================================================================================

                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                  Quarterly Report Under Section 13 of 15(d) of
                       the Securities Exchange Act of 1934

                       -----------------------------------

For Quarter Ended March 31, 2001                  Commission File Number 0-16397

                       -----------------------------------

                       APPLIED SPECTRUM TECHNOLOGIES, INC.
                       -----------------------------------
             (Exact name of registrant as specified in its charter)

            Minnesota                                   41-1419457
            ---------                                   ----------
(State or other jurisdiction of               IRS Employer Identification Number
 incorporation or organization)

                            c/o Norwood Venture Corp.
                                65 Norwood Avenue
                            Upper Montclair, NJ 07043

                          Registrant's Telephone Number
                               Including Area Code
                                 (973) 783-1117

                                 Not Applicable
                                 --------------
              (Former name, former address and former fiscal year,
                          if changed from 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 [_]

                       -----------------------------------

The number of shares of registrant's Common Stock, par value $.01 per share,
outstanding as of April 30, 2001, was 2,953,941.
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<PAGE>

                       APPLIED SPECTRUM TECHNOLOGIES, INC.


                                      INDEX

                                                                         PAGE

Part I.  Financial Information

         Item 1. Financial Statements (Unaudited)
         ----------------------------

                 Statements of Operations for the three and six           3
                 months ended March 31, 2001 and 2000

                 Balance Sheets as of March 31, 2001                      4
                 and September 30, 2000

                 Statements of Cash Flows for the                         5
                 six months ended March 31, 2001 and 2000

                 Notes to Financial Statements -                          6
                 March 31, 2001

         Item 2. Management's Discussion and Analysis of                  7
         -----------------------------------------------
                 Financial Condition and Results of Operations
                 ---------------------------------------------


Part II. Other Information                                                8

Signature                                                                 9












                                       2
<PAGE>


PART 1. FINANCIAL INFORMATION


                       APPLIED SPECTRUM TECHNOLOGIES, INC.
                       STATEMENT OF OPERATIONS (UNAUDITED)

<TABLE><CAPTION>
                                                THREE MONTHS ENDED                       SIX MONTHS ENDED
                                                      MARCH 31                               MARCH 31
                                          -------------------------------         -------------------------------
                                              2001                2000                2001                2000
                                          -----------         -----------         -----------         -----------
<S>                                       <C>                 <C>                 <C>                 <C>
REVENUES
Net sales                                 $      --           $      --           $      --           $      --
Sublicensing revenues                            --                  --                  --                  --
     Total revenues                              --                  --                  --                  --

Cost of product sold                             --                  --                  --                  --
                                          -----------         -----------         -----------         -----------
     Gross profit                                --                  --                  --                  --

General and administrative expense              6,501                 619              12,043                 609
                                          -----------         -----------         -----------         -----------
Operating profit (loss)                        (6,501)               (619)            (12,043)               (609)

  Interest expense                               --                  --                  --                  --
  Interest income                               3,204               3,338               7,129               6,484
  Other income                                   --                  --                  --                  --
  (expense)
                                          -----------         -----------         -----------         -----------
     Net profit (loss)                    ($    3,297)        $     2,719         ($    4,914)        $     5,875

Net profit (loss) per share               ($     0.00)        $      0.00         ($     0.00)        $      0.00

Weighted average number of shares           2,953,941           2,953,941           2,953,941           2,953,941
outstanding
</TABLE>




See notes to financial statements














                                       3
<PAGE>

                       APPLIED SPECTRUM TECHNOLOGIES, INC.
                                 BALANCE SHEETS
                                   (UNAUDITED)


                                                 MARCH 31,      SEPTEMBER 30,
                                                   2001             2000
                                               ------------     ------------

ASSETS

CURRENT ASSETS
    Cash                                       $    257,462     $    262,376
    Other                                              --               --

                                               ------------     ------------
                 Total current assets               257,462          262,376

PROPERTY AND EQUIPMENT
    Equipment at fair market value                     --               --
                                               ------------     ------------
                                               $    257,462     $    262,376


LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
    Accounts payable                           $        534     $        534
    Other accrued expenses                           16,965           16,965
                                               ------------     ------------
                  Total current liabilities    $     17,499     $     17,499


SHAREHOLDERS' EQUITY
    Common Stock, par value $.01 per share
    authorized 10,000,000 shares, issued
    and outstanding - 2,953,941                      29,539           29,539
    Additional paid-in capital                   16,274,154       16,274,154
    Accumulated deficit                         (16,063,730)     (16,058,816)
                                               ------------     ------------


                                                    239,963          244,877
                                               ------------     ------------

                                               $    257,462     $    262,376

             See notes to financial statements

                                       4
<PAGE>

                       APPLIED SPECTRUM TECHNOLOGIES, INC.
                             STATEMENT OF CASH FLOWS
                                   (UNAUDITED)


                                                   SIX MONTHS ENDED
                                                        MARCH 31
                                              ---------------------------
OPERATING ACTIVITIES                            2001              2000
                                              ---------         ---------

    Net profit (loss)                         ($  4,914)        $   5,875
    Net cash flow from (used for)
    working capital                                --                --

    Net cash from operating activities           (4,914)            5,875
                                              ---------         ---------
INVESTING ACTIVITIES                               --                --
    Net cash from investing activities             --                --
                                              ---------         ---------

FINANCING ACTIVITIES
    Proceeds from issuance of stock                --                --
                                              ---------         ---------

    Net cash from financing activities             --                --

INCREASE (DECREASE) IN CASH                      (4,914)            5,875

    Cash beginning of period                    262,376           255,621
                                              ---------         ---------

CASH END OF PERIOD                            $ 257,462         $ 261,496
                                              ---------         ---------





See notes to financial statements


                                       5
<PAGE>

                       APPLIED SPECTRUM TECHNOLOGIES, INC.
                    NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

NOTE A--  BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q and Article 10 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included.

NOTE B-- WEIGHTED AVERAGE SHARES

Weighted average number of shares includes shares of common stock outstanding
during the period. Outstanding stock options and warrants are not included in
the loss per share calculations as they are considered anti-dilutive.

NOTE C-- SIGNIFICANT EVENTS

At a Special Shareholders' Meeting on November 17, 2000, the Shareholders
revoked the Plan of Dissolution. In August, 2001 a liquidating dividend of
approximately $229,000 was paid pro-rata to shareholders.

NOTE D-- OWNERSHIP

On January 20, 1995, Norwood Venture Corp. (Norwood), the Company's major
shareholder, exercised warrants to 957,877 shares of common stock at a price of
$.01 per share. Following the exercise, Norwood owned 2,282,564 shares or 77.27%
of the Company.







                                       6
<PAGE>

                       APPLIED SPECTRUM TECHNOLOGIES, INC.

                 MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS


OPERATIONS FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2001
------------------------------------------------------------

Revenues
--------

The Company was inactive and had no sales revenue during the periods.

Expenses
--------

General and Administrative expenses of $6,501 and $12,043 for the three and six
month periods, respectively, were for accounting and legal services.

Interest Income
---------------

Interest income of $3,204 and $7,129 for the three and six month periods,
respectively, was earned on cash balances.

Capital Resources and Liquidity
-------------------------------

The Company's cash position was virtually unchanged during the period.
















                                       7
<PAGE>

Part II. Other Information

None.




































                                       8
<PAGE>

                                    SIGNATURE




Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Quarterly Report on Form 10-Q for the period
ended March 31, 2001 to be signed on its behalf by the undersigned thereunto
duly authorized.


                                         APPLIED SPECTRUM TECHNOLOGIES, INC.


                                                   /s/ Mark R. Littell
Date:  August 20, 2002                             ----------------------------
                                                   Mark R. Littell
                                                   Chief Executive Officer



                                                   /s/ Mark R. Littell
                                                   ----------------------------
                                                   Mark R. Littell
                                                   Director



















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