SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

                                   (Mark One)

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

                For the quarterly period ended February 28, 2002

                                       OR

[  ]TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF 1934

          From the transition period from ___________ to ____________.

                         Commission File Number 0-29439


                            TWISTEE TREAT CORPORATION
         ---------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

           Delaware                                        43-1796315
---------------------------------               --------------------------------
 (State or other jurisdiction of               (IRS Employer Identification No.)
  incorporation or organization)



                         228 West 4th Street, Suite 227,
                           Kansas City, Missouri 64105
                    -----------------------------------------
                    (Address of principal executive offices)

                                 (816) 842-1116
                           ---------------------------
                           (Issuer's telephone number)

                                       N/A
              -----------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

         Indicate  by check mark  whether the  registrant  (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 : No 9

As of February  28, 2002  24,227,950  shares of Common  Stock of the issuer were
outstanding.


<PAGE>



                            TWISTEE TREAT CORPORATION
                                   FORM 10-QSB

                                      INDEX

                                     PART I

Item 1. Financial Statements F-3


Item 2. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations F-7

                                     PART II

Item 1. Legal Proceedings F-9

Item 6. Exhibits and Reports on Form 8-K F-10

     Signatures F-10




<PAGE>



                          PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

                            TWISTEE TREAT CORPORATION
                             CONDENSED BALANCE SHEET
<TABLE>


                                                                     February 28,         November 30,
                                                                         2002                 2001
                                                                  ----------------------------------------
                                                                      (Unaudited)
<S>                                                               <C>                   <C>

ASSETS

Current assets:
  Cash                                                                   $    2,798           $    2,322
  Notes receivable - trade                                                   17,484               17,484
                                                                  --------------------  ------------------
    Total current assets                                                     20,282               19,806

Property and equipment, net                                                 113,132              120,080
Other                                                                         1,150                1,150
                                                                  --------------------  ------------------
                                                                        $   134,564           $  141,036
                                                                  ====================  ==================


                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current liabilities:
  Accounts payable                                                       $  174,475           $  197,082
  Accrued expenses                                                          294,755              248,107
  Notes payable                                                             158,309              158,309
  Notes payable - shareholders                                               93,600               93,600
                                                                  --------------------  ------------------
    Total current liabilities                                               721,139              697,398
                                                                  --------------------  ------------------

Stockholders' equity (deficit):
  Preferred stock, $.0001 par value, 10,000,000
  shares authorized: none issued and outstanding                                  -                    -
  Common stock, $.0001 par value, 50,000,000 shares
    authorized:  19,723,200 and 19,519,950 shares
    issued and outstanding:                                                   2,423                2,023
  Additional paid-in capital                                              3,584,652            3,545,052
  Accumulated deficit                                                    (3,998,650)          (3,928,137)
                                                                  --------------------  ------------------
                                                                           (411,575)            (381,062)
  Less: subscriptions receivable                                           (175,000)             (175,000)
                                                                  --------------------  ------------------
    Total stockholders' equity (deficit)                                   (586,575)            (556,062)
                                                                  --------------------  ------------------
                                                                        $   134,564           $  141,036
                                                                  ====================  ==================
</TABLE>



                   See accompanying notes to interim condensed
                             financial statements.


<PAGE>


                            TWISTEE TREAT CORPORATION
                        CONDENSED STATEMENT OF OPERATIONS
                                   (Unaudited)
<TABLE>

                                                                   Three months ended
                                                                      February 28,
                                                                2002                2001
                                                          -----------------   ------------------
<S>                                                       <C>                 <C>

Net sales                                                       $      -           $     6,831
Cost of sales                                                          -                 8,445
                                                          -----------------   ------------------
Gross profit (loss)                                                    -                (1,614)

Operating expenses:
  Payroll and contractual expense                                 41,666                58,487
  Depreciation and amortization expense                            6,948                13,072
  Consulting expense                                                   -                17,828
  Legal and professional fees                                      6,000                 3,650
  Other general and administrative                                10,917                56,321
                                                          -----------------   ------------------
                                                                  65,531               149,358
                                                          -----------------   ------------------

Loss from operations                                             (65,531)             (150,972)

Other income (expense):
  Interest income                                                      -                   124
  Interest expense                                                (4,982)                    -
                                                          -----------------   ------------------
                                                                  (4,982)                  124
                                                          -----------------   ------------------
                                                          -----------------   ------------------

                                                          -----------------   ------------------
Net loss                                                      $   (70,513)          $  (150,848)
                                                          =================   ==================

Basic and diluted loss per common share                            $(0.00)               $(0.01)
                                                          =================   ==================

Weighted average shares outstanding                           20,583,506            19,531,186
                                                          =================   ==================

</TABLE>



                   See accompanying notes to interim condensed
                             financial statements.


<PAGE>


                            TWISTEE TREAT CORPORATION
                        CONDENSED STATEMENT OF CASH FLOWS
                                   (Unaudited)


<TABLE>
                                                                            Nine months ended
                                                                               February 28,
                                                                    -----------------------------------
                                                                         2002                2001
                                                                    -----------------------------------
<S>                                                                 <C>                   <C>


Cash flows from operating activities:
  Net loss                                                              $   (70,513)       $  (150,848)
    Adjustments to reconcile net income to net cash
      provided by (used in) operating activities:
    Depreciation and amortization                                            6,948             13,072
    Stock issued to consultants                                                  -              9,328
  Changes in operating assets and liabilities
    Notes and other receivable                                                   -              3,750
    Inventory                                                                    -             (3,042)
    Accounts payable and accrued expenses                                   (22,607)           23,590
                                                                    ----------------    ---------------
        Net cash provided by (used in) operating activities                 (39,524)          (104,150)
                                                                    ----------------    ---------------

Cash flows from financing activities:
  Overdraft                                                                      -             34,900
  Increase (decrease) on notes payable                                           -             19,250
  Proceeds from sale of common stock                                        40,000             50,000
                                                                    ----------------    ---------------
        Net cash provided by financing activities                           40,000            104,150
                                                                    ----------------    ---------------

Net increase (decrease) in cash and cash equivalents                           476                  -
Cash and cash equivalents at beginning of period                             2,322                  -
                                                                    ----------------    ---------------
Cash and cash equivalents at end of period                              $    2,798           $      -
                                                                    ================    ===============

Cash paid for:
  Interest                                                                $      -           $      -
</TABLE>



                   See accompanying notes to interim condensed
                             financial statements.


<PAGE>

                            TWISTEE TREAT CORPORATION
                 NOTES TO INTERIM CONDENSED FINANCIAL STATEMENTS
                                February 28, 2002


Note 1:Presentation

The condensed  balance sheet of the Company as of February 28, 2002, the related
condensed  statements of operations for the three months ended February 28, 2002
and 2001 and the  statements  of cash flows for the three months ended  February
28,  2002 and 2001  included in the  condensed  financial  statements  have been
prepared  by the  Company  without  audit.  In the  opinion of  management,  the
accompanying condensed financial statements include all adjustments  (consisting
of normal,  recurring  adjustments)  necessary to summarize fairly the Company's
financial position and results of operations.  The results of operations for the
three  months  ended  February 28, 2002 are not  necessarily  indicative  of the
results  of  operations  for the full  year or any  other  interim  period.  The
information  included in this Form  10-QSB  should be read in  conjunction  with
Management's  Discussion and Analysis and Financial Statements and notes thereto
included in the Twistee Treat Corporation's November 30, 2001 Form 10-KSB.


<PAGE>

Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS


This report contains  forward looking  statements  within the meaning of Section
27A of the  Securities Act of 1933, as amended and Section 21E of the Securities
Exchange Act of 1934,  as amended.  The  Company's  actual  results could differ
materially from those set forth on the forward looking statements as a result of
the risks set forth in the Company's  filings with the  Securities  and Exchange
Commission,  general economic conditions, and changes in the assumptions used in
making such forward looking statements.

GENERAL OVERVIEW

Twistee Treat Corporation ("we" or, the "Company"), was incorporated in Missouri
on April 27, 1995 and  re-domiciled  in  Delaware  in June 1997.  We operate and
franchise  soft-serve  ice cream  desserts and an  assortment of other foods and
beverages in its  proprietary  cone-shaped  buildings  and kiosks.  Incorporated
under the laws of Missouri in 1997,  the Company  re-domiciled  by merger into a
Delaware corporation in June of 1999 with the name Twistee Treat Corporation.

Twistee Treat offers specialty ice cream and food products through company owned
stores,  franchised  stores,  in-line  stores,  kiosk units,  mobile  concession
trailers and "Express Grills." We are designed to be a high profile,  soft-serve
ice cream retail merchant.

In  1998,  Stephen  Wells,  formerly  the  President  of the  Company's  largest
franchisee  (Twistee  Treat of the  Southeast,  Inc.),  became the President and
Chief Executive Officer of the Company. Mr. Wells continued the testing program,
begun in 1999, of the Company's "Express Grill" unit, a full-service  restaurant
loosely  based on the design of the Brazier  units  operating by "Dairy  Queen."
Management  still  believes that the "Express  Grill" unit will help the Company
expand its business,  offering a broader menu and inside seating  capability.  A
more detailed description of the Company's history may be found in the Company's
latest  annual  report  (10-KSB),  which  was filed on March  15,  2001,  and is
accessible on the Internet at: www.edgar-online.com.

RESULTS OF OPERATIONS

THREE MONTHS ENDED FEBRUARY 28, 2002 COMPARED TO THREE MONTHS ENDED FEBRAURY 28,
2000

Net sales for the three months ended February 28, 2002 decreased by $6,831 to $0
from $6,831 for the corresponding  period of the prior year due to the Company's
lack of  emphasis  on the sale of its  current  products.  The Company is in the
process of  re-determining  its product  line and has not focused on the sale of
franchises or its current line of ice cream products.

The Company  experienced  a decrease  in the cost of sales for the three  months
ended  February 28, 2002,  which was $0 as compared to the cost of sales for the
same period ended February 28, 2001, which was $8,445. Management attributes the
decrease in cost of sales for the three months ended  February 28, 2002,  to the
reason discussed above.

Operating  expenses for the three months  ended  February 28, 2002  decreased by
$83,827 or 56% to $65,531  from  $149,358  for the  corresponding  period of the
prior year. The decrease is attributable to the Company  significantly  reducing
operations.   The  decrease  is   attributable  to  a  decrease  in  operations,
professional fees and other general expenses.

Net loss for the three months ended  February 28, 2002 decreased by $80,335 to a
loss of $70,513  from a loss of  $150,848  for the  corresponding  period of the
prior year.  For the three months  ended  February 28, 2002 and 2001 the Company
did not record a tax benefit.

Liquidity and Capital Resources

At February 28, 2002, the Company had negative working capital of $700,857.
<PAGE>

Net cash provided by financing  activities  decreased to $40,000 from  $104,150.
The Company  received  $40,000  from the sale of its common  stock for the three
months  ended  February  28,  2002.  The Company  those  proceeds to pay current
expenses.

The Company has no credit line or other bank debt,  and has  generated  its cash
from the sale of its common  stock.  At  February  28,  2002,  the Company had a
stockholders'  deficit of  $586,575,  a decrease  of  approximately  5% from the
$556,062 of stockholders' equity existing at November 30, 2001.

As reflected in the accompanying  financial statements and at February 28, 2002,
the  Company  has a working  capital  deficit  of  $700,857  and a net loss from
operations  of  $65,531  for the three  months  ended  February  28,  2002.  The
Company's  operations are not  sufficient to finance its growth.  The ability of
the  Company to  continue as a going  concern is  dependent  upon its ability to
raise   additional   capital  and  implement  its  business  plan.  The  Company
anticipates issuing additional debt and equity securities and reducing operating
overhead. Management believes that actions presently taken to improve its future
operations and obtain additional funding provide the opportunity for the Company
to continue as a going concern.

Factors That May Affect Future Results

Dependence on  Independent  Franchisees  and Licensors:  The Company  receives a
significant amount of its total revenues from the sale of franchise, license and
regional development rights to independent persons who desire to operate Twistee
Treat franchises in the United States and in Canada.  The ability of the Company
to  continue  to  generate  revenue  from  these  activities,  and to  grow  its
franchising  and  licensing  business  in the  future,  is  dependent  upon  the
willingness of independent  persons to become  franchisees  and licensees of the
Company.  The decision  whether or not to become a franchisee  or license of the
Company can be effected by a number of  variables,  many of which are outside of
the  Company's   control.   Some  of  these  variables  include  general  market
conditions,  regulatory burdens, the cost of raw supplies and materials, and the
receptiveness  of the general  public to the Company's  particular  products and
proprietary  buildings and retail unit. If the Company were unable  successfully
to  market  and sell its  franchise  and  license  rights to  persons  who would
independently  own and  operate  Twistee  Treat  franchises,  the ability of the
Company to continue would be severely  impacted.  While the Company does own and
operate certain retail sales outlets of its own, the majority of its business is
accounted for through the sale of franchise,  regional  development  and license
rights to independent third parties.

<PAGE>

Competition:  The frozen desert market is highly  competitive,  and distinctions
between  categories of frozen deserts  (particularly with respect to the premium
or quality  nature of various  frozen  desert  products)  are becoming much less
marked than in the past. The success of the Company  depends upon its ability to
continue  to  create  and  market  innovative  products,  flavors,  distribution
channels  and retail  units  through  which it can sell its product  directly or
through the  independent  franchisees  and licensees  who operate  Twistee Treat
locations.  If the Company is unable to compete  effectively  against  other ice
cream and frozen desert  manufacturers,  as well as other food  specialty  shops
which compete for space at malls and other venues, it will be unable to continue
marketing its  franchises and license  rights,  or to maintain its own corporate
locations,  for the sale of Twistee  Treat  products.  The inability to sell its
products  effectively  would have a materially  adverse effect upon the business
and operations of the Company.

Dairy commodity costs are volatile: It is possible that at some future date both
gross  margins  and  earnings  may  not  be  adequately   protected  by  pricing
adjustments,  cost control programs and  productivity  gains. To the extent that
the  Company  is unable to  effectively  predict,  and take  actions  to protect
against,  significant  increases  in the raw  materials  it uses to produce  its
frozen desert products, it could have a materially adverse impact on its ability
to  sell  such  products  to its  franchisees  and  licensees,  or to  recognize
sufficient margins from sales to make the business economically viable.

Dependence Upon External  Financing:  The Company has been building its business
through  revenues  generated from  operations,  supplemented  by the sale of its
capital common stock.  The ability of the Company to continue to grow and expand
its business is highly  dependent upon the ability of the Company to continue to
raise external financing, from the sale of equity and/or the incurrence of debt.
If the Company  were unable to obtain debt and/or  equity  financing  upon terms
that were  sufficiently  favorable  to the  Company,  or at all, it would have a
materially  adverse impact upon the ability of the Company to continue to expand
its  business  and  operations,  or  to  implement  its  business  plan  as  now
contemplated by the Company.

Reliance on Key Management:  The success of the Company is highly dependent upon
the continued services of Stephen Wells, its President and CEO, who has been the
primary  person  responsible  for  building  the  Company's  renewed  franchise,
regional  development  and  licensing  business.  If Mr. Wells were to leave the
Company,  it could  have a  materially  adverse  effect  upon the  business  and
operations of the Company.

OTHER INFORMATION

ITEM 1: Legal Proceedings

We are not  involved  in any  material  pending  legal  proceedings,  other than
routine  litigation  incidental to our  business,  to which we are a party or of
which any of our property is subject.


<PAGE>

PART II - OTHER INFORMATION

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

         a)  Exhibits

         b) Reports on Form 8-K

         (i) Report on Form 8-K dated July 11, 2001,  announcing the appointment
             of Malone & Bailey, PLLC as the Company's  independent  accountants
             for the year ending November 30, 2001.


                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                                 TWISTEE TREAT CORPORATION

Date: April 22, 2002                            By: /s/ Stephen Wells
                                                   ---------------------
                                                        Stephen Wells
                                                         President