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

                                    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 June 30, 2003                   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 July 31, 2003, was 2,953,941.
================================================================================
<PAGE>

                       APPLIED SPECTRUM TECHNOLOGIES, INC.


                                      INDEX

                                                                           Page
                                                                           ----

Part I.  Financial Information

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

            Statements of Operations for the three and
            nine months ended June 30, 2003 and 2002                         3

            Balance Sheets as of  June 30, 2003
            and September 30, 2002                                           4

            Statements of Cash Flows for the nine
            months ended June 30, 2003 and 2002                              5

            Notes to Financial Statements - June 30, 2003                    6


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


Part II. Other Information                                                   8

Signature                                                                    9

                                        2
<PAGE>

Part 1. Financial Information
<TABLE><CAPTION>

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


                                         Three Months Ended           Nine Months Ended
                                               June 30                     June 30
                                       ------------------------    ------------------------
                                          2003          2002          2003          2002
<S>                                   <C>           <C>           <C>           <C>
REVENUES
Net sales                              $     ---     $     ---     $     ---     $     ---
Sublicensing revenues                        ---           ---           ---           ---
     Total revenues                          ---           ---           ---           ---

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

General and administrative expense              0           761           250         2,228
                                       ----------    ----------    ----------    ----------
Operating profit (loss)                         0          (761)         (250)       (2,228)

  Interest expense                           ---           ---           ---           ---
  Interest income                              51           113           200           432
  Other income                               ---           ---           ---           ---
  (expense)
                                       ----------    ----------    ----------    ----------
     Net profit (loss)                 $       51         ($648)         ($50)      ($1,796)


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)

                                                      June 30,    September 30,
                                                        2003          2002
                                                     ----------    ----------

ASSETS

CURRENT ASSETS
    Cash                                             $   29,366    $   33,422
    Other                                                  ---           ---
                                                     ----------    ----------
                 Total current assets                    29,366        33,422

PROPERTY AND EQUIPMENT
    Equipment at fair market value                         ---           ---
                                                     ----------    ----------
                                                     $   29,366    $   33,422


LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
    Accounts payable                                 $    8,035    $    8,035
    Other accrued expenses                               14,621        18,626
                                                     ----------    ----------
                  Total current liabilities          $   22,655    $   26,661


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                       16,044,973    16,044,973
    Accumulated deficit                             (16,067,801)  (16,067,751)
                                                     ----------    ----------

                                                          6,711         6,761
                                                     ----------    ----------
                                                     $   29,366    $   33,422

See notes to financial statements

                                        4
<PAGE>

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


                                                         Nine Months Ended
                                                             June 30

OPERATING ACTIVITIES                                    2003          2002
                                                     ----------    ----------

  Net profit (loss)                                        ($50)      ($1,796)
  Net cash flow from (used for)
  working capital                                        (4,006)         ---
                                                     ----------    ----------
  Net cash from operating activities                     (4,056)       (1,796)

INVESTING ACTIVITIES
  Net cash from investing activities                       ---           ---
                                                     ----------    ----------
                                                           ---           ---

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

  Net cash from financing activities                       ---           ---

INCREASE (DECREASE) IN CASH                              (4,056)       (1,796)

  Cash beginning of period                               33,422        36,906
                                                     ----------    ----------

CASH END OF PERIOD                                   $   29,366    $   35,110
                                                     ----------    ----------


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. For further information, refer to the financial statements and
footnotes thereto included in the Company's annual report on Form 10-K for the
year ended September 30, 2002.

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 NINE MONTHS ENDED JUNE 30, 2003
------------------------------------------------------------

Revenues
--------

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

Expenses
--------

General and Administrative expenses of $250 for the nine month period were for
accounting services.

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

Interest income was $51 and $200 for the three and nine month periods,
respectively.

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

The Company's cash position was reduced by $4,056 during the nine month period
due to the payment of accrued legal, filing and accounting expenses.

                                        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 June 30, 2003 to be signed on its behalf by the undersigned thereunto duly
authorized.


                                             APPLIED SPECTRUM TECHNOLOGIES, INC.



Date: August 11, 2003                        /s/ Mark R. Littell
                                             ----------------------------------
                                             Mark R. Littell
                                             Chief Executive Officer


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






                                        9