UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

                                     AMENDED

        [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
            EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2000

        [ ] 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: 0-22899

                          Wasatch Pharmaceutical, Inc.
               (Exact name of registrant as specified in charter)

               Utah                                          84-0854009
            ----------                                    -----------------
    State or other jurisdiction of                   (I.R.S. Employer I.D. No.)
    incorporation or organization


                    714 East 7200 South, Midvale, Utah       84047
                    ----------------------------------       -----
               (Address of principal executive offices)    (Zip Code)

                                 (801) 566-9688
                              --------------------
                 Issuer's telephone number, including area code

                                 Not Applicable
                              --------------------
              (Former name, former address, and former fiscal year,
                         if changed since last report)

     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). Yes [ X ] No [ ] and (2) has been
    subject to such filing requirements for the past 90 days. Yes [X] No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

        Indicate the number of shares outstanding of each of the issuer's
           classes of common stock, as of the last practicable date.

Class A Common Stock, $.001 Par Value, 24,293,534 shares issued and outstanding.
The issued and outstanding shares exclude 1,515,014 shares  contingently  issued
for a specific  incomplete  common stock private  placement  program but include
738,101  shares to be issued the two  principal  officers  for shares  they have
provided  in a private  sale  solely for the  benefit of the  Company and 10,044
shares that were paid for but unissued  awaiting the  appropriate  documentation
from the purchaser.

<PAGE>

                         PART I - FINANCIAL INFORMATION

                          ITEM 1. FINANCIAL STATEMENTS

The Registrant's unaudited financial statements have been prepared in accordance
with the  instructions  to Form 10-QSB  pursuant to the rules and regulations of
the  Securities  and  Exchange  Commission  and,  therefore,  do not include all
information  and  foot  notes  necessary  for a  complete  presentation  of  the
financial position, results of operations,  cash flows, and stockholder's equity
in conformity with generally accepted accounting  principles.  In the opinion of
management,  all adjustments considered necessary for a fair presentation of the
results of  operations  and  financial  position have been included and all such
adjustments are of a normal recurring nature.

The  unaudited  balance sheet of the  Registrant  as of March 31, 2000,  and the
related  audited  balance sheet of the  Registrant as of December 31, 1999,  the
unaudited  related  statements of operations  and cash flows for the three month
periods  ended March 31, 2000 and 1999 and from  inception  (September  7, 1989)
through  March 31, 2000,  are attached  hereto and  incorporated  herein by this
reference.

Operating  results  for the quarter  ended  March 31,  2000 are not  necessarily
indicative of the results that can be expected for the year ending  December 31,
2000.

The following financial statements are included in this report:

         Consolidated Balance Sheet as of March 31, 2000 and
           December 31, 1999 ............................................ F-1

         Consolidated Statements of Operations for the Quarter
           ended March 31, 2000, 1999 and from inception
           (September 7, 1989) through March 31,
           2000......................................................... F-2

         Consolidated Statements of Changes in Common
           Stockholders' (Deficit) for the Quarter ended March
           31, 2000 and from inception (September 7, 1989)
           through March 31, 2000....................................... F-3

         Consolidated Statements of Cash Flows for the Quarter
           ended March31, 2000,1999 and from inception (September
           7, 1989) through March 31, 2000.............................. F-4

         Notes to the Consolidated Financial
           Statements................................................... F-5

<PAGE>
<TABLE>
<CAPTION>
                          WASATCH PHARMACEUTICAL, INC.
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEET

                                     ASSETS

                                                                   March 31,          December 31,
                                                                      2000                1999
                                                                  -----------          -----------
                                                                  (Unaudited)
CURRENT ASSETS
<S>                                                               <C>                  <C>
  Cash                                                            $    10,600          $    10,038
  Accounts receivable - trade                                           3,186                2,616
  Inventory                                                             9,103                3,673
  Prepaid expenses                                                     13,324                8,305
                                                                  -----------          -----------
                  Total Current Assets                                 36,214               24,632
                                                                  -----------          -----------

PROPERTY AND EQUIPMENT
  Clinic and office equipment                                          59,893               44,819
  Less accumulated depreciation                                       (37,456)             (35,122)
                                                                  -----------          -----------
    Net Property and Equipment                                         22,438                9,697
                                                                  -----------          -----------
OTHER ASSETS                                                           40,000               10,200
                                                                  -----------          -----------
TOTAL ASSETS                                                      $    98,651          $    44,529
                                                                  ===========          ===========

                      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
  Accounts payable - trade                                        $   254,622          $   239,812
  Accrued interest                                                    500,047              463,375
  Accrued salaries                                                    562,126              557,726
  Payroll taxes                                                        91,003              103,418
  Other accrued expenses                                               56,671               57,018
  Notes and advances currently due:
    Short-term shareholder advances                                    55,103               57,171
    Vendors                                                           112,333              112,333
    Stockholders and others                                         1,816,639            1,796,708
                                                                  -----------          -----------
                  Total Liabilities                                 3,448,544            3,387,561
                                                                  -----------          -----------

STOCKHOLDERS' DEFICIT
  Preferred stock, $0.001 par value, 1,000,000
    shares authorized 49,258 issued and outstanding                        49                   49
  Common stock, $0.001 par value, 50,000,000 shares                                              -
    authorized, 24,293,534 shares issued and outstanding               24,294               23,162
  Additional paid-in capital                                        2,345,134            2,029,388
  Accumulated development stage deficit                            (5,718,619)          (5,393,382)
                                                                  -----------          -----------
                                                                   (3,349,143)          (3,340,783)
  Less consideration due on shares issued                                (750)              (2,250)
                                                                  -----------          -----------
                  Total Stockholders' Deficit                      (3,349,893)          (3,343,033)
                                                                  -----------          -----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                       $    98,651          $    44,529
                                                                  ===========          ===========
</TABLE>
 The accompanying footnotes are an integral part of this financial information

                                      F-1
<PAGE>
<TABLE>
<CAPTION>
                          WASATCH PHARMACEUTICAL, INC.
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENT OF OPERATIONS
                                   (Unaudited)


                                                                       For the Quarter Ended March 31,        From Inception
                                                                       -------------------------------          To March 31,
                                                                           2000               1999                  2000
                                                                        ----------          ----------           ----------
REVENUES
<S>                                                                     <C>                 <C>                  <C>
  Professional fee income                                               $    1,380          $    4,281           $  229,781
  Product sales                                                              6,302               9,957              457,783
                                                                        ----------          ----------           ----------
           Total Revenues                                                    7,682              14,238              687,564
                                                                        ----------          ----------           ----------
OPERATING EXPENSES
  Cost of products sold                                                      1,268                 291               52,760
  Salaries                                                                  48,030              36,266              698,785
  Employee leasing                                                               -                   -              218,745
  Payroll taxes                                                              4,630               3,239               89,613
  Physicians fees                                                            4,350               7,616              272,218
  Rent                                                                       6,739              10,059              213,681
  Advertising                                                                    -               1,487              214,597
  Depreciation                                                               1,267               1,314               35,777
  Other                                                                      5,311               5,359               87,952
                                                                        ----------          ----------           ----------
           Total Operating Expenses                                         71,595              65,631            1,884,128

GENERAL AND ADMINISTRATIVE EXPENSE                                         190,453              84,108            3,133,513

INTEREST                                                                    70,871              92,000              978,825
                                                                        ----------          ----------           ----------
           Total Expenses                                                  332,919             241,739            5,996,466
                                                                        ----------          ----------           ----------
LOSS BEFORE DISCONTINUED OPERATIONS AND
  THE PROVISION FOR INCOME TAXES                                          (325,237)           (227,502)          (5,308,902)
  LOSS FROM DISCONTINUED OPERATIONS                                              -                   -             (409,718)
                                                                        ----------          ----------           ----------
NET LOSS BEFORE INCOME TAXES                                              (325,237)           (227,502)          (5,718,620)
   PROVISION FOR INCOME TAXES                                                    -                   -                    -
                                                                        ----------          ----------           ----------
NET LOSS                                                                $ (325,237)         $ (227,502)         $(5,718,620)
                                                                        ==========          ==========          ===========
  Loss per share before discounted operations                           $   (0.015)         $   (0.017)         $    (0.424)
  Loss per share from discontinued business                                      -                   -               (0.033)
                                                                        ----------          ----------          -----------
BASIC LOSS PER COMMON  SHARE                                            $   (0.015)         $   (0.017)         $    (0.456)
                                                                        ==========          ==========          ===========
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING                               21,178,979          13,196,095           12,530,401
                                                                        ==========          ==========          ===========
</TABLE>
 The accompanying footnotes are an integral part of this financial information

                                      F-2
<PAGE>
<TABLE>
<CAPTION>
                          WASATCH PHARMACEUTICAL, INC.
                          (A Development Stage Company)
            CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
            ---------------------------------------------------------
                                   (Unaudited)


                                                          Common Stock           Additional    Accumulated         Total
                                                     ------------------------    Paid - In     Development      Stockholders'
                                                       Shares         Amount      Capital     Stage Deficit        Equity
                                                     ----------      --------   -----------   -------------     ------------
<S>                                                 <C>             <C>        <C>           <C>               <C>
Net equity December, 1999                            23,162,391      $ 23,162   $ 2,029,388   $  (5,393,382)    $ (3,340,783)

Shares issued in connection with:
  Loan extensions                                        22,000            22                                             22
  Securities sold for cash                              713,829           714       168,191                          168,905
  Services rendered                                   1,193,336         1,193             -                            1,193

Shares issued in stock exchange arrangement
  Replacement shares issued                                   -             -             -                                -
  Replacement shares to be issued                       576,978           577       130,689                          131,266

Shares issued in satisfaction of debt                   125,000           125        16,866                           16,991

Shares issued as collaterial
  Contingent shares returned                         (1,500,000)       (1,500)                                        (1,500)

Net loss for the quarter ended March 31, 2000                 -             -             -        (325,237)        (325,237)
                                                     ----------      --------   -----------   -------------     ------------
Balance March 31, 2000 of stockholders'
  equity-per committed contracts                     24,293,534        24,294     2,345,134      (5,718,619)      (3,349,143)

Common shares issued without consideration             (750,000)         (750)            -               -             (750)
                                                     ----------      --------   -----------   -------------     ------------
                                                     23,543,534      $ 23,544   $ 2,345,134   $  (5,718,619)    $ (3,349,893)
                                                     ===========     =========  ============  =============     ============
</TABLE>
 The accompanying footnotes are an integral part of this financial information

                                      F-3
<PAGE>
<TABLE>
<CAPTION>
                          WASATCH PHARMACEUTICAL, INC.
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)



                                                                   For the Quarter Ended March 31,       From Inception
                                                                   -------------------------------         To March 31,
                                                                        2000              1999                  2000
                                                                   ------------      -------------         ------------
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                                <C>               <C>                   <C>
    Net loss                                                       $   (325,237)     $    (227,502)        $ (5,718,620)
  Adjustments to reconcile net (Loss) to net cash
    used by operating activities:
    Depreciation and depletion                                            2,334              1,707               37,456
  Depreciation and losses on fixed asset disposals
    Clinic assets                                                             -                  -               15,234
    Loss on disposal of oil and gas properties                                -                  -              387,122
  Operating expenses paid in stock                                        1,365                                   1,365
  Increase (decrease) in working capital                                                                                       -
    (Increase) decrease in receivables                                     (570)             4,033               (3,186)
    (Increase) decrease in related party receivable                           -                  -
    (Increase) decrease in inventory                                     (5,431)               264               (9,104)
    (Increase) decrease in prepaid expenses                              (5,019)                 -              (13,324)
    Increase (decrease) in accounts payable                              14,810             46,252              254,624
    Increase (decrease) in accrued interest                              36,672             70,273              500,047
    Increase (decrease) in other accruals                                (8,362)            46,311              709,801
                                                                   ------------      -------------         ------------
    Net cash used by operating activities                              (289,437)           (58,662)          (3,838,584)
                                                                   ------------      -------------         ------------
CASH FLOWS FROM INVESTING ACTIVITIES
  Purchase of fixed assets                                              (15,075)                 -              (46,104)
  (Increase) decrease in other assets                                   (29,800)          (200,000)             (40,000)
                                                                   ------------      -------------         ------------
  Net cash provided (used) by investing activities                      (44,875)          (200,000)             (86,104)
                                                                   ------------      -------------         ------------
CASH FLOWS FROM FINANCING ACTIVITIES
    Proceeds from borrowings                                            100,171            275,185            3,179,292
    Expenses paid by shareholder                                              -                  -               38,323
    Repayment of loans                                                  (65,467)           (26,065)            (816,800)
    Proceeds from sale of common shares                                 300,171              7,113            1,194,155
    Capital contributed by shareholder                                        -                  -              154,800
    Collection of share subscriptions                                                                           141,726
    Common shares exchanged for debt                                                            70               12,318
    Exercised stock options                                                   -                  -              125,250
    Redemption of common shares                                               -                  -              (20,409)
    Cost of raising capital                                                   -                  -              (73,367)
                                                                   ------------      -------------         ------------
    Net cash provided used by financing activities                      334,875            256,303            3,935,288
                                                                   ------------      -------------         ------------
NET INCREASE (DECREASE) IN CASH                                             563             (2,359)              10,600
  Balance at beginning of period                                         10,038              2,589                    -
                                                                   ------------      -------------         ------------
  Balance at end of period                                         $     10,600      $         230         $     10,600
                                                                   ============      =============         ============
</TABLE>
 The accompanying footnotes are an integral part of this financial information

                                      F-4
<PAGE>

                          WASATCH PHARMACEUTICAL, INC.
                          (A Development Stage Company)
                 Notes to the Consolidated Financial Statements
                                 March 31, 2000
                                   (Unaudited)

NOTE 1 - NATURE AND HISTORY OF THE BUSINESS

         The consolidated financial statements include Wasatch Pharmaceutical,
Inc. (a development stage company) (the Company), and its wholly owned
subsidiaries, Medisys Research Group, Inc. and American Institute of Skin Care,
Inc.

         The Company's predecessor, Medisys Research Group, Inc., a Utah
corporation, (Medisys) was incorporated on September 7, 1989 for the purpose of
developing treatment programs for various skin disorders. On January 21, 1994,
American Institute of Skin Care, Inc. (AISC) was incorporated as a wholly owned
Utah subsidiary of Medisys to administer the skin treatment programs developed
by Medisys.

         On December 29, 1995, Ceron Resources Corporation, an unrelated
publicly held company, and Medisys completed an Agreement and Plan of
Reorganization whereby Ceron issued 85% of its outstanding shares of common
stock in exchange for all of the issued and outstanding common stock of Medisys.
In a January 1996 statutory reorganization, Ceron was merged with the Company
and the Company was reincorporated in Utah as Wasatch Pharmaceutical, Inc.

         The acquisition of Medisys by Ceron was accounted for as a purchase by
Medisys because the shareholders of Medisys control the surviving company. There
was no adjustment to the carrying value of the assets or liabilities of Ceron in
as much as its market value approximated the carrying value of net assets. In
summary, Ceron is the acquiring entity for legal purposes but Medisys is the
surviving entity for accounting purposes. .

         For the purpose of this financial presentation "Inception" shall mean
September 7, 1989, which was the commencement of Medisys operations.

NOTE 2 - CHANGES IN PRESENTATION

         Certain financial presentations for the first quarter of 1999 have been
reclassified to conform to the 2000 presentation.

NOTE  3 - GOING CONCERN PREMISE

         The Company's financial statements are prepared using generally
accepted accounting principles applicable to a going concern, which contemplates
the realization of assets and liquidation of liabilities in the normal course of
business. However, the Company is in the development stage and has not
established a source of revenues sufficient to allow it to continue to operate.
The Company has sought short-term funding and planned to obtain long-term
funding through a broad based public stock offering. Management believes that
sufficient funding to commence profitable operations will be provided by the
debenture program set forth below.

         On April 19, 2000, the Company entered into an agreement with a private
investment group to provide up to $13,000,000 in long-term capital funding.
Under the agreement, the investment group will provide $800,000 during the 45
days following the original closing funding of $200,000. The funding structure
is built around Convertible Debentures issued in $500,000 increments each 60
days following the original two purchases.

                                       F-5
<PAGE>

                          WASATCH PHARMACEUTICAL, INC.
                          (A Development Stage Company)
                 Notes to the Consolidated Financial Statements
                                 March 31, 2000
                                   (Unaudited)

NOTE 3 - GENERAL AND ADMINISTRATIVE EXPENSES

         General and administrative expenses for the comparative three month
periods ended in 2000 and 1999 and from inception through March 31, 2000 are:


                                                                 From
                                     First  Quarter            Inception
                                 ----------------------       To Mar. 31
                                    2000        1999              2000
                                 ---------   ----------        ----------
         Officers' compensation  $  56,250   $   40,439        $1,343,377
         Professional services      86,363       35,742           476,740
         Fund raising expense       10,663        4,301            90,271
         Finders fees                    0          145            41,386
         Travel                     11,746          569            91,217
         Telephone                   1,872        1,241            70,182
         Insurance                       0            0            15,912
         Postage                        18            0            15,840
         Payroll tax penalties           0            0            36,569
         Other                      23,541        1,671           952,019
                                 ---------   ----------        ----------
         Total                   $ 190,453   $   84,108        $3,133,513
                                 =========   ==========        ==========


NOTE 4 - EARNINGS PER SHARE

         Earnings Per Share is based on 24,293,534 shares issued and outstanding
March 31, 2000. The issued and outstanding shares exclude 1,515,014 shares
contingently issued for an incomplete specific common stock private placement
program but include 738,101 shares to be issued the two principal officers for
shares they have provided in a private sale solely for the benefit of the
Company and 10,044 shares that were paid for but unissued awaiting the
appropriate documentation from the purchaser. In addition, for Earnings Per
Share calculations, 750,000 collateral shares were excluded from the issued and
outstanding shares.

                                      F-6
<PAGE>

 ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS
                                  OF OPERATIONS

OVERVIEW

         The Company has developed proprietary technology for the treatment of
various skin disorders, including acne, eczema, and psoriasis. After
successfully completing controlled clinical studies, the company established
prototype clinics to duplicate the success rates achieved in the clinical
environment and to establish medical, business and administrative procedures
that could be duplicated in an Internet network of patients and doctors and
Company owned clinics across the country. The two prototype treatment clinics
are currently in operation in Utah. Although the Company has confirmed the
technology through the successful treatment of hundreds of patients and has set
up the business and administrative procedures, the clinics have not reached a
profitable level due to the lack of funds for advertising and marketing.

         To this date, the Company has not had the resources to fully implement
its plan for the development and expansion of its Internet and clinic
operations. Due to the lack of working capital, the Company's financial
statements contain a "going concern" disclosure, which places into question the
Company's ability to continue without substantial increases in revenues or
additional long-term financing.

         The Company had been seeking funding to establish an Internet presence,
open additional clinics in major metropolitan areas and to launch a major
advertising and marketing campaign to support each of its business strategies.
Based on successful historical models, management concludes that through direct
patient treatment on the Internet, working with health insurance companies and
HMOs, an advertising campaign and supplemented by a physician referral program,
revenues could be increased substantially with the infrastructure in place that
is operating at 10% to 15% of clinic capacity.

         On April 19, 2000, the Company entered into an agreement with a private
investment group to provide up to $13,000,000 in long-term capital funding.
Under the agreement, the investment group will provide $800,000 during the 45
days following the original closing amount of $200,000. The funding structure is
built around 8% Convertible Debentures, due April 19, 2003, and issued in
$500,000 increments each 60 days following the above original two purchases. The
total funding level is at the discretion of the investor.

LIQUIDITY AND CAPITAL RESOURCES

         At March 31, 2000, the Company had current assets of $36,214 and
current liabilities of $3,465,385, generating a working capital deficit of
$3,429,171, which is a 1% increase from December 31, 1999. The increase in the
deficit is due to the Company's operating loss of $325,212 for the three-month
period ended March 31, 2000. The deficit was financed with new borrowings of
$38,800 and additional shareholder investment of $300,000.

RESULTS OF OPERATIONS

         For the three months ended March 31, 2000, the Company had revenues of
$7,682, compared to revenues of $14,238 for the same period of 1999, a decrease
of 50%. The Company's operating expenses increased $6,000 in the first three
months of 2000, as compared to the first three months of 1999. In as much as the
company conducted its clinic practice in a traditional profit motivated manner,
the costs increase because the Company maintains a core technical and management
staff in anticipation of rapid growth.

         The Company's corporate expenses increased $96,400 to $190,600 and
interest expense decreased $21,300 to $70,721 for 1st quarter of 2000 when
compared to 1999. These corporate expense variations are attributable to the
timing of expenditures for fund raising activities, increased audit costs
associated with filing the annual SEC reports for the years 1997 through 1999,
increased legal costs attributable to SEC filings and raising capital and the
increasing Company debt. The decrease in interest is attributable to the
settlement arrangement on a $300,000 debt which provided an interest free period
and the new borrowing were late in the first quarter of 2000. For the first
quarter of 2,000, the Company had a net loss of $325,212 compared to a loss of
$227,502 in the same period of 1999. The Company anticipates that the losses
will continue for a six to eight month period until the recently obtained
funding will enable management to fully implement the Company's business plan.

<PAGE>

                           PART II - OTHER INFORMATION

                            ITEM 1. LEGAL PROCEEDINGS

         On November 1 and 15, 1996 the Company entered into certain contractual
arrangements with Lindbergh Hammar, Inc. ("Lindbergh") which resulted in the
Company issuing 12 million shares of restricted Common Stock in exchange for a
note issued by Lindbergh with a face value of $60 million. The Company retained
voting rights on the Common Stock issued. Upon default of the note, the Company
made demand for payment and, failing to receive payment, proceeded to terminate
the contract and instructed its transfer agent to cancel the shares. After the
contract was terminated, Lindbergh transferred the 12 million shares of the
Common Stock issued in the transaction to a newly formed offshore corporation,
Crestport Insurance, which the Company believed had been organized by the owner
and CEO of Lindbergh.

         On October 15, 1997, Crestport filed a lawsuit against the Company and
its stock transfer agent seeking damage arising out of the cancellation of the
12 million shares. Crestport claimed that it was an innocent third party and a
holder in due course who had paid Lindbergh for the shares. As of December 31,
1997, the lawsuit was in the discovery stage. Crestport has asserted a claim for
$5,000,000 in damages arising out of cancellation of the share certificate. On
July 20, 1999, the Company moved for summary judgment in the proceeding and
requested that the plaintiff's claim be dismissed. The presiding judge denied
the Company's request for summary judgment and scheduled the matter for trial,
which is now set for May 2000.

         The Company believes that the claim by Crestport is without merit and
intends to vigorously defend the proceedings. An adverse determination in these
proceedings would have a material adverse effect on the Company.

         The Company is a party to other legal proceedings that are covered by
liability insurance, the outcome of which will not have a material adverse
effect on the Company.

                          ITEM 2. CHANGES IN SECURITIES

During the first quarter the following common share transactions occurred:

         a.       Issued 22,000 restricted common shares to creditors for
                  extensions.
         b.       Issued 1,290,807 restricted common shares for cash totaling $
                  300,331.86
         c.       Issued 125,000 shares for cancellation of debt totaling
                  $16,990.71.
         d.       Issued 1,193,336 shares to consultants for services.
         e.       Cancelled 1,500,000 shares previously issued as collateral for
                  a future loan that didn't materialize.

The common shares were issued in reliance on the exemption from registration
provided by Section 4 (2) of the Securities Act of 1934 and the "Safe Harbor" of
Regulation D, Rule 504.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES  - None.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS  - None.

ITEM 5.  OTHER INFORMATION  - None.

<PAGE>

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     (a) Exhibits.
         Exhibit

         Number:      Exhibit

           27         Financial Data Schedule (included only in the electronic
                      filing of this document).

     (b) Reports on Form 8-K - Dated May 3, 2000 - Debenture Sale - Summarized
         as follows.

         On April 19, 2000 Wasatch signed a Securities Purchase Agreement with
Aspen Capital Resources, L.L.C. in connection with a $10,000,000 program to fund
the growth and development of the Company. Under the program, the Company will
issue 8% Convertible Debentures over a three year period. The initial issue was
for $200,000 with a subsequent issue of $800,000 within ninety days and $500,000
bi-monthly there after until the entire program is funded. Purchasing the entire
Debenture issue is at the discretion of the investors and the issue will be due
April 19, 2003.

         The debentures are convertible 90 days after the initial issue at 80%
of the market value of the Company's stock on the date of conversion. In
addition, the Company issued detached warrants that allows Aspen to purchase
common shares based on a formula related to the conversion price of the 8%
Debentures. The purchase price of the warrant rights is based on the trading
price of the Company's stock.

         The Company plans to use the funds to initiate its Internet e commerce
development, to commence the commercial development of its prototype clinics, to
bring to a conclusion the FDA product application and introduce the associated
products in the marketplace, to develop relationships with major HMO's, PPO
groups and insurance companies and to meet other working capital needs.

<PAGE>

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.

WASATCH PHARMACEUTICAL, INC.

Dated: May 16, 2000



By: /s/ David K. Giles
    ---------------------
    David K. Giles
    Chief Financial Officer &
    Corporate Secretary