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UNITED STATES SECURITIES AND EXCHANGE COMMISSION  Washington, DC 20549

FORM 10QSB



|[X] | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001
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|    | OR                                                                                                                                       
|[ ] | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934                                                 
|    | For the transition period from to                                                                                                        



COMMISSION FILE NUMBER 0-31289



FIRSTBINGO. COM(Exact name of registrant as specified in its charter)





|NEVADA                                                         | N/A                                 
|-------------------------------------------------------------- | ------------------------------------
|(State of other jurisdiction of incorporation or organization) | (IRS Employer Identification Number)

4137 Lawrence Avenue East
Suite 115
Toronto, Ontario
Canada M1E 2S2(Address of principal executive offices)



(416) 281-1434
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 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 [ ]

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of September 30, 2001: 22,588,000



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Board of Directors
FirstBingo.Com
Toronto, Ontario
CANADA



ACCOUNTANT=S REVIEW REPORT



We have reviewed the accompanying balance sheet of FirstBingo.Com, a development stage enterprise (formerly Vista Medical Terrace, Inc.), as of September 30, 2001 and the related statements of operations, stockholders' equity, and cash flows for the nine months ended September 30, 2001 and for the period from March 30, 1990 (inception) through September 30, 2001.  All information included in these financial statements is the representation of the management of FirstBingo.Com.



We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants.  A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters.  It is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial statements taken as a whole.  Accordingly, we do not express such an opinion.



Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with accounting principles generally accepted in the United States of America.



The financial statements for the year ended December 31, 2000 and for the period from March 30, 1990 (inception) to December 31, 2000 were audited by us and we expressed an unqualified opinion on it in our report dated April 9, 2001.  We have not performed any auditing procedures since that date.



The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  As discussed in Note 2 to the financial statements, the Company has been in the development stage since its on March 30, 1990 and has little  revenues.  These factors raise substantial doubt about the Company=s ability to continue as a going concern.  Management=s plans are also discussed in Note 2.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ Williams & Webster, P.S.
Williams & Webster, P.S.
Certified Public Accountants
Spokane, Washington
November 2, 2001

F-1



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|FIRSTBINGO.COM
BALANCE SHEETS
(FORMERLY VISTA MEDICAL TERRACE, INC.)
(A DEVELOPMENT STAGE COMPANY)
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|LIABILITIES & STOCKHOLDERS' EQUITY                                                                
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See accompanying notes and accountant=s review report.

F-2



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|FIRSTBINGO.COM
STATEMENTS OF OPERATIONS
(FORMERLY VISTA MEDICAL TERRACE, INC.)
(A DEVELOPMENT STAGE COMPANY)
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|R E V E N U E S                                                                                             
|COST OF REVENUES                                                                                            
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|GROSS PROFIT (LOSS)                                                                                         
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|E X P E N S E S                                                                                             
|Consulting fees                                                                                             
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|LOSS FROM OPERATIONS                                                                                        
|OTHER INCOME AND (EXPENSES)                                                                                 
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|LOSS BEFORE INCOME TAXES                                                                                    
|INCOME TAXES                                                                                                
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See accompanying notes and accountant=s review report.

F-3



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|FIRSTBINGO.COM
STATEMENT OF STOCKHOLDERS' EQUITY
(FORMERLY VISTA MEDICAL TERRACE, INC.)
(A DEVELOPMENT STAGE COMPANY)
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|Initial issuance of common stock in April 1990 for cash                                                              
|Cumulative loss for the years ended December 31, 1990 through December 31, 1996                                      
|Balance, December 31, 1996                                                                                           
|Loss for year ending, December 31, 1997                                                                              
|Balance, December 31, 1997                                                                                           
|Loss for year ending, December 31, 1998                                                                              
|Balance, December 31, 1998                                                                                           
|Loss for year ending December 31, 1999                                                                               
|Balance, December 31, 1999                                                                                           
|Issuance of common stock for services at an average of $2.13 per share                                               
|Options issued for consulting fees                                                                                   
|Issuance of common stock for acquisition of Lucky Port Limited at an average of $0.50 per share                      
|Loss for year ending December 31, 2000                                                                               
|Balance, December 31, 2000                                                                                           
|Loss for nine months ending September 30, 2001                                                                       
|Balance, September 30, 2001 (unaudited)                                                                              
|                                                                                                                     

See accompanying notes and accountant=s review report.

F-4



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|FIRSTBINGO.COM
STATEMENT OF CASH FLOWS
(FORMERLY VISTA MEDICAL TERRACE, INC.)
(A DEVELOPMENT STAGE COMPANY)
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|CASH FLOWS FROM OPERATING ACTIVITIES:                                                                      
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|CASH FLOWS FROM INVESTING ACTIVITIES:                                                                      
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|CASH FLOWS FROM FINANCING ACTIVITIES:                                                                      
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|Net increase (decrease)  in cash                                                                           
|Cash, beginning of period                                                                                  
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|Cash, end of period                                                                                        
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|SUPPLEMENTAL DISCLOSURES:                                                                                  
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|NON-CASH INVESTING AND FINANCING ACTIVITIES:                                                               
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See accompanying notes and accountant's review report.

F-5



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FIRSTBINGO.COM
(Formerly Vista Medical Terrace, Inc.)
(A Development Stage Company)
Notes to the Financial Statements
September 30, 2001



NOTE 1 B ORGANIZATION AND DESCRIPTION OF BUSINESS

FirstBingo.com, formerly Vista Medical Terrace, Inc. (hereinafter Athe Company@), was incorporated in March 1990 under the laws of the State of Nevada for any lawful business.  The name change to FirstBingo.com was effective on May 25, 1999 to reflect the Company=s change in primary focus to the offering of interactive online Internet entertainment and game playing.  As part of the acquisition of software in 1999, the Company acquired a non-operating wholly owned subsidiary, Lucky Port Limited, a British Virgin Islands corporation.  The company is not classified as a consolidated company.  See Note 4.

The Company is in the development stage and as of September 30, 2001 had not realized any significant revenues from its planned operations.  The Company=s year-end is December 31.



NOTE 2 B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



This summary of significant accounting policies of FirstBingo.com is presented to assist in understanding the Company=s financial statements.  The financial statements and notes are representations of the Company=s management, which is responsible for their integrity and objectivity.  These accounting policies conform to accounting principles generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements.



Development Stage Activities

The Company has been in the development stage since its formation on March 30, 1990.  It is primarily engaged in internet entertainment and the business of gaming.



Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.



As shown in the accompanying financial statements, the Company has minimal revenues, has incurred a net loss of $356,211 for the nine months ended September 30, 2001, and has an accumulated deficit of $13,638,547.  The Company is currently putting technology in place that will, if successful, mitigate these factors that raise substantial doubt about the Company=s ability to continue as a going concern.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence.



Management intends to seek new capital from new equity securities issuances that will provide funds needed to increase liquidity, fund internal growth and fully implement its business plan.



F-6



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FIRSTBINGO.COM
(Formerly Vista Medical Terrace, Inc.)
(A Development Stage Company)
Notes to the Financial Statements
September 30, 2001



NOTE 2 B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)



Interim Financial Statements

The interim financial statements as of and for the period ended September 30, 2001, included herein, have been prepared for the Company without audit.  They reflect all adjustments, which are, in the opinion of management, necessary to present fairly the results of operations for these periods.  All such adjustments are normal recurring adjustments.  The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full fiscal year.

Accounting Method

The Company uses the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

Basic and Diluted Loss Per Share

Net loss per share was computed by dividing the net loss by the weighted average number of shares outstanding during the period.  The weighted average number of shares was calculated by taking the number of shares outstanding and weighting them by the amount of time that they were outstanding.  Basic and diluted loss per share were the same, as inclusion of common stock equivalents would be anti-dilutive.



Cash and Cash Equivalents

For purposes of the Statement of Cash Flows, the Company considers all short-term debt securities purchased with a maturity of three months or less to be cash equivalents.



Provision for Taxes

Income taxes are provided based upon the liability method of accounting pursuant to SFAS No. 109 AAccounting for Income Taxes.@  Under this approach, deferred income taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end.  A valuation allowance is recorded against deferred tax assets if management does not believe the Company has met the Amore likely than not@ standard imposed by SFAS No. 109 to allow recognition of such an asset.

At September 30, 2001, the Company had net deferred tax assets of approximately $3,000,000, principally arising from net operating loss carryforwards for income tax purposes.  As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the net deferred tax asset, a valuation allowance equal to the net deferred tax asset has been established at September 30, 2001.



At September 30, 2001, the Company has net operating loss carryforwards of approximately $13,600,000, which expire in the years 2019 through 2021.

F-7



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FIRSTBINGO.COM
(Formerly Vista Medical Terrace, Inc.)
(A Development Stage Company)
Notes to the Financial Statements
September 30, 2001



NOTE 2 B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Use of Estimates

The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses.  Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements.  Accordingly, upon settlement, actual results may differ from estimated amounts.

Impaired Asset Policy

In March 1995, the Financial Accounting Standards Board issued a statement titled

Derivative Instruments

The Financial Accounting Standards Board issued Statement of Financial Accounting Standards (

If certain conditions are met, a derivative may be specifically designated as a hedge, the objective of which is to match the timing of gain or loss recognition on the hedging derivative with the recognition of (i) the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk or (ii) the earnings effect of the hedged forecasted transaction. For a derivative not designated as a hedging instrument, the gain or loss is recognized in income in the period of change.



Historically, the Company has not entered into derivatives contracts to hedge existing risks or for speculative purposes.

At September 30, 2001, the Company has not engaged in any transactions that would be considered derivative instruments or hedging activities.



F-8



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FIRSTBINGO.COM
(Formerly Vista Medical Terrace, Inc.)
(A Development Stage Company)
Notes to the Financial Statements
September 30, 2001

NOTE 2

Accounting Pronouncements

In June 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income" ("SFAS No. 130"), and No. 131, "Disclosures about Segments of an Enterprise and Related Information" ("SFAS No. 131"). SFAS 130 establishes standards for reporting and displaying comprehensive income, its components and accumulated balances. SFAS 131 establishes standards for the way that companies report information about operating segments in annual financial statements and requires reporting of selected information about operating segments in interim financial statements. Both SFAS 130 and SFAS 131 are effective for periods beginning after December 15, 1997. The Company adopted these accounting standards, and their adoption had no effect on the Company's financial statements and disclosures.

In September 2000, the FASB issued SFAS No. 140





NOTE 3



The Company has capitalized $205,841, which is the contractual cost of the website and software license purchased from an independent supplier, and $1,500,000, which is the value of the shares exchanged for software.  (See Note 4).  No portion of this software



F-9



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FIRSTBINGO.COM
(Formerly Vista Medical Terrace, Inc.)
(A Development Stage Company)
Notes to the Financial Statements
September 30, 2001



NOTE 4



Upon incorporation, the Company issued 57,000 shares of common stock for $2,500.  During the years ending December 31, 1990 through December 31, 1996, the Company was dormant and had minimal activity, resulting in a combined loss of $3,200.  There were no additional stock transactions during this period.  In 1997, the Company



During the nine months ended September 30, 2001, no shares of common stock were issued.





NOTE 5



Certain consultants who received common stock options under the Company

The Company received funds from a related party in the form of an unsecured loan.  This credit facility is a drawdown loan, with a maximum loan limit of $750,000.  Interest is payable at 12% per annum, based upon the  principal outstanding, and is due when the loan is called.  At September 30, 2001, the Company had received $611,363 from this loan.  The loan is due on demand, subject to 30 days written notice.  Interest on this loan in the amount of $49,236 for the nine months ending September 30, 2001 was recorded in the accompanying financial statements and is included in accrued interest.



F-10



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FIRSTBINGO.COM
(Formerly Vista Medical Terrace, Inc.)
(A Development Stage Company)
Notes to the Financial Statements
September 30, 2001



NOTE 6



During the year ended December 31, 2000, the board of directors granted options to acquire 1,000,000 common stock shares for prices ranging from  $7.00 to $13.00 per share to consultants for marketing and public relations services.



The fair value of each option granted was estimated on the grant date using the Black-Scholes Option Price Calculation.  The following assumptions were made to estimate fair value:  the risk-free interest rate is 5%, volatility is 0.30, and the expected life of the options is one year.  Accordingly, $15,000 is recorded in the accompanying financial statements.

The following is a summary of stock option activity:



|                                          |  | Number
of
Shares   |   | Weighted
Average
Exercise
Price
|----------------------------------------- |  | ------------------ | - | -------------------------------
|                                          |  |                    |   |                                
|Outstanding at January 1, 2000            |  | -                  | $ | -                              
|Granted                                   |  | 1,000,000          |   | 10.00                          
|Exercised                                 |  | -                  |   | -                              
|Forfeited                                 |  | - ------------     |   | - ------------                 
|Outstanding at December 31, 2000          |  | 1,000,000========  | $ | 10.00 ========                 
|Options Exercisable at December 31, 2000  |  | 1,000,000 ======== | $ | 10.00 ========                 
|                                          |  |                    |   |                                
|Outstanding at January 1, 2001            |  | 1,000,000          | $ | 10.00                          
|Granted                                   |  | -                  |   | -                              
|Exercised                                 |  | -                  |   | -                              
|Forfeited                                 |  | - ------------     |   | - ------------                 
|Outstanding at September 30, 2001         |  | 1,000,000 ======== | $ | 10.00 ========                 
|Options Exercisable at September 30, 2001 |  | 1,000,000 ======== | $ | 10.00 ========                 
|                                          |  |                    |   |                                

NOTE 7

During 1999, the Company entered into an agreement with Lucky Port Limited, a British Virgin Islands corporation, (hereinafter

F-11



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FIRSTBINGO.COM
(Formerly Vista Medical Terrace, Inc.)
(A Development Stage Company)
Notes to the Financial Statements
September 30, 2001

NOTE 8

During the nine months ended September 30, 2001, the Company recognized revenues of $10,000 from a license agreement with a third party for use of the Company

NOTE 9

On April 3, 2001, the Company entered into a licensing agreement with Tesauro S.A. (

Upon execution of the agreement, Tesauro agreed to pay to the Company a non-refundable fee of $10,000, plus any taxes eligible.  A payment of $1,200 was due upon execution of the agreement, and thereafter eleven monthly payments of $800 are payable on the first day of each month.

Additional terms for the agreement include provisions for royalties to be paid to the Company in the event of the television show being broadcast.  The royalty schedule includes a 20% increase in each of the four years that are bound to under this agreement.

Should the agreement be terminated, Tesauro is still obligated to pay the remainder of the $10,000 fee, regardless of when the agreement is terminate

F-12



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

The Company has inadequate cash to maintain operations during the next twelve months.  In order to meet its cash requirements the Company will have to raise additional capital through the sale of securities or loans.

As of the date hereof, the Company has not made sales of additional securities and there is no assurance that it will be able to raise additional capital through the sale of securities in the future.  Further, the Company has not initiated any negotiations for loans to the Company and there is no assurance that the Company will be able to raise additional capital in the future through loans.  In the event that the Company is unable to raise additional capital, it may have to suspend or cease operations.

The Company does not intend to conduct any research or development of its services during the next twelve months other than as described herein.  See "Business."

The Company does not intend to purchase a plant or significant equipment.

The Company will hire employees on an as needed basis, however, the Company does not expect to hire a significant  number of employees until the Company begins to generate revenues.

The Company expects to earn revenues in the second quarter of 2001.  There is no assurance, however, that the Company will earn said revenues as planned.

SIGNATURES

Pursuant to 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 on this 14th day of November, 2001

FIRSTBINGO. COM
(Registrant)

By: /s/ Richard L. Wachter 
Richard L. Wachter, President, and a 
member of the Board of Directors