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UNITED STATES  SECURITIES AND
EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



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AMENDMENT NO. 2 TO  FORM 10-KSB



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(Mark One)

|x |  | ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- |  | ------------------------------------------------------------------------------



For the fiscal year ended June 30, 2002



| ̈ |  | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- |  | ----------------------------------------------------------------------------------



For the transition period from
                             to
                            .



Commission file number 000-27915



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MOBILE PET SYSTEMS, INC.

A Delaware Corporation

(Name of small business issuer in its charter)



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|Delaware                                                       |  | 11-2787966                         
|-------------------------------------------------------------- |  | -----------------------------------
|(State or other jurisdiction of incorporation or organization) |  | (I.R.S. EmployerIdentification No.)
|                                                              
|2150 West Washington St., Suite 110                            |  |                                    
|San Diego, CA 92110                                            |  | 92110                              
|(Address of principal executive offices)                       |  | (Zip Code)                         
|                                                              
|Issuers telephone number: (619) 226-6738                     



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SECURITIES REGISTERED UNDER SECTION 12(b) OF THE EXCHANGE ACT:



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|Title of each class |  | Name of each exchange on which registered
|------------------- |  | -----------------------------------------
|                   
|None                |  | None                                     

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Securities registered under Section 12(g) of the Exchange
Act:



COMMON STOCK, PAR VALUE $0.0001

(Title of class)



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Check whether
the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes x No ̈



Check if there is no disclosure of delinquent filers in
response to Item 405 of Regulation S-B is not contained in this form, and no disclosure will be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form
10-KSB or any amendment to this Form 10-KSB. ̈



Issuers revenues for fiscal year ending June 30, 2002 were $17,603,130.



The aggregate market value of voting common shares held by
non-affiliates of the registrant was $3,069,900 as of March 11, 2003 (computed by reference to $0.14 per share, the average bid and ask prices of the issuers Common Stock on March 11, 2003 as reported by the OTC Bulletin Board, without regard
to derivative securities holdings).



There were
55,215,482 shares outstanding of the registrants Common Stock as of March 11, 2003.



Transitional small business disclosures format (check one): Yes ̈No x





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This Amendment No. 2 to Form 10-KSB for the Fiscal Year ended June 30, 2002, is filed to
correct certain information under Item 11 of Part III of Form 10-KSB.



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ITEM 11.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT



The following table sets forth certain
information regarding beneficial ownership of our stock as of September 1, 2002 (unless otherwise noted), (a) by each person who is known by us to own beneficially more than 5% of any class of our securities, (b) by each of our directors, and (c) by
all of our officers and directors as a group. All figures for options or warrants include options or warrants vesting within 60 days of September 1, 2002. As of September 1, 2002, we had one class of stock outstanding, known as common
stock.



|Name and Address of Beneficial Owner                                                  |  | Amount and Nature of Beneficial Ownership |     |  | Percentage of Class(1) |  
|------------------------------------------------------------------------------------- |  | ----------------------------------------- | --- |  | ---------------------- | -
|BENEFICIAL OWNERS OF MORE THEN 5% OF ANY CLASS OF SECURITIES                          |  |                                           |     |  |                        |  
|Paul J. Crowe                                                                         |  | 6,199,073                                 | (2) |  | 11.01                  | %
|c/o Mobile PET Systems, Inc. 2150 Washington St., Ste 110 San Diego, California 92110 |  |                                           |     |  |                        |  
|                                                                                     
|Bernd Steudle                                                                         |  | 5,550,000                                 | (3) |  | 10.02                  | %
|1 Muirfield House Whinshill Court Cross Road Sunningdale, SL9 5RU UNITED KINGDOM      |  |                                           |     |  |                        |  
|                                                                                     
|Ivan Bradbury                                                                         |  | 13,000,000                                | (4) |  | 22.64                  | %
|c/o Macfarlanes 10 Norwich Street London EC4A 1BD UNITED KINGDOM                      |  |                                           |     |  |                        |  
|                                                                                     
|TOTAL FOR ALL OWNERS OF MORE THAN 5% OF SECURITIES                                    |  | 24,749,073                                |     |  | 41.05                  | %
|                                                                                     
|OFFICERS AND DIRECTORS                                                                |  |                                           |     |  |                        |  
|Paul J. Crowe                                                                         |  | See Above                                 |     |  | See Above              |  
|                                                                                     
|Robert C. Bush                                                                        |  | 227,640                                   | (5) |  | 0.42                   | %
|c/o Mobile PET Systems, Inc. 2150 Washington St., Ste 110 San Diego, California 92110 |  |                                           |     |  |                        |  
|                                                                                     
|Dr. Axel Steudle                                                                      |  | 210,000                                   |     |  | 0.39                   | %
|Elaesser Strasse #7 Pforzheim D-75173 GERMANY                                         |  |                                           |     |  |                        |  
|                                                                                     
|Jeffrey Rush, M.D.                                                                    |  | 1,120,000                                 | (6) |  | 2.05                   | %
|12348 High Bluff Drive, Suite 210 San Diego, California 92130                         |  |                                           |     |  |                        |  
|                                                                                     
|Albert F. Haussener                                                                   |  | 25,000                                    |     |  | 0.05                   | %
|c/o Mobile PET Systems, Inc. 2150 Washington St., Ste 110 San Diego, California 92110 |  |                                           |     |  |                        |  



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|Name and Address of Beneficial Owner                                                  |  | Amount and Nature of Beneficial Ownership |      |  | Percentage of Class(1) |  
|------------------------------------------------------------------------------------- |  | ----------------------------------------- | ---- |  | ---------------------- | -
|Peter S. Conti, M.D., Ph.D.                                                           |  | 116,667                                   | (7)  |  | 0.20                   | %
|c/o Mobile PET Systems, Inc. 2150 Washington St., Ste 110 San Diego, California 92110 |  |                                           |      |  |                        |  
|                                                                                     
|Thomas H. Insley                                                                      |  | 66,668                                    | (8)  |  | 0.12                   | %
|c/o Mobile PET Systems, Inc. 2150 Washington St., Ste 110 San Diego, California 92110 |  |                                           |      |  |                        |  
|                                                                                     
|Anthony Turnbull                                                                      |  | 7,500                                     | (9)  |  | 0.01                   | %
|c/o Mobile PET Systems, Inc. 2150 Washington St., Ste 110 San Diego, California 92110 |  |                                           |      |  |                        |  
|                                                                                     
|James Corlett                                                                         |  | 466,000                                   | (10) |  | 0.85                   | %
|c/o Mobile PET Systems, Inc. 2150 Washington St., Ste 110 San Diego, California 92110 |  |                                           |      |  |                        |  
|TOTAL FOR ALL EXECUTIVE OFFICERS AND DIRECTORS                                        |  | 8,438,548                                 |      |  | 14.65                  | %
|                                                                                      |  |                                           |      |  |                        |  

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All shares are owned directly unless
otherwise indicated.

|(1) |  | Based on a total of 54,413,696 outstanding shares of Common Stock as of September 1, 2002. Percentages are calculated based upon 54,413,696 shares of Common Stock
outstanding and the number of shares of Common Stock issuable upon exercise of options or conversion of warrants as of September 1, 2002 or within 60 days of that date for the person or persons indicated.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) |  | Includes 400,000 shares issuable upon the exercise of stock options and 1,497,265 shares issuable upon conversion of warrants.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------

|(3) |  | Includes 975,000 shares issuable upon the conversion of warrants.
|--- |  | -----------------------------------------------------------------

|(4) |  | Includes 3,000,000 shares issuable upon the conversion of warrants.
|--- |  | -------------------------------------------------------------------

|(5) |  | Includes 100,000 shares issuable upon the exercise of stock options and 125,640 shares upon the onversion of warrants.
|--- |  | ----------------------------------------------------------------------------------------------------------------------

|(6) |  | Includes 400,000 shares held indirectly and 120,000 shares issuable upon the conversion of warrants held indirectly.
|--- |  | --------------------------------------------------------------------------------------------------------------------

|(7) |  | Includes 40,000 shares issuable upon the exercise of stock options and 69,000 shares issuable upon the conversion of warrants.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------

|(8) |  | Includes 33,334 shares issuable upon the conversion of vested warrants as of September 1, 2002, and an additional 33,334 shares issuable upon conversion of vested
warrants within 60 days of September 1, 2002.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(9) |  | Includes 7,500 shares issuable upon the exercise of vested options as of September 1, 2002.
|--- |  | -------------------------------------------------------------------------------------------

|(10) |  | Includes 366,000 shares issuable upon conversion of warrants vesting within 60 days of September 1, 2002.
|---- |  | ---------------------------------------------------------------------------------------------------------



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SIGNATURES



In accordance with Section 13 or 15(d) of the Exchange Act, the registrant has caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.



MOBILE PET SYSTEMS, INC., a  Delaware corporation

By:

/s/     THOMAS H. INSLEYName:    Thomas H. InsleyTitle:    Chief Financial Officer




Date: March 27,
2003



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CERTIFICATIONS



1.    Chief Executive Officer



I, Paul J. Crowe, certify that:



| | 1. |  | I have reviewed this Amendment No. 2 to the annual report on Form 10-KSB of Mobile PET Systems, Inc.;
| | -- |  | -----------------------------------------------------------------------------------------------------



| | 2. |  | Based on my knowledge, this Amendment No. 2 to the annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Amendment No. 2 to the annual report;
| | -- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. |  | Based on my knowledge, the financial statements, and other financial information included in this Amendment No. 2 to the annual report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Amendment No. 2 to the annual report.
| | -- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Dated:    March 27, 2003

/s/    PAUL J. CROWEPaul J. Crowe Chief Executive Officer






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2.    Chief Financial Officer



I, Thomas H. Insley, certify that:



| | 1. |  | I have reviewed this Amendment No. 2 to the annual report on Form 10-KSB of Mobile PET Systems, Inc.;
| | -- |  | -----------------------------------------------------------------------------------------------------



| | 2. |  | Based on my knowledge, this Amendment No. 2 to the annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Amendment No. 2 to the annual report;
| | -- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. |  | Based on my knowledge, the financial statements, and other financial information included in this Amendment No. 2 to the annual report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Amendment No. 2 to the annual report.
| | -- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Dated:    March 27, 2003

/s/    THOMAS H. INSLEYThomas H. Insley, Chief Financial Officer




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