UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

[X]     Quarterly  Report  pursuant  to  Section  13  or 15(d) of the Securities
        Exchange  Act  of  1934

For  the  quarterly  period  ended  MARCH  31,  2002

[ ]     Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act
        of  1934

        For  the  transition  period  from  __________  to  __________

        Commission  File  Number  0-32905

                           AMANASU ENERGY CORPORATION
                           --------------------------
        (Exact name of Small Business Issuer as specified in its charter)

NEVADA                                                 98  -  0347883
------                                                 --------------
(State  or other jurisdiction of                       (IRS Employer
incorporation)                                         Identification  No.)

                 701 FIFTH AVENUE, 36TH FLOOR, SEATTLE, WA 98109
                 -----------------------------------------------
                    (Address of principal executive offices)
                    ----------------------------------------

                                  206-262-8188
                                  ------------
                           (Issuer's telephone number)
                           ---------------------------

        _________________________________________________________________
     (Former name, former address and former fiscal year if changed since last
                                     report)


State the number of shares outstanding of each of the issuer's classes of common
equity,  as  of the latest practicable date:   41,247,816 SHARES OF COMMON STOCK
ISSUED  AND  OUTSTANDING  AS  OF  MARCH  31,  2002.


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

                                        2
<PAGE>



PART  I  FINANCIAL  INFORMATION

ITEM  1.          FINANCIAL  STATEMENTS

GENERAL

The  Company's  unaudited  financial statements for the three months ended March
31, 2002 are included with this Form 10-QSB.  The unaudited financial statements
have  been  prepared  in  accordance  with  the instructions to Form 10-QSB and,
therefore, do not include all information and footnotes necessary for a complete
presentation  of  financial  position,  results  of  operations, cash flows, and
stockholders'  equity  in  conformity  with  generally  accepted  accounting
principles.  In  the opinion of management, all adjustments considered necessary
for a fair presentation of the results of operations and financial position have
been  included  and  all  such  adjustments  are  of  a normal recurring nature.
Operating  results for the three months ended March 31, 2002 are not necessarily
indicative  of  the  results  that  can  be  expected for the fiscal year ending
December  31,  2002.

                                        3
<PAGE>



                           AMANASU ENERGY CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                                 MARCH 31, 2002









                                 C O N T E N T S



                                                                Page
                                                                ----

     Balance  Sheet                                              1

     Statement  of  Operations  and  Deficit                     2

     Statement  of  Cash  Flows                                  3

     Notes  to  Financial  Statements                            4



                                        4
<PAGE>



                           AMANASU ENERGY CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                                 BALANCE SHEETS
                                   (UNAUDITED)

<TABLE>
<CAPTION>



                                                March 31, 2002    December 31, 2001
                                               ----------------  ------------------
<S>                                               <C>               <C>

ASSETS
------

 Current Assets:
    Cash. . . . . . . . . . . . . .            .  $        32,595   $       35,287
    Prepaid expenses . . . . . . . . . . . . . .            2,700               -
                                                   --------------   --------------
             Total current assets . . . . . . . . . . .    35,295           35,287

Fixed Assets:
    Automotive equipment . . . . . . . . . . . .           25,859           25,859
       Less accumulated depreciation. . .  . . .            4,285            3,060
                                                   --------------   --------------

             Net fixed assets . . . . . . .  . .           21,574           22,799

Other Assets:
    Rent deposit . . . . . . . . . . . . . . .              8,028            8,028
                                                   --------------   --------------

             Total Assets . . . . . . . . . . .   $        64,897   $       66,114
                                                  ===============   ==============

LIABILITIES AND STOCKHOLDERS EQUITY
-----------------------------------

Current liabilities
    Stockholder advance. . . . . . . . . . ..     $           100   $          100
                                                  ---------------   --------------
             Total current liabilities. . . .                 100              100

Stockholders' Equity:
    Common stock:  authorized 100,000,000 shares
    of $.001 par value; 41,247,816 issued and
    outstanding. . . . . . . . . . . . . . . . .           27,048           27,048
    Additional paid in capital . . . . . . . . .          317,492          317,492
    Deficit accumulated during development stage         (279,743)        (278,526)
                                                  ----------------  --------------

             Total stockholders' equity. . . . .           64,797           66,014
                                                  ----------------  --------------

      Total Liabilities and Stockholders Equity   $        64,897   $      66,114
---------------------------------------------     ===============    =============
</TABLE>


    These statements should be read in conjunction with the year-end financial
    statements.

                                        5
<PAGE>

                           AMANASU ENERGY CORPORATION
                          (A DEVELOPMENT STATE COMPANY)
                      STATEMENTS OF OPERATIONS AND DEFICIT
                      ACCUMULATED DURING DEVELOPMENT STAGE
                                   (UNAUDITED)



<TABLE>
<CAPTION>



                                                                           FEBRUARY 22, 1999
                                          QUARTERS ENDED MARCH 31,       (DATE OF INCEPTION)
                                          2002              2001           TO MARCH 31, 2002
                                        --------------------------        ------------------
<S>                                   <C>               <C>                 <C>

REVENUE:
    INTEREST INCOME. . . . .          $        28       $       -           $          2,286

EXPENSES. . . . . . . . .                   1,245           4,053                    282,029
                                      ------------      ---------           ----------------

LOSS ACCUMULATED
    DURING DEVELOPMENT STAGE          $    (1,217)      $  (4,053)          $       (279,743)
                                      ============       =========          =================

LOSS PER SHARE -
    BASIC AND DILUTED. . . .          $         -       $       -
-------------------------             ============      ==========
</TABLE>






    These statements should be read in conjunction with the year-end financial
    statements.

                                        6
<PAGE>

                           AMANASU ENERGY CORPORATION
                          (A DEVELOPMENT STATE COMPANY)
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)



<TABLE>
<CAPTION>




<S>                                            <C>                 <C>            <C>

                                                                                     February 22, 1999
                                                       Three Month Period          (Date of Inception)
                                                   2002                2001         To March 31, 2002
                                                -------------        -----------   -------------------

CASH FLOWS FROM OPERATIONS:
Net Loss. . . . . . . . . . . . . . . . .      $    (1,217)        $  (4,053)     $    (279,743)
Charges Not Requiring the Outlay of Cash:
    Depreciation . . . . . . . . . . . . . .         1,225                 -              4,285
    Services provided for common stock . . .                -          4,053             70,000
Changes in Assets and Liabilities:
    Increase in prepaid expenses . . . . . .        (2,700)                -             (2,700)
                                               ------------        ----------     -------------

          NET CASH CONSUMED BY
            OPERATING ACTIVITIES . . . . . . . . .  (2,692)                -           (208,158)
                                               ------------        -----------    --------------

CASH FLOWS FROM INVESTING
    ACTIVITIES:
Purchase of automobile. . . . . . . . . .                -                 -            (25,859)
Rent deposit for warehouse lease. . . . .                -                 -             (8,028)
                                               ------------        -----------    --------------

          NET CASH CONSUMED BY
            INVESTING ACTIVITIES . . . . . . . . . .     -                 -            (33,887)
                                               -------------       -----------    --------------

CASH FLOWS FROM FINANCING
    ACTIVITIES:
Sales of common stock . . . . . . . . . .                -                 -            274,540
Advances received in anticipation of
    common stock sales . . . . . . . . . . .             -                 -                100
                                               ------------        -----------      ------------

          NET CASH PROVIDED BY
            FINANCING ACTIVITIES . . . . . . . . . .     -                 -            274,640
                                               -----------         -----------      ------------

Net change in cash. . . . . . . . . . . .           (2,692)                -             32,595

Cash balance, beginning of period . . . .           35,287                 -                   -
                                                ------------       ----------      -------------

Cash balance, end of period . . . . . . .      $    32,595         $       -       $     32,595
                                               ============        ==========      =============
</TABLE>



    These statements should be read in conjunction with the year-end financial
    statements.

                                        7
<PAGE>

7

                           AMANASU ENERGY CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                   (UNAUDITED)
                                 MARCH 31, 2002


1.     BASIS  OF  PRESENTATION

The  unaudited  interim financial statements of Amanasu Energy Corporation ("the
Company")  as  of March 31, 2002 and for the three month periods ended March 31,
2002  and  2001,  have  been  prepared  in  accordance  with  generally accepted
accounting  principles.  In the opinion of management, such information contains
all  adjustments, consisting only of normal recurring adjustments, necessary for
a  fair presentation of the results for such periods.  The results of operations
for  the  quarters  ended  March 31, 2002  are not necessarily indicative of the
results  to  be  expected  for  the  full  fiscal year ending December 31, 2002.

Certain  information and disclosures normally included in the notes to financial
statements  have  been  condensed  or  omitted  as  permitted  by  the rules and
regulations  of  the  Securities  and  Exchange Commission, although the Company
believes  the  disclosure  is  adequate  to  make  the information presented not
misleading.  The  accompanying  unaudited financial statements should be read in
conjunction  with  the  financial  statements  of the Company for the year ended
December  31,  2001.





                                        8
<PAGE>

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

The  following  discussion  should  be  read  in  conjunction with the Company's
Financial  Statements,  including the Notes thereto, appearing elsewhere in this
Quarterly  Report and in the Annual Report for the year ended December 31, 2001.

                                COMPANY OVERVIEW

The  Company  was organized February 22, 1999.  Its operations to date have been
limited  to  obtaining  the  license  to  the technology, conducting preliminary
marketing  efforts,  and  conducting  preliminary  testing  of  the  equipment.

                               PLAN OF OPERATIONS

The  Company  is  a  development  stage  corporation.  It  has not commenced its
planned  operations  of  manufacturing  and  selling a toxic and hazardous waste
disposal  system.

During the year 2001, the Company raised $274,540 through the issuance of common
stock,  $200,000  of  which  was  the result of the exercise of 20,000,000 stock
purchase  options  by the Company's president and principal shareholder.  It did
not  raise  any  additional  funds during the quarter ended March 31, 2002.  The
Company  intends  to  raise  approximately  $2,000,000 to $3,000,000 in the near
future  through the private placement of its common stock.  The proceeds of such
private  placements  will  be  used  to  construct  two demonstrational units, a
one-half  ton  daily  capacity  unit and a one ton daily capacity unit, to fully
launch  the  marketing and sale of its licensed proprietary Amanasu furnace, and
for other general working capital needs.  The Company's activities over the next
twelve  months  will be entirely devoted to the construction of a limited number
of demonstrational units, the hiring of a limited staff to conduct its business,
and  the  commencement  of  marketing  activities.  The Company has entered into
discussions  with a number of private investors concerning the private placement
of  its  common  stock.  At  this time, however, it has not received commitments
from  any  source.  Although  the  Company  is encouraged by its discussions, it
cannot  predict  whether it will be successful in raising capital, which capital
is  essential  to  its  plan  of  operations.

The  Company  expects to outsource the construction and fabrication of its units
to  third  parties,  including  the  proprietary combustion system which will be
manufactured  by  the inventor of the furnace at his factory in Hokkaido, Japan.
The  Company  expects  the  production  cycle  of its product to be three to six
months.  The  Company  believes  that it can manufacture as many as thirty units
per  month using currently available manufacturing and assembly resources and it
believes  the  production  and  assembly  resources of the third parties will be
sufficient  to meet anticipated product demand of the next twelve months.  Tests
are  now  being  conducted  of  the  furnace  at  a California facility which is
expected  to  be  a  primary  source  of manufacturing capability.  Testing will
continue  through  the  third  quarter  of  the  year  2002 and manufacturing is
expected  to  begin  in  the  last  quarter  of  the  year.

                                        9
<PAGE>

The  Company  will  require  a  minimum  of  $1,000,000  to  satisfy  its  cash
requirements of the next twelve months.  If the Company is successful in raising
this  money,  it  will  commence  production  and  marketing  of  its  units  to
prospective  customers  in  the  Pacific  Rim.  If  the Company in successful in
raising  the  projected  $2,000,000  to  $3,000.000  from sales of common stock,
management  believes that this funding, along with bank borrowings and cash flow
from  the  sales  of  units,  will enable the Company to commence the full scale
manufacture  and  sale  of  its product.  The Company can not predict whether it
will  be  successful  in  its  capital  raising  efforts.  If the Company is not
successful  in  raising  $1,000,000,  it may not be able to complete its plan of
operations.

The  results  of  operations  during  the  first  quarter of 2002 were a loss of
$1,217,  compared  with a loss of $4,053 in the comparable 2001 period.  Testing
of the Amanasu furnace began in late 2001.  A total of $44,000 was spent on this
testing during 2001.  An additional $166,000 is expected to be spent during 2002
to  complete  this  testing.



                                       10
<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)     Exhibits

        Exhibit  -  NONE

(b)     Reports  on  Form  8-K:  NONE


                                       11
<PAGE>
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.

Dated:  May  14,  2002


                                             AMANASU ENERGY CORPORATION



                                             By: /s/ Atsushi Maki
                                             ---------------------------------
                                             Atsushi Maki, Chairman, President
                                             and Chief Financial Officer