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 March 31, 2002.

   [  ]  Transition report under Section 13 or 15(d) of the Securities Exchange
         Act of 1934 for the transition period from              to            .



         Commission file number: 0-29321
                                 -------


                             ASWAN INVESTMENTS, INC.
        (Exact name of small business issuer as specified in its charter)




                 Nevada                                  87-0643635
                 ------                                  ----------
    (State or other jurisdiction of                   (I.R.S. Employer
     incorporation or organization)                  Identification No.)





                 1403 East 900 South, Salt Lake City, Utah 84105
                 -----------------------------------------------
               (Address of principal executive office) (Zip Code)


                                 (801) 582-9609
                                 --------------
                           (Issuer's telephone number)


Check whether the issuer:  (1) filed all reports required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 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   XX       No
                                    ------        ------

The number of outstanding shares of the issuer's common stock,  $0.001 par value
(the only class of voting stock), as of May 2, 2002 was 6,564,500.


<PAGE>



                                TABLE OF CONTENTS

                                     PART I

ITEM 1.  FINANCIAL STATEMENTS..................................................3

Unaudited Balance Sheet as of March 31, 2002

Unaudited Statement of Operations for the three months ended March 31, 2002 and
2001 and the period since Date of Inception to March 31, 2002..................5

Unaudited Statement of Cash Flows for the three months ended March 31, 2002 and
2001 and the period since Date of Inception to March 31, 2002..................6

Notes to Unaudited Financial Statements........................................7


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.............8

                                     PART II

ITEM 2.  RECENT SALES OF UNREGISTERED SECURITIES. . . . . . . . . . . . . . . .8

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K......................................8

SIGNATURES.....................................................................9

INDEX TO EXHIBITS.............................................................10












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                                        2

<PAGE>



                                     PART I

ITEM 1.           FINANCIAL STATEMENTS

As used herein,  the term "Company" refers to Aswan  Investments  Inc., a Nevada
corporation,  unless otherwise indicated. Unaudited interim financial statements
including  a balance  sheet for the  Company as of the  quarter  ended March 31,
2002,  statement  of  operations,  and  statement  of cash flows for the interim
period up to the date of such balance  sheet and the period since  inception are
attached  hereto  as  Pages 4  through  6 and are  incorporated  herein  by this
reference.




























                 [THIS SPACE HAS BEEN LEFT BLANK INTENTIONALLY]






                                        3

<PAGE>





                             Aswan Investments, Inc.
                         (A Developmental Stage Company)
                             Unaudited Balance Sheet
                              As of March 31, 2002
                                                                  March 31, 2002
                                                                    (unaudited)
                                                                     ---------

ASSETS
      Current Assets - cash                                          $      50
                                                                     ---------

            Total Current Assets                                            50

                                                                     ---------

LIABILITIES AND STOCK HOLDERS' EQUITY
      Current Liabilities:
                  Accounts Payable/Related Parties                   $   2,500
                  Accounts Payable                                       5,632
                                                                     ---------

            Total Current Liabilities

                Total Current Liabilities                                8,132

      Stockholders' equity
            Preferred stock ($.001 par value, 5,000,000
                 shares authorized; no shares issued and
                 outstanding                                                 -
            Common stock ($.001 par value 45,000,000
                 shares authorized; 6,564,500 shares issued and
                 outstanding March 31, 2002                              6,565
            Additional paid in capital                                   2,817
            Accumulated Deficit                                       (17,464)
                                                                     ---------

                 Total stockholders' equity (deficit)                  (8,082)
                                                                     ---------

TOTAL LIABILITIES AND EQUITY                                         $      50
                                                                     ---------

                                                                     ---------


    The accompanying notes are an integral part of these financial statements







                                        4

<PAGE>





                             Aswan Investments, Inc.
                         (A Developmental Stage Company)
                       Unaudited Statements of Operations
               For The Three Months Ended March 31, 2002 and 2001
                                       and
        For the period of Inception (December 7, 1999) to March 31, 2002



<TABLE>
<CAPTION>

                                                                       Three          December
                                                   Three months        months         7, 1999
                                                      ended            ended        (inception)
                                                     March 31,        March 31,      to March
                                                      2002              2001         31, 2002
                                                  ------------      -----------      ---------
<S>                                              <C>               <C>              <C>

Revenues                                          $          -      $         -      $       -
General and Administrative Costs                         2,558              280         17,494
                                                  ------------      -----------      ---------

Net Loss                                               (2,558)            (280)       (17,494)
                                                  ------------      -----------      ---------


Loss per common share-basic and diluted           $          -      $         -

                                                  ------------      -----------

Weighted average common shares basic and
diluted                                              6,564,500        6,044,000
                                                  ------------      -----------


</TABLE>






















                                        5

<PAGE>





                             Aswan Investments, Inc.
                         (A Developmental Stage Company)
                       Unaudited Statements of Cash Flows
               For The Three Months Ended March 31, 2002 and 2001
                                       and
        For the period of Inception (December 7, 1999) to March 31, 2002


<TABLE>
<CAPTION>

                                                               Three           Three          December
                                                               months          months         7, 1999
                                                               ended           ended        (inception)
                                                              March 31,        March          to March
                                                                2002         31, 2001        31, 2002
                                                             ----------      ---------      ----------
<S>                                                         <C>             <C>            <C>

OPERATING ACTIVITIES
       Net Loss                                              $  (2,558)       $  (280)      $ (17,464)
       Adjustments to reconcile Net Loss to Net
       Cash
       provided by (used in) operations:
             Stock compensation expense                               -              -           5,007
             Increase (decrease) in accounts payable              2,543          (350)           5,632
                                                             ----------      ---------      ----------

       Net cash provided by (used in) Operating
       Activities                                                  (15)          (630)         (6,825)
                                                             ----------      ---------      ----------

CASH FLOWS FROM INVESTING
ACTIVITIES                                                            -              -

CASH FLOWS FROM FINANCING
ACTIVITIES
       Increase in related party receivable                           -              -           2,500
       Decrease in stock subscription receivable                      -              -             465
       Issuance of common stock                                       -          3,000           3,910
                                                             ----------      ---------      ----------
       Net cash provided by Financing Activities                      -          3,000           6,875

NET CASH INCREASE (DECREASE)                                       (15)          2,370              50
                                                             ----------      ---------      ----------

CASH, BEGINNING OF PERIOD                                            65            571               0
                                                             ----------      ---------      ----------

CASH, END OF PERIOD                                          $       50      $   2,941      $       50

</TABLE>



                                        6

<PAGE>



                             Aswan Investments, Inc.
                         (A Developmental Stage Company)
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                                 March 31, 2002


1.  Basis of Presentation

The accompanying  unaudited condensed financial statements have been prepared by
management in accordance with the instructions in Form 10-QSB and, therefore, do
not  include all  information  and  footnotes  required  by  generally  accepted
accounting  principles and should,  therefore,  be read in conjunction  with the
Company's  Form  10-KSB for the year ended  December  31,  2001,  filed with the
Securities  and  Exchange  Commission.  These  statements  do include all normal
recurring   adjustments  which  the  Company  believes   necessary  for  a  fair
presentation  of  the  statements.   The  interim  operations  results  are  not
necessarily indicative of the results for the full year ended December 31, 2002.

2.  Additional footnotes included by reference

Except as indicated in Notes above, there have been no other material changes in
the information  disclosed in the notes to the financial  statements included in
the Company's Form 10-KSB for the year ended  December 31, 2001,  filed with the
Securities  and Exchange  Commission.  Therefore,  those  footnotes are included
herein by reference.















                                        7

<PAGE>



ITEM 2.       MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Plan of Operations

The Company's plan of operation for the coming year is to identify and acquire a
favorable business  opportunity.  The Company does not plan to limit its options
to any particular  industry,  but will evaluate each  opportunity on its merits.
The  Company  anticipates  that its owners,  affiliates,  and  consultants  will
provide it with sufficient  capital to continue  operations until the end of the
current fiscal year, but there can be no assurance that this expectation will be
fully realized.

The  Company  does not  expect  to  generate  any  meaningful  revenue  or incur
operating  expenses  unless and until it acquires  an  interest in an  operating
company.

PART II

ITEM 2.           RECENT SALES OF UNREGISTERED SECURITIES

None.

ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

(a)      Exhibits Exhibits required to be attached by Item 601 of Regulation S-B
         are listed in the Index to Exhibits on page 10 of this Form 10-QSB, and
         are incorporated herein by this reference.

(b)      Reports on Form 8-K.  No reports on Form 8-K were filed during the
         period covered by this Form 10-QSB.






















                                        8

<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,  hereunto  duly
authorized, this 8th day of May, 2002.




ASWAN INVESTMENTS, INC.


  /s/  Ruairidh Campbell                                  May 8, 2002
------------------------------------------------          --------------------
Ruairidh Campbell
President, Chief Financial Officer, and Director          Date























                                        9

<PAGE>


                                INDEX TO EXHIBITS

EXHIBIT           PAGE
NO.               NO.               DESCRIPTION

3(i)              *                 Articles of Incorporation of the Company
                                    (incorporated herein by reference from
                                    Exhibit No. 3(i) of the Company's Form 10-SB
                                    as filed with the Securities and Exchange
                                    Commission on February 3, 2000).

3(ii)             *                 Bylaws of the Company, (incorporated
                                    herein by reference from Exhibit 3(ii) of
                                    the Company's Form 10-SB as filed with the
                                    Securities and Exchange Commission on
                                    February 3, 2000).


































                                       10

<PAGE>