SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
                                   (Mark One)

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

                For the quarterly period ended December 31, 2000

                                       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 0-26676

                     MULTIMEDIA CONCEPTS INTERNATIONAL, INC.
                     ---------------------------------------
        (Exact Name of Small Business Issuer as Specified in its Charter)
<TABLE>
<CAPTION>

<S>                                                                             <C>
                           Delaware                                             13-3835325
--------------------------------------------                  --------------------------------------------
         (State or Other Jurisdiction of                      (I.R.S. Employer Identification No.)
          Incorporation or Organization)
</TABLE>

               1385 Broadway, Suite 814, New York, New York 10018
                    (Address of Principal Executive Offices)

                                 (212) 391-1111
              (Registrant's Telephone Number, Including Area Code)

                                       N/A
               --------------------------------------------------
              (Former Name, Former Address, and Former Fiscal Year,
                          if Changed Since Last Report)

     Check whether the Issuer (1) has filed all reports  required to be filed by
Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during the past 12
months (or for such  shorter  period that  registrant  was required to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days. Yes [X] No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

     State the number of shares of each of the issuer's classes of common equity
outstanding as of the latest  practicable date: Common Stock,  $0.001 per share:
3,005,000 shares outstanding as of February 12, 2000.
<PAGE>
            MULTIMEDIA CONCEPTS INTERNATIONAL, INC. AND SUBSIDIARIES


                                TABLE OF CONTENTS
<TABLE>
<CAPTION>


       PART I.                   FINANCIAL INFORMATION                                                              Page Number

       Item 1.          FINANCIAL STATEMENTS

<S>                                                                <C> <C>                         <C> <C>              <C>
                        Consolidated Balance Sheets as of December 31, 2000 (unaudited)  and March 31, 2000             3

                        Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ending
                        December 31, 2000 and 1999                                                                      5

                        Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended December            6
                        31, 2000 and 1999

                        Notes to Financial Statements (unaudited)                                                       8

       Item 2.          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF  OPERATIONS          12

</TABLE>
























                                       1

<PAGE>
            MULTIMEDIA CONCEPTS INTERNATIONAL, INC. AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS
                   As of December 31, 2000 and March 31, 2000
<TABLE>
<CAPTION>



                                                                  December 31,    March 31,
                                                                     2000            2000
                                                                  -----------    -----------
                                                                                 (Restated)
                                                                                  (Note 5)

                                                               ASSETS

CURRENT ASSETS:
<S>                                                               <C>            <C>
  Cash and cash equivalents ...................................   $     1,594    $ 1,109,166
  Accounts receivable .........................................           --         556,591
                                                                  -----------    -----------
  Advances to supplier ........................................       890,661        737,145
  Prepaid expenses and other current assets
                                                                        5,689          5,689
  Investment in affiliates ....................................       563,502        570,552
                                                                  -----------    -----------

          Total current assets ................................     1,461,446      2,979,143
                                                                  -----------    -----------

FURNITURE, FIXTURES AND EQUIPMENT
  Furniture, fixtures and equipment ...........................        72,789         72,789
  Accumulated depreciation on furniture, fixtures and equipment       (69,567)       (68,861)
                                                                  -----------    -----------
  Furniture, fixtures and equipment - Net                               3,222          3,928
                                                                  -----------    -----------

OTHER ASSETS:
Due from affiliates ...........................................     1,084,313      1,014,818
Advances to equity affiliate ..................................       140,000        140,000
Deposits and other assets .....................................        28,961         28,961
                                                                  -----------    -----------
          Total other assets ..................................     1,253,274      1,183,779
                                                                  -----------    -----------

          Total asset .........................................   $ 2,717,942    $ 4,166,850
                                                                  ===========    ===========
</TABLE>












     The accompanying notes are an integral part of these consolidated financial
statements



                                        2
<PAGE>
            MULTIMEDIA CONCEPTS INTERNATIONAL, INC. AND SUBSIDIARIES


                           CONSOLIDATED BALANCE SHEETS
                   As of December 31, 2000 and March 31, 2000
<TABLE>
<CAPTION>



                                                                                 December 31,      March 31,
                                                                                     2000            2000
                                                                                   -----------    -----------
                                                                                                  (Restated)
                                                                                                   (Note 5)

                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
<S>                                                                                <C>            <C>
Accounts payable ...............................................................   $    99,466    $   998,469

Accrued expenses and other current liabilities .................................       170,320        128,754
Due to affiliates ..............................................................          --          481,239
                                                                                   -----------    -----------

     Total current liabilities .................................................       269,786      1,608,462
                                                                                   -----------    -----------

          Total liabilities ....................................................       269,786      1,608,462
                                                                                   -----------    -----------

MINORITY INTERST IN SUBSIDIARIES (Note 3) ......................................      (183,074)      (151,266)
                                                                                   -----------    -----------

STOCKHOLDERS' EQUITY:
Common stock,  $.01 par value;  10,000,000 shares  authorized;  3,005,000 shares
     issued and outstanding at December 31, 2000 and
     March 31, 2000, respectively ..............................................         3,005          3,005
Additional paid-in capital .....................................................     5,852,005      5,852,005
Retained earnings (Deficit) ....................................................    (3,223,780)    (3,145,356)
                                                                                   -----------    -----------

          Total stockholders' equity ...........................................     2,631,230      2,709,654
                                                                                   -----------    -----------

          Total liabilities and stockholders' equity ...........................   $ 2,717,942    $ 4,166,850
                                                                                   ===========    ===========


</TABLE>





     The accompanying notes are an integral part of these consolidated financial
statements


                                        3

<PAGE>
            MULTIMEDIA CONCEPTS INTERNATIONAL, INC. AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                   For the Three Months Ended    For the Nine Months Ended
                                                   --------------------------   ---------------------------
                                                      Dec. 31,       Dec. 31,      Dec. 31,        Dec. 31,
                                                        2000           1999          2000           1999
                                                   -----------    -----------    -----------    -----------
                                                                     Restated                      Restated
                                                                     (Note 6)                      (Note 6)

<S>                                                <C>            <C>            <C>            <C>
REVENUES, net sales ............................   $   504,162    $    57,457    $ 2,023,249    $ 1,228,231
Cost of sales ..................................       207,754         39,291      1,527,957        910,248
                                                   -----------    -----------    -----------    -----------
Gross profit ...................................       296,408         18,166        495,292        317,983
  Operating expenses:
  Operating expenses ...........................       124,776        177,952        588,374        502,340
  Depreciation expense
                                                           235            410            705            645
                                                   -----------    -----------    -----------    -----------
          Total operating expenses .............       125,011        178,362        589,079        502,985
                                                   -----------    -----------    -----------    -----------

OPERATING INCOME (LOSS) ........................       171,397       (160,196)       (93,787)      (185,002)

OTHER INCOME
  Interest and other income ....................           302         24,722          2,881         45,645

INTEREST EXPENSE:
Interest and finance charges ...................          --             --           19,326           --
Amortization of debt issuance costs ............          --             --             --             --
                                                   -----------    -----------    -----------    -----------
          Total interest expense ...............          --             --           19,326           --
                                                   -----------    -----------    -----------    -----------

INCOME (LOSS) BEFORE MINORITY INTERESTS
                                                       171,699       (135,474)      (110,232)      (139,357)
                                                   -----------    -----------    -----------    -----------
 Minority interests (Note 3) ...................         6,692          5,678         31,808         21,774
                                                   -----------    -----------    -----------    -----------

NET INCOME (LOSS) ..............................   $   178,391    $  (129,796)   $   (78,424)   $  (117,583)
                                                   ===========    ===========    ===========    ===========

Basic and diluted income (loss) per common Share
                                                   $      .059    $     (.042)   $     (.026)   $     (.039)
                                                   ===========    ===========    ===========    ===========

Weighted average number of common shares
Outstanding ....................................     3,005,000      3,005,000      3,005,000      3,005,000
                                                   ===========    ===========    ===========    ===========
</TABLE>

     The accompanying notes are an integral part of these consolidated financial
statements


                                        4
<PAGE>
            MULTIMEDIA CONCEPTS INTERNATIONAL, INC. AND SUBSIDIARIES

                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)
                           Increase (Decrease) in Cash
<TABLE>
<CAPTION>



                                                                                      Nine Months Ended
                                                                                   ----------------------
                                                                                  December 31, December 31,
                                                                                      2000        1999
                                                                                   ---------    ---------
                                                                                               (Restated)
                                                                                                (Note 5)

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                                <C>          <C>
Net income (loss) ..............................................................   $ (78,424)   $(117,583)
                                                                                   ---------    ---------

Adjustments  to  reconcile  net  loss  to cash  (used)  provided  for  operating
   activities:
   Depreciation and amortization ...............................................         705          645
   Minority interests in net losses of subsidiaries ............................     (31,808)     (21,774)
Changes in assets and liabilities:
   (Increase) decrease in accounts receivable ..................................     556,591      593,990
   (Increase) decrease in advances to supplier .................................    (153,516)    (151,588)
   (Increase) decrease in Merchandise inventories ..............................        --          9,000
   (Increase) decrease in prepaid expenses and other current assets ............        --           (101)
   (Increase) decrease in deposits and other assets ............................        --         (6,958)
   Increase (Decrease) in accounts payable .....................................    (899,003)     (15,048)
   Increase (Decrease) in accrued expenses and liabilities .....................      41,566       13,431
                                                                                   ---------    ---------

          Total adjustments ....................................................    (485,465)     421,597
                                                                                   ---------    ---------
          Net cash provided by operating activities ............................    (563,889)     304,014
                                                                                   ---------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in property and equipment .............................................        --         (2,463)
Investment in affiliates .......................................................       7,050      (42,552)
                                                                                   ---------    ---------

          Net cash provided by (used for) investing activities .................       7,050      (45,015)
                                                                                   ---------    ---------


</TABLE>








     The accompanying notes are an integral part of these consolidated financial
statements


                                        5
<PAGE>
            MULTIMEDIA CONCEPTS INTERNATIONAL, INC. AND SUBSIDIARIES


                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)
                           Increase (Decrease) in Cash
<TABLE>
<CAPTION>



                                                           Nine Months Ended
                                                      -----------    -----------
                                                       December 31, December 31,
                                                           2000          1999
                                                      -----------    -----------
                                                                      (Restated)
                                                                        (Note 5)


CASH FLOWS FROM FINANCING ACTIVITIES:
<S>                                                      <C>             <C>
  Loans and advances-affiliates ...................      (550,733)       161,000
                                                      -----------    -----------

          Net cash provided by financing activities      (550,733)      (161,000)
                                                      -----------    -----------

NET INCREASE (DECREASE) IN CASH ...................    (1,107,572)        97,999

Cash, beginning of period .........................     1,109,166        984,999
                                                      -----------    -----------

Cash, end of period ...............................   $     1,594    $ 1,082,998
                                                      ===========    ===========

Supplemental disclosure of cash flow information:

Interest paid .....................................   $      --      $      --
                                                      ===========    ===========

Taxes paid ........................................   $    16,841    $    11,432
                                                      ===========    ===========

</TABLE>














     The accompanying notes are an integral part of these consolidated financial
statement

                                        6
<PAGE>
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2000
                                   (Unaudited)

NOTE 1 -          BASIS OF PRESENTATION

                         The  accompanying   unaudited   consolidated  financial
                    statements  have been prepared in accordance  with generally
                    accepted   accounting   principles  for  interim   financial
                    information   and   the   instructions   to   Form   10-QSB.
                    Accordingly,  they do not  include all the  information  and
                    footnotes   required  by   generally   accepted   accounting
                    principles for more complete  financial  statements.  In the
                    opinion of  management,  the  interim  financial  statements
                    include  all  adjustments  considered  necessary  for a fair
                    presentation  of the  Company's  financial  position and the
                    results  of  its  operations  for  the  three  months  ended
                    December 31, 2000 and are not necessarily  indicative of the
                    results to be  expected  for the fiscal  year.  For  further
                    information,  refer to the  Company's  Annual report on Form
                    10-KSB for the twelve  months ended March 31, 2000, as filed
                    with the Securities and Exchange Commission.


NOTE 2 -          DESCRIPTION OF COMPANY:

                         Multimedia Concepts International, Inc. (the "Company")
                    is a Delaware  corporation  which was organized in June 1994
                    under the name U.S. Food  Corporation.  The Company  changed
                    its name to American  Eagle  Holdings  Corporation  in April
                    1995 and then to its present name in June 1995.  The Company
                    was initially formed as a holding company for the purpose of
                    forming an integrated  clothing design,  manufacturing,  and
                    distribution operation.


                         In January 1997, the Company formed a new  wholly-owned
                    subsidiary,  U.S. Apparel Corp. ("U.S.  Apparel"),  which is
                    engaged in the design and  manufacture of a line of T-shirts
                    and other tops,  predominately  for men. U.S.  Apparel began
                    operations in January 1997.











                                        7
<PAGE>
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2000
                                   (Unaudited)


NOTE 2 -          DESCRIPTION OF COMPANY (continued):

                         On January  2, 1998,  the  Company  acquired  3,571,429
                    shares of the  outstanding  common stock of United  Textiles
                    and Toys Corp. ("United  Textiles"),  a company of which the
                    Company's  President  is  also  President,  Chief  Executive
                    Officer,  and a Director.  The issuance of these shares at a
                    price of $0.28 per share ($0.01  above the closing  price on
                    December 31, 1997) was made in conjunction with a conversion
                    into equity of United Textiles'  $1,000,000 debt owed to the
                    Company for a loan made by the Company.  As a result of this
                    transaction,  the  Company  owns  78.5%  of the  outstanding
                    shares  of  common  stock of  United  Textiles,  effectively
                    making United Textiles a subsidiary of the Company.

                         United  Textiles  was a company  engaged in the design,
                    manufacturing,  and  marketing  of a variety of lower priced
                    women's dresses,  gowns, and separates for special occasions
                    and formal events.  In March 1998,  United Textiles,  having
                    sustained   continuous   losses,    discontinued   operating
                    activities.

NOTE 3 -          MINORITY INTEREST:

                         The Company owns a majority  interest (78.5%) in United
                    Textiles.  The minority  interest  liability  represents the
                    minority  shareholders'  portion (21.5%) of United Textiles'
                    equity.

NOTE 4 -          INVESTMENT BY U.S. STORES CORP.:

                         On January 20, 1998, U.S. Stores Corp. ("U.S.  Stores")
                    acquired  1,465,000  shares of the  Company's  common stock.
                    U.S. Stores was incorporated on November 10,












                                        8
<PAGE>
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2000
                                   (Unaudited)

NOTE 4 -          INVESTMENT BY U.S. STORES CORP. (continued):

                         1997.  The Company's  President is also President and a
                    Director of U.S. Stores.

                         After this  transaction,  U.S. Stores held an aggregate
                    of 1,868,000 shares of the Company's common stock, or 63% of
                    the  outstanding  shares,  effectively  making the Company a
                    subsidiary of U.S. Stores.

                         On February  28,  1998,  American  Telecom  Corporation
                    ("American Telecom") acquired 100% of the outstanding common
                    shares of U.S. Stores.  American Telecom was incorporated on
                    November 10, 1997. The Company's President is also President
                    and a Director of American Telecom.  After this transaction,
                    American Telecom effectively  obtained beneficial control of
                    the Company and its subsidiaries.

                         In April 1998,  American  Telecom,  in a transaction in
                    which   shares  were   exchanged,   exchanged   all  of  its
                    outstanding  common  shares with  American  Telecom,  PLC, a
                    publicly  traded  company  in  Great  Britain.   After  this
                    transaction,   American   Telecom   effectively   became   a
                    subsidiary of American Telecom, PLC.  Additionally,  as part
                    of this transaction,  American Telecom, PLC acquired 100% of
                    the  outstanding  common  shares  of  U.S.  Stores,  thereby
                    effectively  making  U.S.  Stores  a  direct  subsidiary  of
                    American Telecom, PLC.

NOTE 5 -          RESTATEMENT OF AMOUNTS PREVIOUSLY REPORTED

                         The financial  statements for the three and nine months
                    ended  December 31, 1999  contain  certain  restatements  of
                    amounts previously reported.

                         These  restatements  were the result of the decision by
                    the  Company's  subsidiary,  United  Textiles and Toys Corp.
                    ("UTT"),  to  deconsolidate  the  accounts of Play Co. as of
                    March 31,  2000.  At March 31,  1999,  UTT's  percentage  of
                    ownership  in Play Co. was 45.2%.  Although UTT at that date
                    owned less than 51% of Play Co.'s outstanding  common stock,
                    UTT still exercised prerogative of control over Play Co. and
                    consolidated the accounts of Play Co. into UTT.

                         At March 31,  2000,  UTT's  percentage  of ownership in
                    Play Co. was reduced to 21.69%, and has been further reduced
                    to 8.2% at December  31, 2000.  Accordingly,  UTT elected to
                    deconsolidate  the accounts of Play Co., and account for its
                    investment in Play Co. on the equity method of accounting.


                                        9
<PAGE>
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2000
                                   (Unaudited)

NOTE 5 -          RESTATEMENT OF AMOUNTS PREVIOUSLY REPORTED (continued)

                         Under the equity  method,  the original  investment  is
                    recorded at cost, and is adjusted  periodically to recognize
                    the  investor's  share  of the  earnings  or  losses  of the
                    investee  subsequent to the date of acquisition.  Under this
                    method of  accounting,  the investment  generally  cannot be
                    reduced below zero,  when the investee has operating  losses
                    that  exceed the  investment,  at which point the use of the
                    equity method is suspended.  UTT will resume  accounting for
                    the investment in Play Co. under the equity method when Play
                    Co.  subsequently  reports  net  income  and the net  income
                    exceeds the  Company's  accumulated  share of Play Co.'s net
                    losses not recognized during the period of discontinuance of
                    the equity method.

                         In 1997,  the Company  acquired  803,070 shares of Play
                    Co.'s Series E  convertible  preferred  stock.  These shares
                    were acquired  from an  affiliated  company as repayment for
                    outstanding  loans made to that  company by  Multimedia.  In
                    April 2000, the Company  converted  these  preferred  shares
                    into Play Co.  common  stock at the  conversion  rate of one
                    share of  preferred  for six  shares of common  stock.  As a
                    result of this  conversion,  the Company at April 2000 owned
                    4,818,420  shares of Play Co.'s  common  stock.  At June 30,
                    2000, the Company held a 10.3% minority interest in Play Co.
                    As this investment in Play Co. amounts to less than 20%, the
                    Company  has  accounted  for this  investment  on the  "cost
                    basis" method.

NOTE 6-  Year 2000

                         The Company in 1999  upgraded  its  computer  system by
                    installing a year 2000 upgrade to its software.

                         Although the Company has not  experienced  any problems
                    related  to the year  2000  issues,  the  possibility  still
                    exists that such  problems  might arise  during the calendar
                    year. However,  the effect, if any, of year 2000 problems on
                    the Company's results of operations cannot be estimated with
                    any degree of  certainty  if the  Company or its  affiliated
                    companies, or service providers are not fully compliant.







                                       10
<PAGE>
ITEM II. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS

Results of Operations

         Statements  contained in this report which are not historical facts may
be considered forward looking information with respect to plans, projections, or
future  performance  of the  Company as  defined  under the  Private  Securities
Litigation Act of 1995.  These forward  looking  statements are subject to risks
and  uncertainties  which could cause actual results to differ  materially  from
those projected.

Three months ended December 31, 2000 compared to the three months ended December
31, 1999:

         Consolidated  sales for the three months  ended  December 31, 2000 were
$504,162.  The  consolidated  sales for the three months ended December 31, 1999
amounted  to $57,457.  The  increase  of 446,705 or 778% is  attributable  to an
increase in sales generated by U.S. Apparel.

         Consolidated cost of sales for the three months ended December 31, 2000
was  $207,754 as compared to $39,291 for the three  months  ended  December  31,
1999.  This  represented  an increase of $168,463 or 428.8%.  The  increase  was
associated with an increase in new orders from U.S.  Apparel's  primary customer
in the third fiscal quarter.

         Consolidated  operating  expenses  were  $124,776  for the three months
ended  December  31, 2000 as compared to  $177,952  for the three  months  ended
December  31,  1999.  The  decrease of $53,176 or 29.9%,  reflects  management's
commitment to better control operating expenses.

         Consolidated  depreciation and amortization expense not included in the
consolidated operating expenses for the three months ended December 31, 2000 and
December 31, 1999 was $235 and $410, respectively.

         For the  three  months  ended  December  31,  2000,  subsequent  to the
adjustment  for the  minority  interest in the net income of  subsidiaries,  the
Company reported consolidated net income of $178,391, or $.059 per common share,
as compared  to a loss of  $129,796  or $(.042)  per common  share for the three
months ended December 31, 1999.

Nine months ended December 31, 2000 compared to the nine months ended
December 31, 1999

         Consolidated  sales for the nine months  ended  December  31, 2000 were
$2,023,249.  Consolidated sales for the nine months ended December 31, 1999 were
$1,228,231.  The increase of $795,018 or 64.7 % is primarily  due to an increase
in sales in the third fiscal quarter related to the Company's primary customer.


                                       11

<PAGE>
ITEM II. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS (continued)

         Consolidated  cost of sales for the nine months ended December 31, 2000
was  $1,527,957 as compared to the nine months ended  December 31, 1999 in which
the cost of sales were $ 910,248. The increase of $617,709 or 67.9% is primarily
associated  with an increase in new orders during the third fiscal  quarter from
the Company's subsidiary U.S. Apparel.

         Consolidated operating expenses (excluding  depreciation) were $588,374
for the nine months ended December 31, 2000 as compared to the nine months ended
December 31, 1999 in which the operating  expenses were $502,340.  This increase
of $86,034 or 17.1% is primarily due to increased operating expenses incurred by
the Company's subsidiary, U.S. Apparel.

         Consolidated  depreciation  expense for the nine months ended  December
31, 2000 was $705. The  consolidated  depreciation and amortization for the nine
months ended December 31, 1999 was $ 645.

         The  Company's  subsidiary,  United  Textiles  &  Toys,  Co.,  incurred
interest  expense of $19,326 in the nine months  ended  December  31,  2000,  as
compared to $0 in the nine months ended  December 31, 1999.  The  recognition of
interest  expense was a result of an assessment by the State of New York on late
filed payroll tax returns in prior years.

         For  the  nine  months  ended  December  31,  2000,  subsequent  to the
adjustment  for the  minority  interest  in the net  loss of  subsidiaries,  the
Company reported a consolidated net loss of $ 78,424, or $.026 per common share.
For the nine months ended  December 31,  1999,  the Company  reported a restated
consolidated net loss of $117,583, or $.039 per common share.

Liquidity and Capital Resources

         At December 31, 2000, the Company reported cash and cash equivalents of
$1,594, working capital of $1,191,660, and stockholders' equity of $2,631,230.

         At March 31, 2000,  the Company  reported cash and cash  equivalents of
$1,109,166,   working  capital  of  $1,370,684,   and  stockholders'  equity  of
$2,709,654.

         The Company has generated  operating  losses for the past several years
and has historically  financed those losses and its working capital requirements
through  loans.  There  can  be no  assurance  that  the  Company  or any of its
subsidiaries  will be able to generate  sufficient  revenues or have  sufficient
controls over expenses and other charges to achieve profitability.

         During the nine months ended  December 31, 2000,  operating  activities
used funds in the amount of $563,889.  The Company's  consolidated  net loss was
$78,424,  after  adjustment  for the  minority  interest  in the net  income  of
subsidiaries.


                                       12
<PAGE>
ITEM II. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS (continued)

Liquidity and Capital Resources (Continued)

         The Company  provided $7,050 in investing  activities and used $550,773
in financing activities for the nine months ended December 31, 2000.

         As a result of these operating,  investing,  and financing  activities,
the Company reported a consolidated decrease in cash of $1,107,572. for the nine
months ended December 31, 2000.

Year 2000

         The Company in 1999  upgraded its computer  system by installing a year
2000 upgrade to its software.

         Although the Company has not  experienced  any problems  related to the
year 2000 issues,  the  possibility  still exists that such problems might arise
during the calendar year. However,  the effect, if any, of year 2000 problems on
the  Company's  results of  operations  cannot be  estimated  with any degree of
certainty if the Company or its affiliated  companies,  or service providers are
not fully compliant

Trends Affecting Liquidity, Capital Resources and Operations

         U.S. Apparel's sales are generated from short-term purchase orders from
customers  who place  orders  on an  as-needed  basis.  U.S.  Apparel  typically
manufactures  its products  upon receipt of orders from  customers  and delivers
finished  goods  within four weeks of receipt of an order.  In  anticipation  of
reorders from customers, U.S. Apparel generally manufactures 10% more goods than
are ordered by such customers.

         U.S. Apparel has been able to purchase raw materials from a variety  of
suppliers.

Inflation and Seasonality

         The impact of inflation on the Company's  results of operations has not
been  significant.  Each  subsidiary  attempts  to pass on  increased  costs  by
increasing product prices over time. U.S. Apparel's operations are generally not
seasonal and are generally spread throughout the year.



                                       13
<PAGE>
                           PART II - OTHER INFORMATION

Item 1.           Legal Proceedings:        None

Item 2.           Changes in Securities and Use of Proceeds:  None

Item 3.           Defaults Upon Senior Securities:   None

Item 4.           Submission of Matters to a Vote of Security Holders: None

Item 5.           Other Information:        None

Item 6.           Exhibits and Reports on Form 8-K:

     (a) The following  exhibits are filed with this Form 10-QSB for the quarter
ended September 30, 2000:

        27.1           Financial Data Schedule

     (b) During the quarter ended December 31, 2000, no reports on Form 8-K were
filed with the Securities and Exchange Commission.







<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, on this February 13, 2001.


                                    MULTIMEDIA CONCEPTS INTERNATIONAL, INC.



                                    By:     /s/ Ilan Arbel
                                            ----------------------------
                                            Ilan Arbel
                                            President


                                    By:     /s/ Allean Goode
                                            ---------------------------
                                            Allean Goode
                                            Treasurer