UNITED STATES
                       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 : April 30, 2002


 [ ]         TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
      For the transition period from _________________ to _________________

                         Commission file number 0-32823


                     INNOVATIVE TECHNOLOGY ACQUISITIONS CORP
        (Exact name of small business issuer as specified in its charter)

           Delaware                                         98-0348407
(State or other jurisdiction of                (IRS Employer Identification No.)
 incorporation or organization)

              144 King Street East, Toronto Ontario Canada M5C 1G8
                    (Address of principal executive offices)


                                 (416) 594-4441
                           (Issuer's telephone number)

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 4,854,086

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



                                      -1-
<PAGE>

                         PART I -- FINANCIAL INFORMATION









                  INNOVATIVE TECHNOLOGY ACQUISITION cORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                                        -
                              Financial Statements
                             April 30, 2002 and 2001





                                      -2-
<PAGE>
<TABLE>
<CAPTION>
                  INNOVATIVE TECHNOLOGY ACQUISTION CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)

                              Financial Statements
                             April 30, 2002 and 2001
                                 BALANCE SHEETS

                                                                           April 30,
                                                                  --------------------------
                                                                      2002           2001
                                                                  -----------    -----------
<S>                                                               <C>            <C>
                                     ASSETS

INTANGIBLES (net of accumulated amortization)                     $      --      $      --
                                                                  ===========    ===========

                      LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
   Loans payable - stockholder                                    $   120,400    $   120,400
   Note payable - affiliate                                           100,000        100,000
   Due to stockholders                                                262,186         65,567
   Accrued interest                                                   123,389        102,429
   Other accrued expenses                                              30,565         37,150
                                                                  -----------    -----------
           Total current liabilities                                  636,540        425,546

LONG TERM LIABILITIES:
   Other                                                                5,830          5,830
                                                                  -----------    -----------
           Total liabilities                                          642,370        431,376
                                                                  -----------    -----------

STOCKHOLDERS' DEFICIT:
   Common stock, $0.01 par value; 100,000,000 shares authorized
     4,854,086 and 4,801,086 shares issued and outstanding at
     April 30, 2002 and 2001, respectively                             48,541         48,011
   Additional paid-in capital                                       1,355,545      1,343,075
   Deficit accumulated during development stage                    (2,046,456)    (1,822,462)
                                                                  -----------    -----------
           Total stockholders' deficit                               (642,370)      (431,376)
                                                                  -----------    -----------
           Total liabilities and stockholders' deficit            $      --      $      --
                                                                  ===========    ===========

</TABLE>

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

                                      -3-
<PAGE>
<TABLE>
<CAPTION>

                  INNOVATIVE TECHNOLOGY ACQUISTION CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)

                              Financial Statements
                             April 30, 2002 and 2001
                            STATEMENTS OF OPERATIONS

                                                                                         Cumulative from
                                                            For the quarter ended        February 8, 1996
                                                                   April 30,               (inception)
                                                       ------------------------------    through April 30,
                                                             2002             2001             2002
                                                       -------------    -------------    ----------------
<S>                                                    <C>              <C>              <C>
REVENUE                                                $        --      $        --        $        --
                                                       -------------    -------------      -------------

GENERAL AND ADMINISTRATIVE:
   Administrative                                              1,189            7,203              4,939
   Development costs                                            --               --              657,822
   Professional fees                                            --               --              177,805
   Promotion                                                    --               --               41,176
   Consulting                                                 30,000             --              252,250
   Amortization of intangibles                                  --               --              750,000
   Other                                                         250             --               43,640
                                                       -------------    -------------      -------------
           Total general and administrative expenses          31,439            7,203          1,927,632
                                                       -------------    -------------      -------------

OTHER INCOME (EXPENSE)
   Interest expense                                           (5,240)          (5,240)          (123,389)
   Other income                                                 --               --                4,565
                                                       -------------    -------------      -------------
           Total other income (expense)                       (5,240)         (12,443)          (118,824)
                                                       -------------    -------------      -------------

Net loss                                               $     (36,679)   $     (12,443)     $  (2,046,456)
                                                       =============    =============      =============

Loss per share                                         $       (0.01)   $       (0.00)
                                                       -------------    -------------

Weighted average number of shares outstanding              4,854,586        4,801,086
                                                       =============    =============

</TABLE>


   The accompanying notes are an integral part of these financial statements

                                      -4-
<PAGE>
<TABLE>
<CAPTION>

                  INNOVATIVE TECHNOLOGY ACQUISTION CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)

                              Financial Statements
                             April 30, 2002 and 2001
                       STATEMENTS OF STOCKHOLDERS' DEFICIT


                                                                                    Deficit
                                                                                  Accumulated
                                                Common Stock         Additional      During
                                         ------------------------     Paid-In     Development       Total
                                           Shares        Amount       Capital        Stage         Deficit
                                        -----------   -----------   -----------   -----------    -----------
<S>                                     <C>           <C>           <C>           <C>            <C>
Initial capitalization for cash,
   at $0.02 per share                     4,500,000   $    45,000   $    45,000   $      --      $    90,000
Common stock issued to
   acquire distribution license
   at $1.00 per share                       500,000         5,000       495,000          --          500,000
Net loss, nine months ended
   October, 11, 1996                           --            --            --        (106,497)      (106,497)
                                        -----------   -----------   -----------   -----------    -----------
Balance at October 31, 1996               5,000,000        50,000       540,000      (106,497)       483,503
Net loss                                       --            --            --         (70,904)       (70,904)
                                        -----------   -----------   -----------   -----------    -----------
Balance at October 31, 1997               5,000,000        50,000       540,000      (177,401)       412,599
Common stock issued for cash,
   at $1.00 per share                       151,500         1,515       149,985          --          151,500
Less: subscription receivable for
   shares issued                               --          (1,515)     (149,985)         --         (151,500)
Net loss                                       --            --            --        (116,022)      (116,022)
                                        -----------   -----------   -----------   -----------    -----------
Balance at October 31, 1998 as
   previously reported                    5,151,500        50,000       540,000      (293,423)       296,577
Adjustment in connection with
   agreement  that was not consummated   (1,000,000)      (10,000)       10,000          --             --
                                        -----------   -----------   -----------   -----------    -----------
Balance at October 31, 1998, as
   restated                               4,151,500        40,000       550,000      (293,423)       296,577



                                      -5-
<PAGE>

                  INNOVATIVE TECHNOLOGY ACQUISTION CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)

                                                                                    Deficit
                                                                                  Accumulated
                                                Common Stock         Additional      During
                                         ------------------------     Paid-In     Development       Total
                                           Shares        Amount       Capital        Stage         Deficit
                                        -----------   -----------   -----------   -----------    -----------
Common stock issued at $1.00
   per share                                649,586         6,496       643,090          --          649,586
Collection of subscription receivable          --           1,515       149,985          --          151,500
Net loss                                       --            --            --      (1,471,449)    (1,471,449)
                                        -----------   -----------   -----------   -----------    -----------
Balance at October 31, 1999               4,801,086        48,011     1,343,075    (1,764,872)      (373,786)
Net loss                                       --            --            --         (39,907)       (39,907)
                                        -----------   -----------   -----------   -----------    -----------
Balance at October 31, 2000               4,801,086        48,011     1,343,075    (1,804,779)      (413,693)
Common stock issued for services at
   $1.00 per share                            3,000            30         2,970          --            3,000
Net loss                                       --            --            --        (154,008)      (154,008)
                                        -----------   -----------   -----------   -----------    -----------
Balance at October 31, 2001               4,804,086   $    48,041   $ 1,346,045   $(1,958,787)   $  (564,701)
Common Stock issued for services at
   $.20 per share                            50,000           500         9,500          --           10,000
Net Loss                                       --            --            --         (87,669)       (87,669)
                                        ===========   ===========   ===========   ===========    ===========
Balance at April 30, 2002                 4,854,086   $    48,541   $ 1,355,545   $(2,046,456)   $  (642,370)
                                        ===========   ===========   ===========   ===========    ===========

</TABLE>

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

                                      -6-
<PAGE>
<TABLE>
<CAPTION>

                  INNOVATIVE TECHNOLOGY ACQUISTION CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)

                            STATEMENTS OF CASH FLOWS

                                                  For the quarter ended
                                                        April 30,
                                               --------------------------    Cumulative from February 8, 1996 (inception)
                                                   2002           2001                 through April 30, 2002
                                               -----------    -----------    -------------------------------------------
<S>                                            <C>            <C>            <C>
Operating activities:
   Net loss                                    $   (36,679)   $   (12,443)   $                  (2,046,456)
   Adjustments to reconcile net loss to
      Net cash used in operating activities:
   Amortization                                       --             --                            750,000
   Development costs                                  --             --                            649,586
   Non-Cash Items                                     --             --                             40,000
Changes in assets and liabilities:
   Increase in accrued interest                      5,240          5,240                          123,389
   Decrease in subscription receivables               --             --                            151,500
   Increase in other accrued expenses                 --             --                             30,565
                                               -----------    -----------    -------------------------------------------
Net cash used in operating activities              (31,439)        (7,203)                        (301,416)

Cash flows from investing activities:
   Acquisition of distribution license                --             --                           (750,000)
                                               -----------    -----------    -------------------------------------------
Net cash used in investing activities                 --             --                           (750,000)

Cash flows from financing activities:
   Loans and advances - shareholders                31,439          7,203                          352,586
   Increase in notes payable - other                  --             --                            105,830
   Proceeds from sales of common stock                --             --                            593,000
                                               -----------    -----------    -------------------------------------------
Net cash provided by financing activities           31,439          7,203                        1,051,416

Net increase (decrease) in cash                       --             --                               --
Cash at beginning of the year                         --             --                               --
                                               -----------    -----------    -------------------------------------------
Cash at the end of the year                    $      --      $      --      $                        --
                                               ===========    ===========    ===========================================

</TABLE>

                                      -7-
<PAGE>

                  INNOVATIVE TECHNOLOGY ACQUISTION CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)

Supplemental disclosures of non-cash financing activities:
   In November  1998, the Company issued 649,586 shares of common stock at $1.00
per share to reimburse an affiliated  company for costs incurred in developing a
product.
   In May 2001,  the Company  issued  3,000  shares of common stock at $1.00 per
   share to pay a consultant  for  services  related to the  maintenance  of the
   Company's website.
In December 2001, the Company issued 50,000  shares of  common stock at $.20 per
share to pay for investment banking services.




                                      -8-
<PAGE>

                  INNOVATIVE TECHNOLOGY ACQUISTION CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)


                              Financial Statements
                             April 30, 2002 and 2001
                          NOTES TO FINANCIAL STATEMENTS


NOTE 1-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
-------------------------------------------------


    Organization and Business Activity
    ----------------------------------

         Innovative  Technology  Acquisition  Corporation,   formerly  known  as
         Virilite Neutracutical  Corporation (the "Company") was incorporated in
         the state of Delaware in February  1996. It was formed with the purpose
         of developing a sophisticated  line of  nutraceutical,  functional food
         and beverage  products,  using a proprietary  formula,  which  utilized
         LIBIDO as a base component.  In February 1996, the Company acquired the
         exclusive  distribution  rights to LIBIDO  for the  United  States  and
         Mexico. Because of prior registration of the name LIBIDO as a trademark
         for an  unrelated  product,  and other  marketing  considerations,  the
         Company refers to the component as VIRILITE (Note 4).

         The  Company is  considered  to be in the  development  stage,  and the
         accompanying  financial  statements,  represent  those of a development
         stage enterprise.

    Use of Estimates
    ----------------

         The  preparation of financial  statements in conformity  with generally
         accepted  accounting  principles  requires management to make estimates
         and  assumptions   that  affect  the  reported  amount  of  assets  and
         liabilities and disclosure of contingent  assets and liabilities at the
         date of the financial statements and the reported amount of revenue and
         expenses during the reporting period.  Actual results could differ from
         those estimates.

    Intangibles
    -----------

         Intangible assets consist of a distribution  license,  which is carried
         at cost less accumulated amortization.

    Net Loss Per Common Share
    -------------------------

         The Company  applies SFAS No. 128,  Earnings Per Share.  In  accordance
         with SFAS No. 128,  basic net loss per share has been computed based on
         the weighted  average of common shares  outstanding  during the period.
         Diluted  earnings  per share  include  the  effects of any  outstanding
         financial instruments that may be converted into common stock. SFAS No.
         128 provides  guidance to  calculate  the  equivalent  number of common
         shares that would be likely  issued in the event the holder would elect
         to convert the financial  instrument  into common  shares.  As per SFAS
         No.128,  there were no common stock  equivalents  at April 30, 2002 and
         2001.




                                      -9-
<PAGE>

                  INNOVATIVE TECHNOLOGY ACQUISTION CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)

                    NOTES TO FINANCIAL STATEMENTS (Continued)


NOTE 1-SUMMARY OF SIGNIFICANT ACCOUNT POLICIES (CONTINUED)

    Income Taxes
    ------------

         The Company  accounts for income taxes  pursuant to the  provisions  of
         FASB No. 109 "Accounting for Income Taxes", which requires, among other
         things, a liability approach to calculating  deferred income taxes. The
         asset and liability  approach  requires the recognition of deferred tax
         liabilities  and assets for the  expected  future tax  consequences  of
         temporary differences between the carrying amounts and the tax bases of
         assets and  liabilities.  The Company has had  operating  losses  since
         inception   and   accordingly   has  not  provided  for  income  taxes.
         Realization  of  the  benefits   related  to  the  net  operating  loss
         carryforward  may be  limited  in any one year due to IRS Code  Section
         382, change of ownership rules.

    New Accounting Pronouncements
    -----------------------------

         SFAS No.  133,  "Accounting  for  Derivative  Instruments  and  Hedging
         Activities",   establishes   accounting  and  reporting  standards  for
         derivative instruments and for hedging activities.  It requires that an
         entity recognize all derivatives as either assets or liabilities in the
         statement of financial  position and measure those  instruments at fair
         value.  The Statement  applies to all entities and is effective for all
         fiscal  quarters of the fiscal years beginning after June 15, 2000. The
         Company did not engage in derivative  instruments or hedging activities
         in any periods presented in the financial statements.


NOTE 2-LOAN PAYABLE-STOCKHOLDER
-------------------------------

         The loan,  which was incurred in connection  with the  acquisition of a
         distribution license from a corporate  stockholder in August 1996 (Note
         4) had an original  due date of August 28, 1998.  During 1998,  the due
         date of the loan was extended  until August 28, 2001. In 2001,  the due
         date of the loan was  extended  to  August  28,  2002.  The loan  bears
         interest at prime plus 1% (or 8.25%). There are no installment payments
         due  under  the  terms of the  agreement.  Principal  plus all  accrued
         interest is due on August 28, 2001.  Accrued interest at April 30, 2002
         was approximately $69,514.


NOTE 3-NOTE PAYABLE-AFFILIATE
-----------------------------

         Note payable affiliate had an original due date of May 24, 1998. During
         1998,  the due date of the loan was  extended  until May 24,  2001.  In
         2001,  the due date  was  extended  to May 24,  2002.  The  note  bears
         interest at 1% over prime (or 8.25%). There are no installment payments
         due  under  the  terms of the  agreement.  Principal  plus all  accrued
         interest is due on May 24, 2002. Accrued interest at April 30, 2002 and
         2001,  in  connection  with this loan,  was  approximately  $53,874 and
         $45,624 respectively.


NOTE 4-RELATED PARTY TRANSACTIONS
---------------------------------

    Distribution License
    --------------------

         In February  1996,  the Company  acquired  the  exclusive  distribution
         rights,  in the United  States and Mexico,  to Libido,  from one of its
         stockholders.  For marketing purposes and due to the prior registration
         of the name Libido as a trademark for an unrelated product, the Company
         refers to Libido as "VIRILITE".


                                      -10-
<PAGE>

                  INNOVATIVE TECHNOLOGY ACQUISTION CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)

                    NOTES TO FINANCIAL STATEMENTS (Continued)


NOTE 4-RELATED PARTY TRANSACTIONS (CONTINUED)

    Distribution License (continued)
    --------------------------------

         VIRILITE  is the  base  component  of the  line of  nutraceutical  food
         products the Company plans to develop and market.

         The distribution license,  which expires on December 31, 2014 (Note 1),
         was  purchased  from  one of the  Company's  shareholders  for a  total
         consideration  of  $750,000;  in the form of  $50,000  cash,  a note of
         $200,000  (Note 2) maturing  on August 28, 2002 with  interest at prime
         plus 1% and  500,000  shares of the  Company's  stock  valued at $1 per
         share.

    Development Costs
    -----------------

         The Company,  through a subsidiary of its major  stockholder,  plans to
         commence  development  of a product in the form of an energy bar, which
         will be used for test  marketing  purposes.  Through  October 31, 1998,
         development   costs  incurred  totaled   approximately   $657,822.   No
         production has taken place as of April 30, 2002.

    Consulting Fees
    ---------------

         In the quarter  ended April 30, 2002,  the Company  accrued  $30,000 in
         consulting  fees relating to the interaction  with investment  bankers,
         and  acquisition  due  diligence.   The  fees  are  payable  to  Gemini
         Integrated Financial Services, a stockholder in the Company.


NOTE 5-GOING CONCERN CONSIDERATION
----------------------------------

         The accompanying  financial  statements have been prepared assuming the
         Company  will  continue  as a going  concern.  The basis of  accounting
         contemplates  the recovery of the Company's assets and the satisfaction
         of its liabilities in the normal course of operations. Since inception,
         the  Company  has been  involved in the  acquisition  of the  exclusive
         distribution  rights to LIBIDO for the United  States and  Mexico,  the
         prior  registration of the trademark and the performance of preliminary
         marketing  promotional  activities.  The Company's  ultimate ability to
         attain profitable  operations is dependent upon its main  stockholders'
         providing additional financing to complete its development  activities,
         and to achieve a level of sales to support its cost structure.  Through
         April  30,  2002,  the  Company  has  accumulated  a  deficit  totaling
         approximately  $2,046,456,  which  raises  substantial  doubt about the
         Company's ability to continue as a going concern.



                                      -11-
<PAGE>

                  INNOVATIVE TECHNOLOGY ACQUISTION CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)


         Item 2.  Plan of Operation

Since  inception we have produced no revenues.  We continue to need  shareholder
financing to maintain our  operations.  Since the test marketing  period we have
not produced or  manufactured  any additional  products.  During the next twelve
months it is expected that we will continue to rely on shareholder  financing or
the sale of our securities to continue funding our operations.

         Plan of Operation

     The manufacturer of the Virilite powder,  Med-Eq of Norway, has developed a
more  concentrated  form of the  dietary  supplement.  We are in the  process of
determining  if any  changes  will be need to be made to our TERBO Bar  recipes.
Until we are able to assess the need to  reformulate  the TERBO Bar we intend to
import and sell Virilite in tablet form. The tablets are available directly from
the manufacturer

     We intend to seek contract  manufacturing  and distribute the TERBO Bar and
other products  based on Virilite.  In order to do so we may have to sub-license
the product to the contract  manufacturer  or  distributor or enter into another
type of profit or revenue sharing arrangement

     We have been actively seeking contract manufacturers for the TERBO Bars and
a beverage product had been previously developed,  but had not been produced. We
believe that it is important to have product line extensions  available so as to
keep the product line fresh and innovative.

     Marketing of the Virilite  products and any other  products we may acquire,
as described  below,  will take place mainly on the internet  through the use of
web sites, search engine placement, banner ads and opt-in e-mail advertising. We
will sell our products  directly and not through retail outlets  initially.  The
competition  for retail space makes it cost  prohibitive to seek such placement.
We have  developed a brand  identity  using the name  "Virilite" and "TERBO" and
intend to continue using those names.

     The web site will contain information on the product, areas where consumers
could  interact  with each other and a secure  e-commerce  site where  consumers
could purchase our products.  It is anticipated that web site development  would
be paid for based upon a revenue sharing model or it would require Us to pay for
the web site  development  services through the issuance of our common stock. We
prefer these types of arrangements so as to preserve cash.

     Additional  marketing  strategies  include the use of infomercials on TV or
Radio. Radio infomercials are typically less expensive to produce and radio time
is  significantly  less expensive than TV time. It is not expected that we would
use this type of marketing until we have established a customer base through our
internet strategy.

     Previously we advertised the TERBO Bar in USA Today, Playboy,  Men's Health
magazine and on the Howard Stern Show. These  advertisements were very expensive
and  could not be  sustained.  Such a  national  advertising  campaign  could be
effective if sustained.  However,  we intend to focus more on internet marketing
as it  provides  a more cost  effective  approach  and the  anonymity  that many
consumers seek when purchasing personal health items.


                                      -12-
<PAGE>

                  INNOVATIVE TECHNOLOGY ACQUISTION CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)


     We additionally intend to acquire products or the rights to products in the
nutraceutical industry. To that end we have entered into a letter of intent with
BioSource  Therapeutics,  Inc.  BioSource has  developed a supplement  meant for
people with  catabolic  caexiea,  commonly  referred  to as  "wasting  syndrome"
associated  with  diseases  such  as  HIV/AIDS,  hepatitis  and  cancer.  We are
conducing  a due  diligence  review  of  this  company.  Should  the  review  be
satisfactory to us it is anticipated  that we will acquire  Biosource in a stock
transaction.

     It is probable  that our  business  operations  will consume more cash then
they generate over the short-term.  Therefore,  management believes that it will
be  necessary  to raise  additional  capital  for the  Company  through  private
placements of the Company's stock or through shareholder loans.











                                      -13-
<PAGE>

PART II -- OTHER INFORMATION

ITEM 1.      LEGAL PROCEEDINGS
      We are not currently involved in any legal proceedings.

ITEM 2.      CHANGES IN SECURITIES AND USE OF PROCEEDS
      None

ITEM 3.      DEFAULTS UPON SENIOR NOTES.
      None.

ITEM 4.      SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDIERS
      None.

ITEM 5.      OTHER INFORMATION.
      None.

ITEM 6.      EXHIBITS AND REPORTS ON FORM 8-K.
      None.

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

     (a)  3.1  Articles of  Incorporation  incorporated  by  reference  from the
     Company's filing on Form 10-SB dated June 1, 2001.

          3.2  Amendment   to  Articles   of   Incorporation   (November   1997)
     incorporated  by reference  from the  Company's  filing on Form 10-SB dated
     June 1, 2001.

          3.3  Amendment   to  Articles   of   Incorporation   (December   1999)
     incorporated  by reference  from the  Company's  filing on Form 10-SB dated
     June 1, 2001.

          3.4  Bylaws  incorporated  by reference  from the Company's  filing on
     Form 10-SB dated June 1, 2001.

     (b) Reports on Form 8-K.  No reports on Form 8-K where  filed  during the 3
     month period ended April 30. 2002.


                                   SIGNATURES
In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                                                     /s/ Randy Lebow
                                         Innovative Technology Acquisition Corp.
Date: July 3, 2002                                   /s/ Randy Lebow
                                                        President





                                      -14-