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UNITED STATES SECURITIES AND EXCHANGE COMMISSION  
Washington, DC 20549

FORM 10QSB



|[ x ]  | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities  Exchange Act of 1934  
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001
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|       | OR                                                                                                                                          
|[    ] | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to                  

COMMISSION FILE NUMBER 000-30995

L.C.M. EQUITY, INC.(Exact name of registrant as specified in its charter)



|NEVADA(State of other jurisdiction of incorporation or organization) | N/A(IRS Employer Identification Number)
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7225 Blenheim Street
Vancouver, British Columbia V6N 1S2(Address of principal executive offices)

(604) 408-7553 (Registrant's telephone number, including area code)

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 September 30, 2001: 5,150,000

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Board of Directors
L.C.M. Equity, Inc.
Vancouver, BC
CanadaACCOUNTANT'S REVIEW REPORT

We have reviewed the accompanying consolidated balance sheet of L.C.M. Equity, Inc. (a development stage company) as of September 30, 2001, and the related consolidated statements of operations and comprehensive loss, stockholders' equity, and cash flows for the six months then ended.  All information included in these financial statements is the representation of the management of L.C.M. Equity, Inc.

We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants.  A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters.  It is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial statements taken as a whole.  Accordingly, we do not express such an opinion.

The financial statements for the year ended March 31, 2001 were audited by us and we expressed an unqualified opinion on it in our report dated June 21, 2001.  We have not performed any auditing procedures since that date.

Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  As discussed in Note 2 to the financial statements, the Company has been in the development stage since its inception on January 12, 1999 and has no revenues.  These factors raise substantial doubt about the Company=s ability to continue as a going concern.  Management=s plans are also discussed in Note 2.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.



/s/ Williams & Webster, P.S.
Williams & Webster, P.S.Certified Public AccountantsSpokane, Washington
October 11, 2001

F-1



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|L.C.M. EQUITY, INC.
(A Development Stage Company)
CONSOLIDATED BALANCE SHEETS
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|LIABILITIES AND STOCKHOLDERS' EQUITY                                         
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See accompanying notes and accountant

F-2



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|L.C.M. EQUITY, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS AND 
COMPREHENSIVE LOSS
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|REVENUES                                                                                                       
|OPERATING EXPENSES                                                                                             
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|LOSS FROM OPERATIONS                                                                                           
|Other Income (Expenses):                                                                                       
|Miscellaneous income                                                                                           
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|LOSS BEFORE INCOME TAXES                                                                                       
|INCOME TAXES                                                                                                   
|NET LOSS                                                                                                       
|OTHER COMPREHENSIVE INCOME (LOSS)                                                                              
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|NET COMPREHENSIVE LOSS                                                                                         
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See accompanying notes and accountant

F-3



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|L.C.M. EQUITY, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
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|Number of Shares                                                                                
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|Issuance of common stock in March 1999 for cash at $0.005 per share                             
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|Net loss for period ending March 31, 1999                                                       
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|Issuance of common stock in March 2000 for cash at an average of $0.01 per share                
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|Net loss for year ending March 31, 2000                                                         
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|Foreign currency translation loss                                                               
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|Net loss for year ending March 31, 2001                                                         
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|Foreign currency translation loss                                                               
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|Net loss for six months ending September 30, 2001                                               
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See accompanying notes and accountant

F-4



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|L.C.M. EQUITY, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENT OF CASH FLOWS
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|CASH FLOWS FROM OPERATING ACTIVITIES                                                  
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|CASH FLOWS FROM INVESTING ACTIVITIES                                                  
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|CASH FLOWS FROM FINANCING ACTIVITIES                                                  
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|Net increase (decrease) in cash                                                       
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|Other comprehensive income (loss)                                                     
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|Cash, beginning of period                                                             
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|Cash, end of period                                                                   
|SUPPLEMENTAL CASH FLOW DISCLOSURES:                                                   
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See accompanying notes and accountant

F-5



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L.C.M. EQUITY, INC.
(A Development Stage Company)
Notes to the Consolidated Financial Statements
September 30, 2001

NOTE 1



L.C.M. Equity, Inc. (hereinafter Athe Company@) was incorporated on January 12, 1999 under the laws of the State of Nevada primarily for the purpose of acting as a holding company for subsidiaries that sell goods or provide services via the internet.  As of September 30, 2001, the Company=s principal office is located Vancouver, British Columbia, Canada.



In March 2000, the Company formed a subsidiary, Uscribble.com Writing Inc. (AUscribble@).  Uscribble has created a web site that is an interactive literary site for aspiring amateur writers.  L.C.M. Equity, Inc. and Uscribble.com Writing Inc. are in the development stage and, at September 30, 2001, had not realized any significant revenues from their planned operations.



The Company serves as a holding company for its subsidiary=s operations.  References herein to the Company include the Company and it subsidiary, unless the context otherwise requires.



The Company=s and its subsidiary=s fiscal year-ends are March 31.



NOTE 2CSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



This summary of significant accounting policies is presented to assist in understanding the Company=s financial statements.  The financial statements and notes are representations of the Company=s management, which is responsible for their integrity and objectivity.  These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.



Accounting Method

The Company uses the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.



Use of Estimates

The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses.  Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements.  Accordingly, upon settlement, actual results may differ from estimated amounts.



Development Stage Activities

The Company has been in the development stage since its formation on January 12, 1999.  It is primarily engaged in acting as a holding company for subsidiaries that sell goods or provide services via the internet.



Uscribble.com Writing Inc. (hereinafter AUscribble@), the Company=s subsidiary, has been in the development stage since its formation on March 20, 2000. Uscribble has created a web site that is an interactive literary site for aspiring amateur writers.

F-6



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L.C.M. EQUITY, INC.
(A Development Stage Company)
Notes to the Consolidated Financial Statements
September 30, 2001



NOTE 2CSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)



Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiary.  All significant intercompany transactions and balances have been eliminated in consolidation.



Concentration of Risk

The Company maintains four cash accounts in one commercial bank in Vancouver, British Columbia, Canada.  Two of the Company=s cash accounts are business checking accounts maintained in U.S. dollars, which totaled $1,439 as of September 30, 2001.  These accounts are not insured.



Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.



Fair Value of Financial Instruments

The carrying amounts for cash, receivables, and accounts payable approximate their fair value.



Derivative Instruments

The Financial Accounting Standards Board issued Statement of Financial Accounting Standards (ASFAS@) No. 133,AAccounting for Derivative Instruments and Hedging Activities,@as amended by SFAS No. 137,AAccounting for Derivative Instruments and Hedging ActivitiesBDeferral of the Effective Date of FASB No. 133@, and SFAS No. 138,AAccounting for Certain Derivative Instruments and Certain Hedging Activities@, which is effective for the Company as of January 1, 2001.  This standard establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities.  It requires that an entity recognize all derivatives as either assets or liabilities in the consolidated balance sheet and measure those instruments at fair value.



If certain conditions are met, a derivative may be specifically designated as a hedge, the objective of which is to match the timing of gain or loss recognition on the hedging derivative with the recognition of (i) the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk or (ii) the earnings effect of the hedged forecasted transaction. For a derivative not designated as a hedging instrument, the gain or loss is recognized in income in the period of change.



Historically, the Company has not entered into derivatives contracts to hedge existing risks or for speculative purposes.



At September 30, 2001, the Company had not engaged in any transactions that would be considered derivative instruments or hedging activities.



F-7



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L.C.M. EQUITY, INC.
(A Development Stage Company)
Notes to the Consolidated Financial Statements
September 30, 2001



NOTE 2CSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)



Impaired Asset Policy

In March 1995, the Financial Accounting Standards Board issued a statement titled AAccounting for Impairment of Long-lived Assets.@In complying with this standard, the Company reviews its long-lived assets quarterly to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable. The Company determines impairment by comparing the undiscounted future cash flows estimated to be generated by its assets to their respective carrying amounts.



The Company does not believe any adjustments are needed to the carrying value of its assets at September 30, 2001.



Compensated Absences

The Company=s employees are entitled to paid vacations dependent upon the length of service. As of September 30, 2001, all benefits had been paid to employees and, therefore, no benefits have been accrued.



Revenue Recognition

Revenues and cost of revenues are recognized when services or products are furnished or delivered.  At September 30, 2001, no revenues were realized or recognized by the Company or its subsidiary.



Advertising Expense

Advertising costs are charged to operations when incurred.  For the quarter ended September 30, 2001, the Company had no advertising expenses.



Provision for Taxes

Income taxes are provided based upon the liability method of accounting pursuant to SFAS No. 109 AAccounting for Income Taxes.@Under this approach, deferred income taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end.  A valuation allowance is recorded against deferred tax assets if management does not believe the Company has met theAmore likely than not@standard imposed by SFAS No. 109 to allow recognition of such an asset.



At September 30, 2001, the Company had net deferred tax assets of approximately $25,000, principally arising from net operating loss carryforwards for income tax purposes.  As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the net deferred tax asset, a valuation allowance equal to the net deferred tax asset has been established at September 30, 2001.



At September 30, 2001, the Company has net operating loss carryforwards of approximately $128,000, which expire in the years 2019 through 2022.

F-8



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L.C.M. EQUITY, INC.
(A Development Stage Company)
Notes to the Consolidated Financial Statements
September 30, 2001



NOTE 2CSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)



Basic and Diluted Loss Per Share

Net loss per share was computed by dividing the net loss by the weighted average number of shares outstanding during the period.  The weighted average number of shares was calculated by taking the number of shares outstanding and weighting them by the amount of time that they were outstanding.  At September 30, 2001, basic and diluted loss per share were the same, as there were no common stock equivalents outstanding.



Reclassifications

Certain amounts from prior periods have been reclassified to conform with the current period presentation.  This reclassification has resulted in no changes to the Company=s accumulated deficit or net losses presented.



Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.



As shown in the accompanying financial statements, the Company has generated no revenues since inception.  The Company recorded a loss of $8,772 for the quarter ended September 30, 2001, and has an accumulated deficit of $128,720.  The Company, being a development stage enterprise, is currently putting technology in place that will, if successful, mitigate these factors which raise substantial doubt about the Company=s ability to continue as a going concern.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence.



Management has established plans designed to increase the sales of the Company=s services.  Management intends to seek new capital from new equity securities issuances that will provide funds needed to increase liquidity, fund internal growth and fully implement its business plan.



Accounting Pronouncements

In June 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income" ("SFAS No. 130"), and No. 131, "Disclosures about Segments of an Enterprise and Related Information" ("SFAS No. 131"). SFAS 130 establishes standards for reporting and displaying comprehensive income, its components and accumulated balances. SFAS 131 establishes standards for the way that companies report information about operating segments in annual financial statements and requires reporting of selected information about operating segments in interim financial statements. Both SFAS 130 and SFAS 131 are effective for periods beginning after December 15, 1997. The Company adopted these new accounting standards, and the adoption of SFAS 131 had no effect on the Company=s financial statements and disclosures.  Adoption of SFAS 130 is disclosed in the accompanying financial statements.

F-9



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L.C.M. EQUITY, INC.
(A Development Stage Company)
Notes to the Consolidated Financial Statements
September 30, 2001



NOTE 2CSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)



Accounting Pronouncements (continued)

In September 2000, the FASB issued SFAS No. 140 AAccounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities.@This statement provides accounting and reporting standards for transfers and servicing of financial assets and extinguishment of liabilities and also provides consistent standards for distinguishing transfers of financial assets that are sales from transfers that are secured borrowings.  SFAS No. 140 is effective for recognition and reclassification of collateral and for disclosures relating to securitization transactions and collateral for fiscal years ending after December 15, 2000, and is effective for transfers and servicing of financial assets and extinguishments of liabilities occurring after September 30, 2001.  The Company believes that the adoption of this standard will not have a material effect on the Company=s results of operations or financial position.



Interim Financial Statements

Interim financial statements at September 30, 2001 and for the six months ended September 30, 2001, included herein, have been prepared for the Company without audit.  They reflect all adjustments, which are, in the opinion of management, necessary to present fairly the results of operations for these periods.  All such adjustments are normal recurring adjustments.  The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full fiscal year.



Foreign Currency Translation Gains/Losses

The Company has adopted Financial Accounting Standard No. 52.  Monetary assets and liabilities denominated in foreign currencies are translated into United States dollars at rates of exchange in effect at the balance sheet date.  Gains or losses are included in income for the year, except gains or losses relating to long-term debt which are deferred and amortized over the remaining term of the debt.  Non-monetary assets, liabilities and items recorded in income arising from transactions denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction.



NOTE 3 BPROPERTY AND EQUIPMENT



At September 30, 2001, the Company=s fixed assets consist of computer hardware and software, which are being depreciated on the straight-line method over the estimated useful lives of three to five years.  In addition, the Company capitalized website development costs, which are being amortized on the straight-line method over the estimated useful life of two years.  Depreciation and amortization expense for the three months ended September 30, 2001 was $1,098.  Maintenance and repairs are expensed as incurred.  Replacements and betterments are capitalized.  The cost and related reserves of assets sold or retired are removed from the accounts, and any resulting gain or loss is reflected in results of operations.



F-10



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L.C.M. EQUITY, INC.
(A Development Stage Company)
Notes to the Consolidated Financial Statements
September 30, 2001



NOTE 4 BCOMMON STOCK



Upon incorporation, the Company authorized the issuance of 200,000,000 shares of common stock at a par value of $0.001 per share, of which there were 5,150,000 shares outstanding at September 30, 2001.  All shares have equal voting rights, are non-assessable and have one vote per share.  Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they choose to do so, elect all of the directors of the Company.



There were no stock issuances during the quarter ended September 30, 2001.



In March 1999, 2,500,000 shares of common stock were sold through a private placement at a price of $0.005 per share.  The offering was made pursuant to exemptions afforded by Sections (4)2 or 3(b) of the Securities Act of 1933 and Rule 504 of Regulation D.  The private placement raised a total of $12,500, which proceeds were used for general corporate purposes.  Of the total shares issued, 1,111,115 shares were issued to officers and directors of the Company.



In March 2000, 2,650,000 shares of common stock were sold through a private placement at an average price of $0.01 per share. The shares were issued pursuant to Rule 144 of the 1933 Securities Act and are restricted as to public transfer for a minimum period of one year.  Of the total shares issued, 2,100,000 shares were issued to officers and directors of the Company.



NOTE 5  BRELATED PARTY TRANSACTIONS



On January 1, 2001, the Company was required to vacate the premises it occupied in Vancouver, B.C.  The Company is presently occupying space owned by it president at no charge.  The value of this space is considered immaterial to the financial statements.



F-11



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ITEM 2.	MANAGEMENT=S DISCUSSION AND ANALYSIS OF FINANCIAL AND RESULTS OF OPERATIONS.

The Company has inadequate cash to maintain operations during the next twelve months.  In order to meet its cash requirements the Company will have to raise additional capital through the sale of securities or loans.  As of the date hereof, the Company has not made sales of additional securities and there is no assurance that it will be able to  raise additional capital through the sale of securities in the future.  Further, the Company has not initiated any negotiations for loans to the Company and there is no assurance that the Company will be able to raise additional capital in the future through loans.  In the event that the Company is unable to raise additional capital, it may have to suspend or cease operations.

The Company does not intend to conduct any research or development of its services during the next twelve months other than as described herein.

The Company does not intend to purchase a plant or significant equipment.

The Company will hire employees on an as needed basis, however, the Company does not expect any significant changes in the number of employees.

The Company expects to earn revenues in the second quarter of 2001.  There is no assurance, however, that the Company will earn said revenues as planned.



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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on this 24th day of October, 2001.

| | L.C.M. EQUITY, INC.(Registrant)
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| | BY: