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, 2001

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, 2001
-------------------------------                      ---------------------------
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, 2001, and the related  statements of
operations,  stockholders' equity, and cash flows for the quarterly period ended
May 31, 2001. 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 February 28, 2001 were audited by
me and I expressed an unqualified  opinion on it in my report dated May 1, 2001.
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.
                                        June 4, 2001

<PAGE>

PART I. FINANCIAL STATEMENTS

                             CORSEA MANAGEMENT, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                                  BALANCE SHEET
                                  MAY 31, 2001
                            (EXPRESSED IN US DOLLARS)
       (With comparative figures for the three months ended May 31, 2000)
                                   (Unaudited)

                                  BALANCE SHEET

                                     ASSETS
                                     ------

                                                        2001            2000
                                                    ------------    ------------

Incorporation costs                                 $        210    $        210
                                                    ------------    ------------

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

                      LIABILITIES AND STOCKHOLDER'S EQUITY
                      ------------------------------------

LIABILITIES                                         $         --    $         --


STOCKHOLDER'S EQUITY

   Common Stock, $.0001 par
   value, 100,000,000 shares
   authorized, 5,000,000 issued
   and outstanding                                  $        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
                     FOR THE THREE MONTHS ENDED MAY 31, 2001
       (With comparative figures for the three months ended May 31, 2000)
                                   (Unaudited)

                                                       2001             2000
                                                   ------------     ------------


Revenue                                            $         --     $         --
                                                   ------------     ------------


Expenses:                                          $         --     $         --
                                                   ------------     ------------


NET INCOME                                         $         --     $         --
                                                   ============     ============

                See accompanying notes to financial statements.

<PAGE>

                             CORSEA MANAGEMENT, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                  STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY
                          FOR THE PERIOD FROM MARCH 3,
                           (INCEPTION) TO May 31, 2001
                                   (Unaudited)

                                                     Accumulated
                                                    Deficit During
                                       Common        Development
                                        Stock           Stage           Total
                                    ------------    ------------    ------------
Common stock issuance                  5,000,000              --    $        210

Net loss for the
For the year ended                            --              --              --
February 28, 2001
For the three months
Ended May 31, 2001                            --              --              --

BALANCE AT
MAY 31, 2001                           5,000,000    $         --    $        210
------------                                        ============    ============

                See accompanying notes to financial statements.

<PAGE>

                             CORSEA MANAGEMENT, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                             STATEMENT OF CASH FLOWS
                       FOR THREE MONTHS ENDED MAY 31, 2001
       (With comparative figures for the three months ended May 31, 2000)
                                   (Unaudited)

                                                       2001            2000
                                                   ------------    ------------

CASH FLOWS FROM
 OPERATING ACTIVITIES:

 Net income                                        $         --    $         --
 Adjustments to
  reconcile net loss
  to net cash provided
  by operating activities:


 Net cash provided by
  operating activities                                       --              --

CASH FLOWS FROM INVESTING
 ACTIVITIES

Capitalized incorporation
  costs                                                      --            (210)

CASH FLOWS FROM FINANCING
 ACTIVITIES:

 Proceeds from issuance
  of common stock                                            --             210
                                                   ------------    ------------

INCREASE 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
                                  MAY 31, 2001
                                  ------------

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 period  ended May 31,  2001 are from the date of the
     Company's incorporation, March 3, 2000.

     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.  As of May 31 ,
     2001, 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>

                             CORSEA MANAGEMENT, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                  MAY 31, 2001
                                  ------------
                                   (Unaudited)
                                   -----------


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, 2001.

     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>

                             CORSEA MANAGEMENT, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                  MAY 31, 2001
                                  ------------
                                   (Unaudited)
                                   -----------


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.

<PAGE>

PART II -- OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS

          There are no legal proceedings  against the Company and the Company is
          unaware of such proceedings contemplated against it.

ITEM 2.   CHANGES IN SECURITIES

          Not applicable.

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES

          Not applicable.

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

          Not applicable.

ITEM 5.   OTHER INFORMATION

          Not applicable.

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

          (a)  Exhibits

          (b)  Reports on Form 8-K

     There were no reports on Form 8-K filed by the Company during the quarter.

<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.

                                        CORSEA MANAGEMENT INC

                                        By: /s/ Gerald Ghini
                                            Gerald Ghini, President

                                        Dated: June 5, 2001.