SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
(Mark One)

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

                         For the quarterly period ended
                                  May 31, 2002

                                       OR

[ ]                TRANSITION REPORT PURSUANT TO SECTION 13 OR
                  15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
                         For the transition period from
                                       to

                         Commission file number 0-29903

                              CORSEA MANAGEMENT INC
             (Exact name of registrant as specified in its charter)

           Delaware                                              98-0220844
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

                     128 April Rd., Port Moody, B.C. V3H3M5
               (Address of principal executive offices (zip code))

                                  604/469-8901
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) filed all reports  required to
be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during
the last 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.

Yes  X     No

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common equity, as of the latest practicable date.

Class                                   Outstanding at May 31, 2002

Common Stock, par value $0.0001         5,000,000

<PAGE>

PART I -- FINANCIAL INFORMATION

     STEPHEN J. BUSH, C.A.
     Chartered Accountant
     Port Moody B.C.
     Canada

                           ACCOUNTANT'S REVIEW REPORT

The Board of Directors
Corsea Management Inc.
Port Moody B.C.

I have  reviewed the  accompanying  balance sheet of Corsea  Management  Inc. (a
Development  Stage Company),  as of May 31, 2002, and the related  statements of
operations,  stockholders' equity, and cash flows for the quarterly period ended
May 31, 2002. The review was conducted in accordance with Canadian Statements on
Standards for accounting  standards.and  Review  Services issued by the Canadian
Institute of Chartered  Accountants.  There are no significant  differences from
generally accepted accounting  principles in the United States and the rules and
regulations   promulgated  by  the   Securities   and  Exchange   Commission.All
information  included in these financial statements is the representation of the
management of Corsea Management Inc.

A review consists  principally of inquiries of Company  personnel and analytical
procedures  applied to financial data. It is substantially less in scope than an
audit in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion  regarding the financial  statements taken
as a whole. Accordingly, I do not express such an opinion.

Based on my review, I am not aware of any material  modifications that should be
made  to the  accompanying  financial  statements  in  order  for  them to be in
conformity with generally accepted accounting principles.

The financial  statements  for the period ended March 6, 2000 were audited by me
and I expressed an unqualified opinion on it in my report dated March 9, 2000. I
have not performed any auditing procedures since that date.

The  accompanying  financial  statements  have been  prepared  assuming that the
Company will continue as a development  stage  company.  As discussed in Note 1,
the Company has been in the  development  stage since its  inception on March 3,
2000.  The  Company's  ability to commence  operations  is  contingent  upon its
ability to identify a prospective  target business and raise the capital it will
require  through  the  issuance  of equity  securities,  debt  securities,  bank
borrowings or a combination thereof. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.

     /s/ Stephen J. Bush, C.A.
     Chartered Accountant
     Port Moody,B.C.
     July 5, 2002,

<PAGE>

                          ITEM 1. FINANCIAL STATEMENTS

                              CORSEA MANAGEMENT INC
                          (A DEVELOPMENT STAGE COMPANY)
                                  Balance Sheet
                                  May 31, 2002
                                   (Unaudited)
            (With unaudited figures at Feb. 28, 2002 for comparison)

                                     ASSETS

                                                     Feb. 28, 2002  May 31, 2002
                                                     -------------  ------------

Incorporation Costs                                    $      210    $      210
                                                       ----------    ----------

TOTAL ASSETS                                           $      210    $      210
                                                       ----------    ----------

                      LIABILITIES AND STOCKHOLDER'S EQUITY

                                                     Feb. 28, 2002  May 31, 2002
                                                     -------------  ------------

LIABILITIES

   Total liabilities                                   $       --    $       --
                                                       ----------    ----------

STOCKHOLDER'S EQUITY

   Common Stock, $.0001 par value, 100 million
    shares authorized, 5,000,000 issued
    and outstanding                                           210           210
   Deficit accumulated during development stage                --            --
                                                       ----------    ----------

     Total Stockholder's Equity                               210           210
                                                       ----------    ----------

TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY             $      210    $      210
                                                       ----------    ----------

                 See accompanying notes to financial statements.

<PAGE>

                              CORSEA MANAGEMENT INC
                          (A DEVELOPMENT STAGE COMPANY)
                             STATEMENT OF OPERATIONS
                                  May 31, 2002
                                   (unauditd)

              (With audited figures at Feb. 28,2002 for comparison)

                                                     Feb. 28, 2002  May 31, 2002
                                                     -------------  ------------

Income                                                 $       --    $       --

Expenses

Organization expense                                           --            --

Total expenses                                                 --            --
                                                       ----------    ----------
NET LOSS                                               $       --    $       --
                                                       ----------    ----------

                 See accompanying notes to financial statements.

<PAGE>

                              CORSEA MANAGEMENT INC
                          (A DEVELOPMENT STAGE COMPANY)
                             STATEMENT OF CHANGES IN
                              STOCKHOLDER'S EQUITY
                               Ended May 31, 2002
                                   (unaudited)
              (With audited figures at Feb. 28,2002 for comparison)

                                                         Deficit
                                                        Accumulated
                                            Common     During Devel-
                                            Stock      opment Stage     Total

Common stock issuance                     $      210    $       --    $      210

Net losses: For the period
ended May 31,2002                                 --            --            --

For the period
ended May 31, 2002                                --            --            --

BALANCE AT May 31, 2002                   $      210    $       --    $      210
                                          ----------    ----------    ----------

                              CORSEA MANAGEMENT INC
                          (A DEVELOPMENT STAGE COMPANY)
                             STATEMENT OF CASH FLOWS
                                  May 31, 2002
                                   (unaudited)
              (With audited figures at Feb. 28,2002 for comparison)

CASH FLOWS FROM                                      Feb. 28, 2002  May 31, 2002
                                                     -------------  ------------

OPERATING ACTIVITIES:

Net loss                                               $       --    $       --
Adjustment to reconcile net loss to net
cash used by operating activities:

Net cash used in operating activities                          --            --
                                                       ----------    ----------

CASH FLOWS FROM INVESTING ACTIVITIES

  Capitalized incorporation costs                              --            --
                                                       ----------    ----------

CASH FLOWS FROM FINANCING ACTIVITIES:

   Proceeds from issuance of common stock                      --            --
                                                       ----------    ----------

 Net cash provided by financing activities                     --            --
                                                       ----------    ----------

INCREASE(DECREASE) IN CASH
AND CASH EQUIVALENTS                                   $       --            --

CASH AND CASH EQUIVALENTS
BEGINNING OF PERIOD                                            --            --
                                                       ----------    ----------

CASH AND CASH EQUIVALENTS
END OF PERIOD                                          $       --    $       --
                                                       ----------    ----------

                 See accompanying notes to financial statements.

<PAGE>

                             CORSEA MANAGEMENT, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                               AS OF MAY 31, 2002
                               ------------------

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

1.   SIGNIFICANT ACCOUNTING POLICIES

     A.   Basis of presentation
     --------------------------

     The financial  statements  have been prepared in accordance  with generally
     accepted  accounting  principles  in Canada and are reported in US dollars,
     the Company's  functional  currency.  There are no significant  differences
     from generally accepted accounting  principles in the United States and the
     rules  and   regulations   promulgated   by  the  Securities  and  Exchange
     Commission.  Amounts  reported in the  statements of operations and deficit
     and cash flows for the quarterly period ended May 31, 2002.

     B.   Organization and Business Operations
     -----------------------------------------

     Corsea  Management,  Inc. (a development stage company) ("the Company") was
     incorporated in Delaware on March 3, 2000 to serve as a vehicle to effect a
     merger,  exchange of capital  stock,  asset  acquisition  or other business
     combination with a domestic or foreign private  business.  At May 31, 2002,
     the Company had not yet commenced any formal business  operations,  and all
     activity to date  relates to the  Company's  formation  and  proposed  fund
     raising.

     The Company's ability to commence operations is contingent upon its ability
     to identify a  prospective  target  business  and raise the capital it will
     require through the issuance of equity  securities,  debt securities,  bank
     borrowings or a combination thereof.

     C.   Use of Estimates
     ---------------------

     The  preparation of the 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 and
     disclosure  of  contingent  assets  and  liabilities  at  the  date  of the
     financial  statements  and the  reported  amounts of revenues  and expenses
     during  the  reporting  period.  Actual  results  could  differ  from those
     estimates.

     D.   Cash and Cash Equivalents
     ------------------------------

     For purposes of the  statement  of cash flows,  the Company  considers  all
     highly  liquid  investments  purchased  with an original  maturity of three
     months or less to be cash equivalents.

     E.   Income Taxes
     -----------------

     The  Company  accounts  for income  taxes  under the  Financial  Accounting
     Standards Board of Financial  Accounting Standards No. 109, "Accounting for
     Income Taxes"  ("Statement  109"). Under Statement 109, deferred tax assets
     and liabilities are

<PAGE>

                                       7.

                             CORSEA MANAGEMENT, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                               AS OF MAY 31, 2002
                               ------------------

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
------------------------------------------------------------

     E.   Income Taxes - Cont'd
     --------------------------

     recognized  for the future tax  consequences  attributable  to  differences
     between the financial  statement  carrying  amounts of existing  assets and
     liabilities  and their  respective  tax  basis.  Deferred  tax  assets  and
     liabilities  are  measured  using  enacted  tax rates  expected to apply to
     taxable  income  in the  years in which  those  temporary  differences  are
     expected to be recovered  or settled.  Under  Statement  109, the effect on
     deferred tax assets and  liabilities of a change in tax rates is recognized
     in income in the period that  includes the  enactment  date.  There were no
     current or deferred  income tax expenses or benefits due to the Company not
     having any material operations for the period ended May 31, 2002.

     F.   New Accounting Pronouncements
     ----------------------------------

     The Financial  Accounting  Standards  Board has recently issued several new
     accounting  pronouncements.  Statement No. 129,  "Disclosure of Information
     about Capital Structure"  establishes standards for disclosing  information
     about an entity's capital structure,  is effective for financial statements
     for periods  ending  after  December  15, 1998 and has been  adopted by the
     Company.  Statement No. 130, "Reporting  Comprehensive  Income" establishes
     standards  for  reporting  and  display  of  comprehensive  income  and its
     components,  and is effective for fiscal years beginning after December 15,
     1997.  Statement No. 131,  "Disclosures about Segments of an Enterprise and
     Related Information" establishes standards for the way that public business
     enterprises report information about operating segments in annual financial
     statements and requires that those enterprises report selected  information
     about   operating   segments  in  interim   financial   reports  issued  to
     shareholders.  It also establishes  standards for related disclosures about
     products  and  services,  geographic  areas,  and major  customers,  and is
     effective for financial statements for periods beginning after December 15,
     1997. The Company believes that its adoption of Statements 130 and 131 will
     not have a material effect on the Company's  financial  position or results
     of operations.

<PAGE>

                                       8.

                             CORSEA MANAGEMENT, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                               AS OF MAY 31, 2002
                               ------------------

NOTE 2 - STOCKHOLDER'S EQUITY
-----------------------------

     A.   Common Stock
     -----------------

     The Company is  authorized to issue  100,000,000  shares of common stock at
     $.0001 par value.  The Company issued  5,000,000  shares to Gerald Ghini, a
     director  of  the   Company,   pursuant  to  Rule  506  for  an   aggregate
     consideration of $210.

     B.   STOCKHOLDER'S EQUITY cont.
     -------------------------------

     At inception the Company  issued  5,000,000  shares of its $.0001 par value
     common stock to an officer as reimbursement  of organization  costs paid by
     the officer. Fair value used for this transaction of $210 is based upon the
     actual cost of incorporation.

NOTE 3 - RELATED PARTIES
------------------------

     Legal counsel to the Company is a Director of the Company .

     The Company has entered into an agreement with Gerald Ghini for services in
     exchange for shares of the Company's common stock. Other than incorporation
     services  there have been no services  provided by Gerald Ghini through the
     date of this report. When services are provided, the Company will value the
     stock  at the  fair  market  value  of the  shares  or at the  value of the
     services provided, whichever is more readily determinable.

                                   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.

                                        CORSEA MANAGEMENT INC


                                        By: /s/ Gerald Ghini
                                            Gerald Ghini, President

                                        Dated: July 5, 2002.