UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549

                                 FORM 10-QSB

          [  ]           QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                   OF THE SECURITIES EXCHANGE ACT OF 1934

           [X]         TRANSITION REPORT PURSUANT TO SECTION 13 OR
                15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

   For the transition period form     August 1, 2002 to September 30, 2002

               Commission file number                000-26309


                            NATUROL HOLDINGS LTD.
                         (Formerly Coronado Explorations Ltd.)
           (Exact name of registrant as specified in its charter)

Delaware                                                          98-0200471
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                           Identification No.)

6265 Stevenson Way
Las Vegas, Nevada, USA                                                 89120
(Address of principal executive offices)                          (zip code)

                Issuer's Telephone Number:    (702) 450-1600

     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 ____

     The  number of shares of Common Stock, $0.001 par value, outstanding  on
October   31,   2002,  was  15,000,003  shares,  held  by  approximately   40
shareholders.  On November 1, 2002 Willow Holdings Limited returned 9,931,261
shares  of  common  stock  to  the  Company  for  cancellation,  which   upon
cancellation the Company will have 5,068,742 shares outstanding.

     Transitional Small Business Disclosure Format (check one):

                          Yes      X       No ____

<PAGE>

                            NATUROL HOLDINGS LTD.
                    (Formerly Coronado Explorations Ltd.)
                             SEPTEMBER 30, 2002
                                    INDEX

PART I - FINANCIAL INFORMATION                                      Page No.

Item 1.      Unaudited Financial Statements

             Condensed Balance Sheets                                      3

             Condensed Statement of Operations (Unaudited)                 4

             Condensed Statements of Cash Flows (Unaudited)                5

             Notes to Condensed Financial Statements                     6-7

Item 2.      Management's Discussion and Analysis of
               Financial Condition and Results of Operation                8

PART II - OTHER INFORMATION

Item 1.      Legal Proceedings                                            12

Item 2.      Changes in Securities                                        12

Item 3.      Defaults by the Company upon its Senior Securities           12

Item 4.      Submission of Matter to a Vote of Security Holders           12

Item 5.      Other Information                                            13

Item 6.      Exhibits and Reports on Form 8-K                             14

SIGNATURES                                                                15

CERTIFICATION OF PRESIDENT AND CHIEF FINANCIAL OFFICER                    16

<PAGE>
<TABLE>
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

                            NATUROL HOLDINGS LTD.
                    (Formerly Coronado Explorations Ltd.)
                        (A Development Stage Company)
                          CONDENSED BALANCE SHEETS

                                                    September     January 31,
                                                       30,           2002
                                                       2002
                                                   (Unaudited)
<S>                                             <C>             <C>
Assets
Current Assets:
  Cash                                          $          629  $      4,831
                                                     ---------     ---------
     Total current assets                                  629         4,831
                                                     ---------     ---------
Investment in and advances to Naturol Canada
Limited                                                    - -            31
                                                     ---------     ---------
                                                $          629  $      4,862
                                                     =========     =========
</TABLE>
<TABLE>

Liabilities and Shareholders' Deficit:
<S>                                             <C>             <C>
Current liabilities:
  Accounts payable                              $       74,294  $     62,038
  Note payable                                         112,657        26,565
  Due to Naturol Canada Limited                            - -            31
                                                     ---------     ---------
     Total current liabilities                         186,951        88,634
                                                     ---------     ---------
Investment in and advances to Naturol Canada
Limited                                                 76,602           - -
                                                     ---------     ---------
Shareholders' Deficit:
  Common stock 200,000,000 shares authorized
  par value $.001, 15,000,003 shares issued and
  outstanding at September 30, 2002 and January
31, 2002                                                15,000        15,000
  Paid-in-capital                                       62,250        90,650
  Subscriptions receivable                                 - -      (28,400)
  Deficit accumulated during the developmental
stage                                                (340,174)     (161,022)
                                                     ---------     ---------
     Total shareholders' deficit                     (262,924)      (83,772)
                                                     ---------     ---------
     Total liabilities and shareholders'
deficit                                         $          629  $      4,862
                                                     =========     =========
</TABLE>
                 See notes to condensed financial statements

<PAGE>
<TABLE>
                            NATUROL HOLDINGS LTD.
                    (Formerly Coronado Explorations Ltd.)
                        (A Development Stage Company)
               CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

                                                                     From
                                                                   Inception
                                                                   June 18,
                      Two Months Ended       Eight Months Ended     2001 to
                        September 30,          September 30,       September
                      2002        2001       2002          2001    30, 2002
<S>                <C>         <C>         <C>         <C>        <C>
Revenues           $      - -  $      - -  $      - -  $      - - $      - -
                   ----------  ----------  ----------  ---------- ----------
Expenses:
  Professional
fees                   30,931    (20,000)    (67,219)    (20,000)  (164,817)
  License fees            - -         - -         - -         - -   (50,000)
  Interest expense    (2,748)         - -     (6,092)         - -    (6,157)
  Equity in net
loss of affiliate    (20,031)         - -    (80,477)         - -   (80,477)
  Office expense        (851)         - -     (9,969)         - -   (23,328)
  Travel &
entertainment           5,062         - -    (15,395)         - -   (15,395)
                   ----------  ----------  ----------  ---------- ----------
   Total Expenses      12,363    (20,000)   (179,152)    (20,000)  (340,174)
                   ----------  ----------  ----------  ---------- ----------
Net Income (loss)  $   12,363  $ (20,000)  $(179,152)  $ (20,000) $(340,174)
                   ==========  ==========  ==========  ========== ==========
Net Income (loss)
per share basic
and diluted        $   (0.00)  $   (0.00)  $   (0.01)  $   (0.00) $   (0.02)
                   ==========  ==========  ==========  ========== ==========
Weighted average
shares outstanding 15,000,003   9,723,000  15,000,003   9,723,000 14,853,956
                   ==========  ==========  ==========  ========== ==========
</TABLE>
                 See notes to condensed financial statements

<PAGE>
<TABLE>
                            NATUROL HOLDINGS LTD.
                    (Formerly Coronado Explorations Ltd.)
                        (A Development Stage Company)
               CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                                                    From
                                                                  Inception
                                                                  June 18,
                                                                    2001
                                           Eight Months Ended        to
                                             September 30,        September
                                           2002          2001     30, 2002
<S>                                     <C>           <C>        <C>
Cash flows from operating activities:
  Net loss                              $ (179,152)   $ (20,000)  $ (340,174)
Changes in operating assets and
liabilities:
  Accounts payable                          12,256          - -       74,294
                                        -----------   ----------   ----------
  Cash used in operating activities      (166,896)     (20,000)    (265,880)
                                        -----------   ----------   ----------
Cash flows from financing activities:
  Increase in note payable                  86,093          - -       86,158
  Proceeds from the sale of common
stock                                          - -       73,750      103,750
                                        -----------   ----------   ----------
                                            86,093       73,750      189,907
                                        -----------   ----------   ----------
Cash flows from investing activities:
  Investment in and advances to
Naturol Canada Limited                      76,602          - -       76,602
                                        -----------   ----------   ----------
Increase in cash                           (4,202)       53,750          629

Cash beginning of period                     4,831          - -          - -
                                        -----------   ----------   ----------
Cash end of period                      $       629   $   53,750  $       629
                                        ===========   ==========  ===========
Supplemental disclosure of cash flow
information:
  Cash paid for interest                $       - -   $      - -  $       - -
                                        ===========   ==========  ===========
  Cash paid for income taxes                   - -          - -          - -
                                        ===========   ==========  ===========
Non-cash financing activities:
  Stock issued for subscription         $       - -   $      - -  $    28,400
receivable
                                        ===========   ==========  ===========
  Stock issued and note assumed in             - -          - -       52,765
reverse merger
                                        ===========   ==========  ===========
  Investment in affiliated company             - -          - -           31
                                        ===========   ==========  ===========
</TABLE>
                 See notes to condensed financial statements

<PAGE>

                            NATUROL HOLDINGS LTD.
                    (Formerly Coronado Explorations Ltd.)
                        (A Development Stage Company)
                   NOTES TO CONDENSED FINANCIAL STATEMENTS

Note 1 - Basis of Presentation

     The  unaudited  condensed financial statements  have  been  prepared  in
accordance  with United States generally accepted accounting  principles  for
interim  financial information and with the instructions to Form  10-QSB  and
reflect  all  adjustments which, in the opinion of management, are  necessary
for  a  fair  presentation.  All such adjustments are of a  normal  recurring
nature.  The results of operations for the interim period are not necessarily
indicative of the results to be expected for a full year.  Certain amounts in
the  prior  year statements have been reclassified to conform to the  current
year  presentations.  The statements should be read in conjunction  with  the
financial statements and footnotes thereto included in the Company's Form 10-
KSB for the year ended January 31, 2002.

Note 2 - Commitments and Contingencies

Going Concern
      The  accompanying  condensed financial statements  have  been  prepared
assuming  that the Company will continue as a going concern.  The ability  of
the  Company  to continue as a going concern is dependent upon management  to
attain profitable operations based on the development of products that can be
sold.   Management intends to use borrowings and security sales  to  mitigate
the affects of its cash position, however no assurance can be given that debt
or  equity financing, if and when required, will be available.  The financial
statements do not include any adjustments relating to the recoverability  and
classification  of  recorded assets and classification  of  liabilities  that
might be necessary should the Company be unable to continue in existence.

Note 3 - Note Payable

      The  Company in the period ended September 30, 2002 and for  the  eight
month   period  ended  September  30,  2002  has  borrowed  $0  and   $75,000
respectively  from a shareholder.  The demand note has an  interest  rate  of
10%.   Total  borrowed including unpaid interest at September  30,  2002  was
$112,657.

Note 4 - Marketing Agreement

      The  Company  entered  into  a  media and public  relations  consulting
agreement for a term of one year requiring a $6,000 per month consulting  fee
commencing on April 1, 2002.  The agreement was terminated in May 2002.

Note 5 - Investment in Naturol Canada Limited

      An  investment  in Naturol Canada Limited is accounted  for  under  the
equity  method as the Company owns 49% of the outstanding stock.  During  the
period  ended September 30, 2002 the Company has recorded a $20,031  loss  on
the  investment which represented the Company's percentage ownership  of  the
total loss.  The year to date loss is $80,477.

<PAGE>

                            NATUROL HOLDINGS LTD.
                    (Formerly Coronado Explorations Ltd.)
                        (A Development Stage Company)
                   NOTES TO CONDENSED FINANCIAL STATEMENTS

Note 6- Related Party transactions

     Naturol  Canada  was  charged $19,960 in the  current  fiscal  year  for
consulting services by an Officer of the Company.

Note 7-Name Change and Year End Change

     The  Company changed its name to Naturol Holdings Ltd on July 23,  2002.
The  Company also changed its year-end from January 31 to December  31.   The
operating  results  for the period ended September 30 is for  the  period  of
August  1  through September 30.  For the year to date activity the operating
results are for the period of February 1 through September 30.

Note 8-Agreement With MGA Holdings Limited

     The  Company  in September 2002 amended its license agreement  with  MGA
Holdings  Limited  (formerly  Naturol UK Limited).  The  agreement  gave  the
Company  a  perpetual, non-transferable, non-exclusive license  for  products
developed or marketed using MGA's process in North America.  The Company will
make payments to MGA tied solely to revenues earned from the sale of products
directly related to MGA's process.  The Company will no longer be liable  for
a  license  fee of $310,000 that was previously due to MGA.  An affiliate  of
MGA,  and  majority shareholder of the Company, will return  to  the  Company
9,931,261  common  stock shares held by Willow Holdings.   MGA  will  not  be
reimbursed  for  travel  expenses totaling $5,285 which  was  recorded  as  a
payable on the Company's books and MGA will assume $76,879 that is due to  an
attorney firm of a Director of the Company for professional services that was
recorded  as an account payable on the Company's books.  In the period  ended
September  30, 2002 the reversal of $76,879 in professional fees resulted  in
the  total  for  the  period to be a negative expense  of   $30,931.   Travel
expense  was reduced by $5,285 resulting from the reversal of the payable  to
MGA.

Note 9-Subsequent Events

     On  November  1, 2002 Willow Holdings returned the 9,931,261  shares  of
Company stock and the shares were cancelled.

<PAGE>

Item 2.   Management's Discussion and Analysis of Financial Condition and
          Results of Operations.

     The following discussion and analysis should be read in conjunction with
the  Company's financial statements and the notes thereto contained elsewhere
in this filing.

     CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    With  the  exception of historical matters, the matters discussed  herein
are forward-looking statements that involve risks and uncertainties. Forward-
looking  statements  include, but are not limited to,  statements  concerning
anticipated  revenues and net income, projections concerning  operations  and
available  cash  flow. The Company's actual results could  differ  materially
from the results discussed in such forward-looking statements.

      The  Company  wishes  to  caution investors  that  any  forward-looking
statements  made by or on behalf of the Company are subject to  uncertainties
and  other factors that could cause actual results to differ materially  from
such  statements. These uncertainties and other factors include, but are  not
limited  to the Risk Factors listed below (many of which have been  discussed
in  prior  SEC  filings by the Company). Though the Company has attempted  to
list  comprehensively these important factors, the Company wishes to  caution
investors  that  other factors could in the future prove to be  important  in
affecting  the Company's results of operations. New factors emerge from  time
to time and it is not possible for management to predict all of such factors,
nor  can  it  assess the impact of each such factor on the  business  or  the
extent  to  which  any factor, or combination of factors,  may  cause  actual
results  to  differ  materially from those contained in  any  forward-looking
statements.

      Readers  are  further  cautioned not to place undue  reliance  on  such
forward-looking statements as they speak only of the Company's  views  as  of
the  date  the  statement was made. The Company undertakes no  obligation  to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.

Background Overview

     On  January  17, 2002, Coronado Explorations Ltd. (now Naturol  Holdings
Ltd.) completed a reverse triangular merger between Coronado Subsidiary Corp.
("CSC"), a Nevada corporation and a wholly owned subsidiary of Coronado,  and
Naturol  Inc., a Nevada corporation ("Naturol"), whereby Naturol merged  with
CSC  wherein CSC ceased to exist and Naturol became a wholly owned subsidiary
of  the  Company.  Prior  to  the Merger, the  Company  was  engaged  in  the
exploration   of   mineral  properties  and  subsequently  became   a   shell
corporation. All business of the Company is now conducted through its  wholly
owned  subsidiary,  Naturol.  Naturol owns  a  non-exclusive  North  American
License  for extraction technologies employed in the flavors, fragrances  and
pharmaceutical industries.

     The  Company is a development stage company, has no revenues to date and
has  raised  capital  for initial development through  the  issuance  of  its
securities.

     The  financial  statements presented are of Naturol for the  two  months
ending  September  30, 2002.  Naturol's fiscal year end is December  31.  The
financial statements included in this filing are for the Company's transition
period,  containing unaudited interim financial statements for the  two-month
period from August 1, 2002 to September 30, 2002.

<PAGE>

     As a result of the merger and the insignificance of Coronado's financial
information as a shell corporation, the presentation of financial information
is of Naturol from inception.

Recent Developments

     During August of 2002, Naturol received correspondence from MGA Holdings
Limited,  which indicated MGA's intention to default Naturol for its  failure
to meet its obligations under the terms of the License Agreement, and take  a
course of action including termination of the License Agreement. On or  about
August  23,  2002,  MGA informed Naturol that MGA would not  take  a  default
action against Naturol for its failure to meet the provisions of the terms of
the  License Agreement, however no continuing term for the waiver of  default
was  agreed  upon.  On September 20, 2002, the Company entered  into  a  new,
revised non-exclusive License Agreement with MGA.

  The  material differences between the original exclusive License  Agreement
dated  August  17th,  2001  and  the Non-exclusive  License  Agreement  dated
September 18th, 2002 are as follows:

*     The  revised Non-exclusive License Agreement provides for MGA,  the
      Licensor, to allow for the granting of other licenses within the licensed
      territory, ie Canada, United States, and Mexico.
*     The revised Non-exclusive License Agreement has no minimum annual
      royalty payment.

Plan of Operation

     Since  our operations have been solely based on Naturol's business since
Naturol became a wholly owned subsidiary of the Company on January 17,  2002,
our plan of operation has assumed the plan of operation of Naturol. Naturol's
business  is  to  eventually provide a service of  extraction  employing  the
Naturol  Extraction Technology. However, due to the recent events surrounding
the  license agreement with MGA and the subsequent conversion of the  license
to a non-exclusive, the Company anticipates the need to redevelop and further
analyze  its  plan  of  operation. We are actively pursuing  the  search  for
acquisitions or merger of companies compatible with our technology.  However,
we   are  also  reviewing  other  possibilities  which  do  not  include  our
technology.  In one instance we have executed a non-binding letter of  intent
to possibly pursue a merger with a private company.

     We  plan on satisfying our cash obligations over the next twelve  months
through  additional equity and/or third party financing. We do not anticipate
generating  revenues  sufficient  enough  to  satisfy  our  working   capital
requirements within the next twelve months.

     Commercialization of Naturol Extraction Technology is a function,  to  a
large  extent, of the benefits of the efforts of the commercial research  and
development  program launched in March 2002 at the Prince Edward Island  Food
Technology  Center.  Under  the  terms of the revised  non-exclusive  License
Agreement executed between Naturol and MGA Holdings, this program will now be
under  the operational control of MGA Holdings. Notwithstanding, MGA Holdings
has agreed to grant Naturol complete access to all technological developments
resulting from this program. Management is unable at this time to predict how
this   will   impact  the  Company's  ability  to  continue  to  attempt   to
commercialize the Naturol Extraction Technology.

     As  a  result of our agreement between Naturol (Canada) Limited and  the
National  Research  Council  Canada, a commercial  research  and  development

<PAGE>

program is being conducted at the Prince Edward Island Food Technology Center
based  in  Charlottetown, Prince Edward Island, Canada at  a  total  cost  of
approximately $326,600, of which Naturol (Canada) Limited is obligated to pay
$109,300.  This obligation has been assumed by MGA as part of the  agreements
reached with them in September 2002. The Prince Edward Island Food Technology
Center is a provincially funded facility providing a range of services to the
agri-food  and  seafood processing industries. Its resources include  project
management,  laboratory analysis, technical support, applications development
and biomass extraction technology.

     Risks  that  could  cause  actual performance to  differ  from  expected
performance  are  detailed in the remainder of this section,  and  under  the
section  titled  "Factors  That  May Affect the  Company's  Future  Operating
Results."

Liquidity and Capital Resources

     A  critical  component  of  our operating plan impacting  our  continued
existence  is  the  ability to obtain additional capital  through  additional
equity  and/or debt financing.  We do not anticipate enough positive internal
operating  cash flow until such time as we can generate substantial  revenues
from fees earned as a result of our Naturol Extraction Technology, which  may
take the next few years to fully realize.  In the event we cannot obtain  the
necessary  capital  to pursue our strategic plan, we may  have  to  cease  or
significantly  curtail  our  operations.  This would  materially  impact  our
ability to continue operations.

     Our near term cash requirements are anticipated to be offset through the
receipt  of funds from private placement offerings and loans obtained through
private  sources.   Since inception, we have financed cash flow  requirements
through  debt  financing and issuance of common stock for cash and  services.
As  we  expand  operational  activities, we may continue  to  experience  net
negative  cash  flows  from  operations,  pending  receipt  of  servicing  or
licensing fees, and will be required to obtain additional financing  to  fund
operations  through common stock offerings and bank borrowings to the  extent
necessary to provide working capital.

     Over  the  next  twelve  months we believe  that  existing  capital  and
anticipated  funds  from  operations  will  not  be  sufficient  to   sustain
operations and planned expansion.  Consequently, we will be required to  seek
additional  capital  in  the  future to fund  growth  and  expansion  through
additional  equity or debt financing or credit facilities.  No assurance  can
be  made that such financing would be available, and if available it may take
either the form of debt or equity.  In either case, the financing could  have
a negative impact on our financial condition and our Stockholders.

     We  anticipate  incurring operating losses over the next twelve  months.
Our  lack of operating history makes predictions of future operating  results
difficult  to  ascertain.  Our prospects must be considered in light  of  the
risks, expenses and difficulties frequently encountered by companies in their
early  stage  of  development,  particularly companies  in  new  and  rapidly
evolving  markets such as technology related companies.  Such risks  include,
but  are not limited to, an evolving and unpredictable business model and the
management  of  growth.  To address these risks we must, among other  things,
obtain  a customer base, implement and successfully execute our business  and
marketing  strategy, continue to develop and upgrade technology and products,
provide  superior extraction results, file patent applications to  cover  new
processing technology and new compositions discovered during our research and
development efforts, conduct tests in support of, and file with FDA  for  use
of  Naturol  solvents  as food contacting materials, respond  to  competitive
developments,,  and attract, retain and motivate qualified personnel.   There

<PAGE>

can  be no assurance that we will be successful in addressing such risks, and
the  failure  to  do so can have a material adverse effect  on  our  business
prospects, financial condition and results of operations.

     As  of  September 30, 2002, the Company had assets of $629, and $186,951
of  current liabilities. The current liabilities include accounts payable  of
$74,294 and notes payable of $112,657.

Attestation of President and Chief Financial Officer as to our  internal
controls

      Our  President  and interim Chief Financial Officer has  evaluated  the
effectiveness  of  our internal controls and has found that  based  on  these
evaluations  and  the  current status of the Company's  operations  that  our
internal  controls  are adequate at this time. Further, there  have  been  no
significant changes in our internal controls or in other factors  that  could
significantly  affect  internal  controls  subsequent  to  the  date  of  its
evaluations.

FACTORS THAT MAY AFFECT THE COMPANY'S FUTURE OPERATING RESULTS

Going Concern; Need For Additional Capital

      Our  financial statements have been prepared on a going concern  basis,
which  contemplates  the  realization  of  assets  and  the  satisfaction  of
liabilities  in the normal course of business.  We have suffered losses  from
operations  during our operating history and our ability  to  continue  as  a
going concern is dependent upon obtaining future profitable operations.   Our
business  is  capital  intensive.   Although  management  believes  that  the
proceeds  from  the  sale  of  its  securities,  together  with  funds   from
operations,  will  be sufficient to cover its anticipated cash  requirements,
the  Company may be required to seek additional capital to fund future growth
and  expansion.   No  assurance  can be given that  such  financing  will  be
available or, if available, that it will be on commercially favorable  terms.
Moreover, favorable financing may be dilutive to investors.

Limited History of Business Operations; Accumulated Losses

      We have only a limited operating history and our business model has not
yet  been  tested in the market place.  Our prospects must be  considered  in
light  of  the  risks,  expenses and difficulties frequently  encountered  in
establishing a business in the medical food or nutraceutical industry,  which
are  characterized by a large number of market entrants, intense  competition
and a high failure rate.  To date, we have been engaged primarily in start-up
and  business  development activities and have generated little revenue  from
product  sales.  To achieve profitable operations, we, alone or with  others,
must  successfully  introduce and market our existing product,  and  develop,
introduce  and  market  new products.  No assurance can  be  given  that  our
product  development  efforts will be successfully  completed,  or  that  any
product,  if  introduced,  will  be successfully  marketed  or  will  achieve
customer  acceptance. Future operating results will depend on  many  factors,
including  the  demand  for our products, the level of  competition  and  our
ability  to cause the manufacture of our products in a production environment
while maintaining quality and controlling costs.

     Although  we are not a pharmaceutical development company, any  research
and   development  activities,  by  its  very  nature,  precludes  definitive
statements  as  to  the time required and costs involved in reaching  certain
objectives.   Although  our  research  and  development  will  be  relatively
limited,  actual  research and development costs may exceed budgeted  amounts
and  estimated  time  frames may require extension.   Cost  overruns  due  to
unanticipated  clinical or regulatory delays or demands,  unexpected  adverse
side   effects,   insufficient  therapeutic  efficacy   or   competitive   or

<PAGE>

technological  developments would prevent or substantially deter  development
efforts  and  ultimately could have a material adverse  effect  on  us.   Our
existing  product candidates, and any potential additional products that  may
be  developed,  may,  in  certain instances, require  significant  additional
research  and  development, possible regulatory approval and  commitments  of
resources  prior  to commercialization.  There can be no assurance  that  any
such  potential products will be successfully developed or capable  of  being
produced  in  commercial quantities at acceptable costs, or that any  product
will  prove to be safe and effective in clinical trials or otherwise, or meet
applicable regulatory standards.

There is a limited current public market for our common stock.

     Although  our  common  stock is listed on the Over-the-Counter  Bulletin
Board, there is a limited volume of sales, thus providing a limited liquidity
into  the  market for our shares. As a result of the foregoing,  shareholders
may be unable to liquidate their shares for any reason.

Risks of Acquisition or Merger

     As  part of our ongoing operations we are seeking acquisition and merger
candidates to diversify our holdings. We intend on acquiring businesses  that
we  believe  are  complimentary  to  our  operations,  however,  there  is  a
substantial  likelihood that due to uniqueness of our technology and  current
operations,   any  potential  acquisition  targets  will  be  in  drastically
different  business  industries  than we  are.  While  we  believe  we  would
effectively  integrate such businesses with our own,  we  may  be  unable  to
successfully do so without losing key employees or business relationships. In
addition,  we  may  be  unable to smoothly integrate the acquired  companies'
marketing,  production,  development, distribution  and  management  systems,
resulting  in  our inability to realize hoped for cost savings  and/or  sales
growth. Our gross margins could be adversely affected by any problems arising
during  or  from such process or the inability to effectively  integrate  any
future acquisitions.

PART II--OTHER INFORMATION

Item 1.        Legal Proceedings.

None

Item 2.        Changes in Securities.

Subsequent Event:

     On  November 1, 2002, Willow Holdings Limited returned 9,931,261  shares
of  common  stock to the Company for cancellation.  See Item  5  for  further
discussion regarding this transaction.


Item 3.        Defaults by the Company upon its Senior Securities.

None.

Item 4.        Submission of Matter to a Vote of Security Holders.

None

<PAGE>

Item 5.         Other Information.

MGA Agreement

     During August of 2002, Naturol received correspondence from MGA Holdings
Limited,  which indicated MGA's intention to default Naturol on  the  License
Agreement,  and take a course of action including termination of the  License
Agreement for failure by Naturol to meet its obligations under the  terms  of
the License Agreement.  On September 20, 2002, following various negotiations
between  the Parties, the Company entered into a Letter Agreement among  MGA,
Willow Holdings Limited (our then majority stockholder) and Naturol Canada. A
copy of the Letter Agreement is attached hereto as Exhibit 10.1.

Material terms of the Letter Agreement were as follows:

*     MGA  waived  all payment obligations by Naturol under  the  License
      Agreement up to September 18, 2002.

*     MGA and Naturol executed a new non-exclusive license agreement, a copy
      of  which  is  attached hereto as Exhibit 10.2. The Amended Non-exclusive
      License Agreement supercedes all terms and conditions of the original
      License Agreement.

*     In the event that Naturol is able to secure sufficient funding to fully
      implement  its business plan, Naturol may request, and MGA, the Licensor,
      "shall  convert  the Non-exclusive License to an exclusive  license  with
      mutually agreeable payment terms, said payment terms being based solely on
      income generated by Licensee,"(Naturol). The agreement specifies this will
      occur,  "as  long  as  no additional licenses have been  granted  in  the
      Territory."

*     As a result of Naturol giving up its exclusive License Agreement in
      exchange for a Non-exclusive License Agreement, Willow agreed, for no
      other consideration, to return to Naturol 9,931,321 shares of common stock
      of Naturol  issued to Willow in exchange for the original exclusive
      License Agreement.  On November 1, 2002 the shares were returned to the
      Company and were subsequently cancelled.

*     MGA assumed operational control of Naturol Canada Limited, but will
continue to grant Naturol complete access to all technological developments
resulting from the commercial research and development program conducted on
behalf of Naturol Canada at the Prince Edward Island Food Technology Center.
Naturol  Canada is 49% owned by Naturol and 51% owned by Isaac  Moss,  an
officer and director of Naturol, in trust for Naturol. Naturol Canada Limited
has no assets and is purely a research and development company.

*     MGA  assumed  and indemnified Naturol of all outstanding  financial
obligations incurred by Naturol or Naturol Canada Limited in reference to the
activities  of Naturol Canada Limited, including but not limited  to  the
obligations to the National Research Council of Canada Industrial Research
Assistance Program Contribution to Firms Agreement. Additionally, MGA will
continue to pay all future financial obligations of Naturol Canada Limited
relating  to  obligations of Naturol Canada Limited to National  Research
Council of Canada Industrial Research Assistance Program Contribution  to
Firms Agreement.

<PAGE>

*    MGA assumed all financial obligations relating to patent and licensing
issues,  including past obligations by Naturol to patent  counsel  in  an
aggregate amount of $76,879.

The  material  differences between the original exclusive  License  Agreement
dated  August  17th,  2001  and  the Non-exclusive  License  Agreement  dated
September 18th, 2002 are as follows:

*     The  revised Non-exclusive License Agreement provides for MGA,  the
Licensor, to allow for the granting of other licenses within the licensed
territory, ie Canada, United States, and Mexico.
*    The revised Non-exclusive License Agreement has no minimum annual
payment.

In  addition,  concurrent with the actions taken above,  Paul  McClory,  then
President,  CEO  and a director of the Company, immediately  resigned  as  an
officer and director of the Company.

Change of Year End/Transition Period

    On July 23, 2002, the Registrant changed its fiscal year end from 1/31 to
12/31.  This filing contains interim unaudited financial statements  for  the
two-month period from August 1, 2002 to September 30, 2002.

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

10.1-     Letter Agreement
10.2-     Non-Exclusive License Agreement

<PAGE>

                                 SIGNATURES

     Pursuant  t  the  requirements of Section 13 or 15(d) 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.

NATUROL HOLDINGS LTD.
(Registrant)


By:/s/ Isaac Moss
       Isaac Moss,
       President/Secretary/Treasurer/Director

<PAGE>

                          CERTIFICATION PURSUANT TO
                18 USC, SECTION 1350, AS ADOPTED PURSUANT TO
           SECTIONS 302 AND 906 OF THE SARBANES-OXLEY ACT OF 2002

      In  connection with the Quarterly Report of Naturol Holdings Ltd.  (the
"Company") on Form 10-QSB for the period ending September 30, 2002, as  filed
with  the  Securities  and  Exchange  Commission  on  the  date  hereof  (the
"Report"),  I, Isaac Moss, President and Interim Chief Financial  Officer  of
the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, that:

(1)  I have reviewed the report;

(2)   To  the  best of my knowledge, the Report does not contain  any  untrue
statement  of  a material fact or omit to state a material fact necessary  in
order  to make the statements made, in light of the circumstances under which
such statements were made, not misleading:

(3)   To  the  best  of  my  knowledge, the financial statements,  and  other
financial information included in the Report, fairly present in all  material
respects the financial condition and results of operations of the Company  as
of, and for, the periods presented in the Report;

(4)  I:
     (a)  am responsible for establishing internal controls;
     (b)  have designed such internal controls to ensure that material
          information relating to the Company and its consolidated subsidiaries
          is made known to us by others within the Company, particularly during
          the period ended September 30, 2002;
     (c)  have evaluated the effectiveness of the Company's internal controls as
          of a date within 90 days prior to the Report; and
     (d)  have presented in the Report our conclusions about the effectiveness
          of our internal controls based on our evaluation of that date;

(5)  I have disclosed to the Company's auditors and the board of directors:
     (a)  all significant deficiencies in the design or operation of internal
     controls  which could adversely affect the Company's ability to  record,
     process, summarize, and report financial data and have identified for the
     Company's auditors any material weaknesses in internal controls; and
    (b)  any fraud, whether or not material, that involves management or other
    employees who have a significant role in the Company's internal controls;

(6)   I  have  indicated in the Report whether or not there were  significant
changes  in  internal  controls or in other factors that could  significantly
affect  internal controls subsequent to the date of my evaluation,  including
any  corrective actions with regard to significant deficiencies and  material
weaknesses; and

(7)   The  Report  fully complies with the requirements of section  13(a)  or
15(d) of the Securities Exchange Act of 1934.

Date:  November 7, 2002


/s/ Isaac Moss
Isaac Moss, President/Interim Chief Financial Officer