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 March 31, 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 May 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
  March 31, 2002...............................................         1


Condensed Statements of Loss
  Three Months Ended March 31, 2002 and 2001...................         2


Condensed Statements of Cash Flows
  Three Months Ended March 31, 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)

<TABLE>
<CAPTION>

                                                                    March 31,
                ASSETS                                                2002
                ------                                         ---------------

Current assets:
<S>                                                            <C>
  Cash and cash equivalents                                    $        77,833
  Accounts receivable                                                   26,404
  Inventories                                                          411,116
  Prepaid expenses                                                     110,500
  Prepaid leases-current                                               166,915
                                                               ---------------

         Total current assets                                          792,768


  Property and equipment, net of accumulated
    depreciation of $2,869,280                                       7,099,650
  Prepaid leases-non current                                           589,630
  Deposits                                                               5,613
                                                               ---------------


         TOTAL ASSETS                                          $     8,487,661
                                                               ===============

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

Current liabilities:
  Accounts payable                                             $       485,037
  Accrued expenses                                                     239,713
  Note payable to bank                                                 200,000
  Current maturities of long-term debt                                 266,413
                                                               ---------------

         Total current liabilities                                   1,191,163

  Accrued lease expense                                                493,043
  Long-term debt                                                     4,664,325
  Deferred revenue                                                      10,628
  Security deposits                                                     14,500
  Interest rate swap agreement                                         414,531
                                                               ---------------

         Total liabilities                                           6,788,190
                                                               ---------------

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)                                      (9,089,543)
                                                               ---------------

         Total stockholders' equity                                  1,699,471
                                                               ---------------

         TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY            $     8,487,661
                                                               ===============

See accompanying notes to condensed financial statements.

</TABLE>

                                        1

                             ITEC Attractions, Inc.
                          Condensed Statements of Loss
                                   (Unaudited)

<TABLE>
<CAPTION>


                                                                       Three Months Ended
                                                                             March 31,
                                                                   2002                   2001
                                                               ---------------       ---------------

Revenue:
<S>                                                            <C>                   <C>
  Theater and concession                                       $       409,799       $       258,387
  Food service                                                         295,708               245,670
  Gift shop                                                            105,731                76,340
  Mall operations                                                       74,001                89,581
                                                               ---------------       ---------------
                                                                       885,239               669,978
                                                               ---------------       ---------------
Direct expense:
  Theater and concession                                               309,901               227,494
  Food service                                                         315,478               264,508
  Gift shop                                                            105,736                80,646
  Mall operations                                                       89,202                82,597
                                                               ---------------       ---------------
                                                                       820,317               655,245
                                                               ---------------       ---------------

Gross profit                                                            64,922                14,733
                                                               ---------------       ---------------

Operating expenses:
  General and administrative                                           160,743               173,765
  Advertising and marketing                                            159,897               148,644
  Depreciation and amortization                                        130,759               118,642
  (Gain) loss on derivative financial instruments                      (69,500)              111,527
                                                               ---------------       ---------------
                                                                       381,899               552,578
                                                               ---------------       ---------------

Operating loss                                                        (316,977)             (537,845)

Other income (expense):
  Interest income                                                           49                 1,291
  Interest expense                                                    (127,985)              (86,582)
                                                               ---------------       ---------------
                                                                      (127,936)              (85,291)
                                                               ---------------       ---------------

Loss before cumulative effect of change in
  accounting principle                                                (444,913)             (623,136)
Cumulative effect of change in accounting
  principle                                                                  -              (298,134)
                                                               ---------------       ---------------

    Net loss                                                   $      (444,913)      $      (921,270)
                                                               ===============       ===============

Loss per common share before cumulative
  effect of change in accounting principle                     $          (.06)      $          (.08)
Loss per common share on cumulative effect
  of change in accounting principle                            $             -       $          (.04)
                                                               ---------------       ---------------

Loss per common share                                          $          (.06)      $          (.12)
                                                               ===============       ===============

Weighted average common
  shares outstanding                                                 7,937,638             7,937,638

            See accompanying notes to condensed financial statements.
</TABLE>

                                        2
<PAGE>

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


                                                                       Three Months Ended
                                                                             March 31,
                                                                    2002                   2001
                                                               ---------------       ---------------

Cash flows from operating activities:
<S>                                                            <C>                   <C>
  Net loss                                                     $      (444,913)      $      (921,270)
  Items not requiring(providing) cash:

    Depreciation and amortization                                      130,759               118,642
    Cumulative effect of change in accounting principle                      -               298,134
    (Gain) loss on derivative financial instruments                    (69,500)              111,527
    Changes in :
      Accounts receivable                                               13,580                43,565
      Inventories                                                      (78,952)             (203,529)
      Prepaid expenses and deposits                                    (17,137)                  660
      Prepaid leases                                                    41,728                41,728
      Accounts payable and accrued expenses                            235,616               155,448
                                                               ---------------       ---------------
          Net cash used in operating activities                       (188,819)             (355,095)
                                                               ---------------       ---------------

Cash flows from investing activities:
  Purchase of property and equipment                                   (18,011)              (87,269)
                                                               ---------------       ---------------
         Net cash used in investing activities                         (18,011)              (87,269)
                                                               ---------------       ---------------

Cash flows from financing activities:
  Net borrowings under line of credit agreement                        200,000                     -
  Principal payments on long-term debt                                 (66,421)              (25,764)
  Proceeds from issuance of long-term debt                              85,000               355,152
                                                               ---------------       ---------------
         Net cash provided by financing activities                     218,579               329,388
                                                               ---------------       ---------------

Increase (decrease) in cash and cash equivalents                        11,749              (112,976)

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

Cash and cash equivalents at end of period                     $        77,833       $        72,575
                                                               ===============       ===============

Supplemental cash flows information:
  Interest paid                                                $       127,985       $        86,582

</TABLE>

            See accompanying notes to condensed financial statements.


                                        3
<PAGE>

                             ITEC Attractions, Inc.

                     Notes to Condensed Financial Statements
                                 March 31, 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
three months ended March 31, 2002 and 2001.
<TABLE>
<CAPTION>

Three months ended       Theater and       Food           Retail
March 31, 2002           Concessions      Service         Services        Corporate         Total
----------------------------------------------------------------------------------------------------
<S>                        <C>           <C>               <C>            <C>            <C>
Sales to unaffiliated
  customers               $409,799       $295,708          $179,732       $      -       $  885,239

Operating income
  (loss)                   $99,898       $(19,770)         $(15,206)      $(381,899)     $ (316,977)

Three months ended       Theater and       Food             Retail
   March 31, 2001        Concessions      Service         Services        Corporate         Total
----------------------------------------------------------------------------------------------------

Sales to unaffiliated
  customers                $258,387      $245,670          $165,921       $      -       $ 669,978

Operating income
  (loss)                   $ 30,893      $(18,838)         $  2,678       $(552,578)     $(537,845)
</TABLE>

                                        4
<PAGE>


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 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 gain on derivative financial  instruments of $69,500 during the
quarter  ended March 31, 2002,  and a loss of $111,527  during the quarter ended
March 31, 2001.





                                        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 10KSB 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 adjacent to The Complex which houses three
theaters with state-of-the-art sound systems and stadium style seating, designed
to exhibit 35mm feature length films. The seating capacity of the three theaters
is 181, 170, and 132.  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 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 new theater complex opened.  The cost of these capital
improvements was approximately $1.8 million.

RESULTS OF OPERATIONS-COMPARISON OF THE THREE MONTH PERIODS ENDED MARCH 31, 2002
AND 2001

Revenues for the quarter ended March 31, 2002  increased to $885,239 as compared
to $669,978 for the same quarter of the previous year. This increase is a result
of an increase in IMAX film revenues,  the addition of the new theater revenues,
and an increase in both food service revenues and gift shop revenues.

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  $820,317 for the quarter ended March 31, 2002
representing  93 percent of sales,  as  compared  to  expenses of $655,245 or 98
percent of sales for the comparable period of the previous year.

General and administrative  expenses were $160,743 and $173,765 for the quarters
ended  March 31,  2002 and 2001  respectively.  This  decrease  is a result of a
Company-wide effort to reduce general and administrative expenses.

Advertising  and marketing  expense was $159,897 for the quarter ended March 31,
2002  compared  to  $148,644  for the same  period  in  2001.  The  increase  in
advertising and marketing is a result of an overall  increase in the advertising
budget planned for 2002 for The Complex.


                                        7
<PAGE>



Interest  expense was $127,985 and $86,582 for the quarters ended March 31, 2002
and 2001  respectively.  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 $444,913 for the quarter ended March 31, 2002 compared to a net
loss of $921,270 for the same period of the previous year.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2002 current assets totaled $792,768,  while current liabilities
totaled  $1,191,163.  The  Company's  current ratio at March 31, 2002 was .67 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  2002.  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   05/08/02                              /s/ Paul M. Bluto
       --------                              ---------------------------------
                                             Paul M. Bluto
                                             Chairman and
                                             Principal Financial Officer
                                             Chief Executive Officer




Date  05/08/02                               /s/ Paul E. Rasmussen
      --------                               ---------------------------------
                                             Paul E. Rasmussen
                                             President
                                             Chief Operating Officer



                                       11
<PAGE>