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
EXCHANGE ACT
         For the transition period from ________ to ________

                              Commission file number  07320


                     FARM FISH, INC.
(Exact name of small business issuer as specified in its charter)


MISSISSIPPI
(State of other jurisdiction of incorporation or organization)

64-0532896
(IRS Employer Identification No.)


POST OFFICE BOX 23109; JACKSON MISSISSIPPI 39225
(Address of principal executive offices)


(601)  354-3801
(Issuer's telephone number)



State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:
2,688,605 shares of common stock, no par value

Transitional Small Business Disclosure Format
(Check one): Yes [  ] No [X]













                          Farm Fish, Inc.

                              INDEX


PART I   FINANCIAL INFORMATION

     Item 1  Financial Statements (Unaudited)
          Consolidated Statement of Net Assets in Liquidation
               September 30, 2001                                3
          Consolidated Statement of Changes in Net Assets in
          Liquidation
               Three Months Ended March 31, 2001, June 30, 2001
               and September 30, 2001                            4
          Notes to Consolidated Financial Statements             5

     Item 2  Management's Discussion and Analysis or Plan
             of Operation                                        8

PART II  OTHER INFORMATION

     Item 6  Exhibits and Reports on Form 8-K                   11



































                          Farm Fish, Inc.

                   Item 1 - Financial Statements

         Consolidated Statements of Net Assets in Liquidation

                   September 30, 2001 (unaudited)



                                                        September 30
                                                            2001
                                                        ------------
Assets

Cash and cash equivalents                                $   47,668
Accounts receivable                                         180,372
Inventories, principally live fish                          366,267
Property, buildings and equipment                         2,027,102
Investments in cooperatives                                 307,662
Deferred income taxes                                     1,569,000
Other assets                                                 15,687
                                                        ------------
Total assets                                             $4,513,758
                                                        ============

Liabilities and Net Assets in Liquidation

Note payable to bank                                     $  518,152
Accounts payable                                             69,936
Accrued expenses                                            297,100
Payable to shareholder                                    2,187,073
Total liabilities                                         3,072,261
Net assets in liquidation                                 1,441,497
                                                        ------------
Total liabilities and net assets in liquidation          $4,513,758
                                                        ============

Number of common shares outstanding                       2,688,605
                                                        ============

Net assets in liquidation per common share               $     0.54
                                                        ============


See accompanying notes.











                            Farm Fish, Inc.

                  Consolidated Statement of Changes in
                  Net Assets in Liquidation (unaudited)





Net assets in liquidation at December 31, 2000           $ 4,049,797
Change in estimated net realizable value of inventories   (4,235,352)
Change in estimated cost to carry out the plan of
liquidation                                                  107,052
Deferred income benefit                                    1,520,000
                                                         ------------
Net assets in liquidation at March 31, 2001                1,441,497
Change in estimated net realizable value of assets and
liabilities                                                        -
                                                         ------------
Net assets in liquidation at June 30, 2001                 1,441,497
Change in estimated net realizable value of assets and
liabilities                                                        -
                                                         ------------
Net assets in liquidation at September 30, 2001          $ 1,441,497
                                                         ============


See accompanying notes.





























                                 Farm Fish, Inc.

                     Notes to Consolidated Financial Statements


1. Basis of Presentation

The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principals
for interim financial information and with the instructions for Form
10-QSB.  Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for
complete financials statements.  In the opinion of management, all
adjustments considered necessary for a fair presentation have been
included.  For further information refer to consolidated financial
statements and footnotes thereto included in the Company's annual
report on Form 10-KSB for the year ended December 31, 2000.

2.  Liquidation of the Company

On December 27, 2000, the shareholders of the Company approved a plan
to liquidate and dissolve the Company (the "Plan").  Pursuant to the
Plan, the Company has entered into an agreement (the "Agreement") to
sell its land, ponds and improvements, buildings and certain machinery
and equipment to a third party buyer (the "Buyer") for $300,000 in cash
on the closing date and a $1,500,000 note receivable from the Buyer.
The note receivable will bear interest at 6%, will be payable in
quarterly installments of $50,141 for ten years and will be secured by
a first deed of trust on the land, ponds and improvements and buildings.
In accordance with the Agreement, the Company will grow out its live
fish inventories to a marketable weight and sell the inventories in an
orderly manner without restocking. Closing date will occur within 30
days of the Company's written notification to the Buyer that it has
completed the sale of its inventories and is prepared to deliver
possession to the Buyer but in no case later than December 31, 2002.

In accordance with the Plan, the Company will continue in existence after
the closing date to affect an orderly winding-up of the affairs of the
Company. The Company plans to sell and transfer the note receivable from
the Buyer to Delta Industries, Inc. ("Delta") at face value.  Proceeds
from the sale of the Company's assets will be used for payment of all
liabilities and obligations to its creditors with all remaining proceeds
distributed to the Company's shareholders on a pro rata basis. The
Agreement contains certain provisions that prohibit the Company from
making distributions to shareholders for a period of 180 days following
the closing date. Management anticipates that such distributions will
occur as soon as practicable after the expiration of the 180-day period.


As a result of the approval of the Plan and the imminent nature of the
liquidation, the Company adopted the liquidation basis of accounting
effective December 31, 2000.  Under the liquidation basis of accounting,
assets are stated at their estimated net realizable value and liabilities
are stated at their estimated amounts.  The valuation of assets and
liabilities requires many estimates and assumptions, and there are
substantial uncertainties in liquidating the Company.  The valuations
presented in the accompanying statement of net assets in liquidation
represent estimates based on present facts and circumstances, of the
estimated realizable values of assets, estimated liabilities and estimated
costs associated with carrying out the liquidation of the Company.  The
actual values and costs could be higher or lower than the amounts recorded
as of September 30, 2001.

Live fish inventories at September 30, 2001 are stated at their estimated
selling price based upon current market prices for sales to processors,
less estimated delivery costs and estimated production cost to grow the
live fish to a marketable size. The actual realizable value from the sale
of live fish inventories could vary significantly from the recorded amounts
due to fluctuations in the market price for live fish, changes in the
estimated length of time required to grow the fish to a marketable size,
changes in the period of time required to sell the live fish inventories,
higher or lower fish mortality, or other factors not currently anticipated
by management of the Company.

Estimates of costs to be incurred in carrying out the liquidation of the
Company of $139,910 at September 30, 2001 are included in accrued expenses
and consist principally of the administrative salaries and related costs,
legal and professional fees, interest on the note payable to bank, and
certain other costs.  The actual costs could vary significantly from the
estimates due to uncertainty related to the length of time required to
liquidate the Company or other factors not currently anticipated by
management of the Company.

3. Change in Estimates

Upon harvesting certain of the production ponds in the second quarter of
2001, management discovered the quantities of catfish in certain of those
production ponds were significantly less than the quantities reported in
the perpetual records maintained by the Company. In June and July 2001,
management closed 27 of its 57 production ponds and revised its estimates
in substantially all of its remaining production ponds resulting in the
write-off of 6,881,226 pounds of catfish inventories.  The Company's
perpetual records reflected 886,534 pounds of catfish inventories as of
September 30, 2001.  Management intends to grow-out the Company's catfish
inventories to a marketable size and sell its remaining catfish inventories
in the ordinary course of business, which management anticipates will occur
by March 31, 2002.  As a result of the write-off of catfish inventories,
management has revised its estimate of the liquidation value of inventories
downward by $4,235,352 resulting in a $2,675,352, net of income taxes ($.99
per share) reduction in net assets in liquidation in the quarter ended March
31, 2001.  Management has completed its investigation into the causes for
the shortages with the assistance of specialists with the Mississippi State
University National Warmwater Aquaculture Center and private investigators.
Based upon its investigation, management uncovered no evidence of theft and
believes the shortages were caused by extreme mortality.  However, management
has been unable to determine the specific causes of the shortages or time
period over which such shortages occurred. As more fully described in the
Company's 2000 Form 10-KSB, live catfish are highly susceptible to disease,
oxygen depletion and extreme temperatures, which could result in high
mortality.

As the result of the shortages identified above, management estimates that
the sale of its catfish inventories will be completed in March 2002 rather
than in December 2002 as originally estimated.  Therefore, management revised
its estimates of costs to be incurred in carrying out the liquidation of the
Company resulting in a $107,052 ($67,052 net of income taxes or $.02 per
share) increase in net assets in liquidation in the quarter ended March 31,
2001.

Although the catfish inventory shortages were discovered by an officer of
the Company in June 2001, management believes that substantially all of
such shortages existed as of March 31, 2001.  Accordingly, the Company has
recorded the changes in estimates in the first quarter of 2001.

4. Income Taxes

The Company and its subsidiary are included in Delta Industries, Inc.'s
("Delta") consolidated federal and state income tax returns.  Delta owns
80% of the outstanding stock of the Company.  Management anticipates the
net deferred tax asset at September 30, 2001 will be realized in Delta's
consolidated federal and state income tax returns.  Accordingly, no
valuation allowance has been provided.







































                              Farm Fish, Inc.

Item 2 - Management's Discussion and Analysis or Plan of Operation


On December 27, 2000, the shareholders of the Company approved a plan to
liquidate and dissolve the Company (the "Plan").  Pursuant to the Plan,
the Company has entered into an agreement (the "Agreement") to sell its
land, ponds and improvements, buildings and certain machinery and
equipment to a third party buyer (the "Buyer") for $300,000 in cash on
the closing date and a $1,500,000 note receivable from the Buyer.   The
note receivable will bear interest at 6%, will be payable in quarterly
installments of $50,141 for ten years and will be secured by a first
deed of trust on the land, ponds and improvements and buildings.  In
accordance with the Agreement, the Company will grow out its live fish .
inventories to a marketable weight and sell the inventories in an orderly
manner without restocking. Closing date will occur within 30 days of the
Company's written notification to the Buyer that it has completed the sale
of its inventories and is prepared to deliver possession to the Buyer but
in no case later than December 31, 2002.

In accordance with the Plan, the Company will continue in existence after
the closing date to affect an orderly winding-up of the affairs of the
Company. The Company plans to sell and transfer the note receivable from
the Buyer to Delta Industries, Inc. ("Delta") at face value.  Proceeds
from the sale of the Company's assets will be used for payment of all
liabilities and obligations to its creditors with all remaining proceeds
distributed to the Company's shareholders on a pro rata basis. The
Agreement contains certain provisions that prohibit the Company from
making distributions to shareholders for a period of 180 days following
the closing date. Management anticipates that such distributions will
occur as soon as practicable after the expiration of the 180-day period.

As a result of the approval of the Plan and the imminent nature of the
liquidation, the Company adopted the liquidation basis of accounting
effective December 31, 2000.  Under the liquidation basis of accounting,
assets are stated at their estimated net realizable value and liabilities
are stated at their estimated amounts.  The valuation of assets and
liabilities requires many estimates and assumptions, and there are
substantial uncertainties in liquidating the Company.  The valuations
presented in the accompanying statement of net assets in liquidation
represent estimates based on present facts and circumstances, of the
estimated realizable values of assets, estimated liabilities and estimated
costs associated with carrying out the liquidation of the Company.  The
actual values and costs could be higher or lower than the amounts recorded
as of September 30, 2001.

Live fish inventories at September 30, 2001 are stated at their estimated
selling price based upon current market prices for sales to processors,
less estimated delivery costs and estimated production cost to grow the live
fish to a marketable size. The actual realizable value from the sale of live
fish inventories could vary significantly from the recorded amounts due to
fluctuations in the market price for live fish, changes in the estimated
length of time required to grow the fish to a marketable size, changes in
the period of time required to sell the live fish inventories, higher or
lower fish mortality, or other factors not currently anticipated by
management of the Company.

Estimates of costs to be incurred in carrying out the liquidation of the
Company of $139,910 at September 30, 2001 are included in accrued expenses
and consist principally of the administrative salaries and related costs,
legal and professional fees, interest on the note payable to bank, and
certain other costs.  The actual costs could vary significantly from the
estimates due to uncertainty related to the length of time required to
liquidate the Company or other factors not currently anticipated by
management of the Company.

Upon harvesting certain of the production ponds in the second quarter of
2001, management discovered the quantities of catfish in certain of those
production ponds were significantly less than the quantities reported in
the perpetual records maintained by the Company. In June and July 2001,
management closed 27 of its 57 production ponds and revised its estimates
in substantially all of its remaining production ponds resulting in the
write-off of 6,881,226 pounds of catfish inventories. The Company's
perpetual records reflected 886,534 pounds of catfish inventories as of
September 30, 2001.  Management intends to grow-out the Company's catfish
inventories to a marketable size and sell its remaining catfish inventories
in the ordinary course of business, which management anticipates will occur
by March 31, 2002.  As a result of the write-off of catfish inventories,
management has revised its estimate of the liquidation value of inventories
downward by $4,235,352 resulting in a $2,675,352, net of income taxes ($.99
per share) reduction in net assets in liquidation in the quarter ended March
31, 2001. Management has completed its investigation into the causes for the
shortages with the assistance of specialists with the Mississippi State
University National Warmwater Aquaculture Center and private investigators.
Based upon its investigation, management uncovered no evidence of theft and
believes the shortages were caused by extreme mortality.  However,
management has been unable to determine the specific causes of the
shortages or time period over which such shortages occurred. As more fully
described in the Company's 2000 Form 10-KSB, live catfish are highly
susceptible to disease, oxygen depletion and extreme temperatures, which
could result in high mortality.

As the result of the shortages identified above, management estimates that
the sale of its catfish inventories will be completed in March 2002 rather
than in December 2002 as originally estimated.  Therefore, management
revised its estimates of costs to be incurred in carrying out the
liquidation of the Company resulting in a $107,052 ($67,052 net of income
taxes or $.02 per share) increase in net assets in liquidation in the
quarter ended March 31, 2001.

Although the catfish inventory shortages were discovered by an officer of
the Company in June 2001, management believes that substantially all of
such shortages existed as of March 31, 2001.  Accordingly, the Company
has recorded the changes in estimates in the first quarter of 2001.

The Company and its subsidiary are included in Delta Industries, Inc.'s
("Delta") consolidated federal and state income tax returns.  Delta owns
80% of the outstanding stock of the Company. Management anticipates the
net deferred tax asset at September 30, 2001 will be realized in Delta's
consolidated federal and state income tax returns.  Accordingly, no
valuation allowance has been provided.

As the result of the changes in estimate described above, the net assets
in liquidation totaled $1,441,497 ($0.54 per common share) at September
30, 2001 compared to $4,049,797 ($1.51 per common share) at December 31,
2000.

The Company has a $2,000,000 line of credit with a bank of which $518,152
was outstanding at September 30, 2001. In addition to this line of credit
and internally generated funds, the Company would rely on Delta to supply
additional working capital, if needed.

Forward-Looking Information

Certain statements in this section and elsewhere in this report are
forward-looking in nature and relate to trends and events that may affect
the Company's estimated net assets in liquidation.  Such statements are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.  The terms "expect," "anticipate," "intend,"
and "project" and similar words or expressions are intended to identify
forward-looking statements.  These statements speak only as of the date
of this report.  The statements are based on current expectations, are
inherently uncertain, are subject to risks, and should be viewed with
caution.  Actual results and experience may differ materially from the
forward-looking statements as a result of many factors, including changes
in economic conditions in the markets served by the Company, and other
unanticipated events and conditions.  It is not possible to foresee or
identify all such factors.  The Company makes no commitment to update
any forward-looking statement or to disclose any facts, events, or
circumstances after the date hereof that may affect the accuracy of any
forward-looking statement.





























                            Farm Fish, Inc.

                               PART II

                           OTHER INFORMATION


Item 6 - Exhibits and Reports on Form 8-K

(a)  Exhibits
     None

(b)  Reports on Form 8-K
     None






                              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.


DATED:  November 14, 2001                Farm Fish, Inc.



                                         /s/ Thomas R. Slough, Jr.
                                         President