]


                   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 quarterly period 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. 0-49671


                             BEAR LAKE RECREATION, INC.
                 (Name of Small Business Issuer in its Charter)


               NEVADA                              87-0620495
   (State or Other Jurisdiction of             (I.R.S. Employer I.D. No.)
    incorporation or organization)


                                66 EXCHANGE PLACE
                            Salt Lake City, UT 84111
                    (Address of Principal Executive Offices)

                    Issuer's Telephone Number: (801) 961-7333

                              None; Not Applicable
         (Former name or Former Address, if changed since last Report)


     Indicate  by check mark  whether the  Registrant  (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the  Securities  Exchange Act of
1934  during  the  preceding  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.

(1)  Yes X  No              (2)  Yes  X   No
        ----    ----                 ----      ----

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

None; not Applicable.

     (APPLICABLE  ONLY  TO  CORPORATE  ISSUERS)

     Indicate  the  number of  shares  outstanding  of each of the  Registrant's
classes of common stock, as of the latest practicable date:

                                   MAY 1, 2002
                               Common Voting Stock
                                   1,374,200


                       DOCUMENTS INCORPORATED BY REFERENCE

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

PART I - FINANCIAL INFORMATION

Item 1.Financial Statements.

     The Financial  Statements of the Registrant  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,  the
Financial Statements fairly present the financial condition of the Registrant.

<PAGE>
<TABLE>
<CAPTION>
                           BEAR LAKE RECREATION, INC.
                         (A Development Stage Company)
                            CONDENSED BALANCE SHEETS
                                  (UNAUDITED)



                                                                                                March 31,   June 30,
                                                                                                   2002       2001
                                                                                                 -------    -------
                                   ASSETS
<S>                                                                                           <C>         <C>
Current Assets
Cash ......................................................................................... $     569   $     55
Inventory ....................................................................................     5,941     11,981
Loan to stockholder ..........................................................................      --        4,900
                                                                                                 -------    -------
Total Current Assets .........................................................................     6,510     16,936
                                                                                                 -------    -------

Total Assets ................................................................................. $   6,510   $ 16,936
                                                                                                 =======    =======


                    LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
Short term loan .............................................................................. $   2,000   $   --
                                                                                                 -------    -------
Total Current Liabilities ....................................................................     2,000       --
                                                                                                 -------    -------

Stockholders' Equity
Common stock, $0.001 par value; 50,000,000
  shares authorized; 1,374,200 and 1,374,200 shares
  issued and outstanding, respectively .......................................................     1,374      1,374
Additional paid-in capital ...................................................................    79,704     79,704
Deficit accumulated during the development stage .............................................   (76,568)   (64,142)
                                                                                                 -------    -------
Total Stockholders' Equity ...................................................................     4,510     16,936
                                                                                                 -------    -------

Total Liabilities and Stockholders' Equity ................................................... $   6,510   $ 16,936
                                                                                                 =======    =======
</TABLE>

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

<PAGE>
<TABLE>
<CAPTION>
                           BEAR LAKE RECREATION, INC.
                          (A Development Stage Company)
                       CONDENSED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)



                                                                                                    Cumulative
                                                                                                for the Period
                                                                                                   October 22,
                                                                                                          1998
                                                                                                      (Date of
                                                                                                     Inception
                                            For the Three Months         For the Nine Months           Through
                                               Ended March 31,              Ended March 31,          March 31,
                                            2002            2001         2002             2001            2002
                                       ------------    -----------    -----------    -----------  ------------

<S>                                    <C>             <C>           <C>           <C>            <C>
Sales ..........................       $       --      $      658    $       200   $        831   $     1,346

Cost of Sales ..................            5,941              --          6,040            213         6,611
                                        -----------    -----------    -----------    -----------   -----------

Gross Profit ...................           (5,941)            658         (5,840)           618        (5,265)
                                        -----------    -----------    -----------    -----------   -----------

Operating Expenses
General and administrative .....              508           9,954          6,586         30,826        58,870
Depreciation and amortization ..               --              --             --             --         3,367
                                        -----------    -----------    -----------    -----------   -----------

Total Operating Expenses .......              508           9,954          6,586         30,826        62,237
                                        -----------    -----------    -----------    -----------   -----------

Loss from Operations ...........           (6,449)         (9,296)       (12,426)       (30,208)      (67,502)

Nonoperating Expenses
Loss on sale of assets .........          --                   --             --         (9,066)       (9,066)

Net Nonoperating Expenses ......          --                   --             --         (9,066)       (9,066)
                                        -----------    -----------    -----------    -----------   -----------

Net Loss .......................      $    (6,449)  $      (9,296)  $    (12,426)  $    (39,274) $    (76,568)
                                        ===========    ===========    ===========    ===========   ===========

Basic and Diluted Loss Per Share      $     (0.00)  $       (0.01)  $      (0.01)  $      (0.03)
                                        ===========    ===========    ===========   ===========

Weighted Average Shares
Outstanding ....................         1,374,200       1,374,200      1,374,200     1,349,369
                                        ===========    ===========    ===========   ===========

</TABLE>
 The  accompanying  notes are an integral part of these condensed  financial
statements.
<PAGE>
<TABLE>
<CAPTION>
                           BEAR LAKE RECREATION, INC.
                          (A Development Stage Company)
                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

                                                                                                       Cumulative
                                                                                                   for the Period
                                                                                                 October 22, 1998
                                                               For the Nine Months                       (Date of
                                                                                                       Inception)
                                                                 Ended March 31,                          Through
                                                     ---------------------------------------
                                                                   2002                 2001       March 31, 2002
                                                     ------------------   ------------------  -------------------

<S>                                                    <C>                <C>                 <C>
Cash Flows From Operating Activities
  Net Loss                                              $      (12,426)   $     (39,274       $     (76,568)
  Adjustments to reconcile net loss to
   net cash used by operating activities:
     Depreciation and amortization                                   -                -               3,367
     Loss on disposal of equipment                                   -            9,066               9,066
     Write off of related party receivable                           -            1,000               1,000
     Inventory valuation adjustment                              5,941                -               5,941
  Changes in current assets and liabilities:
     Inventory                                                      99          (12,531)            (11,882)
                                                     ------------------   ------------------  -------------------

        Net Cash Used by Operating
        Activities                                              (6,386)         (41,739)            (69,076)
                                                     ------------------   ------------------  -------------------

Cash Flows From Investing Activities
  Purchase of property and equipment                                -                 -             (12,433)
                                                     ------------------   ------------------  -------------------

        Net Cash Used by Investing
        Activities                                                  -                 -             (12,433)
                                                     ------------------   ------------------  -------------------

Cash Flows From Financing Activities
  Stock offering costs                                              -                 -              (6,072)
  Related-party receivable                                       4,900           (6,000)             (1,000)
  Proceeds from loans from stockholders                          2,000                -               2,000
  Proceeds from issuance of
   common stock                                                     -            41,150              87,150
                                                     ------------------   ------------------  -------------------

        Net Cash Provided by Financing
        Activities                                               6,900           35,150              82,078
                                                     ------------------   ------------------  -------------------

Net Increase (Decrease) in Cash                                    514           (6,589)                569

Cash at Beginning of Period                                         55            6,900                  -
                                                     ------------------   ------------------  -------------------

Cash at End of Period                                 $            569     $        311                 569
                                                     ==================   ==================  ===================

</TABLE>
 The  accompanying  notes are an integral part of these condensed  financial
statements.
<PAGE>
                       BEAR LAKE RECREATION, INC. COMPANY
                              (A Development Stage)
                          NOTES TO FINANCIAL STATEMENTS





NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

     The  Company  was  incorporated  under  the laws of the  State of Nevada on
October 22, 1998, to engage in any lawful purpose.

     The Company was seeking to rent out snowmobiles  and  all-terrain  vehicles
(ATV's).  The Company had also planned on organizing  snowmobile rental packages
which would have  included  lodging at a Beach  Resort at Bear Lake,  Utah.  The
Company has abandoned the snowmobile and ATV plans.

     On June 27,  2000,  the  Company  entered  into a licenses  agreement  with
Alcorp,  a Utah limited  liability  company,  to purchase rights to manufacture,
use,  market,  and sell the Net Caddy,  a backpack  style bag used to  transport
fishing gear.  The agreement  calls for an initial  $5,000 payment for royalties
and a 75  percent of the  earnings  before  interest,  taxes,  depreciation  and
amortization from the sale of the product. The $5,000 expense was paid on August
4, 2000. As of June 30, 2001 and 2000 and March 31, 2002, no additional  royalty
expense was recorded.

     Development Stage Enterprise - Since inception,  the Company has spend most
of its  efforts  in  developing  and  marketing  the  snowmobile  and ATV rental
business. Currently, the Company is marketing the Net Caddy; however, it has not
yet had sales  sufficient to sustain  operations  and has relied upon  financing
from shareholders and occasional  issuance of its common stock.  Therefore,  the
Company is considered to be in the development stage.

     Estimates - The  preparation  of financial  statements in  conformity  with
accounting   principles   generally  accepted  in  the  United  States  requires
management  to make  estimates  and  assumptions  that affect  certain  reported
amounts and  disclosures.  Accordingly,  actual  results could differ from those
estimates.

     Interim  Financial  Statements  -  The  accompanying   condensed  financial
statements  are  unaudited.   In  the  opinion  of  management,   all  necessary
adjustments (which include only normal recurring  adjustments) have been made to
present fairly the financial position,  results of operations and cash flows for
the periods presented.  The financial  statements have been condensed and do not
contain all of the significant  accounting policies and disclosures  required by
generally accepted accounting principles. Accordingly, these condensed financial
statements  should be read in conjunction with the annual  financial  statements
included in the annual report on Form 10-SB dated June 30, 2001.  The results of
operations  for the  nine  months  ended  March  31,  2002  are not  necessarily
indicative of the  operating  results which will occur for the entire year ended
June 30, 2002

     Business Condition - The Company's financial  statements are prepared using
accounting  principles  generally  accepted in the United States applicable to a
going concern which  contemplate  the  realization of assets and  liquidation of
liabilities  in the normal course of business.  The Company has not  established
revenues  sufficient to cover its operating  costs and allow it to continue as a
going  concern.   The  Company  will  be  expanding  its  marketing  efforts  in
association with the  manufacturing,  marketing and selling of the Net Caddy. In
the interim,  management  is committed to covering all operating and other costs
until sufficient revenues are generated.

NOTE 2 - RELATED PARTY TRANSACTIONS

     During the year ended June 30, 2000,  the Company  advanced  its  president
funds. At June 30, 2000, balance showing was $1,000.  During the year ended June
30, 2001, the president left the Company and new management felt that the amount
due would be  uncollectible  and  accordingly  wrote the balance off to bad debt
expense.

     During the nine months  ended March 31, 2002 and year ended June 30,  2001,
the Company and the new president engaged in loans to one another.  At March 31,
2002 and June 30,  2001,  the net  amount of these  loans was  $2,000 due to the
President and $4,900 due to the Company,  respectively. The amount is unsecured,
non-interest bearing and due upon demand.

<PAGE>

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

Plan of Operations.

     The Company  plans to continue  providing  fulfillment  of web based sales,
placed through the Company's website,  until such time as accumulated  inventory
has been  significantly  reduced.  Currently,  all  sales are  derived  from the
internet.  The Company's  inventory of the NetCaddy is approximately  470 units,
which  are  being  stored  by Mr.  Alcorn at no  expense  to the  Company.  Once
inventory  has been reduced,  the Company may consider  other product lines that
may have greater market appeal.  Management believes that the NetCaddy remains a
viable product but additional products may be easier for the Company to bring to
market.  No products are currently being  considered.  In addition,  the Company
hopes to expand its  operations  by acquiring,  joint  venturing or merging with
other retail product  providers,  not necessarily  within the same industry,  in
exchange  for the  issuance of shares of its common  stock.  The Company has not
entered into any  agreements in this regard,  and there is no assurance that the
Company will be successful in entering into a transaction with any such entity.

     During the next 12 months,  management  does not plan to spend any funds in
advertising  expenses.  Other than  maintaining the website,  the only method of
advertising being considered by management is to post the NetCaddy on an auction
service such as E-bay or similar  service.  To date, no action has been taken to
engage an auction type service. See the heading Liquidity of this caption.

     The foregoing contains forward-looking  statements and information,  all of
which is modified by reference to the caption Risk Factors in the Company's Form
10SB, see the exhibit index.

Plan of Operation.

     The  Company's  plan of operation  for the next 12 months is to continue to
seek  potential  buyers to reduce the  current  levels of  inventory  along with
considering  new products and the possible  acquisition  of assets,  property or
business that may benefit the Company and its stockholders.  Because the Company
has  virtually no  resources,  management  anticipates  that to achieve any such
acquisition, the Company will be required to issue shares of its common stock as
the sole consideration for such venture.

     Management does not believe that further  inventory of the NetCaddy will be
purchased  unless sales volume is substantial  increased.  With the exception of
fulfilling customer orders derived from the Company's website;  over the next 12
months,  the Company's only  foreseeable  cash  requirements  will relate to the
payment of expenses  associated  with reviewing or  investigating  any potential
product development or business venture,  which may be advanced by management or
principal  stockholders  as loans to the  Company.  Because  the Company has not
identified  any such venture it is  impossible to predict the amount of any such
loan.  However,  any such loan will not exceed  $25,000  and will be on terms no
less favorable to the Company than would be available  from a commercial  lender
in an arm's length  transaction.  The Company has not actively begun to seek any
such  venture.  No advance or loan from any  affiliate  will be  required  to be
repaid as a condition to any agreement with future acquisition partners.

Results of Operations.

     At inception,  the Company  issued  1,000,000  unregistered  and restricted
shares of its common stock to Steven Moulton in consideration  of $1,000.  On or
about March 4, 1999, the Company  conducted a public  offering  pursuant to Rule
504 of  Regulation D, for the sale of 45,000 shares of its one mill ($0.001) par
value common  stock at a price of $1.00 per share for gross  proceeds of $45,000
cash  consideration  for  the  issuance.  The  proceeds  of this  offering  were
exhausted in pursuit of the Company's initial operations of renting  snowmobiles
and  all-terrain  vehicles  (ATV's).  The Company had also planned on organizing
snowmobile  rental  packages  that would have  included  lodging at Ideal  Beach
Resort at Bear Lake, Utah. The Company abandoned the snowmobile and ATV plans.

     In July and August 2000, the Company completed an offering pursuant to Rule
506 of Regulation D, for the sale of 329,200 shares of its one mill ($0.001) par
value common stock at a price of $0.125 per share for gross  proceeds of $41,150
cash  consideration  for the  issuance.  The Company has  utilized the funds for
operations related to a licensing agreement,  as entered into, on June 27, 2000,
with  ALCORP,  an  Oregon  limited  liability  company,  to  purchase  rights to
manufacture,  use, market,  and sell the NetCaddy,  a backpack style bag used to
transport fishing gear. See the heading  Distribution Methods of the Products or
Services of the caption Description of Business.

     The Company  incurred  losses of  ($6,449)for  the three month period ended
March 31, 2002 and ($12,426) for the nine months ended March 31, 2002. Sales for
the same periods were 0 and $200, respectively.
<PAGE>

Liquidity.

     As of March 31, 2001,  the Company had cash on hand of $569.  The Company's
cash on hand will not be  sufficient  to  conduct  operations  greater  than the
sustainment  of the Company's  website.  Currently,  the Company has no plans to
raise additional  capital other than through loans from management.  The Company
has had only limited  operations and it can provide no assurance that it will be
successful in this regard.

PART II - OTHER INFORMATION

Item 1.Legal Proceedings.
------------------------

None; not applicable.

Item 2.Changes in Securities.
-----------------------------

None; not applicable.

Item 3.Defaults Upon Senior Securities.
---------------------------------------

None; not applicable.

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

     No matter was submitted to a vote of security holders of the Company during
the period covered by this Report. For additional  information see the Company's
Form 10SB  Registration  Statement  as filed with the  Securities  and  Exchange
Commission.

Item 5.Other Information.
-------------------------

None; not applicable.

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

(a)Exhibits.*

None; not applicable.

(b)Reports on Form 8-K.

None; not applicable.

(c) Documents Incorporated by Reference

     Form 10SB Registration  Statement as filed with the Securities and Exchange
Commission.

     *A summary of any Exhibit is modified in its  entirety by  reference to the
actual Exhibit.

     **These  documents  have been  previously  filed  with the  Securities  and
Exchange Commission and are incorporated herein by this reference.


<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.


                      BEAR LAKE RECREATION, INC.



Date: 5/20/02         /S/ FRANK GILLEN
                      Frank Gillen
                      President and Director