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
                                 August 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 August 31, 2001
-------------------------------                   ------------------------------
Common Stock, par value $0.0001                             5,000,000

<PAGE>

PART I -- FINANCIAL INFORMATION

                          ITEM 1. FINANCIAL STATEMENTS

                              CORSEA MANAGEMENT INC
                          (A DEVELOPMENT STAGE COMPANY)
                                  Balance Sheet
                                 August 31, 2001
                                   (Unaudited)
             (With unaudited figures at May 31,2001 for comparison)

                                     ASSETS

                                                  May 31, 2001   August 31, 2001
                                                  ------------     ------------


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

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

                      LIABILITIES AND STOCKHOLDER'S EQUITY

                                                  May 31, 2001   August 31, 2001
                                                  ------------     ------------
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
                                 August 31, 2001
                                   (unauditd)

             (With unaudited figures at May 31,2001 for comparison)

                                                  May 31, 2001   August 31, 2001
                                                  ------------     ------------
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 August 31, 2001
                                   (unaudited)
             (With unaudited figures at May 31,2001 for comparison)

                                                       Deficit
                                                     Accumulated
                                      Common         During Devel-
                                       Stock         opment Stage       Total
                                    ------------    ------------    ------------

Common stock issuance               $        210    $         --    $        210

Net losses: For the period
ended May 31,2001                             --              --              --

For the period
ended August 31, 2001                         --              --              --

BALANCE AT August 31, 2001          $        210    $         --    $        210
                                    ------------    ------------    ------------

<PAGE>

                              CORSEA MANAGEMENT INC
                          (A DEVELOPMENT STAGE COMPANY)
                             STATEMENT OF CASH FLOWS
                                 August 31, 2001
                                   (unaudited)
             (With unaudited figures at May 31,2001 for comparison)

CASH FLOWS FROM                                   May 31, 2001   August 31, 2001
                                                  ------------     ------------
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 AUGUST 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  for  interim  financial
          information  and the  instructions  to Form  10-QSB and item 310 under
          subpart A of Regulation S-B.  Accordingly,  they do not include all of
          the   information  and  footnotes   required  by  generally   accepted
          accounting  principles  for  complete  financial  statements.  In  the
          opinion of management , all adjustments  considered necessary in order
          to make the financial  statements not misleading , have been included.
          Amounts  reported in the statements of operations and deficit and cash
          flows are for the quarterly period ended August 31, 2001.

     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
          August 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
                              AS OF AUGUST 31, 2001


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 August 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
                              AS OF AUGUST 31, 2001


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 any 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: September 20, 2001.