UNITES STATES
                              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:           September 30, 2001
                                            ------------------------------------

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

             For the transition period from                  to
                                            ----------------    ---------------
                    Commission file number                000-29659
                                            -----------------------------------

                          SILVER ROSE DEVELOPMENT, INC.
 ------------------------------------------------------------------------------
                     (Exact name of small business issuer as
                            specified in its charter)

                     Nevada                                      86-0972809
-------------------------------------------------------------------------------
             (State or other jurisdiction                       (IRS Employer
         of incorporation or organization)                   Identification No.)

                11601 East Lusitano Place, Tucson, Arizona, 85748
  ----------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (520) 577-1516
                   ------------------------------------------
                            Issuer's telephone number


      (Former name, former address and former fiscal year, if changed since last
report.)


                             APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares  outstanding of each of the issuer's classes
of common equity, as of the latest practical date: September 30, 2001 1,000,000

        Transitional Small Business Disclosure Format (check one).
Yes      ;  No   X
    ----       -----

<PAGE>

                                            PART I


Item 1.  Financial Statements



                               INDEPENDENT ACCOUNTANT'S REPORT


Silver Rose Development, Inc.
(A Development Stage Company)


        We  have  reviewed  the  accompanying   balance  sheet  of  Silver  Rose
Development,  Inc. (a  development  stage  company) as of September 30, 2001 and
December 31, 2000,  and the related  statements of operations  for the three and
nine months ended September 30, 2001 and 2000, and cash flows for the nine month
periods ended September 30, 2001 and 2000.  These  financial  statements are the
responsibility of the Company's management.

        We conducted our review in accordance with standards  established by the
American  Institute  of  Certified  Public  Accountants.  A  review  of  interim
financial  information consists principally of applying analytical procedures to
financial  data and making  inquiries of persons  responsible  for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statement taken as a whole.
Accordingly, we do not express such an opinion.

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

                                                          Respectfully submitted



                                                    /S/ ROBISON, HILL & CO.
                                                    Certified Public Accountants

Salt Lake City, Utah
November 13, 2001


<PAGE>

                                 SILVER ROSE DEVELOPMENT, INC.
                                 (A Development Stage Company)
                                        BALANCE SHEETS
                                          (Unaudited)
<TABLE>
<CAPTION>
                                                                September 30,    December 31,
                                                                    2001             2000
                                                               ---------------  --------------
<S>                                                            <C>              <C>
ASSETS                                                         $             -  $            -
                                                               ===============  ==============


LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
  Accounts Payable                                             $           533  $            -
                                                               ---------------  --------------

          Total Liabilities                                                533               -
                                                               ---------------  --------------

Stockholders' Equity
Common stock (par value $.001), 100,000,000 shares authorized,  issued 1,000,000
  shares at September 30,
  2001 and December 31, 2000                                             1,000           1,000
Paid-In Capital                                                          3,659           1,987
Retained deficit                                                        (1,200)         (1,200)
Deficit accumulated during development stage                            (3,992)         (1,787)
                                                               ---------------  --------------

          Total Stockholders' Equity                                      (533)              -
                                                               ---------------  --------------

          Total Liabilities and Stockholders' Equity           $             -  $            -
                                                               ===============  ==============
</TABLE>









                        See accompanying notes and accountants' report

<PAGE>

                                 SILVER ROSE DEVELOPMENT, INC.
                                 (A Development Stage Company)
                                    STATEMENT OF OPERATIONS
                                          (Unaudited)
<TABLE>
<CAPTION>


                                                                                                                      Cumulative
                                                                                                                        Since
                                                                                                                     October 20,
                                                        For the Three Months             For the Nine Months             1999
                                                               Ended                            Ended                Inception of
                                                           September 30,                    September 30,            Development
                                                   ------------------------------  -------------------------------
                                                        2001            2000            2001            2000            Stage
                                                   --------------  --------------  --------------- ---------------  --------------

<S>                                                <C>             <C>             <C>             <C>              <C>
Revenues                                           $            -  $            -  $             - $             -  $            -
                                                   --------------  --------------  --------------- ---------------  --------------

Expenses                                                      533             352            2,205           1,287           3,992
                                                   --------------  --------------  --------------- ---------------  --------------

       Net Loss                                    $         (533) $         (352) $        (2,205)$        (1,287) $       (3,992)
                                                   ==============  ==============  =============== ===============  ==============


Basic & Diluted loss per share                     $            -  $            -  $             - $             -
                                                   ==============  ==============  =============== ===============
</TABLE>






                        See accompanying notes and accountants' report


<PAGE>

                                 SILVER ROSE DEVELOPMENT, INC.
                                 (A Development Stage Company)
                                    STATEMENT OF CASH FLOWS
                                          (Unaudited)
<TABLE>
<CAPTION>
                                                                                  Cumulative
                                                                                    Since
                                                                                 October 20,
                                                                                     1999
                                                  For the nine months ended      Inception of
                                                        September 30,            Development
                                               -------------------------------
                                                    2001            2000            Stage
                                               --------------- ---------------  --------------
Cash Flows from Operating Activities:
<S>                                            <C>                      <C>     <C>
    Net Loss                                   $        (2,205)         (1,287) $       (3,992)
    Increase (Decrease) in Accounts Payable                533             312             333
                                               --------------- ---------------  --------------
        Net cash used in operating activities           (1,672)           (975)         (3,659)

Cash Flows from Investing Activities:
        Net cash provided by investing activities            -               -               -
                                               --------------- ---------------  --------------

Cash Flows from Financing Activities:
    Capital contributed by shareholder                   1,672             975           3,659
                                               --------------- ---------------  --------------
         Net cash provided by
         financing activities                            1,672             975           3,659
                                               --------------- ---------------  --------------

Net change in cash and cash equivalents                      -               -               -
Cash and cash equivalents at beginning of year               -               -               -
                                               --------------- ---------------  --------------

Cash and cash equivalents at end of year       $             - $             -  $            -
                                               =============== ===============  ==============

Supplemental Disclosure of Cash Flow
Information:
    Cash paid during the year for:
        Interest                               $             - $             -  $            -
        Franchise and income taxes             $             - $             -  $          500

Supplemental Disclosure of Non-Cash Investing
and Financing Activities: None
</TABLE>




                        See accompanying notes and accountants' report


<PAGE>

                                 SILVER ROSE DEVELOPMENT, INC.
                                 (A Development Stage Company)
                                 NOTES TO FINANCIAL STATEMENTS
                     FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                          (Unaudited)

NOTE 1 - ORGANIZATION AND SUMMARY OF ACCOUNTING POLICIES

        The accompanying  unaudited  financial  statements have been prepared in
accordance with generally  accepted  accounting  principles and with Form 10-QSB
requirements.  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 for a fair presentation have been included. Operating results for nine
month period ended  September 30, 2001,  are not  necessarily  indicative of the
results that may be expected for the year ended December 31, 2001.

Organization and Basis of Presentation

        The  Company was  incorporated  under the laws of the state of Nevada on
July 2, 1997. The Company ceased all operating activities during the period from
July 2, 1997 to October 20, 1999 and was considered  dormant.  Since October 20,
1999, the Company is in the  development  stage,  and has not commenced  planned
principal operations.

Nature of Business

        The Company has no products or services as of September  30,  2001.  The
Company was organized as a vehicle to seek merger or acquisition candidates. The
Company intends to acquire interests in various business opportunities, which in
the opinion of management will provide a profit to the Company.

Cash and Cash Equivalents

        For the purpose of  reporting  cash flows,  the  Company  considers  all
highly liquid debt  instruments  purchased with maturity of three months or less
to be cash equivalents to the extent the funds are not being held for investment
purposes.

Pervasiveness of Estimates

        The  preparation  of financial  statements in conformity  with generally
accepted  accounting  principles  required  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.


<PAGE>

                                 SILVER ROSE DEVELOPMENT, INC.
                                 (A Development Stage Company)
                                 NOTES TO FINANCIAL STATEMENTS
               FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000 (continued)
                                          (Unaudited)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Loss per Share

        The reconciliations of the numerators and denominators of the basic loss
per share computations are as follows:
<TABLE>
<CAPTION>
                                                                                  Per-Share
                                                  Income           Shares           Amount
                                                  ------           ------           ------
                                                (Numerator)     (Denominator)

                                               For the three months ended September 30, 2001
                                               ---------------------------------------------
Basic Loss per Share
<S>                                           <C>                    <C>        <C>
Loss to common shareholders                   $       (533)          1,000,000  $            -
                                              ===============  ===============  ==============

                                                For the nine months ended September 30, 2001
                                                --------------------------------------------
Basic Loss per Share
Loss to common shareholders                   $        (2,205)       1,000,000  $            -
                                              ===============  ===============  ==============

                                               For the three months ended September 30, 2000
                                               ---------------------------------------------
Basic Loss per Share
Loss to common shareholders                   $          (352)       1,000,000  $            -
                                              ===============  ===============  ==============

                                                For the nine months ended September 30, 2000
                                                --------------------------------------------
Basic Loss per Share
Loss to common shareholders                   $        (1,287)       1,000,000  $            -
                                              ===============  ===============  ==============
</TABLE>

        The effect of outstanding common stock equivalents are anti-dilutive for
September 30, 2001 and 2000 and are thus not considered.

Concentration of Credit Risk

        The  Company  has no  significant  off-balance-sheet  concentrations  of
credit  risk such as foreign  exchange  contracts,  options  contracts  or other
foreign hedging arrangements.

Reclassification

        Certain   reclassifications   have  been  made  in  the  2000  financial
statements to conform with the September 30, 2001 presentation.

<PAGE>

                                 SILVER ROSE DEVELOPMENT, INC.
                                 (A Development Stage Company)
                                 NOTES TO FINANCIAL STATEMENTS
               FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000 (continued)
                                          (Unaudited)

NOTE 2 - INCOME TAXES

        As  of  September  30,  2001,  the  Company  had a  net  operating  loss
carryforward for income tax reporting purposes of approximately  $5,200 that may
be offset against future taxable income through 2021. Current tax laws limit the
amount of loss  available  to be offset  against  future  taxable  income when a
substantial  change in  ownership  occurs.  Therefore,  the amount  available to
offset future taxable income may be limited. No tax benefit has been reported in
the financial statements, because the Company believes there is a 50% or greater
chance the  carry-forwards  will expire unused.  Accordingly,  the potential tax
benefits of the loss  carry-forwards are offset by a valuation  allowance of the
same amount.

NOTE 3 - DEVELOPMENT STAGE COMPANY

        The Company has not begun  principal  operations and as is common with a
development  stage  company,  the Company has had  recurring  losses  during its
development stage.

NOTE 4 - COMMITMENTS

        As of  September  30,  2001 all  activities  of the  Company  have  been
conducted by  corporate  officers  from either their homes or business  offices.
Currently,  there are no  outstanding  debts owed by the  company for the use of
these facilities and there are no commitments for future use of the facilities.







<PAGE>


Item 2.  Management's Discussion and Analysis or Plan of Operation

        This Quarterly Report contains certain 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,  which are
intended  to be covered  by the safe  harbors  created  thereby.  Investors  are
cautioned that all  forward-looking  statements  involve risks and  uncertainty,
including  without  limitation,  the  ability  of the  Company to  continue  its
expansion  strategy,  changes in costs of raw  materials,  labor,  and  employee
benefits,  as  well as  general  market  conditions,  competition  and  pricing.
Although   the   Company   believes   that  the   assumptions   underlying   the
forward-looking   statements  contained  herein  are  reasonable,   any  of  the
assumptions could be inaccurate,  and therefore,  there can be no assurance that
the  forward-looking  statements included in this Quarterly Report will prove to
be accurate. In light of the significant  uncertainties inherent in the forward-
looking statements included herein, the inclusion of such information should not
be  regarded  as a  presentation  by the  Company or any other  person  that the
objectives and plans of the Company will be achieved.

        As used herein the term  "Company"  refers to Silver  Rose  Development,
Inc., a Nevada  corporation and its  predecessors,  unless the context indicates
otherwise.  The Company is currently a shell company whose purpose is to acquire
operations  through  an  acquisition  or  merger  or to begin  its own  start-up
business.

        The Company is in the process of  attempting  to identify  and acquire a
favorable business opportunity.  The Company has reviewed and evaluated a number
of business  ventures for possible  acquisition or participation by the Company.
The Company has not entered into any agreement,  nor does it have any commitment
or understanding to enter into or become engaged in a transaction as of the date
of this filing.  The Company  continues  to  investigate,  review,  and evaluate
business  opportunities  as they  become  available  and will seek to acquire or
become engaged in business  opportunities at such time as specific opportunities
warrant.

Results of Operations

        The Company had no sales or sales  revenues  for the three  months ended
September  30, 2001 or 2000  because it is a shell  company that has not had any
business operations for the past three years.

        The Company had no costs of sales  revenues  for the three  months ended
September  30, 2001 or 2000  because it is a shell  company that has not had any
business  operations for the past three years. The Company had $2,205 in general
and  administrative  expenses for the nine month period ended September 30, 2001
and $1,287 for the same periods in 2000.

        The  Company  recorded  net loss of  $2,205  for the nine  months  ended
September 30, 2001 compared to $1,287 loss for the same periods in 2000.

Capital Resources and Liquidity

        At September 30, 2001,  the Company had total  current  assets of $0 and
total  assets of $0 as  compared  to $0 current  assets  and $0 total  assets at
December 31, 2000. The Company had a net working  capital deficit of $533 and $0
at September 30, 2001 and December 31, 2000.


<PAGE>


        Net stockholders' deficit in the Company was $533 and $0 as of September
30, 2001 and December 31, 2000.

                                 PART II - OTHER INFORMATION


Item 1.  Legal Proceedings

    None.

Item 2.  Changes in Securities

    None.

Item 3.  Defaults Upon Senior Securities

    None.

Item 4.  Submission of Matters to a Vote of Security Holders.

    None.

Item 5.  Other Information

    None.

Item 6.  Exhibits and Reports on Form 8-K

         (a) EXHIBITS

         The  following  documents  are filed  herewith or have been included as
exhibits to previous filings with the Commission and are incorporated  herein by
this reference:

         Exhibit No. Exhibit

         *3 Articles of Incorporation

         *3.2 Bylaws

         *3.1 Amended Articles of Incorporation

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

*       Incorporated   herein  by  reference  from  Registrant's  Form  10SB12G,
        Registration Statement, dated February 23, 2000.

<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.



                                 SILVER ROSE DEVELOPMENT, INC.
                                ------------------------------
                                         (Registrant)





DATE: November 14, 2001             By:  /s/
     ------------------------           ---------------------------------------
                                         Daniel L. Hodges
                                         President / CFO and Director