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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

**FORM 10-KSB**

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

For the fiscal year ended **September 30, 2001**



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



**NEW YORK**                                                                                               
11-2647209(State or other jurisdiction of                                                                             
(IRS Employer
incorporation or organization)                                                                            
Identification No.)



Registrant's telephone number, including area code:**(801) 308-0011**

Securities registered pursuant to Section 12(b) of the Act: **NONE**

Securities registered pursuant to Section 12(g) of the Act: **NONE**

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. **[ x  ]**

As of January 14, 2002 it is unclear as to the aggregate market value of the voting stock held by non-affiliates of
the Registrant.  This is due to the low or almost non-existing trading of the Registrant's Securities.

As of January 14, 2002 the number of shares outstanding of the Registrant's Common Stock was 25,190,800.

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NTC Holdings Inc.,  ("the Company")was organized in May 1983 in the State of New York under the name
"National Thoroughbred Corporation."  Subsequently, the name was changed to "NTC Holdings, Inc."  Although
originally formed to engage in purchasing, breeding and selling Thoroughbred horses, the company's management
anticipates merging with an as yet unidentified on-going business in the future.

The Company is currently seeking a business opportunity merge with or acquire, but to date has not located
in any such business opportunities.  There is no assurance that the Company will be successful in finding any
business opportunity  to merge with or acquire.

**ITEM 2.  DESCRIPTION OF PROPERTY**

The Company currently operates from the office of the Company's President and pays no rent or expenses.

None

**ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS**

None - not applicable



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Because this report is being prepared in 2002, the Company has not been able to obtain any reliable trading
history for the period reported.  During the year ended September 30, 2001 there appeared to be little or no trading
in the stock of the Company.  As of January 14, 2002, the Company had approximately 167 shareholders of record.

The Company has not declared any cash dividends on its Common Stock since inception and its Board of
Directors has no present intention of declaring any dividends.  For the foreseeable future, the Company intends to
retain all earnings, if any, for use in the development and expansion of its business.

**Item 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS**

**Financial Condition**

The Company had no revenue during the year ended September 30, 2001.  Total stockholders' equity was
$(24,163), as compared to $(12,656) at September 30, 2000. The Company has no operating capital for future
operations.

**Liquidity and Capital Resources**

The Company has minimal assets and is currently in the process of looking for business opportunities to
merge with or acquire.  At minimum, the Company will need to raise additional capital through private funding to
meet the financial needs of being a reporting company.  There is no guarantee that the Company will be successful
in obtaining necessary funding to develop any business opportunities.

**Results of Operations**

The Company reported a net loss of $(19,507) for the year ended September 30, 2001, compared to a  loss
of $(1,212) for the previous year.  The Company anticipates very little or no overhead from future operations until
a successor business can be acquired or merged.

**ITEM 7.  FINANCIAL STATEMENTS**

(a)(1)	The following financial statements of the Company and its subsidiaries have been filed as part of this report
(see Item 8 "Financial Statements and Supplementary Data"):

Independent Auditors' Report

Balance Sheets as of September 30, 2001.

Statements of Operations for the years ended September 30, 2001 and September 30, 2000.

Statement of Stockholders' Equity for the period from October 1, 1998 to September 30, 2001.

Statement of Cash Flows for the years ended September 30, 2001 and September 30, 2000.

Notes to Financial Statements.

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INDEPENDENT AUDITOR'S REPORT

Stockholders and Directors
NTC Holdings, Inc.
Salt Lake City, Utah

We have audited the accompanying balance sheet of NTC Holdings, Inc.(a New York corporation) as of
September 30, 2001 and the related statements of operations, stockholders' equity, and cash flows for the year 2001
then ended.  These financial statements are the responsibility of the company's management.  Our responsibility
is to express and opinion on these financial statements based on our audit.  The financial statements of NTC
Holdings, Inc., as of September 30, 2000, were audited by other auditors whose report dated November 21, 2001,
expressed an unqualified opinion on those statements, therefore we offer no opinion on those financial statements.

We conducted our audit in accordance with generally accepted auditing standards.  Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements.  An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement presentation.  We
believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of NTC Holdings, Inc. at September 30, 2001, and the results of its operations and cash flows for the year
ended September 30, 2001 then ended in conformity with generally accepted accounting principles.

The accompanying financial statements have been prepared assuming that the Company will continue as
a going concern.  As discussed in Note 5 to the financial statements, the Company has minimal assets and no
operations and is dependent upon financing to continue operations.  These factors raise substantial doubt about its
ability to continue as a going concern.  Management's plans in regard to these matters are also described in the Note
5.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/S/ Bierwolf, Nilson & Associates
Salt Lake City, UT
January 14, 2002

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**NTC Holdings, Inc.**Balance Sheet



CURRENT ASSETS

Cash                                                                                           
$		450

TOTAL ASSETS                                                                      
$		450

**LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)**

CURRENT LIABILITIES

Accounts Payable                                                                    
17,453

Taxes Payable (Note 2)                                                              
300

Interest Payable (Note 3)                                                         
1,733

Notes Payable (Note 3)                                                          
5,127

STOCKHOLDERS' EQUITY (DEFICIT)

Common Stock 26,000,001 shares
authorized at $.001 par value;
25,190,800 shares issued and outstanding                                 
25,191
Capital in Excess of Par Value                                                 
268,951
Retained Deficit                                                                     
(318,305)

Total Stockholders' Equity (Deficit)                                         
(24,163)

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT)                                
$		450

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**NTC Holdings, Inc.**

For the Year Ended
                                                                                              
September 30,		September 30,	                                                                                                 
2001                   
2000

REVENUE                                                                               
$	-                       
$	-

EXPENSES

General & Administrative                                                             
18,295                 
-

Interest                                                                                            
412412

Total Expenses                                                                             
18,707            412

NET INCOME (LOSS) - Before Taxes                                      
(18,707)         (412)

Taxes (Note 1)                                                                                   
800800

INCOME (LOSS)                                                                      
$ (19,507)   $		(1,212)

Loss Per Common Share (Note 1)                                                     
-                   
-

Weighted Average Outstanding Shares                                        
23,208,335      22,590,800

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**NTC Holdings, Inc.**Statements of Stockholders' Equity
From September 30, 1998 through September 30, 2001

Capital In 
                                                               
Common			Common			Excess of			RetainedShares     Stock        Par Value			Deficit

Balance, September 30, 1998                     
22,590,800  $		22,591  $		263,551     $		(296,555)

Loss for the Year Ended
September 30, 1999                                                                                                    
(1,031)

Balance, September 30, 1999                    
22,590,800     22,591     263,551          
(297,586)

Loss for the Year Ended
September 30, 2000                                                                                                      
(1,212)

Balance, September 30, 2000                   
22,590,800      22,591       
263,551         (298,798)

Shares Issued for Cash at
$.001 Per Share                                          
2,000,000        2,000             
-                       
-

Shares Issued for Cash at
$.01 Per Share                                              
600,000            600            
5,400                  
-

Loss for the Year Ended
September 30, 2001                                                                                                         
(19,507)



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**NTC Holdings, Inc.**Statements of Cash Flows

For the Year Ended
                                                                                                   
September 30,		September 30,	                                                                                                       
2001                   
2000

CASH FLOWS FROM OPERATING ACTIVITIES

Net Income (Loss)                                                                        
$		(19,507)              
$		(1,212)

Increase (Decrease) in Accounts Payable/Interest Payable                 
12,757                    
1,212

Increase (Decrease) in Taxes Payable                                                 
(800)                           
-

Net Cash Provided by Operating Activities                                      
(7,550)                          
-

CASH FLOWS FROM INVESTING ACTIVITIES                            
-                              
-

Issuance of Common Stock for Cash                                               
8,000-

Net Cash Used by Financial Activities                                              
8,000                        
-

INCREASE IN CASH AND CASH
EQUIVALENTS                                                                                
450                       
-

CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF PERIOD                                                      
-                        
-

CASH PAID DURING THE PERIOD FOR:

Interest                                                                                              
$	-                      
$	-

Income Taxes (Including Interest & Penalties)                                         
800                    
-

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**NTC Holdings, Inc.**Notes to the Financial Statements
September 30, 2001

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 -INCOME TAXES

The Company adopted Statement of Financial Standards No. 109 "Accounting for Income taxes" in the
fiscal year ended September 30, 1999 and was applied retroactively.

Statement of Financial Accounting Standards No. 109 " Accounting for Income Taxes" requires an asset
and liability approach for financial accounting and reporting for income tax purposes.  This statement
recognizes (a) the amount of taxes payable or refundable for the current year and (b) deferred tax liabilities
and assets for future tax consequences of events that have been recognized in the financial statements or tax
returns.

Deferred income taxes result from temporary differences in the recognition of accounting transactions for
tax and financial reporting purposes.   There were no temporary differences at September 30, 2000 and
earlier years; accordingly, no deferred tax liabilities have been recognized for all years.

The Company has cumulative net operating loss carryforwards of approximately $318,000 at September 30,
2001.  No effect has been shown in the financial statements for the net operating loss carryforwards as the
likelihood of future tax benefit from such net operating loss carryforwards is highly improbable.
Accordingly, the potential tax benefits of the net operating loss carryforwards, estimated based upon current
tax rates at September 30, 2001 have been offset by valuation reserves of the same amount.

The Company has available approximately $318,000 in net operating loss carryforwards that will begin to
expire in the year 2003.  The Company has accrued $800 per year minimum state income taxes.

NOTE 3 -  NOTES PAYABLE

In 1997, DHM Enterprises advanced $5,127 in funds for company operations.  The  board of directors
approved a convertible debenture instrument for the accounts payable to 5,000,000 shares of common stock.
The debenture is due on March 31, 2002 and has an interest rate of 8%.  The conversion feature is at the
option of the bond holder.

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**NTC Holdings, Inc.**Notes to the Financial Statements
September 30, 2001

NOTE 4 - USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial statements and revenues and
expenses during the reporting period.  In these financial statements, assets, liabilities and earnings involve
extensive reliance on management's estimates.  Actual results could differ from those estimates.

NOTE 5 - GOING CONCERN

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.  Currently, the Company has no cash or other material assets, nor does it have an
established source of revenues sufficient to cover any anticipated operating costs to allow it to continue as
a going concern.  It is the intent of the Company to find additional capital funding and/or a profitable
business venture to acquire or merge.

NOTE 6 - COMMON SHARES

During the third and fourth quarters in the 2001 year, the Company issued shares for cash to provide
operating capital.  The Company issued 2,000,000 shares of common stock at $.001 per share for $2,000
and an additional 600,000 shares of common stock at $.01 per share for $6,000 in cash.

**ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTINGAND FINANCIAL DISCLOSURE**

None.



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**Directors and Executive Officers**

Age                        
Director Name                            
(2001)               
Since	Position with the Company

Dean Becker                     
47                    
1997	 President, CEO and Director
4766 South Holladay Boulevard
Holladay, Utah 84117

Dean H. Becker, age 47 Practiced law in Sale Lake City, Utah since 1979.  He graduated from Brigham
Young University in 1976 with a Bachelors of Arts in English with University Scholar designation.  He then
attended law school at the J. Reuben Clark School of Law at Brigham Young University where he served as
associate editor on the law review staff.

He has a general law practice with emphasis on corporate and business law, and is involved in a number of
community activities.

**ITEM 10.  EXECUTIVE COMPENSATION**

**Compensation of Executive Officers and Directors**

During the current fiscal year, no one in the Company's management received more than $60,000 in
compensation.

**Employment Agreements and Other Compensation Arrangements**

**Compensation of Non-Employee Directors**

There is currently no compensation paid to non-employment directors.

**ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

Name of
 Name and Address                                   
Beneficial                     
Percent of Of Beneficial                                               
Owner                     
Ownership			Class

Dean Becker                                                
500,000                           
2.0%
4766 South Holladay Boulevard
Holladay, Utah 84117

Officers and Directors
As a Group (one)                                          
500,000                          
2.0%

Robert Kropf                                               
2,700,000                     
10.72%
1392 West Shelbrooke
South Jordan UT 84095

CLTC, LLC                                                
9,750,000                       
38.7%
4766 South Holladay Boulevard
Holladay, Utah 84117

Andrew Chessman                                    
1,664,000(1)                       
6.61%
4766 South Holladay Boulevard
Holladay, Utah 84117

A-Business Funding
Corp                           
 .			2,000,000                        
7.94%
4766 South Holladay Boulevard
Holladay, Utah 84117

(1) Ownership of 824,000 through Fountain Head Partners, Inc.

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**Item 12.  Certain Relationships and Related Transactions**



Other than executive compensation, during the reported year the Registrant did not enter into any
transactions with management which are to be reported under this Item.



(a)	Exhibits

None

(b)	The Registrant filed no current reports on Form 8-K during the last quarter of the fiscal year ended
September 30, 2001.



Pursuant to the requirements of Section 13 or 15(d) 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.

NTC Holdings, Inc.

By:	Dean Becker

/s/	Dean Becker

Dated:January 14, 2002

SIGNATURE                          
TITLE                                          
DATE

/s/ Dean BeckerPresident and Director
(Principal Executive and
Financial Officer)                                                                           
January 14, 2002

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