<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 November 30, 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 January 12, 2001.


<PAGE>


                        ALLERGY IMMUNO TECHNOLOGIES, INC.

                                      INDEX

                          PART I FINANCIAL INFORMATION


ITEM 1. Financial Statements:


         Statements of Operations (unaudited) - Six Months and Three Months
         Ended November 30, 2001 and 2000......................................2


         Balance Sheet (unaudited) - November 30, 2001.....................3 & 4


         Statements of Cash Flows (unaudited) Six Months Ended November
         30, 2001 and 2000.....................................................5


         Statement of Changes in Shareholders' Deficit (unaudited)
         - Six Months Ended November 30, 2001..................................6


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


         Management's Discussion and Analysis of Financial Condition and
         Selected Financial Data...........................................10-11


PART II. Other Information....................................................12


         Signatures...........................................................13


                                       1
<PAGE>
<TABLE>

                                                  PART I - FINANCIAL INFORMATION
                                                 SUMMARIZED FINANCIAL INFORMATION

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

<CAPTION>

                                                       Six Months Ended               Three Months Ended
                                                         November 30,                    November 30,
                                                   2001             2000           2001             2000
                                               -------------   -------------   -------------   -------------
<S>                                            <C>             <C>             <C>             <C>
Net sales..................................    $     28,771    $     54,912    $     13,257    $     21,858

     Cost of sales.........................          38,494          41,078          19,000          18,013
                                               -------------   -------------   -------------   -------------

     Gross (loss) profit...................          (9,723)         13,834          (5,743)          3,845
                                               -------------   -------------   -------------   -------------

Operating Expenses:
     Selling, general and administrative...          34,227          45,212          16,234          20,047
                                               -------------   -------------   -------------   -------------
Total operating expenses...................          34,227          45,212          16,234          20,047
                                               -------------   -------------   -------------   -------------

Operating Loss.............................         (43,950)        (31,378)        (21,977)        (16,202)

Other income:
     Other income, net.....................               4               0               4               0
                                               -------------   -------------   -------------   -------------


Loss before taxes..........................         (43,946)        (31,378)        (21,973)        (16,202)

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

NET LOSS...................................    $    (43,946)   $    (31,378)   $    (21,973)   $    (16,202)
                                               =============   =============   =============   =============

Per share data:
     Net loss..............................    $       (.00)   $       (.00)   $       (.00)   $       (.00)
                                               =============   =============   =============   =============

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


                            The accompanying notes are an integral part of these statements.
</TABLE>

                                                      2
<PAGE>

                        ALLERGY IMMUNO TECHNOLOGIES, INC.

                            BALANCE SHEET (UNAUDITED)



                                                                    November 30,
                                                                       2001
                                                                    ------------

Assets

Current Assets
    Cash ........................................................... $       528
    Accounts receivable, less allowance for doubtful accounts ......       7,843
    Inventory ......................................................       2,670
    Prepaid expenses and other current assets ......................       2,474
                                                                    ------------

          Total Current Assets .....................................      13,515



Fixed assets, net of accumulated depreciation ......................         296

Patents, net of accumulated amortization ...........................      10,679
                                                                    ------------

Total assets ....................................................... $    24,490
                                                                    ============







        The accompanying notes are an integral part of these statements

                                       3
<PAGE>

                        ALLERGY IMMUNO TECHNOLOGIES, INC.

                      BALANCE SHEET, CONTINUED (UNAUDITED)

                                                                   November 30,
                                                                       2001
                                                                   ------------

Liabilities and Shareholders' Deficit

Current Liabilities


     Accounts payable and accrued expenses .....................   $    29,036
     Due to affiliate ..........................................       311,516
                                                                   ------------

          Total Current Liabilities ............................       340,552


Shareholders' Equity

     Common stock, $.001 par value authorized 50,000,000 shares,
       Issued and outstanding 17,170,390 .......................        17,170
     Additional paid-in-capital ................................     1,777,388
     Accumulated deficit .......................................    (2,110,620)
                                                                   ------------

Total Shareholders' Deficit ....................................      (316,062)
                                                                   ------------

Total Liabilities and Shareholders' Deficit ....................   $    24,490
                                                                   ============


        The accompanying notes are an integral part of these statements.

                                       4
<PAGE>
<TABLE>

                        ALLERGY IMMUNO TECHNOLOGIES, INC.

                      STATEMENTS OF CASH FLOWS (UNAUDITED)

                   SIX MONTHS ENDED NOVEMBER 30, 2001 AND 2000
<CAPTION>

                                                            2001            2000
                                                        ------------   ------------
<S>                                                     <C>            <C>
Cash flows from operating activities:

Net loss ............................................   $   (43,946)   $   (31,378)

Adjustments to reconcile net loss to net cash used by
  operating activities:
     Depreciation and amortization ..................           116             60
     Changes in current assets and liabilities:
       Accounts Receivable ..........................          (369)           606
       Inventory ....................................         1,099           (848)
       Prepaid expenses and other current assets ....         1,179          1,447
       Accounts payable and other accrued liabilities        17,303          8,651
                                                        ------------   ------------

Net cash used by operating activities ...............       (24,618)       (21,462)
                                                        ------------   ------------



Cash flows provided by financing activities:
    Advances from affiliate .........................        15,691         22,935
                                                        ------------   ------------
Net cash provided by financing activities ...........        15,691         22,935
                                                        ------------   ------------

Net change in cash ..................................        (8,927)         1,473
                                                        ------------   ------------

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

Cash at end of quarter ..............................   $       528    $     4,076
                                                        ============   ============

        The accompanying notes are an integral part of these statements.
</TABLE>

                                       5
<PAGE>
<TABLE>

                        ALLERGY IMMUNO TECHNOLOGIES, INC.

            STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT (UNAUDITED)

                   FOR THE SIX MONTHS ENDED NOVEMBER 30, 2001

<CAPTION>


                              Common Stock
                      --------------------------  Additional
                        Number of                   Paid-In     Accumulated
                         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 ..........            --            --            --       (43,946)       (43,946)
                      ------------  ------------  ------------  ------------   ------------

Balances at
  November 30, 2001    17,170,390   $    17,170   $ 1,777,388   $(2,110,620)   $  (316,062)
                      ============  ============  ============  ============   ============






             The accompanying notes are an integral part of these statements.

                                       6
</TABLE>

<PAGE>

                          NOTES TO FINANCIAL STATEMENTS


November 30, 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 November 30,
       2001, and the condensed consolidated statements of operations and cash
       flows for the six months ended November 30, 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 Six Months Ended November 30, 2001
                                                   ---------------------------------------------------------------------
                                                           Income                  Shares                Per Share
                                                        (Numerator)            (Denominator)              Amount
                                                   ----------------------    -------------------    --------------------
<S>                                                    <C>                       <C>                       <C>
Basic EPS -
     Loss available to common
      Shareholders..............................       $(43,946)                 17,170,390                ($.00)
                                                                                                    ====================

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

Diluted EPS -
     Loss available to common share-
      Holders plus assumed conversions..........       $(43,946)                 17,170,390                $(.00)
                                                   ======================    ===================    ====================


                                                                For the Six Months Ended November 30, 2000
                                                   ---------------------------------------------------------------------
                                                          Income                  Shares                Per Share
                                                        (Numerator)            (Denominator)              Amount
                                                   ----------------------    -------------------    --------------------
Basic EPS -
     Loss available to common
      Shareholders..............................       $(31,378)                 17,170,390                ($.00)
                                                                                                    ====================

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

Diluted EPS -
     Loss available to common share-
      Holders plus assumed conversions..........       $(31,378)                 17,170,390                ($.00)
                                                   ======================    ===================    ====================


                                                                For the Three Months Ended November 30, 2001
                                                   ---------------------------------------------------------------------
                                                           Income                   Shares                Per Share
                                                         (Numerator)            (Denominator)              Amount
                                                   ----------------------    -------------------    --------------------
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 November 30, 2000
                                                   ---------------------------------------------------------------------
                                                           Income                   Shares                Per Share
                                                         (Numerator)            (Denominator)              Amount
                                                   ----------------------    -------------------    --------------------
Basic EPS -
     Loss available to common
      Shareholders..............................       $(16,202)                 17,170,390                ($.00)
                                                                                                    ====================

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

Diluted EPS -
     Loss available to common share-
      Holders plus assumed conversions..........       $(16,202)                 17,170,390                ($.00)
                                                   ======================    ===================    ====================
</TABLE>
                                       8
<PAGE>


(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 2001"), the Company experienced a net loss of $62,654 and during the
two quarters, a loss of $43,496 (unaudited), and had negative cash flows from
operations of $42,809 and $24,618 for the fiscal year and six months,
respectively. In addition, the Company had substantial working capital and
shareholders' deficits at November 30, 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.

(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 material 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 material 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.


                                       9
<PAGE>

                     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.

RESULTS OF OPERATIONS

     Net sales for Allergy Immuno Technologies were $28,771 for the six months
ended November 30, 2001 as compared to $54,912 for the same period in the
previous year. This represents a decrease of $26,141, or 47.6%. For the three
months then ended sales were $13,257 as compared to $21,858 in fiscal 2001. This
represents a decrease of $8,601 or 39.3%. Cost of sales for the six months
decreased from $41,078 to $38,494, or $2,584 (6.3%). Cost of sales for the
quarter ended November 30, 2001 increased to $19,000 compared to $18,013 for the
same quarter ended in the previous year. This represents an increase of $987, or
5.5%. Cost of sales as a percentage of sales increased from 74.8% to 133.8% for
the six months and from 82.4% to 143.3% for the quarter ended November 30, 2001
due to lower sales in relation to fixed costs.

    Selling, general and administrative costs for the six months ended November
30, decreased from $45,212 in fiscal 2001 to $34,227 in fiscal 2002. This
represents a decrease of $10,985 (24.3%). For the quarter then ended selling,
general and administrative costs decreased from $20,047 to $16,234, or $3,813
(19.0%).



                                       10
<PAGE>


LIQUIDITY AND CAPITAL RESOURCES

     As of November 30, 2001, the Company had a cash balance of $528 as compared
to a $4,076 balance in the previous year. Its current working capital deficit is
$327,037 as compared to a deficit of $299,290 for the previous year.

       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. As of November 30, 2001 the Company owed Biomerica $311,516.
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 or that it
will advance any further funds to AIT.

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"), the Company experienced a net loss of $62,654 and during the
two quarters, a loss of $43,496 (unaudited), and had negative cash flows from
operations of $42,809 and $24,618 for the fiscal year and six months,
respectively. In addition, the Company had substantial working capital and
shareholders' deficits at November 30, 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.



                                       11
<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.









                                       12
<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:  January 21, 2002




                                          ALLERGY IMMUNO TECHNOLOGIES, INC.


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







                                       13