SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB


(Mark One)
   [X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
       of 1934 for the quarterly period ended March 31, 2002.

   [ ] Transition report under Section 13 or 15(d) of the Securities Exchange
       Act of 1934 for the transition period from              to             .


         Commission file number: 0-26927
                                 -------


                                  NOVAMED, INC.
        (Exact name of small business issuer as specified in its charter)





                Nevada                               77-0443643
               --------                             ------------
   (State or other jurisdiction of                (I.R.S. Employer
    incorporation or organization)               Identification No.)


                 1403 East 900 South, Salt Lake City, Utah 84105
               (Address of principal executive office) (Zip Code)


                                 (801) 582 9609
                           (Issuer's telephone number)


Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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  XX                    No
                             ----                     -----


The number of outstanding shares of the issuer's common stock, $0.001 par value
(the only class of voting stock), as of May 31, 2002 was 869,858



<PAGE>



                                TABLE OF CONTENTS

                                     PART I

ITEM 1.  FINANCIAL STATEMENTS..................................................3

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.............5


                                     PART II

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K......................................7

SIGNATURES.....................................................................8

INDEX TO EXHIBITS..............................................................9











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                                        2

<PAGE>



ITEM 1.           FINANCIAL STATEMENTS

As  used  herein,  the  term  "Company"  refers  to  NovaMed,   Inc.,  a  Nevada
corporation,  and its subsidiaries and predecessors unless otherwise  indicated.
Consolidated,  unaudited,  condensed  interim financial  statements  including a
balance  sheet for the  Company as of the  quarter  ended  March 31,  2002,  and
statements of operations, and statements of cash flows for the interim period up
to the date of such balance  sheet and the  comparable  period of the  preceding
year are attached hereto as Pages F-1 through F-4 and are incorporated herein by
this reference.










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                                        3

<PAGE>



                                                                   NOVAMED, INC.
                                      Index to Consolidated Financial Statements

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





                                                                            Page

Consolidated balance sheet at March 31, 2002 (unaudited)                    F-1



Consolidated statement of operations for three months
ended March 31, 2002 and 2001 (unaudited)                                   F-2



Consolidated statement of cash flows for the three months
ended March 31, 2002 and 2001 (unaudited)                                   F-3



Notes to consolidated financial statements                                   F-4














<PAGE>



                                                                   NOVAMED, INC.
                                                      Consolidated Balance Sheet

                                                      March 31, 2002 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<S>                                                                       <C>


Assets

Current assets:
           Cash                                                            $      19,982
                                                                           -------------

                  Current assets                                                  19,982

Property and equipment, net                                                       28,590
                                                                           -------------

                      Total assets                                         $      48,572
                                                                           -------------

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

                                                                           -------------
Liabilities and Stockholders' Equity (Deficit)

Current liabilities:
           Accounts payable and accrued liabilities                        $     144,357
           Accrued royalty payments                                               42,000
           Accrued payroll taxes and related items                                 5,144
           Notes payable                                                          20,000
                                                                           -------------

                           Total current liabilities                             211,501
                                                                           -------------


Stockholders' equity (deficit):
      Common stock, par value $.001 per share; authorized 50,000,000
           shares, issued and outstanding 869,858 shares                             870
      Additional paid-in capital                                               6,281,317
      Accumulated deficit                                                     (6,445,116)
                                                                           -------------

           Total stockholders' equity (deficit)                                 (162,929)
                                                                           -------------

                  Total liabilities and stockholders' equity (deficit)     $      48,572
                                                                           -------------

</TABLE>



                                                                             F-1

<PAGE>



                                                                   NOVAMED, INC.
                                            Consolidated Statement of Operations

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




<TABLE>
<CAPTION>

                                                                                       Cumulative
                                                                                      Amounts since
                                                                                      inception of
                                                            Three Months Ended        Development
                                                                 March 31,                Stage
                                                               (Unaudited)          (January 1, 2002)
                                                       ---------------------------    ------------
<S>                                                   <C>          <C>               <C>

                                                           2002           2001
                                                       ----------   --------------

Net sales                                              $        -   $            -    $          -
                                                       ----------   --------------    ------------

Costs and expenses:
  Cost of sales/manufacturing                                 330            8,306             330
  Selling, general and administrative                      10,607          340,398          10,607
  Research and development                                      -                -               -
                                                       ----------   --------------    ------------

                                                           10,937          348,704          10,937
                                                       ----------   --------------    ------------

Loss before income taxes and extraordinary items         (10,937)        (348,704)        (10,937)

Extraordinary items
      Gain on settlement of accrued interest                6,761                -           6,761
                                                       ----------   --------------    ------------

Loss before income taxes                                  (4,176)        (348,704)         (4,176)

Provision for income taxes                                      -                -               -
                                                       ----------   --------------    ------------

      Net loss                                         $  (4,176)   $    (348,704)    $    (4,176)
                                                       ----------   --------------    ------------

Loss per common share - basic and diluted              $     0.00   $       (0.40)
                                                       ----------   --------------

Weighted average common shares - basic and                869,858          869,858
diluted
                                                       ----------   --------------

</TABLE>




                                                                             F-2

<PAGE>



                                                                   NOVAMED, INC.
                                            Consolidated Statement of Cash Flows

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


<TABLE>
<CAPTION>

                                                               Three Months Ended        Cumulative
                                                                    March 31,              Amounts
                                                                  (Unaudited)           since inception
                                                                                        of Development
                                                                                           Stage
                                                                                      (January 1, 2002)
                                                             ------------------------  -----------
<S>                                                         <C>        <C>            <C>

                                                                 2002         2001
                                                             ---------- -------------  -----------
Cash flows from operating activities:
      Net loss                                               $ (4,176)  $   (348,704)  $   (4,176)
      Adjustments to reconcile net loss to net cash
      used in operating activities:
         Depreciation                                            4,481              -        4,481
          Gain on settlement of accrued interest               (6,761)              -      (6,761)
         Stock issued for royalties and license fees                 -        262,500            -
         (Increase) decrease in:
              Receivables                                       15,000              -       15,000
         Increase (decrease) in:
              Accounts payable and accrued liabilities           1,404       (16,732)        1,404
                                                             ---------  -------------  -----------

Net cash provided by (used in) operating activities              9,948      (102,936)        9,948
                                                             ---------  -------------  -----------


Cash flows from investing activities:                                -              -            -
                                                             ---------  -------------  -----------


Cash flows from financing activities:
      Issuance of convertible debentures                             -        100,000            -
                                                             ---------  -------------  -----------

Net cash provided by financing activities                            -        100,000            -
                                                             ---------  -------------  -----------


Net increase (decrease) in cash                                  9,948        (2,936)        9,948

Cash, beginning of period                                       10,034         11,779       10,034
                                                             ---------  -------------  -----------

Cash, end of period                                          $  19,982  $       8,843  $    19,982
                                                             ---------  -------------  -----------
</TABLE>








                                                                             F-3

<PAGE>



                                                                   NOVAMED, INC.
                                      Notes to Consolidated Financial Statements

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



(1)  The unaudited  consolidated  financial  statements  include the accounts of
     NovaMed, Inc. and NovaMed  Manufacturing,  Inc. and include all adjustments
     (consisting  of normal  recurring  items)  which  are,  in the  opinion  of
     management,  necessary to present fairly the financial position as of March
     31, 2002, and the results of operations and cash flows for the three months
     ended March 31, 2002 and 2001. The results of operations and cash flows for
     the three  months  March 31,  2002 are not  necessarily  indicative  of the
     results to be expected for the entire year.


(2)  Loss  per  share  is  based  on  the  weighted  average  number  of  shares
     outstanding at March 31, 2002 and 2001, respectively.

(3)  On May 7, 2002,  subsequent to the end of the period,  Novamed effected a 1
     for 50 reverse  stock split.  The number of shares  issued and  outstanding
     before the split was  43,486,464  shares and after the split,  taking  into
     account slight  rounding  differences,  the number  outstanding was 869,858
     shares.  Presented financial statements reflect retroactive adjustments for
     the reverse split.
















                                                                             F-4

<PAGE>



ITEM 2.       MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The Company is a medical device holding  company that  developed,  manufactured,
and marketed  hydrogel and saline filled breast implant  products that were used
in primary augmentations, revisions, or reconstructive procedures.

The Company  manufactured  and marketed two  different  pre-filled  single lumen
mammary  prostheses  (breast  implants),  the NOVAGOLDTM and the  NOVASALINETM .
These  products were  designed to address the safety  concerns  associated  with
silicone gel-filled  implants,  as voiced by the FDA's decision in April of 1992
which  mandated that silicone gel implants  would  thereafter  only be available
under controlled clinical studies.  Both products were used for routine cosmetic
breast augmentation and for breast reconstruction  following either subcutaneous
or modified radical mastectomy. The Company has realized no sales revenues since
October  of 2000,  due to the  prohibition  placed on the sale of the  Company's
products and the default on the License  Agreement  related to the Company's use
of patented technology in its products.

Since  the  Company  was not able to  generate  any  revenues  in 2001 it is now
considering   the  viability  of  continuing  in  the  business  of  developing,
manufacturing  and marketing  breast implant  products.  While  considering  the
viability of its breast implant  business,  management is also considering other
business  opportunities  either through merger or acquisition  that might create
value for our shareholders.

Results of Operations

Net sales were $0 for the three months ended March 31, 2002,  compared to $0 for
the  comparable  period  in  2001.  The  lack  of  sales  was due to  having  no
significant operations.

Cost of Sales

Cost of sales were $330 for the three months  ended on March 31, 2002,  compared
to $8,036 for the  comparable  period in 2001,  a decrease  of 95% for the three
month period ended March 31, 2001. The decrease in cost of sales was a result of
no significant operations in the period.

Losses

The Company  recorded  net losses of $4,176 for the three months ended March 31,
2002, compared to $348,704 for the comparable period in 2001, an decrease of 99%
for the three month period ended March 31, 2001.  The decrease was the result of
no  significant  operations  coupled  with a lack of  expenses  relating  to the
elimination  of the  German  subsidiary  and  buyout  of the  license  fees  and
royalties relating to that subsidiary.

The Company expects to continue to incur losses at least through fiscal 2002 and
there  can  be  no   assurance   that  the  Company  will  achieve  or  maintain
profitability or that its revenue growth can be sustained in the future.

Expenses

Selling,  general and administrative  expenses were $10,607 for the three months
ended March 31, 2002 as compared to $340,398 for the comparable  period in 2001,
a  decrease  of 97% from the three  month  period  ending  March 31,  2001.  The
decrease  in  selling,  general  and  administrative  costs was the result of no
significant  operations  and the lack of costs  that  were  associated  with the
operation of the Company's former German subsidiary.



                                        5

<PAGE>




Capital Expenditures

The Company expended no amounts on capital expenditures for the quarterly period
ending March 31, 2002.

Capital Resources and Liquidity

The Company had current assets of $19,982 and total assets of $48,572 as of the
quarterly period ending March 31, 2002. These assets consist of cash on hand of
$19,982 and equipment, net of depreciation, of $25,590. Stockholders' deficit in
the Company was $162,929 at March 31, 2002.

Cash flow  provided  by  operating  activities  was $9,948 for the three  months
ending  March 31, 2002  compared to cash flow used in  operating  activities  of
$102,936 for three months ended March 31, 2001.  The increase in cash flows from
operations  for the three  months  ended  March 31,  2002,  was the  result of a
significant  drop in  losses,  mentioned  above,  coupled  with the  receipt  of
receivables and a lack of royalty payments.

The Company has a working  capital  deficit of $191,519 on March 31,  2002.  The
Company's plan for liquidity  resources  include  delaying  payments on accounts
payable and debts by renegotiated terms,  obtaining equity or debt financing and
selling  assets of the Company.  Management  can provide no assurance that these
efforts will be successful. The Company believes that its owners, affiliates and
consultants will provide sufficient  additional  capital to continue  operations
through  debt or equity  financing,  though the Company can provide no assurance
that this assumption can be realized if necessary.

The Company has no intention of  conducting  any research or  development  until
such time as  resolution  is reached in  connection  with the  viability  of its
breast implant  business or another  business  opportunity  is acquired  through
merger or acquisition.

The Company  currently has no employees and does not believe that employees will
be added until such time as funding is obtained for its breast implant  business
or another business opportunity is pursued.

The Company's  auditors have expressed an opinion as to the Company's ability to
continue as a going concern on their report dated April 10, 2002, for the period
ended  December 31, 2001,  as a result of  accumulated  deficits.  The Company's
ability to continue as a going  concern is subject to the ability of the Company
to obtain a profit and /or obtaining the necessary funding from outside sources.
Management's  plan to  address  the  Company's  ability to  continue  as a going
concern,  includes:  (1) obtaining funding from private placement  sources;  (2)
obtaining  additional  funding from the sale of the  Company's  securities;  (3)
establishing revenues from a suitable business opportunity;  (4) obtaining loans
and  grants  from  various  financial  institutions  where  possible.   Although
management  believes  that it will be able to obtain  the  necessary  funding to
allow the Company to remain a going concern through the methods discussed above,
there can be no assurances that such methods will prove successful.





                                        6

<PAGE>



                                     PART II

ITEM 6.       EXHIBITS AND REPORTS ON FORM 8-K

(a)   Exhibits Exhibits required to be attached by Item 601 of Regulation S-B
      are listed in the Index to Exhibits on page 8 of this Form 10-QSB, and are
      incorporated herein by this reference.

(b)   Reports on Form 8-K. The Company filed the following report on Form 8-K
      during the period ended March 31, 2002.

          1.   The  Company  reported  on March 1,  2002 on Form 8-K that it had
               entered into a Stock Sale Agreement ("Agreement") for the sale of
               450,000 shares of Cryogenic Laboratories Incorporated to Mr. John
               Olson,  in exchange  for $25,000 and Mr.  Olson's  assumption  of
               liabilities,  including  principal and interest amounting to over
               $200,000 in the form of  debentures.  On February 27,  2002,  the
               Company  acknowledged  the receipt of the $25,000 and the written
               agreement  of the  debenture  holders  to the  assignment  of all
               liabilities attached thereto.






















                                        7

<PAGE>



                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized, this 6th day of June 2002.




NOVAMED, INC.

  /s/ Ruairidh Campbell
-----------------------------------------------
Ruairidh Campbell                                       June 6, 2002
President, Chief Executive Officer and Director






















                                        8

<PAGE>


                           INDEX TO EXHIBITS


EXHIBIT       PAGE
NO.           NO.         DESCRIPTION

3(i)          *           Articles of Incorporation of the Company formerly
                          known as Conceptual Technologies,  Inc., a
                          Nevada  corporation dated November 26, 1996.
                          (Incorporated herein by reference to the Company's
                          Form 10SB/A-1 filed on November 2, 1999 as exhibit
                          2(i)).

3(ii)         *           By-laws of the Company adopted on November 12,
                          1996.(Incorporated herein by reference to the
                          Company's Form 10SB/A-1 filed on as exhibit
                          2(iv)).






























                                        9

<PAGE>