL OTHER INCOME (EXPENSES)                             10,200        (62,750)        (16,752)
------------------------------------------------------------------------------------------------

NET (LOSS)                                               (74,164)      (145,464)       (978,218)
------------------------------------------------------------------------------------------------
</TABLE>

                                  Page 4 of 17
<PAGE>
<TABLE>
<CAPTION>

                                                     ADIRONDACK PURE SPRINGS MT. WATER CO., INC.

                                                                   (A Development Stage Company)

                                              STATEMENTS OF OPERATIONS AND (DEFICIT) ACCUMULATED
                                                            DURING DEVELOPMENT STAGE (Continued)
                                                                                    (Unaudited))

                                                                                  For the Period

================================================================================================
                                                                                      March 7,
                                                        September      September       1997
                                                        1, 2000 to     1, 1999 to  (inception) to
                                                        November       November      November
                                                        30, 2000       30, 1999      30, 2000
------------------------------------------------------------------------------------------------
<S>                                                    <C>            <C>            <C>

DEFICIT ACCUMULATED DURING
 DEVELOPMENT STAGE - Begin                             $  (904,054)   $  (596,903)   $         0
------------------------------------------------------------------------------------------------

DEFICIT ACCUMULATED DURING
 DEVELOPMENT STAGE - End                               $  (978,218)   $  (692,367)   $  (978,218)
================================================================================================

(LOSS) PER SHARE - Basic                               $      (.00)   $      (.00)   $      (.06)

(LOSS) PER SHARE - Diluted                             $      (.00)   $      (.00)   $      (.06)
================================================================================================

SHARES USED IN PER SHARE
 CALCULATION - Basic                                    15,931,000     15,881,000     15,931,000
SHARES USED IN PER SHARE
 CALCULATION - Diluted                                  15,981,000     15,981,000     15,981,000
================================================================================================
</TABLE>

                                  Page 5 of 17
<PAGE>
<TABLE>
<CAPTION>

                                                     ADIRONDACK PURE SPRINGS MT. WATER CO., INC.

                                                                   (A Development Stage Company)

                                                                         STATEMENT OF CASH FLOWS
                                                                                     (Unaudited)

                                                                                  For the Period

================================================================================================
                                                                                      March 7,
                                                        September      September       1997
                                                        1, 2000 to     1, 1999 to  (inception) to
                                                        November       November      November
                                                        30, 2000       30, 1999      30, 2000
------------------------------------------------------------------------------------------------
<S>                                                     <C>           <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES
     Net Loss                                           $  (74,164)   $  (61,830)   $ (978,218)
     Adjustments to Reconcile Net Income to Net Cash
      Provided by Operating Activities:
       Depreciation and Amortization                         3,045           561        15,841
       (Increase) Decrease in Accounts Receivable          (31,604)            0       (57,206)
       (Increase) Decrease in Inventory                          0       (24,034)      (31,716)
       Increase (Decrease) in Accrued Expense               24,999             0       284,647
       (Increase) Decrease in Deferred Offering Costs            0        (2,450)       (2,450)
       Increase in Accounts Payable                         21,949        62,030       169,865
       Increase in Payroll Tax Payable                      16,478         9,670        16,478
------------------------------------------------------------------------------------------------
NET CASH (USED) PROVIDED BY OPERATING
 ACTIVITIES                                                (39,297)      (16,053)     (582,759)
------------------------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES
     Site Development                                            0             0       (85,027)
     Purchase of Equipment                                       0             0       (15,324)
     Increase in Security Deposits                               0             0       (24,712)
     Payments for Trademark Acquisition                          0             0       (21,165)
------------------------------------------------------------------------------------------------
NET CASH (USED) BY INVESTING ACTIVITIES                          0             0      (146,228)
------------------------------------------------------------------------------------------------

CASH FLOWS FROM BY FINANCING
 ACTIVITIES
     Issuance of Debentures                                      0             0        46,350
     Issuance of Preferred Stock                                 0             0       200,233
     Increase in Loan Payable                               27,950         1,500       127,887
     Sale of Common Stock                                        0             0       360,410
------------------------------------------------------------------------------------------------
NET CASH PROVIDED BY FINANCING
 ACTIVITIES                                                 27,950         1,500       734,880
------------------------------------------------------------------------------------------------

NET (DECREASE) INCREASE IN CASH                            (11,347)      (14,553)        5,893

CASH - Beginning                                            17,240        18,937             0
------------------------------------------------------------------------------------------------

CASH - Ending                                           $    5,893    $    4,384    $    5,893
================================================================================================
Supplemental Disclosures:
     Conversion of Loan Payable to Preferred Stock      $        0    $        0    $  200,233
     Stock Placement Fees                               $        0    $        0           499
     Stock Issued for Professional Fees                 $        0    $        0    $   75,000
================================================================================================
</TABLE>

                                  Page 6 of 17
<PAGE>

                                     ADIRONDACK PURE SPRINGS MT. WATER CO., INC.

                                                   (A Development Stage Company)

                                                   NOTES TO FINANCIAL STATEMENTS
                                                                     (Unaudited)

                                                               November 30, 2000
================================================================================

NOTE 1 - ORGANIZATION

         Adirondack Pure Springs Mt. Water Co., Inc. (the Company) is a New York
         corporation established March, 1997. It was formed to extract,
         distribute and contract private label mountain water from a stream and
         spring fed reservoir in both bulk and bottled forms in the northeastern
         United States. The Company plans to bottle its drinking water at the
         source near the Village of Lake George, New York. The Company has an
         exclusive ground and water lease with the Incorporated Village of Lake
         George, which provides exclusive rights to four water sources, as well
         as five acres of property to build a 50,000 square foot bottling plant.
         The Company's primary water source flows into a protected, natural
         mountain and spring reservoir at a minimum rate of 560,000 gallons per
         day of high quality, natural and mountain spring water. This reservoir
         is located 2,700 feet up a mountain from the proposed bottling plant
         site.


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         Property and Equipment - Property and equipment are recorded at cost
         when acquired. Improvements that significantly add to the productive
         capacity or extend the useful life of the related asset are
         capitalized. Site development costs will be amortized over the lesser
         of the life of the lease or asset. Office equipment will be depreciated
         over the estimated useful lives of the assets ranging from 3 to 7
         years. When property or equipment is sold or otherwise disposed of, the
         related cost and accumulated depreciation or amortization are removed
         from the accounts and any gain or loss is included in income.
         Maintenance and repairs are charged to expense in the period incurred.

         Use of Estimates - The preparation of financial statements in
         conformity with generally accepted accounting principles 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 revenue and expenses during the reporting period.
         Actual results could differ from those estimates.

         Income Taxes - The Company accounts for income taxes according to the
         liability method. Under this method, deferred tax assets and
         liabilities are determined based on differences between financial
         reporting and income tax bases of assets and liabilities and are
         measured using enacted tax rates and laws that are in effect.

         Method of Accounting - The Company prepares its financial statements on
         the accrual method of accounting, recognizing income when earned and
         expenses when incurred. Income is considered earned when products are
         shipped, at which time customers are billed and revenue is recognized.

                                  Page 7 of 17
<PAGE>

                                     ADIRONDACK PURE SPRINGS MT. WATER CO., INC.

                                                   (A Development Stage Company)

                                                   NOTES TO FINANCIAL STATEMENTS
                                                                     (Unaudited)

                                                               November 30, 2000
================================================================================

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

         Accounts Receivable - Management considers all accounts receivable to
         be collectible. Therefore, no allowance for bad debts has been included
         in the statements.

         Impairment of Long-Lived Assets - Long-lived assets (i.e., property ,
         plant and equipment) held and used by the Company are reviewed for
         impairment whenever events or changes in circumstances indicate that
         the net book value of the asset may not be recoverable. An impairment
         loss will be recognized if the sum of the expected future cash flows
         (undiscounted and before interest) from the use of the asset is less
         than the net book value of the asset. Generally, the amount of the
         impairment loss is measured as the difference between the net book
         value of the assets and the estimated fair value of the related asset.

         Earnings per Share - Effective for the year ended February 28, 1998,
         the Company adopted Statement of Financial Standards No. 128, Earnings
         Per Share ("FAS 128"). FAS 128 replaces prior earnings per share
         ("EPS") reporting requirements and requires the dual presentation of
         basic and diluted EPS. Basic EPS excludes dilution and is computed by
         dividing net income by the weighted average number of shares
         outstanding for the period. Diluted EPS reflects the potential dilution
         that could occur if securities or other contracts to issue common stock
         were exercised or converted into common stock.

         Inventory - The Company reports inventory at the lower of cost or
         market value using the first-in, first-out method. Inventory consists
         of bottles and packaging materials. Inventory is decreased based on the
         number of units bottled per customer orders.

         Incentive Stock Options - The Company adopted its stock incentive plan
         on July 1, 1998. The Plan enables the company to grant incentive stock
         options, nonqualified options and stock appreciation rights for up to
         1.5 million shares of the Company's common stock. All options must
         conform to federal income tax regulations and have an exercise price of
         not less than the fair value of shares at the date of the grant (110%
         of fair value for ten percent or more shareholders). Fair value is
         determined on the option issue date using the market value of the stock
         on an established exchange or the Black-Scholes model if the stock is
         not listed on an exchange at the time options are issued. Options are
         issued by a committee established by the board of directors based on
         eligibility and must be exercised within terms specified on the grant
         date.

         For financial statement purposes, compensation expense would be
         recorded only if the options were issued below fair value. As of the
         date of these financial statements, no options had been issued under
         the stock incentive plan. Outside of the stock incentive plan, in
         conjunction with the offering of the Company's stock referenced in Note
         5, the Company issued options as compensation to legal counsel for
         100,000 shares of common stock at $0.20 per share. This value was
         agreed upon between counsel and management. See also Note 11.

                                  Page 8 of 17
<PAGE>

                                     ADIRONDACK PURE SPRINGS MT. WATER CO., INC.

                                                   (A Development Stage Company)

                                                   NOTES TO FINANCIAL STATEMENTS
                                                                     (Unaudited)

                                                               November 30, 2000
================================================================================

NOTE 3 - INVESTMENT - TRADEMARK

         On April 17, 2000 the Company completed it's acquisition of the Max 02
         trademark from Creative Beverages of Canada, Inc. The cost of $21,165
         is to be amortized over a period of ten years, its estimated useful
         life. Amortization since acquisition to November 30, 2000 was $1,352.
         Amortization for the quarter ending November 30, 2000 included $444 of
         previously unrecorded amortization.


NOTE 4 - LOAN PAYABLE

         At February 28, 1998, the Company had been advanced funds from a
         related party. These amounts were non-interest bearing. During the
         subsequent fiscal year $200,233 of such loans were converted into
         preferred stock (see also Note 6). The balance represents additional
         advances during the current three-month fiscal year and are
         non-interest bearing.


NOTE 5 - INCOME TAXES

         No provision for income taxes is required as the Company has incurred
         losses during its development stage. These losses are available to
         offset taxable years in the future. The losses will be available until
         2017 and 2018, respectively.


NOTE 6 - COMMON STOCK

         The Company's Certificate of Incorporation provided for 200 shares of
         common stock, no par value. On August 5, 1998, the shareholders amended
         the Certificate of Incorporation. The Company is now authorized for
         40,000,000 shares of common stock, $.01 par value. Consequently, the
         initial shareholders were given a 133,590 for one stock split.

         Also, during 1998, the Company entered into an offering of 2,000,000
         shares of common stock at an offering price of $.50 per share. Under
         this offering 522,000 shares were issued.

         During February 2000, the Company sold 50,000 units consisting of 1
         share of common stock with 1 warrant at $2.00 per unit. The warrants
         allow the holder to obtain additional shares at $3.00 per share.


NOTE 7 - PREFERRED STOCK

         In August, 1998, the Company amended its Certificate of Incorporation
         to authorize the issuance of 1,000,000 shares of undesignated preferred
         stock with a $.01 par value. The Board of

                                  Page 9 of 17
<PAGE>

                                     ADIRONDACK PURE SPRINGS MT. WATER CO., INC.

                                                   (A Development Stage Company)

                                                   NOTES TO FINANCIAL STATEMENTS
                                                                     (Unaudited)

                                                               November 30, 2000
================================================================================

NOTE 7 - PREFERRED STOCK (Continued)

         Directors is authorized to issue preferred stock in one or more series
         with varying designations, preferences or other special rights. The
         Board has issued 20,000 shares of Series A redeemable preferred stock,
         par value $.01 per share. Series A redeemable preferred stock shall
         contain preferential liquidation rights in the amount of $200,233 but
         is not entitled to dividends or voting rights, except as to matters
         which may adversely affect the rights of the Series A redeemable
         preferred stock or as otherwise required by law. Redemption of this
         stock, at the Company's option, could start January 1, 2001 through
         payments of up to 20% of the Company's pre-tax profit.


NOTE 8 - COMMITMENTS, CONTINGENCIES

         Properties - The Company has an exclusive ground and water lease with
         the Incorporated Village of Lake George, which provides rights to four
         (4) pure water sources, as well as five (5) acres of property for
         construction of an up to a 50,000 square foot bottling plant. The lease
         term for the water source is for five (5) years expiring May 2002 with
         two five (5) year renewal options. If the plant is constructed, the
         lease term extends to 2029. At the termination of the lease, all
         improvements become the property of the Village. Initial base rent for
         water $.001 per gallon with a minimum $30,000 commencing in the second
         year of the lease.

         The Company has entered into a five-year lease for office space. The
         lease term is from October 1, 1998 through September 30, 2003.

         Minimum annual rentals for the year ending:

                  November 30, 2001                  $  88,810
                  November 30, 2002                     88,810
                  November 30, 2003                     79,008
                  November 30, 2004                     30,000
                                                     ---------
                                                     $ 286,628
                                                     =========

         The Company has entered into a verbal employment agreement with David
         Sackler, its President and Chief Executive Officer, for a term of five
         years at a salary of $100,000 per year.

                                 Page 10 of 17
<PAGE>

                                     ADIRONDACK PURE SPRINGS MT. WATER CO., INC.

                                                   (A Development Stage Company)

                                                   NOTES TO FINANCIAL STATEMENTS
                                                                     (Unaudited)

                                                               November 30, 2000
================================================================================

NOTE 8 - COMMITMENTS, CONTINGENCIES (Continued)

         The amount of compensation to Mr. Sackler recorded in these financial
         statements is as follows:

                                      September      September      March 7,
                                      1, 2000 to     1, 1999 to      1997
                                      November       November    (inception) to
                                      30, 2000       30, 1999     May 31, 2000
         ----------------------------------------------------------------------

         Compensation recorded        $25,000        $18,000         $333,333
         Compensation paid                  0              0           73,686
         Compensation deferred         25,000         18,000          259,648

         Mr. Sackler's deferred salary will be paid from operating revenues and
         not from the proceeds of any offering. Future commitments to Mr.
         Sackler under his employment agreement referenced above are as follows:

         For the Year ended:
         November 30, 2000 - February 28, 2001       $100,000
         December 1, 2001 - April 30, 2002             41,667
                                                     --------
                                                     $141,667
                                                     ========


NOTE 9 - RENTAL INCOME

         The Company has negotiated with a subtenant for a two-year sublease
         beginning August 1, 1999 with rent at $24,000 for Year 1 and $25,200
         for Year 2. There is a two-year renewal option.

NOTE 10- RELATED PARTY TRANSACTIONS

         The Company has entered into a consulting agreement with CES Consulting
         Co., Inc. (CES). The agreement is for five (5) years beginning December
         31, 1997 at an annual cost of $100,000 per year.

         The Company has entered into a business consulting agreement with
         Madison Venture Capital II, Inc. (Madison), of which two shareholders
         of the Company are principals. The agreement began on October 1, 1998.
         The agreement is for a period of 5 years at the rate of $2,000 per
         month. Services specified in the agreement have not been performed;
         therefore, the parties have agreed that no fees are due to Madison
         until such time as the parties agree that services will commence and
         payments will accrue.

                                 Page 11 of 17
<PAGE>

                                     ADIRONDACK PURE SPRINGS MT. WATER CO., INC.

                                                   (A Development Stage Company)

                                                   NOTES TO FINANCIAL STATEMENTS
                                                                     (Unaudited)

                                                               November 30, 2000
================================================================================

NOTE 11- DEVELOPMENT BOND

         The Company has been approved for a bond offering loan of four million
         six hundred and twenty-five thousand dollars ($4,625,000) by the
         Counties of Warren and Washington Industrial Development Agency for the
         purpose of constructing an up to 50,000 square foot bottling plant. The
         Company has until July 31, 2000 to begin the bond offering (see also
         Note 11).

         In June, 2000, the Company decided not to pursue the extension of the
         IDA bond offering for several reasons including:

         a)       The potential for construction permit approval delays from the
                  Adirondack Park Agency (APA) regarding building size. In
                  March, 2000, the Company became aware of APA's authority
                  regarding the construction of buildings exceeding 10,000
                  square feet. APA approval for the larger structures was rarely
                  received. The Company determined that building several smaller
                  structures was not feasible due to the property size.

         b)       The bond agreement required hiring of full-time employees.
                  This number of full-time employees is not necessary for the
                  operations anticipated by the Company and based on the allowed
                  building size.

         The Company reserves the right to resubmit for an IDA bond for a site
         facility. The Company presently intends to pursue other, less costly,
         forms of funding for construction for a 10,000 square foot bottling
         facility.


NOTE 12- SUBSEQUENT EVENTS

         The Company has filed for two trademarks:

         1)  for the name HYDRO-LITE. The product is a spring water based,
             electrolyte enhanced, flavored sports water.
         2)  for the name ADAMS ALE which is water contained in a beer shaped
             bottle. This will be marketed to beverage distributors.

         The Company's products are the official waters of the International
         Federation of Bodybuilders (IFBB) and the 2000 Ms Olympia; 2000 Fitness
         Olympia and the Olympia Weekend 2000.

                                 Page 12 of 17
<PAGE>

                                     ADIRONDACK PURE SPRINGS MT. WATER CO., INC.

                                                   (A Development Stage Company)

                                                   NOTES TO FINANCIAL STATEMENTS
                                                                     (Unaudited)

                                                               November 30, 2000
================================================================================

NOTE 12- SUBSEQUENT EVENTS (Continued)

         Marketing - The Company is negotiating with Leisure Concepts, Inc. for
         two license agreements for supplying bottled water for World
         Championship Wrestling and Pokemon. The fee arrangement has not been
         completed, but management feels that the fee will be 12%.

         Consulting Agreement - The Company has signed a consulting agreement
         with American Equity Financing, Inc. a New York corporation. The
         Company hereby engages and retains Consultant, and Consultant hereby
         agrees to render services and advice to the Company for a two (2) year
         period commencing December 18, 2000 and ending December 17, 2002. The
         Company shall compensate the Consultant as follows: (I) The payment of
         annual fee $132,000.00 or one initial payment of 660,000 shares of free
         trading common stocks. (ii) The Consultant shall pay all
         "out-of-pocket" expenses in connection with the services rendered and
         shall not be entitled to reimbursement from the Company.


NOTE 13- STOCK OPTIONS

         Stock options issued by the Company as described in Note 2 were issued
         on November 15, 1997 and expire on November 15, 2002. For the quarters
         ended November 30 2000 and 1999, the status of these options was as
         follows:
<TABLE>
<CAPTION>

                                                      2000                            1999
                                          ----------------------------    ----------------------------
                                          Number of   Option Price per    Number of   Option Price per
                                           Shares          Share           Shares          Share
         ---------------------------------------------------------------------------------------------
<S>                                        <C>             <C>             <C>             <C>
         Options outstanding at
          beginning of period              100,000         $0.20           100,000         $0.20
         Options granted during the
          period                                 0                               0
         Options outstanding and
          exercisable at end of period     100,000         $0.20           100,000         $0.20
</TABLE>

         None of the options granted by the company were exercised, forfeited or
         expired during the quarters ended November 30, 2000 and 1999.

                                 Page 13 of 17
<PAGE>

Item 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS

         The following discussion and analysis should be read in conjunction
         with the financial statements and accompanying notes appearing
         elsewhere herein.

         The accompanying financial statements have been prepared in conformity
         with the accounting principles stated in the audited financial
         statements for the year ended February 29, 2000 and reflect all
         adjustments which are, in the opinion of management, necessary for a
         fair statement of the financial position as of November 30, 2000, and
         the results of operations for the periods presented. The operating
         results for the interim periods are not necessarily indicative of
         results for the full fiscal year.

         FORWARD LOOKING STATEMENTS

         When used in this Form 10QSB and in future filings by Adirondack Pure
         Springs Mt. Water Co., Inc. (Adirondack) with the Securities and
         Exchange Commission, the words or phrases "will likely result,"
         "management expects," or we expect," "will continue," is anticipated,"
         "estimated," or we expect"," "will continue," "is anticipated,"
         "estimated," or similar expression or use of the future tense, are
         intended to identify forward looking statements within the meaning of
         the Private Securities Litigation Reform Act of 1995. Readers are
         cautioned not to place undue reliance on any such forward-looking
         statements, each of which speak only as of the date made. These
         statements are subject to risks and uncertainties, some of which are
         described below and others are described in other parts of this Form
         10QSB. Actual results may differ materially from historical earnings
         and those presently anticipated or projected. We have no obligation to
         publicly release the result of any revisions that may be made to any
         forward-looking statements to reflect anticipated events or
         circumstances occurring after the date of such statements.

         MARKETING

         Adirondack sponsors the largest professional bodybuilding show on the
         East Coast, The Night of The Champions Bodybuilding Contest, in New
         York City. AvivA Springs is official water of the event.

         Adirondack furthers its relationship with the health and fitness
         industry as Max02 and AvivA Springs are named the Official Waters of
         the International Federation of Bodybuilders Pro Division (I.F.B.B.),
         Ms. Olympia, Fitness Olympia, Ms. Olympia, and Olympia Weekend 2000.
         Adirondack's Max02 and AvivA Spring will hold the same designation in
         2001.

         Adirondack's AvivA Springs is named the Official Bottled Water of The
         Hamptons Music Festival, a three-week classical music festival in East
         Hampton.

         Adirondack is named the exclusive private labeled bottled water
         supplier to Tree of Life/ Gourmet Awards Distributing, the largest
         natural and health foods distributor in the United States. Tree of
         Life's Blue Mountain Spring Water will have its distribution expanded
         into all of its distribution centers throughout the United States in
         2001.

         AGREEMENT WITH GENERAL NUTRITION CENTERS

         Adirondack agrees with General Nutrition Centers that Max02 will be
         carried in all 4,400 GNC stores throughout the United States.
         Distribution is to begin at the end of the first quarter 2001 for the
         Northeast region, followed by the Southern and Western regions. A joint
         promotion between Adirondack, GNC and the I.F.B.B. will begin in the
         first quarter of 2001 for a 10-month sweepstakes for trips to the most
         prestigious Bodybuilding and fitness events in the United States, the
         Night of the Champions and the Olympia contests.

                                 Page 14 of 17
<PAGE>

         NEW PRODUCT

         Adirondack begins negotiations with Phoenix Laboratories, owners of the
         national chain of vitamin stores, Great Earth Vitamin Stores, and the
         sports nutrition company, Bodyonics/Pinnacle. A joint venture for the
         development, production and distribution of AquaLean, a value added
         bottled water that is an anti-oxidant and thermogenic beverage is
         formed with product introduction expected at the end of the first
         quarter of 2001, and national rollout in the 2nd quarter of 2001.

         RESULTS OF OPERATIONS

         As the Company is in its development stage, there is no relevant
         comparison with operations for the three months ended November 30 as
         compared to the same period in 1999.

         General and administrative expenses consist primarily of office rent
         and expenses and accrued officer's salary. The office rent costs are
         partially offset by $10,200 in sublease rental income.

         LIQUIDITY AND CAPTIAL RESOURCES

         The Company's operations have been financed principally by loans from
         shareholder and deferring payment of the officer's salary. As of
         November 30, 2000, the Company's working capital is $(547,962).

         Net cash used by operations for the three months ended November 30,
         2000 was primarily due to the accrued officer's salary. Net cash from
         financing activities was due to additional funds loaned by management.

         The Company believes that its short-term liquidity need will continue
         to be met through funds invested by management. These funds come from
         funds put into the Company met the deferral of salary accrued to
         management. Long-term liquidity is anticipated to be met through a
         stock offering. The Company is currently in discussions with
         underwriters towards the goal of a stock offering.

         Management is also in discussion with private investor groups to obtain
         working capital funds. There can be no assurance that either the stock
         offering or private funds will be accomplished.

                                 Page 15 of 17
<PAGE>

                           Part II - Other Information


Item 1 - Legal Proceedings

         The Company is not currently involved in any legal proceedings to the
         best of management's knowledge.

Item 2 - Changes in Securities and Use of Proceeds

         There are none.

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

         None

Item 5 - Other Information

         In June, 2000, the Company decided not to pursue the extension of the
         IDA bond offering for several reasons including:

         c)       The potential for construction permit approval delays from the
                  Adirondack Park Agency (APA) regarding building size. In
                  March, 2000, the Company became aware of APA's authority
                  regarding the construction of buildings exceeding 10,000
                  square feet. APA approval for the larger structures was rarely
                  received. The Company determined that building several smaller
                  structures was not feasible due to the property size.

         d)       The bond agreement required hiring of full-time employees.
                  This number of full-time employees is not necessary for the
                  operations anticipated by the Company and based on the allowed
                  building size.

         The Company reserves the right to resubmit for an IDA bond for a site
         facility. The Company presently intends to pursue other, less costly,
         forms of funding for construction for a 10,000 square foot bottling
         facility.

         The Company, in June, 2000, signed a sales representative agreement
         with JRF Sports and Leisure Marketing, as well as Blackstone
         International, to represent the sale of its products to retailers in
         the sport and health and fitness markets. Under the terms of the
         agreement, the sales representatives work on commission basis. As such,
         they will each receive 5% of paid net sales. The Company has filed for
         trademark for the name HYDRO-LYTE. The product is a spring water based,
         electrolyte enhanced, flavored sports water.

         The Company's products are the official waters of the International
         Federation of Bodybuilders (IFBB) and the 2000 Ms Olympia; 2000 Mr.
         Olympia; 2000 Fitness Olympia and the Olympia Weekend 2000.

Item 6 - Exhibits and Reports on Form 8-K

         a)       Exhibits - None
         b)       Reports on Form 8-K - No reports on Form 8-K were filed during
                  the quarter

                                 Page 16 of 17
<PAGE>

         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.


July 23, 2001                            /s/ DAVID SACKLER
                                         -----------------------------------
                                         PRESIDENT & CHIEF EXECUTIVE OFFICER


                                 Page 17 of 17