UNITED STATES
                       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 June 30, 2002.

[ ] Transition  Report Under Section 13 or 15(d) of the Securities  Exchange Act
for the transition period from ____________ to ____________.

Commission file number 0-21070

                             ITEC Attractions, Inc.
       (Exact name of small business issuer as specified in its charter.)

        Nevada                                           66-0426648
        ------                                           ----------
(State of Incorporation)                       (IRS Employer Identification No.)

          3562 Shepherd of the Hills Expressway Branson, Missouri 65616
          -------------------------------------------------------------
                    (Address of principal executive offices)

                                 (417) 335-3533
                                 --------------
                           (Issuer's telephone number)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or Section 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

Check whether the  registrant  filed all  documents  and reports  required to be
filed by Section 12, 13, or 15 (d) of the Securities  Exchange Act of 1934 after
the distribution of securities under a plan confirmed by a court. Yes X    No

The number of shares  outstanding of the issuer's common stock, $.001 par value,
as of August 6, 2002 is 7,937,638 shares.

Transitional Small Business Disclosure Format (check one): Yes          No X

<PAGE>

                             ITEC Attractions, Inc.


                                TABLE OF CONTENTS


PART 1.  FINANCIAL INFORMATION

Item 1.    Financial Statements


                                                                     Page Number
                                                                     -----------

Condensed Balance Sheet
  June 30, 2002.....................................................      1


Condensed Statements of Operations
  Three and Six Months Ended June 30, 2002 and 2001.................      2


Condensed Statements of Cash Flows
  Six Months Ended June 30, 2002 and  2001..........................      3


Notes to Condensed Financial Statements.............................      4


Item 2.  Management's Discussion and Analysis of Financial Condition
  and Results of Operations.........................................      6


PART II.  Other Information.........................................     10
<PAGE>

                             ITEC Attractions, Inc.

                             Condensed Balance Sheet
                                   (Unaudited)


                                                               June 30,
            ASSETS                                               2002
            ------                                            -----------

Current assets:
  Cash and cash equivalents                                   $   100,264
  Accounts receivable                                              49,421
  Inventories                                                     485,348
  Prepaid expenses                                                136,515
  Prepaid leases-current                                          166,915
                                                              -----------

         Total current assets                                     938,463


Property and equipment, net of accumulated
   depreciation of $3,000,709                                   6,992,390
Prepaid leases-non-current                                        547,901
Deposits                                                            5,613
                                                              -----------

         TOTAL ASSETS                                         $ 8,484,367
                                                              ===========

            LIABILITIES AND STOCKHOLDERS' EQUITY
            ------------------------------------

Current liabilities:

  Accounts payable                                            $   441,888
  Accrued expenses                                                290,069
  Note payable to bank                                            200,000
  Current maturities of long-term debt                            241,774
                                                              -----------

         Total current liabilities                              1,173,731

  Accrued lease expense                                           507,130
  Long-term debt                                                4,659,515
  Deferred revenue                                                  5,931
  Security deposits                                                13,000
  Interest rate swap agreement                                    532,568
                                                              -----------

         Total liabilities                                      6,891,875

  Stockholders' equity
    Common stock, $.001 par value.  Authorized
      40,000,000 shares, issued and outstanding
      7,937,638 shares                                              7,938
    Additional paid-in capital                                 10,781,076
    Retained earnings (deficit)                                (9,196,522)
                                                              -----------

         Total stockholders' equity                             1,592,492
                                                              -----------

         TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY           $ 8,484,367
                                                              ===========

See accompanying notes to condensed financial statements.

                                        1

<PAGE>
                             ITEC Attractions, Inc.
                       Condensed Statements of Operations
                                   (Unaudited)
<TABLE>
<CAPTION>



                                                  Three Months Ended                  Six Months Ended
                                                       June 30,                            June 30,

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

Revenue:
<S>                                           <C>             <C>                <C>              <C>
  Theater and concession                      $  849,868      $  653,103         $ 1,259,667      $   911,491
  Food service                                   965,339         926,922           1,261,047        1,172,592
  Gift shops                                     356,227         300,624             461,958          376,963
  Mall operations                                108,228         107,838             182,229          197,420
                                              ----------      ----------         -----------      -----------
                                               2,279,662       1,988,487           3,164,901        2,658,466
                                              ----------      ----------         -----------      -----------
Direct Expense:
  Theater and concession                         436,147         361,304             746,048          588,798
  Food service                                   795,958         712,200           1,111,436          976,709
  Gift shops                                     249,092         193,941             354,828          274,585
  Mall operations                                 98,348          87,986             187,550          170,584
                                              ----------      ----------         -----------      -----------
                                              1,579,545        1,355,431           2,399,862        2,010,676
                                              ----------      ----------         -----------      -----------

Gross Profit                                     700,117         633,056             765,039          647,790
                                              ----------      ----------         -----------      -----------

Operating Expense:
  General and administrative                     190,792         172,070             351,535          345,834
  Advertising and marketing                      233,932         190,076             393,829          338,720
  Depreciation and amortization                  131,429         122,936             262,188          241,578
 (Gain) loss on derivative financial
    instrument                                   118,037         (65,715)             48,537           45,812
                                              ----------      ----------         -----------      -----------
                                                 674,190         419,367           1,056,089          971,944
                                              ----------      ----------         -----------      -----------

Operating Income (Loss)                           25,927         213,689            (291,050)        (324,154)

Other Income (Expense):
  Interest income                                    110             527                 159            1,818
  Interest expense                              (133,015)        (91,240)           (261,000)        (177,822)
                                              ----------      ----------         -----------      -----------
                                                (132,905)        (90,713)           (260,841)        (176,004)
                                              ----------      ----------         -----------      -----------

Income (Loss) Before Cumulative Effect
  of Change in Accounting Principle             (106,978)        122,976            (551,891)        (500,158)
Cumulative Effect of Change in Accounting
  Principle                                            -               -                   -         (298,134)
                                              ----------      ----------         -----------      -----------
         Net Income (Loss)                    $ (106,978)     $  122,976         $  (551,891)     $  (798,292)
                                              ==========      ==========         ===========      ===========

Income (loss) per common share before
  cumulative  effect of change in accounting
  principle                                   $    (0.01)     $     0.02         $     (0.07)     $     (0.06)
Loss per common share on cumulative
  effect of change in accounting principle             -               -                   -            (0.04)
                                              ----------      ----------         -----------      -----------

Income (loss) per common share                $    (0.01)     $     0.02         $     (0.07)     $     (0.10)
                                              ==========      ==========         ===========      ===========

Weighted average common
   shares outstanding                          7,937,638       7,937,638           7,937,638        7,937,638
</TABLE>


See accompanying notes to condensed financial statements.

                                        2
<PAGE>
                          ITEC Attractions, Inc.

                    Condensed Statements of Cash Flows
                               (Unaudited)

<TABLE>
<CAPTION>

                                                                                            Six Months Ended
                                                                                                June 30,
                                                                                      2002                  2001
                                                                                ---------------       ---------------
<S>                                                                             <C>                  <C>
Cash flows from operating activities:
   Net loss                                                                     $      (551,891)     $       (798,292)
     Items not requiring(providing) cash:

      Depreciation and amortization                                                     262,188               241,578
      Cumulative effect of change in accounting principle                                     -               298,134
       Loss on derivative financial instrument                                           48,537                45,812
      Changes in:
        Accounts receivable                                                              (9,437)               20,328
        Inventories                                                                    (153,184)             (279,445)
        Prepaid expenses and deposits                                                   (43,152)               19,182
        Prepaid leases                                                                   83,457                83,456
        Accounts payable and other accrued expenses                                     250,713               131,267
                                                                                ---------------       ---------------
                         Net cash used in operating activities                         (112,769)             (237,980)
                                                                                ---------------       ---------------

Cash flows from investing activities:
   Purchase of property and equipment                                                   (42,181)             (592,638)
                                                                                ---------------       ---------------
                         Net cash used in investing activities                          (42,181)             (592,638)
                                                                                ---------------       ---------------

Cash flows from financing activities:
   Net borrowings under line of credit agreement                                        200,000                     -
   Principal payments on long-term debt                                                (120,870)              (67,902)
   Proceeds from issuance of long-term debt                                             110,000               798,864
                                                                                ---------------       ---------------
                        Net cash provided by financing activities                       189,130               730,962
                                                                                ---------------       ---------------

Increase (decrease) in cash and cash equivalents                                         34,180               (99,656)

Cash and cash equivalents at beginning of period                                         66,084               185,551
                                                                                ---------------       ---------------

Cash and cash equivalents at end of period                                      $       100,264      $         85,895
                                                                                ===============       ===============


Supplemental cash flow information:
  Cash paid during the period for interest                                      $       261,000      $        177,822

</TABLE>

See accompanying notes to condensed financial statements.


                                        3
<PAGE>

                             ITEC Attractions, Inc.

                     Notes to Condensed Financial Statements
                                  June 30, 2002
                                   (Unaudited)


NOTE 1.  BASIS OF PRESENTATION

ITEC Attractions,  Inc. (formerly known as International  Tourist  Entertainment
Corporation)  (the  "Company")   commenced   operations  in  October  1993.  The
accompanying  interim condensed financial  statements are unaudited,  but in the
opinion  of  management  reflect  all  adjustments  (consisting  only of  normal
recurring  adjustments)  necessary  for a fair  presentation  of  the  financial
position,  results of operations and cash flows for the Company.  The results of
operations for any interim period are not necessarily  indicative of results for
the respective  full year.  Certain  information and note  disclosures  normally
included in the Company's  annual  financial  statements  prepared in accordance
with generally  accepted  accounting  principles have been condensed or omitted.
These  condensed  financial  statements  should be read in conjunction  with the
financial  statements and notes thereto contained in the Company's annual report
on Form 10-KSB for the year ended December 31, 2001 as filed with the Securities
and Exchange Commission.

NOTE 2. OPERATING SEGMENTS

The Company operates in three business segments: 1) Theater and concessions,  2)
Food service, and 3) Retail services.

The following table presents financial  information by operating segment for the
six months ended June 30, 2002 and 2001.
<TABLE>
<CAPTION>

Six months ended                    Theater and       Food            Retail
June 30, 2002                       Concessions      Service         Services        Corporate         Total
-------------------------------------------------------------------------------------------------------------
<S>                                 <C>              <C>               <C>        <C>               <C>
Sales to unaffiliated
  customers                         $1,259,667       $1,261,047        $644,187   $         -       $3,164,901

Operating income
  (loss)                            $  513,619       $  149,611        $101,809   $(1,056,089)      $ (291,050)
</TABLE>

<TABLE>
<CAPTION>

Six months ended                    Theater and       Food            Retail
June 30, 2001                       Concessions      Service         Services        Corporate         Total
-------------------------------------------------------------------------------------------------------------

<S>                                 <C>              <C>               <C>        <C>               <C>
Sales to unaffiliated
  customers                         $  911,491       $1,172,592        $574,383   $         -       $2,658,466

Operating income
  (loss)                            $ 322,693        $  195,883        $129,214   $  (971,944)      $ (324,154)
</TABLE>


                                       -4-
<PAGE>


NOTE 3. DERIVATIVE FINANCIAL INSTRUMENT AND CHANGE IN ACCOUNTING PRINCIPLE

On January 1, 2001, the Company  adopted the provisions of Financial  Accounting
Standards Board Statements  (SFAS) Nos. 133 and 138, which establish  accounting
and reporting standards for derivative financial  instruments.  SFAS 133 and 138
require most derivative  instruments to be reflected as assets or liabilities in
the balance sheet at their fair values with changes in fair values  reflected in
net income (or accumulated other  comprehensive  income if the criteria for cash
flow hedge accounting are met).

The derivative financial instrument held by the Company is an interest rate swap
agreement  with Bank of  America,  N.A.  (the  "Bank")  to  effectively  fix the
interest rate on the Company's term note with the Bank,  which is due June 2013,
at 10.4% through April 1, 2006. The Company has not applied the hedge accounting
provisions  of the new  standards to this  transaction.  Instead,  the Company's
derivative  instrument  is recorded at its fair value with changes in fair value
included in earnings.

At  January  1,  2001,  initial  adoption  of  the  new  standards  resulted  in
recognition  of a derivative  financial  instrument  liability  and a cumulative
effect  adjustment of $298,134.  Application  of the new  standards  resulted in
recognition of a loss on derivative financial instruments of $118,037 during the
quarter ended June 30, 2002,  and a loss of $48,537  during the six months ended
June 30, 2002.




                                       -5-
<PAGE>


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

General

The following  discussion and analysis  provides  information  which  management
believes  is  relevant  to an  assessment  and  understanding  of the results of
operations and financial condition of ITEC Attractions, Inc. This discussion and
analysis should be read in conjunction  with the financial  statements,  related
notes and Management's  Discussion and Analysis included in the Company's Annual
Report on Form 10-KSB for the year ended December 31, 2001.

ITEC  Attractions,  Inc. began  operations  with the opening of its giant screen
theater and mall facility in Branson, Missouri in October 1993. This facility is
known as the IMAX  Entertainment  Complex (The Complex).  The Complex contains a
532-seat  IMAX theater  with a screen that is 62 feet tall and 83 feet wide.  In
addition,  The Complex  includes an enclosed  shopping  mall with  approximately
22,000  square feet of retail  space.  McFarlain's,  a family  restaurant in the
mall, has been owned and operated by the Company since May 1, 1995.

During the quarter ended  September 30, 1998, the Company  completed an addition
to McFarlain's  restaurant  that increased  seating by 133 people.  This was the
second major expansion of the restaurant over a two and a half year period,  and
brings total seating to 630 people. During the quarter ended March 31, 1997, the
Company  acquired  assets to begin the operation of McFarlain's  Back Porch,  an
express  deli and bakery which is also  located in the mall.  In 2000,  The Back
Porch  was  converted  to the IMAX Food  Court.  The IMAX  Food  Court  includes
franchises for Quiznos Sub Sandwiches,  Baskin & Robbins Ice Cream and Breadeaux
Pizza.

In 1994,  the Company  began  selling gift items related to the films which were
being exhibited in the theater or which are  representative  of the lifestyle of
the Ozarks.  This  operation  has evolved  into the Legacy & Legends  Gift Shop,
which  has  been  one of the  Company's  most  profitable  and  fastest  growing
departments. Because of the success of the Legacy and Legends Gift Shop, in 2000
the Company  made a decision to expand its gift shop  operations.  In October of
2000 the Company  acquired  Fabulous  Finds, a kiosk located in the Complex that
primarily sells custom jewelry.  In January of 2001 the Company  acquired Shadow
Box Gifts and Collectibles,  a gift shop located in the Complex that specializes
in the sale of various types of collectibles.  Twelve other shops and kiosks are
currently leased to third parties.

In  December  1997,  the  Company  installed a new 35mm  projection  system,  in
addition to its IMAX giant screen projection  system,  and began showing feature
35mm films each evening in addition to the IMAX giant screen film presentations.

In March 1998, the Company  completed the construction of a 210-seat theater for
live  performances  in The Complex.  Mike  Radford's  Remember  When Show,  Tony
Melendez's Gift of Hope Show and The Country Traditions Show are currently being
held in The Remember When Theater.



                                       -6-


<PAGE>


On July 24, 2000 the Company completed  financial  arrangements for a program of
capital   improvements  to  The  Complex.   These   improvements   included  the
construction  of a new theater  center named Elite Cinema III, which is adjacent
to The Complex.  Elite Cinema III houses three  theaters  with  state-of-the-art
sound systems and stadium style seating, and is designed to exhibit 35mm feature
length films.  The seating  capacity of the three theaters is 181, 170, and 132.
Construction  of Elite Cinema III  commenced in March of 2001 and was  completed
during  the third  quarter of 2001.  The  Company  also  increased  the  parking
capacity  of  The  Complex  by 165  spaces  to  accommodate  the  new  theaters.
Construction  of the  parking  expansion  commenced  in  January  2000  and  was
completed  at the time the Elite  Cinema III opened.  The cost of these  capital
improvements was approximately $1.8 million.

RESULTS OF OPERATIONS

Revenues for the quarter ended June 30, 2002  increased 15 percent to $2,279,662
as compared to $1,988,487  for the same quarter of the previous  year.  Revenues
for the six-month  period ended June 30, 2002 increased 19 percent to $3,164,901
compared to $2,658,466 in the prior year period. This increase is a result of an
increase in film revenues in the IMAX theater, the revenues from the addition of
Elite  Cinema  III,  an increase  in food  service  revenues  and an increase in
revenues at all three gift shops operated by the Company.

The  increase in revenues  for food  service is a result of the IMAX Food Court,
which benefits from the higher film attendance,  while the increase in gift shop
revenues is a result of the increased  inventories in all of the gift shops, and
the increase of traffic in The Complex for the films.

Direct  operating  expenses were  $1,579,545 for the quarter ended June 30, 2002
representing  69 percent of sales,  as compared to expenses of  $1,355,431 or 68
percent  of  sales  for the  comparable  period  of the  previous  year.  Direct
operating  expenses  were  $2,399,862  for the six months  ended June 30,  2002,
representing  76 percent of sales, as compared to an expense of $2,010,676 or 76
percent of sales for the comparable period of the previous year.

General and administrative  expenses were $190,792 and $172,070 for the quarters
ended June 30, 2002 and 2001 respectively and were $351,535 and $345,834 for the
six months ended June 30, 2002 and 2001 respectively.

Advertising  and  marketing  expense was $233,932 for the quarter ended June 30,
2002  compared to $190,076  for the same period in 2001 and was $393,829 for the
six months ended June 30, 2002 compared to $338,720 for the same period in 2001.
The  increase  in  advertising  and  marketing  is a result  of an  increase  in
advertising  expense  related to the opening of Elite  Cinema III and an overall
increase in the advertising budget for 2002 for The Complex.




                                       -7-
<PAGE>

Interest  expense was $133,015 and $91,240 for the quarters  ended June 30, 2002
and 2001,  respectively  and was $261,000 for the six months ended June 30, 2002
and $177,822 for the same period in 2001. The increase in interest  expense is a
result of the increase in borrowing  related to the financing of the new theater
complex and related parking lot.

The net loss was  $106,978 for the quarter  ended June 30, 2002  compared to net
income of  $122,976  for the same  period  of the  previous  year.  Net loss was
$551,891  for the six  months  ended  June 30,  2002  compared  to a net loss of
$798,292 for the six months ended June 30, 2001. The net loss for the quarter is
primarily a result of the increase in advertising  for the Elite Cinema III, the
increased  interest  expense  and the  increase  in the  loss on the  derivative
financial instrument.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2002, current assets totaled $938,463,  while current liabilities
totaled  $1,173,731.  The  Company's  current  ratio at June 30, 2002 was .80 to
1.00.

During fiscal 2000, the Company borrowed $100,000 from Ms. Ann Bluto, a director
of the  Company.  This loan bears  interest  at prime plus 1%.  During the first
quarter of 2002,  the  Company  borrowed  an  additional  $60,000,  which  bears
interest  at 10.75%  per  annum.  Proceeds  of these  loans were used to provide
working capital for the Company.

On July 24,  2000,  the  Company  refinanced  its  existing  line of credit  and
existing  long-term debt with a new line of credit in the amount of $200,000 and
a new term loan in the amount of $4,676,203.  The proceeds of the term loan were
to refinance existing  indebtedness and to finance the construction of three new
theaters and additional parking related thereto and the construction of the food
court.  The entire amount  available from the line of credit was borrowed during
the first quarter of 2002, and was used to pay operating  expenses for the first
quarter.  In July 2002, the Company repaid  $100,000 on the line of credit.  The
line of credit and the term loan are secured by deeds of trust on the  Company's
theater complex and ground leases.

Going  forward,  the Company  expects to be able to finance its  operations  and
immediate capital requirements from currently available capital,  cash flow from
operations, and commercial or related party borrowings.



                                       -8-
<PAGE>


FORWARD-LOOKING STATEMENTS

When  used in this  Form  10-QSB,  in  other  filings  by the  Company  with the
Securities  and Exchange  Commission,  in the Company's  press releases or other
public stockholder communications,  or in oral statements made with the approval
of an authorized  executive officer of the Company,  the words or phrases "would
be," "will allow,"  "intends to," "will likely result," "are expected to," "will
continue," "is anticipated,"  "estimate,"  "project," or similar expressions are
intended  to  identify  "forward-looking  statements"  within the meaning of the
Private Securities Litigation Reform Act of 1995.

The Company cautions readers not to place undue reliance on any  forward-looking
statements,  which  speak  only  as of the  date  made,  are  based  on  certain
assumptions  and  expectations  which may or may not be valid or actually occur,
and which involve various risks and uncertainties,  including but not limited to
risk of product demand,  market  acceptance,  economic  conditions,  competitive
products and pricing,  difficulties in product  development,  commercialization,
and  technology and other risks.  In addition,  sales and other revenues may not
commence and/or continue as anticipated due to delays or otherwise. As a result,
the Company's  actual  results for future periods could differ  materially  from
those anticipated or projected. Please refer to the "Management's Discussion and
Analysis or Plan of Operation"  that is found in the Company's  Annual Report on
Form 10-KSB for the year ended December 31, 2001 for more details.

Unless otherwise required by applicable law, the Company does not undertake, and
specifically disclaims any obligations, to update any forward-looking statements
to reflect  occurrences,  developments,  unanticipated  events or  circumstances
after the date of such statement.


                                       -9-
<PAGE>

                            PART II OTHER INFORMATION


Item 1.           Legal Proceedings
                  -----------------

                  There are no material legal  proceedings  pending to which the
                  Company  is a  party  of  which  any  of its  property  is the
                  subject.

Item 2.           Changes in Securities
                  ---------------------

                  None

Item 3.           Defaults Upon Senior Securities
                  -------------------------------

                  None

Item 4.           Submission of Matters to a Vote of Security Holders
                  ---------------------------------------------------

                  None

Item 5.           Other Information
                  -----------------

                  None

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

                  A. Exhibits: None

                  B. Reports on Form 8-K: None



                                      -10-
<PAGE>

                                   SIGNATURES




In accordance with 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.



Date    08/08/02                           /s/ Paul M. Bluto
        --------                           -----------------
                                           Paul M. Bluto
                                           Chairman and
                                           Principal Financial Officer
                                           Chief Executive Officer




Date    08/08/02                           /s/ Paul E. Rasmussen
        --------                           ---------------------
                                           Paul E. Rasmussen
                                           President
                                           Chief Operating Officer



                                      -11-