<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-QSB

(Mark one)

x        Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities
Exchange Act of 1934
--

For the Quarter Period Ended August 31, 2001
                             ---------------

__       Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the transition period from _______ to _______.

Commission File No. 0-26189
                    -------

                        ALLERGY IMMUNO TECHNOLOGIES, INC.
--------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)


Delaware                                                     95-3937129
--------------------------------------------------------------------------------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)


1531 Monrovia Avenue, Newport Beach, California               92663
--------------------------------------------------------------------------------
(Address of principal executive offices)                      (Zip Code)


Registrant's telephone number including area code:  (949) 645-3703
--------------------------------------------------------------------------------


(Not applicable)
--------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report.)


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 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.

                                      Yes     X         No
                                          ---------         --------

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: 17,170,390 shares of Common
Stock as of October 12, 2001.

<PAGE>

                        ALLERGY IMMUNO TECHNOLOGIES, INC.

                                      INDEX

PART I  FINANCIAL INFORMATION

ITEM 1.       Financial Statements:


Statements of Operations - Three Months
Ended August 31, 2001 and 2000.................................................2


Balance Sheet - August 31, 2001............................................3 & 4


Statements of Cash Flows
Three Months Ended August 31, 2001 and 2000....................................5


Statement of Changes in Shareholders' Deficit -
Three Months Ended August 31, 2001.............................................6


Notes to Financial Statements................................................7-9


Management's Discussion and Analysis of Financial Condition
and Selected Financial Data.................................................9-10


PART II.      Other Information...............................................11


Signatures  ..................................................................12

<PAGE>

                         PART I - FINANCIAL INFORMATION
                        SUMMARIZED FINANCIAL INFORMATION

                        ALLERGY IMMUNO TECHNOLOGIES, INC.
                      STATEMENTS OF OPERATIONS (UNAUDITED)


                                                        Three Months Ended
                                                    August 31,       August 31,
                                                        2001           2000
                                                  -------------    -------------
Net sales                                         $     15,514     $     33,054

Cost of sales                                           19,494           23,065
                                                  -------------    -------------
Gross (loss) profit                                     (3,980)           9,989

Operating Expenses:
Selling, general and administrative                     17,993           25,165
                                                  -------------    -------------
Total operating expenses                                17,993           25,165

Operating Loss                                         (21,973)         (15,176)
                                                  -------------    -------------

Loss before taxes                                      (21,973)         (15,176)

Income Taxes                                                 0                0
                                                  -------------    -------------

NET LOSS                                               (21,973)         (15,176)
                                                  =============    =============

Per share data:
Net loss per share, basic and diluted             $       (.00)    $       (.00)
                                                  =============    =============

Weighted average number of common and Common
equivalent shares outstanding                       17,170,390       17,170,390
                                                  =============    =============

        The accompanying notes are an integral part of these statements.

                                       2
<PAGE>

                        ALLERGY IMMUNO TECHNOLOGIES, INC.

                            BALANCE SHEET (UNAUDITED)



                                                                      August 31,
                                                                         2001
                                                                      ----------
Assets

Current Assets
  Cash                                                                 $  3,117
  Accounts receivable, less allowance for doubtful accounts               6,499
  Inventory                                                               2,880
  Prepaid expenses and other current assets                               3,700
                                                                       ---------

Total Current Assets                                                     16,196

Fixed assets, net of accumulated depreciation                               320

Patents, net of accumulated amortization                                 10,724
                                                                       ---------

Total assets                                                           $ 27,240
                                                                       =========


        The accompanying notes are an integral part of these statements.

                                       3
<PAGE>

                        ALLERGY IMMUNO TECHNOLOGIES, INC.

                      BALANCE SHEET, CONTINUED (UNAUDITED)

                                                                     August 31,
                                                                        2001
                                                                    ------------

Liabilities and Shareholders' Deficit

Current Liabilities


Accounts payable and accrued expenses                               $    17,677
Due to affiliate                                                        303,652
                                                                    ------------

Total Current Liabilities                                               321,329


Shareholders' Equity

Common stock, $.001 par value authorized 50,000,000 shares,              17,170
 issued and outstanding 17,170,390
Additional paid-in-capital                                            1,777,388
Accumulated deficit                                                  (2,088,647)
                                                                    ------------

Total Shareholders' Deficit                                            (294,089)
                                                                    ------------

Total Liabilities and Deficit                                       $    27,240
                                                                    ============


The accompanying notes are an integral part of these statements.

                                       4
<PAGE>

                        ALLERGY IMMUNO TECHNOLOGIES, INC.

                      STATEMENTS OF CASH FLOWS (UNAUDITED)


                                                          Three Months Ended
                                                        August 31,    August 31,
                                                           2001         2000
                                                        ---------     ---------
Cash flows from operating activities:

Net loss                                                ($21,973)     ($15,176)

Adjustments to reconcile net loss to net cash used in
 operating activities:
   Depreciation and amortization                              47           387
   Changes in current assets and liabilities:
    Accounts Receivable                                      975        (4,775)
    Inventory                                                889          (438)
    Prepaid expenses and other current assets                (47)        1,726
    Accounts payable and other accrued expenses            5,944        10,956
                                                        ---------     ---------

Net cash used in operating activities                    (14,165)       (7,320)
                                                        ---------     ---------


Cash flows provided by financing activities:
   Advances from affiliate                                 7,827        13,649
                                                        ---------     ---------
   Net cash provided by financing activities               7,827        13,649
                                                        ---------     ---------

Net change in cash                                        (6,338)        6,329
                                                        ---------     ---------

Cash at beginning of year                                  9,455         2,603
                                                        ---------     ---------

Cash at end of quarter                                  $  3,117      $  8,932
                                                        =========     =========

The accompanying notes are an integral part of these statements.

                                       5
<PAGE>
<TABLE>

                                  ALLERGY IMMUNO TECHNOLOGIES, INC.

                      STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT (UNAUDITED)

                             FOR THE THREE MONTHS ENDED AUGUST 31, 2001
<CAPTION>



                             Common Stock
                     -----------------------------     Additional       Accumu-
                     Number of                         Paid-In          lated
                     Shares           Amount           Capital          Deficit           Total
                     ------------     ------------     ------------     ------------      ------------
<S>                   <C>             <C>              <C>              <C>               <C>
Balances at
May 31, 2001          17,170,390      $    17,170      $ 1,777,388      $(2,066,674)      $  (272,116)


Net loss                       -                -                -          (21,973)          (21,973)
                     ------------     ------------     ------------     ------------      ------------

Balances at
August 31, 2001       17,170,390      $    17,170      $ 1,777,388      $(2,088,647)      $  (294,089)
                     ============     ============     ============     ============      ============

</TABLE>


The accompanying notes are an integral part of these statements.

                                       6
<PAGE>

                          NOTES TO FINANCIAL STATEMENTS

August 31, 2001

(1)    Reference is made to Note 1 of the Notes to Financial Statements
       contained in the Company's Annual Report on Form 10-KSB for the fiscal
       year ended May 31, 2001, for a summary of significant accounting policies
       utilized by the Company.

(2)    The accompanying condensed consolidated balance sheet at August 31, 2001,
       and the condensed consolidated statements of operations and cash flows
       for the three months ended August, 31, 2001 and 2000, are unaudited and
       have been prepared by the Company pursuant to the rules and regulations
       of the Securities and Exchange Commission. Certain information and
       footnote disclosures normally included in financial statements prepared
       in accordance with generally accepted accounting principles have been
       condensed or omitted pursuant to such rules and regulations, although the
       Company believes that the disclosures included herein are adequate to
       make the information presented not misleading.

(3)    Results of operations for the interim periods covered by this Report may
       not necessarily be indicative of results of operations for the full
       fiscal year.

(4)    Earnings Per Share
       ------------------

       In February 1997, the Financial Accounting Standards Board ("FASB")
       issued Statement of Financial Accounting Standards (SFAS) No. 128,
       EARNINGS PER SHARE ("EPS"). SFAS No. 128 requires dual presentation of
       basic EPS and diluted EPS on the face of all income statements issued
       after December 15, 1997 for all entities with complex capital structures.
       Basic EPS is computed as net income divided by the weighted average
       number of common shares outstanding for the period. Diluted EPS reflects
       the potential dilution that could occur from common shares issuable
       through stock options, warrants and other convertible securities.

       The following table illustrates the required disclosure of the
       reconciliation of the numerators and denominators of the basic and
       diluted EPS computations:

                                       7
<PAGE>
<TABLE>
<CAPTION>
                                                            For the Three Months Ended August 31, 2001
                                              ---------------------------------------------------------------------
                                              Income                    Shares                 Per Share
                                              (Numerator)               (Denominator)          Amount
                                              ----------------------    -------------------    --------------------
<S>                                                <C>                      <C>                       <C>
Basic EPS -
Loss available to common
Shareholders                                       $(21,973)                17,170,390                $(.00)
                                                                                               ====================

Effect of dilutive securities - Options                     -                        -
                                              ----------------------    -------------------

Diluted EPS -
Loss available to common share-
holders plus assumed conversions                   $(21,973)                17,170,390                $(.00)
                                              ======================    ===================    ====================


                                                            For the Three Months Ended August 31, 2000
                                              ---------------------------------------------------------------------
                                              Income                    Shares                 Per Share
                                              (Numerator)               (Denominator)          Amount
                                              ----------------------    -------------------    --------------------

Basic EPS -
Loss available to common
Shareholders                                       $(15,176)               17,170,390                ($.00)
                                                                                               ====================

Effect of dilutive securities - Options                    -                        -
                                              ----------------------    -------------------

Diluted EPS -
Loss available to common share-
holders plus assumed conversions                   $(15,176)               17,170,390                ($.00)
                                              ======================    ===================    ====================
</TABLE>

(5) The accompanying financial statements have been prepared assuming the
Company will continue as a going concern. During the year ended May 31, 2001
("Fiscal 2000"), the Company experienced a net loss of $62,654 and during the
three months ended August 31, 2001, a loss of $21,973 (unaudited) and had
negative cash flows from operations of $42,809 and $14,165 for the fiscal year
and three months, respectively. In addition, the Company had substantial working
capital and shareholders' deficits at August 31, 2001. These factors, among
others, raise substantial doubt about the Company's ability to continue as a
going concern. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.

There can be no assurances that the Company will be able to successfully
implement its plans, including generating profitable operations, generating
positive cash flows from operations and obtaining additional debt and equity
capital to meet present and future working capital demands.

                                       8
<PAGE>

(6) In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities". The statement will require recognition of
all derivatives as either assets or liabilities on the balance sheet at fair
value. The statement is effective for the company's fiscal year 2002, as
deferred by SFAS No. 137, but early adoption is permitted. Management has
completed an evaluation of the effects of this statement and does not believe
that it will have a material effect on the company's financial statements.

In December 1999, the Securities and Exchange Commission issued Staff Accounting
Bulletin ("SAB") No. 101, "Revenue Recognition in Financial Statements." The
effective date of the bulletin was delayed according to SAB No. 101A and SAB No.
101B and will be effective for the company's fourth quarter of fiscal year 2001.
Management has completed an evaluation of the effects of this bulletin and does
not believe that it will have a materials effect on the Company's financial
statements.

In March 2000, the Financial Accounting Standards Board ("FASB") issued
Interpretation No. 44 ("FIN 44"), "Accounting for Certain Transactions involving
Stock Compensation." The adoption of this Interpretation did not have a material
impact on the consolidated results of operations or financial position of the
Company.

In July 2001, the Financial Accounting Standards Board ("FASB") issued Statement
of Financial Accounting Standards No. 141 ("SFAS 141"), "Business Combinations",
which eliminates the pooling method of accounting for business combinations
initiated after June 30, 2001. In addition, SFAS 141 addresses the accounting
for intangible assets and goodwill acquired in a business combination. This
portion of SFAS 141 is effective for business combinations completed after June
30, 2001. The Company does not expect SFAS 141 will have a materials impact on
the Company's financial position or results of operations.

In July 2001, the FASB issued Statement of Financial Accounting Standards No.
142 ("SFAS 142"), "Goodwill And Intangible Assets", which revises the accounting
for purchased goodwill and intangible assets. Under SFAS 142, goodwill and
intangible assets with indefinite lives will no longer be amortized and will be
tested for impairment annually. SFAS 142 is effective for fiscal years beginning
after December 15, 2001, with Earlier adoption permitted. The Company does not
expect that SFAS 142 will have a material impact on the Company's financial
position or results of operations as a result of the future adoption of SFAS
142.


                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND SELECTED FINANCIAL DATA


THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES A "SAFE HARBOR"
FOR FORWARD-LOOKING STATEMENTS. CERTAIN INFORMATION CONTAINED HEREIN (AS WELL AS
INFORMATION INCLUDED IN ORAL STATEMENTS OR OTHER WRITTEN STATEMENTS MADE OR TO
BE MADE BY ALLERGY IMMUNO TECHNOLOGIES) CONTAINS STATEMENTS THAT ARE
FORWARD-LOOKING, SUCH AS STATEMENTS RELATING TO ANTICIPATED FUTURE REVENUES OF
THE COMPANY AND SUCCESS OR CURRENT PRODUCT OFFERINGS. SUCH FORWARD-LOOKING
INFORMATION INVOLVES IMPORTANT RISKS AND UNCERTAINTIES THAT COULD SIGNIFICANTLY
AFFECT ANTICIPATED RESULTS IN THE FUTURE, AND ACCORDINGLY, SUCH RESULTS MAY
DIFFER MATERIALLY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS MADE BY
OR ON BEHALF OF ALLERGY IMMUNO TECHNOLOGIES. THE POTENTIAL RISKS AND
UNCERTAINTIES INCLUDE, AMONG OTHERS, THE CONTINUED DEMAND FOR THE COMPANY'S
SERVICES, COMPETITIVE AND ECONOMIC FACTORS OF THE MARKETPLACE, HEALTH CARE
REGULATIONS AND THE STATE OF THE ECONOMY. READERS ARE CAUTIONED NOT TO PLACE
UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE
DATE HEREOF, AND THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THESE
FORWARD-LOOKING STATEMENTS.

                                       9
<PAGE>

                              RESULTS OF OPERATIONS

Net sales for Allergy Immuno Technologies (AIT) were $15,514 for the three
months ended August 31, 2001, as compared to $33,054 for the same period in the
previous year. This represents a decrease of $17,540, or 53.1%. The decrease was
a result of additional testing services provided to a company doing a research
project in the last fiscal year. Cost of sales for the quarter ended August 31,
2001 decreased from $23,065 to $19,494, or $3,571 (15.5%). Cost of sales as a
percentage of sales increased from 69.8% to 125.7% for the three months ended
August 31, 2001 due to lower sales in relation to fixed costs.

Selling, general and administrative costs for the three months ended August 31,
2001 decreased from $25,165 in fiscal 2000 to $17,993 in fiscal 2001. This
represents a decrease of $7,172 (28.5%) as a result of lower legal and
accounting fees.

                         LIQUIDITY AND CAPITAL RESOURCES

As of August 31, 2001, the Company had a cash balance of $3,117 as compared to a
$9,455 cash balance as of May 31, 2001. Its current working capital deficit is
$305,133 as compared to a deficit of $283,207 as of May 31, 2001.

The Company has been experiencing losses and has had to rely on borrowings from
Biomerica, Inc., which owns approximately 74.6% of the outstanding stock of AIT.
Management believes that losses will continue during this fiscal year. Biomerica
will not be able to fund operations as in the past. As of August 31, 2001 the
Company owed Biomerica $303,652. Biomerica is not charging the Company interest
on the advances and has not determined any date of repayment. In the past
Biomerica has taken the Company's stock as repayment for cash advanced. However,
there can be no assurance that Biomerica will accept the Company's stock as
payment in the future.

                                  GOING CONCERN

The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. During the year ended May 31, 2001 ("Fiscal
2001") and for the three months ended August 31, 2001, the Company experienced a
net loss of $62,654 and $21,973, respectively and had negative cash flows from
operations of $42,809 and $14,165 for Fiscal 2001 and the three months ended
August 31, 2001, respectively. In addition, the Company had substantial working
capital and shareholders' deficits at August 31, 2001. These factors, among
others, raise substantial doubt about the Company's ability to continue as a
going concern. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.


There can be no assurances that the Company will be able to successfully
implement its plans, including generating profitable operations, generating
positive cash flows from operations and obtaining additional debt and equity
capital to meet present and future working capital demands.

     WE MAY FACE INTERRUPTION OF PRODUCTION AND SERVICES DUE TO INCREASED
SECURITIES MEASURES IN RESPONSE TO TERRORISM:

Our business depends on the free flow of products and services through the
channels of commerce. Recently, in response to terrorists' activities and
threats aimed at the United States, transportation, mail, financial and other
services have been slowed or stopped altogether. Further delays or stoppages in
transportation, mail, financial or other services could have a material adverse
effect on our business, results of operations and financial condition.
Furthermore, we may experience an increase in operating costs, such as costs for
transportation, insurance and security as a result of the activities and
potential activities. We may also experience delays in receiving payments from
payers that have been affected by the terrorist activities and potential
activities. The U.S. economy in general is being adversely affected by the
terrorist activities and potential activities and any economic downturn could
adversely impact our results of operations, impair our ability to raise capital
or otherwise adversely affect our ability to grow our business.

                                       10
<PAGE>


                           PART II. OTHER INFORMATION


Item 1.        LEGAL PROCEEDINGS.  Inapplicable.

Item 2.        CHANGES IN SECURITIES.  Inapplicable.

Item 3.        DEFAULTS UPON SENIOR SECURITIES.  Inapplicable.

Item 4.        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Inapplicable

Item 5.        OTHER INFORMATION.  Inapplicable.

Item 6.        EXHIBITS AND REPORTS ON FORM 8-K.  None.

                                       11
<PAGE>


                                   SIGNATURES




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

Date:  October 15, 2001




                                               ALLERGY IMMUNO TECHNOLOGIES, INC.


                                                        By: /S/ Zackary S. Irani
                                                            --------------------
                                                                  Zackary Irani,
                                              President, Chief Executive Officer

                                       12