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 September 30, 2001.

[ ] 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 November 12, 2001 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
  September 30, 2001.....................................................   1


Condensed Statements of Operations
  Three and Nine Months Ended September 30, 2001 and 2000................   2


Condensed Statements of Cash Flows
  Nine Months Ended September 30, 2001 and  2000.........................   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)


                                                               September 30,
                     ASSETS                                        2001
                     ------                                   ----------------
Current assets:
   Cash                                                       $        88,745
   Receivables                                                         62,073
   Inventories                                                        543,425
   Prepaid expenses                                                    70,621
   Prepaid leases-current                                             166,915
                                                              ---------------

            Total current assets                                      931,779


   Property and equipment net of accumulated
     depreciation of $2,605,034                                     7,266,192
   Prepaid leases-non current                                         673,087
   Deposits                                                            20,915
                                                              ---------------


            TOTAL ASSETS                                            8,891,973
                                                              ===============

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

Current liabilities:
   Accounts payable                                                   583,497
   Accrued expenses                                                   347,988
   Current portion of long-term debt                                  260,752
                                                              ---------------

            Total current liabilities                               1,192,237

   Accrued lease expense                                              464,869
   Long-term debt                                                   4,706,045
   Deferred revenue                                                    13,467
   Deposits                                                            15,200
   Interest rate swap agreement                                       580,611
                                                              ---------------

            Total liabilities                                       6,972,429

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
   Accumulated deficit                                             (8,869,470)
                                                              ---------------

            Total stockholders' equity                              1,919,544
                                                              ---------------

            TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY        $     8,891,973
                                                              ===============

            See accompanying notes to condensed financial statements.

                                        1

<PAGE>

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

                                                             Three Months Ended                    Nine Months Ended
                                                               September 30,                         September 30,
                                                           2001             2000                2001              2000
                                                        ------------     ------------       --------------    --------------
<S>                                                     <C>              <C>                <C>               <C>
       Revenue:
           Theater and concession                       $   721,469      $   738,959        $   1,632,960     $   1,827,979
           Food Service                                   1,017,331        1,015,125            2,189,923         2,054,774
           Gift shops                                       345,207          175,813              722,170           383,723
           Mall operations                                  113,984          138,664              311,404           347,502
                                                        ------------     ------------       --------------    --------------
                                                          2,197,991        2,068,561            4,856,457         4,613,978
                                                        ------------     ------------       --------------    --------------
       Direct Expense:
           Theater and concession                           399,798          370,197              988,596         1,011,642
           Food Service                                     795,195          848,819            1,771,904         1,802,394
           Gift shops                                       232,803          124,986              507,388           281,693
           Mall operations                                   97,916          101,460              268,500           270,077
                                                        ------------     ------------       --------------    --------------
                                                          1,525,712        1,445,462            3,536,388         3,365,807
                                                        ------------     ------------       --------------    --------------

       Gross Profit                                         672,279          623,099            1,320,069         1,248,171
                                                        ------------     ------------       --------------    --------------

       Operating Expense:
           General and administrative                       172,410          184,243              518,244           587,108
           Advertising and marketing                        201,382          203,453              540,102           579,319
           Depreciation and amortization                    131,609          133,207              373,187           373,303
           Loss on derivative financial instruments         236,665                -              282,477                 -
                                                        ------------     ------------       --------------    --------------
                                                            742,066          520,903            1,714,010         1,539,730
                                                        ------------     ------------       --------------    --------------

       Operating Income(Loss)                               (69,787)         102,196             (393,941)         (291,559)

       Other Income (Expense):
           Interest income                                    1,411            1,439                3,229             5,761
           Interest expense                                (112,923)         (72,867)            (290,745)         (229,144)
                                                        ------------     ------------       --------------    --------------
              Other Income (Expense), net                  (111,512)         (71,428)            (287,516)         (223,383)
                                                        ------------     ------------       --------------    --------------

        Income (Loss) Before Cumulative Effect of
               Change in Accounting Principle              (181,299)          30,768             (681,457)         (514,942)
       Cumulative Effect of Change in Accounting
               Principle                                          -                -             (298,134)                -
                                                        ------------     ------------       --------------    --------------
              Net Income (Loss)                         $  (181,299)     $    30,768        $    (979,591)    $    (514,942)
                                                        ============     ============       ==============    ==============

       Income (loss) per common share before cumulative
         effect of change in accounting principle       $     (0.02)     $      0.00        $       (0.08)    $       (0.06)
       Loss per common share on cumulative
         effect of change in accounting principle                 -                -                (0.04)                -
                                                        ------------     ------------       --------------    --------------

       Income(loss) per common share                    $     (0.02)     $      0.00        $       (0.12)    $       (0.06)
                                                        ============     ============       ==============    ==============
       Weighted average common
          shares outstanding-basic and diluted            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>


                                                                                              Nine Months Ended
                                                                                                  September 30,
                                                                                         2001                  2000
                                                                                    ---------------       ---------------
<S>                                                                                 <C>                   <C>
Cash flows from operating activities:
   Net loss                                                                         $     (979,591)       $     (514,942)
   Adjustments to reconcile net loss to net cash
     used in operating activities:
      Depreciation and amortization                                                        373,187               373,303
      Cumulative effect of change in accounting principle                                  298,134                     -
      Loss on derivative financial instruments                                             282,477                     -
      Changes in operating assets and liabilities:
       (Increase) decrease in receivables                                                   19,643                (9,314)
        Increase in inventories                                                           (370,541)             (129,758)
        Decrease in deposits and prepaid expenses                                           28,389                11,633
        Decrease in prepaid leases                                                         125,186               125,186
        Increase in accounts payable and other accrued expenses                            477,482               108,959
                                                                                    ---------------       ---------------
                          Net cash provided by (used in) operating activities               254,366               (34,933)
                                                                                    ---------------       ---------------

Cash flows from investing activities:
   Purchase of property and equipment                                                   (1,507,029)             (661,938)
                                                                                    ---------------       ---------------
                         Net cash used in investing activities                          (1,507,029)             (661,938)
                                                                                    ---------------       ---------------

Cash flows from financing activities:
   Principal payments on long-term debt                                                   (108,323)             (200,484)
   Proceeds from issuance of short-term debt                                                     -               100,000
   Proceeds from issuance of long-term debt                                              1,264,180               333,450
                                                                                    ---------------       ---------------
                        Net cash provided by financing activities                        1,155,857               232,966
                                                                                    ---------------       ---------------

Decrease in cash and cash equivalents                                                      (96,806)             (463,905)

Cash and cash equivalents at beginning of period                                           185,551               644,706
                                                                                    ---------------       ---------------

Cash and cash equivalents at end of period                                          $       88,745        $      180,801
                                                                                    ===============       ===============
Supplemental cash flow information:
  Cash paid during the period for interest                                          $      290,745        $      229,144

</TABLE>

           See accompanying notes to condensed financial statements.


                                        3
<PAGE>

                             ITEC Attractions, Inc.

                     Notes to Condensed Financial Statements
                               September 30, 2001
                                   (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, 2000 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
nine months ended September 30, 2001 and 2000.
<TABLE>
<CAPTION>

Nine months ended        Theater and        Food        Retail
September 30, 2001       Concessions       Service      Services      Corporate       Total
---------------------------------------------------------------------------------------------
<S>                      <C>             <C>           <C>           <C>           <C>

Sales to unaffiliated
  customers              $ 1,632,960     $2,189,923    $1,033,574    $         -   $4,856,457

Operating income
  (loss)                 $   644,364     $  418,019    $  257,686    $(1,714,010)   $(393,941)
</TABLE>
<TABLE>
<CAPTION>

Nine months ended        Theater and        Food        Retail
September 30, 2000       Concessions       Service      Services      Corporate       Total
---------------------------------------------------------------------------------------------
<S>                      <C>             <C>           <C>           <C>           <C>
Sales to unaffiliated
  customers              $ 1,827,979     $2,054,774    $  731,225    $         -   $4,613,978

Operating income
  (loss)                 $   816,337     $  252,380    $  179,454    $(1,539,730)  $ (291,559)
</TABLE>

                                       -4-

NOTE 3.  DERIVATIVE FINANCIAL INSTRUMENTS 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).

Derivative financial instruments held by the Company consist of an interest rate
swap  agreement with Bank of America,  N.A. (the "Bank") to effectively  fix the
interest rate at 10.4% through April 1, 2006 on the Company's term note with the
Bank which is due June 2013. Management has determined that the Company will not
apply the hedge accounting  provisions of the new standards to this transaction.
Instead, the Company's derivative  instrument will be recorded at its fair value
with subsequent 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 $236,665 during the
quarter  ended  September  30, 2001 and a loss of  $282,477  for the nine months
ended September 30, 2001.

                                       -5-

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 10KSB for the year ended December 31, 2000.

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 contains a 532 seat IMAX
theater with a screen that is 62 feet tall and 83 feet wide.  The facility  also
includes an enclosed  shopping  mall with  approximately  22,000  square feet of
retail space, McFarlain's family restaurant, and The Imax Food Court.

McFarlains has been owned and operated by the Company since May 1, 1995.  During
the quarter ending September 30, 1998, the Company  completed an addition to the
McFarlain's  restaurant  that  increased  seating by 133 people.  This expansion
brings the total seating to over 655 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.  The Back
Porch was  recently  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.  Ten 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 Branson  complex.  Mike Radford's  Remember When Show,
Jimmie Rodgers Remembers,  and Tony Melendez Gift of Hope Show, perform daily in
this theater.


                                      - 6-
<PAGE>


On July 24, 2000 the Company completed  financial  arrangements for a program of
capital  improvements to the Branson  Complex.  These  improvements  include the
construction  of a new theater center adjacent to the Branson Complex which will
house three  theaters  with  state-of-the-art  sound  systems and stadium  style
seating,  designed to exhibit 35mm feature  length  films.  The theaters  have a
seating  capacity  of 185,  174,  and 134 seats.  Construction  on the  theaters
commenced March of 2001 and was completed  during the third quarter of 2001. The
Company also increased the parking capacity of the Branson Complex by 165 spaces
to accommodate  the new theaters.  The total cost of these capital  improvements
was approximately $1.9 million.

RESULTS OF OPERATIONS

Revenues  for the  quarter  ended  September  30,  2001  increased  6 percent to
$2,197,991 as compared to $2,068,561  for the same quarter of the previous year.
Revenues for the nine-month  period ended September 30, 2001 increased 5 percent
to $4,856,457 compared to $4,613,978 in the prior year period. The increase is a
result of an increase of both food  service and gift shop  revenues  offset by a
decrease  in IMAX film  revenue.  The  decrease in IMAX  revenue is  primarily a
result of poor  weather  in  Branson  during the first  quarter  that  adversely
affected  tourist traffic to Branson.  The increase in revenues for food service
is a result of the IMAX Food Court being open for the entire quarter,  while the
increase in gift shop  revenues is a result of the  acquisition  of the Fabulous
Finds  jewelry  kiosk  in the  fourth  quarter  of  fiscal  year  2000  and  the
acquisition of the Shadow Box Gift Shop in January 2001.

Direct  operating  expenses were  $1,525,712 for the quarter ended September 30,
2001  representing 69 percent of sales, as compared to expenses of $1,445,462 or
70 percent  of sales for the  comparable  period of the  previous  year.  Direct
operating expenses were $3,536,388 for the nine months ended September 30, 2001,
representing  73 percent of sales,  as compared to expense of  $3,365,807  or 73
percent of sales for the comparable period of the previous year.

General and administrative  expenses were $172,410 and $184,243 for the quarters
ended  September 30, 2001 and 2000  respectively  and were $518,244 and $587,108
for the nine  months  ended  September  30,  2001 and 2000,  respectively.  This
decrease  is a result  of a  Company  wide  effort to  reduce  all  general  and
administrative expenses.

Advertising and marketing expenses were $201,382 for the quarter ended September
30, 2001  compared to $203,453 for the same period in 2000 and were $540,102 for
the nine  months  ended  September  30, 2001  compared to $579,319  for the same
period in 2000.

Interest  expense was $112,923 and $72,867 for the quarters ended  September 30,
2001 and 2000  respectively and was $290,745 for the nine months ended September
30,  2001 and  $229,144  for the same period in 2000.  The  increase in interest
expense is a result of the  increase in long term  borrowings  and the  interest
rate there on.

Net loss was $181,299 for the quarter ended September 30, 2001 compared to a net
income  of  $30,768  for the same  period  of the  previous  year.  Net loss was
$979,591 for the nine months ended  September 30, 2001 compared to a net loss of
$514,942 for the nine months ended September 30, 2000.

                                       -7-
<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

As  of  September  30,  2001  current  assets  totaled  $931,779  while  current
liabilities  totaled  $1,192,237.  The Company's  current ratio at September 30,
2001 was .78 to 1.00.

During fiscal 2000, the Company borrowed $100,000 from Ms. Ann Bluto, a director
of the Company.  The loan bears interest at prime plus 1%.  Proceeds of the loan
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.  No  borrowings  were made under the line of credit  during the reporting
quarter.  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 available sources of borrowings including the line of credit and
the restructured term loan.
                                       -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 period ended December 31, 2000 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
                 ---------------------

                 Not applicable.

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

                 Not applicable.

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

                 Not applicable.

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

                 On July 24, 2000 the Company  refinanced its existing debt with
                 Bank of America,  N.A.,  providing  the Company with a $200,000
                 Revolving  Note which was recently  renewed and is due June 15,
                 2002,  advances  on which bear  interest at the prime rate plus
                 1%,  and a Term  Note and  Credit  Agreement  in the  principal
                 amount of up to  $4,676,203.  The Term Note is  amortized  with
                 monthly  payments  and matures on June 30,  2013.  The interest
                 rate on the  Term  Note  is  prime  rate  plus  or  minus  .25%
                 determined  by certain  financial  ratios of the  Company.  The
                 Company has entered into an interest rate swap transaction with
                 Bank of America,  N.A. to effectively  fix the interest rate at
                 10.4% during the first five years of the Term Note. Proceeds of
                 the Term Note will be used to refinance  existing  indebtedness
                 and to  finance  the  construction  of three new  theaters  and
                 additional  parking  related  thereto and the remodeling of the
                 restaurant area adjacent to the theaters.

                 The  Revolving  Note and the Term Note are  secured by a Future
                 Advance  and  Future  Obligation  Leasehold  Deed of  Trust,  a
                 Leasehold  Deed of Trust,  Assignment of Rents and Leases and a
                 Security Agreement.

                                      -10-
<PAGE>

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

                 A. Exhibits: None


                 B. Reports on Form 8-K : None




                                      -11-
<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    11/12/01                                   /s/ Paul M. Bluto
        --------                                   -----------------
                                                   Paul M. Bluto
                                                   Chairman and
                                                   Principal Financial Officer
                                                   Chief Executive Officer




Date    11/12/01                                   /s/ Paul E. Rasmussen
        --------                                   ---------------------
                                                   Paul E. Rasmussen
                                                   President
                                                   Chief Operating Officer

                                      -12-
<PAGE>