U. S. Securities and Exchange Commission
                         Washington, D. C.  20549


                                FORM 10-QSB


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

     For the quarterly period ended September 30, 2001

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

     For the transition period from                to
                                    --------------    ---------------


                         Commission File No. 333-60906


                            Two Moons Kachinas Corp.
                  ------------------------------------------
                (Name of Small Business Issuer in its Charter)


           NEVADA                                      87-0656515
           ------                                      ----------
(State or Other Jurisdiction of                  (I.R.S. Employer I.D. No.)
 incorporation or organization)

                          9005 Cobble Canyon Lane
                            Sandy, Utah 84093
                            -----------------
                 (Address of Principal Executive Offices)

                Issuer's Telephone Number:  (801) 942-0555

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

(1)  Yes  X   No                   (2)  Yes      No  X
         ---     ---                        ---     ---

<PAGE>
             APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                PROCEEDINGS DURING THE PRECEDING FIVE YEARS

                              Not applicable.


                   APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the Registrant's classes
of common stock, as of the latest practicable date:

                          September 30, 2001

                               500,000
                               -------
PART I - FINANCIAL INFORMATION

Item 1.   Financial Statements.

          The Financial Statements of the Registrant required to be filed with
this 10-QSB Quarterly Report were prepared by management, and commence on the
following page, together with Related Notes.  In the opinion of management,
the Financial Statements fairly present the financial condition of the
Registrant.
<PAGE>
                     TWO MOON KACHINAS, CORP.
                  [A Development Stage Company]

             UNAUDITED CONDENSED FINANCIAL STATEMENTS

                        SEPTEMBER 30, 2001
<PAGE>
                     TWO MOON KACHINAS, CORP.
                  [A Development Stage Company]




                             CONTENTS

                                                               PAGE

        Unaudited Condensed Balance Sheet,
             September 30, 2001                                       2


        Unaudited Condensed Statements of Operations,
             for the three and nine months ended September
             30, 2001 and for the periods from inception
             on May 19, 2000 through September 30, 2000 and 2001      3


        Unaudited Condensed Statements of Cash Flows,
             for the nine months ended September 30, 2001 and
             for the periods from inception on May 19, 2000
             through September 30, 2000 and 2001                      4


        Notes to Unaudited Condensed Financial Statements        5 -  8
<PAGE>
<TABLE>
                     TWO MOON KACHINAS, CORP.
                  [A Development Stage Company]

                UNAUDITED CONDENSED BALANCE SHEET

<CAPTION>
                              ASSETS

                                                  September 30,
                                                      2001
                                                   ___________
<S>                                                <C>
CURRENT ASSETS:
  Cash                                                  $  756
                                                   ___________
        Total Current Assets                               756
                                                   ___________

PROPERTY AND EQUIPMENT, net                              8,477

OTHER ASSETS:
  Website Development, net                                 486
                                                   ___________
                                                   $     9,719
                                                   ===========


               LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES:
  Accounts payable                                 $       530
  Accounts payable-related party                         1,460
                                                   ___________
        Total Current Liabilities                        1,990
                                                   ___________

STOCKHOLDERS' EQUITY:
  Common stock, $.001 par value,
   50,000,000 shares authorized,
   500,000 shares issued and
   outstanding                                             500
  Capital in excess of par value                        24,500
  Deficit accumulated during the
    development stage                                  (17,271)
                                                   ___________
        Total Stockholders' Equity                       7,729
                                                   ___________
                                                   $     9,719
                                                   ===========
</TABLE>
The accompanying notes are an integral part of this unaudited condensed
financial statement.
                                2
<PAGE>
<TABLE>
                     TWO MOON KACHINAS, CORP.
                  [A Development Stage Company]


           UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
<CAPTION>

                                                              From Inception
                                                                 On May 19,
                                 For the Three   For the Nine  2000 Through
                                 Months Ended    Months Ended  September 30,
                                 September 30,   September 30,_______________
                               2001      2000        2001     2000       2001
                             ________ ________   ____________ _______ _______
<S>                         <C>       <C>      <C>          <C>      <C>
REVENUE                      $      - $      -   $         - $      - $     -

OPERATING EXPENSES:
  General and Administrative   12,864    1,150        16,446    1,204  17,822
                             -------- --------   -----------  ------- -------
LOSS FROM OPERATIONS          (12,864)  (1,150)      (16,446)  (1,204)(17,822)
                             -------- --------   -----------  ------- -------
OTHER INCOME:
  Interest                         19      295            91      300     551
                             -------- --------   -----------  ------- -------
        Total Other Income         19      295            91      300     551
                             -------- --------   -----------  ------- -------
LOSS BEFORE INCOME TAXES      (12,845)    (885)     (16,355)     (904)(17,271)

CURRENT TAX EXPENSE                 -        -            -         -       -

DEFERRED TAX EXPENSE                -        -            -         -       -
                             -------- --------   ----------  -------- -------
NET LOSS                     $(12,845)$   (885)  $  (16,355) $   (904)(17,271)
                             ======== ========   ==========  ======== =======

LOSS PER COMMON SHARE        $   (.03)$   (.00)  $     (.03) $   (.00)$  (.03)
                             ======== ========   ==========  ======== =======
</TABLE>
The accompanying notes are an integral part of these unaudited condensed
financial statements.
                                3
<PAGE>
<TABLE>
                     TWO MOON KACHINAS, CORP.
                  [A Development Stage Company]

           UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS

                 NET INCREASE (DECREASE) IN CASH
<CAPTION>
                                                             From Inception
                                                                 On May 19,
                                                For the Nine   2000 Through
                                                Months Ended   September 30,
                                                September 30,  ____________
                                               2001      2000      2001
                                             ______________________________
<S>                                           <C>         <C>       <C>
Cash Flows Provided by Operating Activities:
 Net loss                                     $   (16,354) $   (904) $(17,271)
 Adjustments to reconcile net loss to
   net cash used by operating activities:
  Depreciation and amortization                     1,541         -     1,715
  Changes in assets and liabilities:
   (Increase) decrease in interest receivable          23       (70)        -
   (Increase) in accounts payable                     530         -       530
   Increase in accounts payable-related party       1,460         -     1,460
                                               __________  ________  ________
     Net Cash Provided (Used) by Operating
       Activities                                 (12,800)     (974)  (13,566)
                                               __________  ________  ________
Cash Flows Provided by Investing Activities:
  Purchase of property and equipment                    -         -   (10,171)
  Purchase of website                                (507)        -      (507)
                                               __________  ________  ________
     Net Cash Provided (Used) by
       Investing Activities                          (507)        -   (10,678)
                                               __________  ________  ________
Cash Flows Provided by Financing Activities:
  Proceeds from issuance of common stock                -    25,000    25,000
                                               __________  ________  ________
     Net Cash Provided by Financing Activities          -    25,000    25,000
                                               __________  ________  ________
Net Increase (Decrease) in Cash                   (13,307)   24,026       756

Cash at Beginning of Period                        14,063         -         -
                                               __________  ________  ________
Cash at End of Period                          $      756  $ 24,026  $    756
                                               ==========  ========  ========

Supplemental Disclosures of Cash Flow Information:

 Cash paid during the period for:
   Interest                                    $        -  $      -  $     -
   Income taxes                                $        -  $      -  $     -

Supplemental Schedule of Non-cash Investing and Financing Activities:

  For the period ended September 30, 2001:
     None.

  For the period ended September 30, 2000:
     None
</TABLE>
The accompanying notes are an integral part of these unaudited condensed
financial statements.
                                4
<PAGE>
                      TWO MOON KACHINAS, CORP.
                  [A Development Stage Company]

        NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

       Organization - Two Moons Kachinas, Corp. (the Company) was organized
under the laws of the State of Nevada on May 19, 2000.  The Company has
elected a December 31st  year end.  The Company has not commenced planned
principal operations and is considered a development stage company as defined
in SFAS No. 7.  The Company is planning to sell Hopi Kachina Dolls.  The
Company has, at the present time, not paid any dividends and any dividends
that may be paid in the future will depend upon the financial requirements of
the Company and other relevant factors.

       Condensed Financial Statements - The accompanying financial statements
have been prepared by the Company without audit.  In the opinion of
management, all adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of operations and
cash flows at September 30, 2001 and for the periods then ended have been
made.

       Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted.  It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and notes thereto included in the Company's December 31, 2000
audited financial statements.  The results of operations for the periods
ended September 30, 2001 are not necessarily indicative of the operating
results for the full year.

       Property and Equipment - Property and equipment are stated at cost.
Expenditures for repairs and maintenance are charged to operating expense as
incurred.  Expenditures for additions and betterment's that extend the useful
lives of property and equipment are capitalized, upon being placed in service.
When assets are sold or otherwise disposed of, the cost and related
accumulated depreciation or amortization are removed from the accounts and any
resulting gain or loss is included in operations.

       Depreciation - Depreciation of property and equipment is computed using
the straight-line method over the estimated useful lives of the assets ranging
from three to ten years.

       Loss Per Share - The computation of loss per share is based on the
weighted average number of shares outstanding during the period presented in
accordance with Statement of Financial Accounting Standards No. 128,
"Earnings Per Share".  [See Note 7]

       Cash and Cash Equivalents - For purposes of the statement of cash
flows, the Company considers all highly liquid debt investments purchased with
a maturity of three months or less to be cash equivalents.

       Accounting Estimates - The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosures of contingent assets and
liabilities at the date of the financial statements, and the reported
amount of revenues and expenses during the reported period.  Actual results
could differ from those estimated.
                                5
<PAGE>
                     TWO MOON KACHINAS, CORP.
                  [A Development Stage Company]

        NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Continued]

       Website costs - Costs incurred to develop the Company's website will be
capitalized and amortized over two years.  Costs to maintain and improve
the site will be expensed as incurred.

       Recently Enacted Accounting Standards - Statement of Financial
Accounting Standards ("SFAS") No. 140, "Accounting for Transfers and Servicing
of Financial Assets and Extinguishments of Liabilities   a replacement of FASB
Statement No. 125", SFAS No. 141, "Business Combinations", SFAS No. 142,
"Goodwill and Other Intangible Assets", and SFAS No. 143, "Accounting for
Asset Retirement Obligations", were recently issued.  SFAS No. 140, 141,
142, and 143 have no current applicability to the Company or their effect
on the financial statements would not have been significant.

NOTE 2 - PROPERTY AND EQUIPMENT

       The following is a summary of property and equipment at cost, less
accumulated depreciation as of September 30, 2001:
                                                           September 30,
                                                               2001
                                                             _________
        Computer and office equipment                        $  10,171

        Less: accumulated depreciation                          (1,694)
                                                             _________
                                                             $   8,477
                                                             _________

       Depreciation expense for the nine months ended September 30, 2001
amounted to $1,521.

NOTE 3 - OTHER ASSETS

       The following is a summary of other assets at cost, less accumulated
amortization as of September 30, 2001:
                                                             September 30,
                                                                 2001
                                                               _________
          Website development                                  $     507

          Less: accumulated amortization                             (20)
                                                               _________
                                                               $     487
                                                               _________

       Amortization expense for the nine months ended September 30, 2001
amounted to $20.
                                6
<PAGE>

                     TWO MOON KACHINAS, CORP.
                  [A Development Stage Company]

          NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 4 - CAPITAL STOCK

  Common Stock - During May 2000, in connection with its organization, the
  Company issued 500,000 shares of its previously authorized, but unissued
  common stock.  The shares were issued for cash of $25,000 (or $.05 per
  share).

  Proposed Public Stock Offering - The Company is proposing to make a public
  stock offering of 200,000 shares of its previously authorized but unissued
  common stock.  This offering will be registered with the Securities and
  Exchange Commission on Form SB-2.  An offering price of $1.00 per share has
  been arbitrarily determined by the Company. The offering will be managed by
  officers of the Company, who will receive no sales commissions or other
  compensation in connection with the offering, except for reimbursement of
  expenses actually incurred on behalf of the Company in connection with the
  offering.  Costs incurred in connection with the offering (estimated to be
  $15,000)  will be deferred and offset against the proceeds of the offering.

NOTE 5 - INCOME TAXES

  The Company accounts for income taxes in accordance with Statement of
  Financial Accounting Standards No. 109 "Accounting for Income Taxes".  SFAS
  No. 109 requires the Company to provide a net deferred tax asset/liability
  equal to the expected future tax benefit/expense of temporary reporting
  differences between book and tax accounting methods and any available
  operating loss or tax credit carryforwards.  The Company has available at
  September 30, 2001, an operating loss carryforwards of approximately
  $17,200, which may be applied against future taxable income and which
  expires in various years through 2021.

  The amount of and ultimate realization of the benefits from the operating
  loss carryforwards for income tax purposes is dependent, in part, upon the
  tax laws in effect, the future earnings of the Company, and other future
  events, the effects of which cannot be determined.  Because of the
  uncertainty surrounding the realization of the loss carryforward the
  Company has established a valuation allowance equal to the tax effect of
  the loss carryforward and, therefore, no deferred tax asset has been
  recognized for the loss carryforward.  The net deferred tax asset is
  approximately $5,800 as of September 30, 2001, with an offsetting valuation
  allowance at September 30, 2001 of the same amount.  The change in the
  valuation allowance for the nine months ended September 30, 2001 is
  approximately $5,490.

NOTE 6 - RELATED PARTY TRANSACTIONS

  Management Compensation - As of September 30, 2001, the Company has not
  paid any compensation to any officer or director of the Company.

  Office Space - The Company has not had a need to rent office space.  An
  officer/shareholder of the Company is allowing the Company to use his
  offices as a mailing address, as needed, at no expense to the Company.

  Accounts Payable - An officer of the Company has paid expenses on behalf of
  the Company.  As of September 30, 2001, these expenses amounted to $1,460.

NOTE 7 - GOING CONCERN

  The accompanying financial statements have been prepared in conformity with
  generally accepted accounting principles, which contemplate continuation of
  the Company as a going concern.  However, the Company was only recently
  formed and has not yet been successful in establishing profitable
  operations.  Further, the Company has current liabilities in excess of
  current assets.  These factors raise substantial doubt about the ability of
  the Company to continue as a going concern.  In this regard, management is
  proposing to raise any necessary additional funds not provided by
  operations through loans or through additional sales of its common stock.
  There is no assurance that the Company will be successful in raising this
  additional capital or achieving profitable operations.  The financial
  statements do not include any adjustments that might result from the
  outcome of these uncertainties.
                                7
<PAGE>
                     TWO MOON KACHINAS, CORP.
                  [A Development Stage Company]

        NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 8 - LOSS PER COMMON SHARE

  The following data shows the amounts used in computing loss per share:

                                                      From Inception
                          For the Three                 On May 19,
                           Months Ended   For the Nine 2000 Through
                          September 30,   Months Ended  September 30,
                        ________________  September 30,________________
                          2001      2000     2001      2000      2001
                        ________________ _____________ ________________
  Loss from continuing
  operations available to
  common shareholders
  (numerator)           $(12,845) $(885) $    (16,354) $  (904)$(17,270)
                        ________  _____  ____________  _______ ________
     Weighted average
     number of common
     shares outstanding
     used in loss per
     share for the period
     (denominator)      500,000  500,000      500,000  500,000  500,000
                        _______  _______      _______  _______  _______

  Dilutive earnings (loss) per common share was not presented as the Company
  had no common stock equivalent shares for all periods presented that would
  affect the computation of diluted loss per share.

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

Plan of Operation.
------------------

         The Company has not engaged in any material operations since
inception on May 19, 2000, or during the quarterly period ended September 30,
2001.

         The Company's plan of operation for the next 12 months is to begin
sales of Kachina dolls, both through our own web site and through Internet
auction sites.  We have reserved the domain name twomoonskachinas.com and are
currently developing our web site.

        The Company is currently offering 200,000 shares of its common stock
at $1.00 through an SB-2 Registration Statement that became effective on
August 10, 2001.  The Company has received commitments to purchase $50,000 of
stock in the offering, but has not yet received any subscriptions.

         If the Company does not receive at least $60,000, it will have to
find another source of funding before it can begin material operations.  The
Company has not yet identified any other source of funding and it can not
assure that it will have any success in this regard.

        We have purchased two kachinas, which we will photograph and display
on our web site.  If we are able to raise the maximum proceeds under our
offering, we plan to purchase approximately 20 to 25 kachinas for display on
our site.

Results of Operations.
----------------------

          During the quarterly period ended September 30, 2001, the Company
had no business operations.  During this period, the Company received total
revenues of $0 and had a net loss of $(12,845).

Liquidity.
----------

          At September 30, 2001, the Company had $756 in current assets, with
total current liabilities of $1,990.  Total stockholder's equity was $7,729.

                    PART II - OTHER INFORMATION

Item 1.   Legal Proceedings.
----------------------------

          None; not applicable.

Item 2.   Changes in Securities.
--------------------------------

          None; not applicable.

Item 3.   Defaults Upon Senior Securities.
------------------------------------------

          None; not applicable.

Item 4.   Submission of Matters to a Vote of Security Holders.
--------------------------------------------------------------

          None; not applicable.

Item 5.   Other Information.
----------------------------

          None; not applicable.

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

          (a)  Exhibits.

               None.

          (b)  Reports on Form 8-K.

               None.

<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.

                                     Two Moons Kachinas, Corp.



Date: 11/8/01                        By /s/ David C. Merrell
     --------------                     -------------------------------------
                                        David C. Merrell
                                        President and Director


Date: 11/8/01                        By /s/ R. Kip Paul
     --------------                     -------------------------------------
                                        R. Kip Paul
                                        Secretary, Treasurer and Director