As filed with the SEC on February 14, 2002

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-QSB



Quarterly Report

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934



For the period ended December 31, 2001



QUINTEK TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)



|California(State or other jurisdiction of
incorporation or organization | 000-29719(Commission
File Number) | 77-0505346(IRS Employer
Identification No.)
|----------------------------------------------------------------------- | --------------------------------- | -------------------------------------------

537 Constitution Ave., Suite B

Camarillo, California 93012

(Address of principal executive office)



Issuer's telephone number: 805-383-3904



The issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

On February 12, 2002, 36,522,546 shares of the issuer's common stock were outstanding.





Securities registered pursuant to Section 12(b) of the Act:

None



Securities registered to Section 12(g) of the Act:

Common Stock, par value $.01 per share

(Title of Class)





Table of Contents



|Part I.  Financial Information                     | 1
|-------------------------------------------------- | -
|Item 1.  Financial Statements                      | 1
|Item 2.  Management's Discussion and Analysis      | 8
|Results of Operations                              | 8
|Liquidity and capital resources                    | 8
|Part II.  Other Information                        | 9
|Item 2.  Changes in Securities and Use of Proceeds | 9
|Item 3.  Defaults Upon Senior Securities           | 9
|Item 4.  Exhibits and Reports on Form 8-K          | 9
|Exhibits                                           | 9
|Reports on Form 8-K                                | 9
|Signatures                                         | 9

























































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Part I.  Financial Information

Item 1.  Financial Statements

|QUINTEK TECHNOLOGIES, INC.      
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|Balance Sheets                  
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|ASSETS                          
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|Current Assets:                 
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|Property and Equipment, At Cost:
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|Other Assets:                   
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The accompanying notes are an integral part of these financial statements.



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|QUINTEK TECHNOLOGIES, INC.           
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|Balance Sheets                       
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|LIABILITIES AND STOCKHOLDERS' DEFICIT
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|Current Liabilities:                 
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|Stockholders' Deficit:               
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The accompanying notes are an integral part of these financial statements.



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|QUINTEK TECHNOLOGIES, INC.    
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|Statements of Operations      
|(Unaudited)                   
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|Sales                         
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|Cost of Sales                 
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|Operating Expenses:           
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|Other Income (Expense):       
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|Provision For Income Taxes    
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|Earnings (Net Loss) Per Share:
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The accompanying notes are an integral part of these financial statements.



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|QUINTEK TECHNOLOGIES, INC.               
|-----------------------------------------
|Statements of Cash Flows                 
|(Unaudited)                              
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|Net Cash Used in Operating Activities    
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|Net Cash Provided by Investing Activities
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|Cash Flows From Financing Activities:    
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|Net Increase (Decrease) in Cash          
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|Cash, Beginning of Period                
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|Cash, End of Period                      
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The accompanying notes are an integral part of these financial statements



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QUINTEK TECHNOLOGIES, INC.

Notes to the Financial Statements

As of December 31, 2001

(Unaudited)



(1)	Basis of Presentation

In the opinion of management, the accompanying unaudited financial statements of Quintek Technologies, Inc. (the "Company") include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly its financial position as of December 31, 2001, the results of operations for the six and three months ended December 31, 2001 and 2000, and cash flows for the six months ended December 31, 2001 and 2000.  The results of operations for the six and three months ended December 31, 2001 and 2000, are not necessarily indicative of the results to be expected for the full year or for any future period.

(2)	Going Concern

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern; however, the Company has sustained substantial operating losses.  In view of this matter, realization of a major portion of the assets in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Company's ability to meet its financing requirements, and the success of its future operations.

The Company's management is unable to determine how long its cash flow will sustain its operations or whether certain creditors will initiate actions to collect amounts due.  Accordingly, the Company will require an additional capital infusion or revenues from additional sales to continue operations.  Management is not certain if additional capital or sales proceeds will become available and is considering other strategic alternatives, which may include a merger, asset sale, or another comparable transaction, or financial restructuring.  If unsuccessful in completing a strategic transaction, the Company may be required to cease operations.

(3)	Investments

The investment held by the Company consists of a 10% ownership interest in PanaMed, Inc.  The Company exerts significant influence over PanaMed, Inc. because of common management; therefore, the investment is accounted for using the equity method of accounting.

















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QUINTEK TECHNOLOGIES, INC.



Notes to the Financial Statements

As of December 31, 2001

(Unaudited)

Pertinent financial information for the Company as of December 31, 2001 is as follows:

|Balance sheet:              |  |          | 
|--------------------------- |  | -------- | 
|Assets                      |  | $156,592 | 
|                            |  |          | 
|Liabilities                 |  | $14,059  | 
|Equity                      |  | 142,533  | 
|                            |  |          | 
|                            |  | $156,592 | 
|                            |  |          | 
|Income statement:           |  |          | 
|Revenues                    |  | $	--     | 
|Expenses                    |  | (29,253) | 
|                            |  |          | 
|Net loss                    |  | (29,253) | 
|                            |  | x	10%    | 
|                            |  |          | 
|Company's share of net loss |  | $(2,925) | 

(4)	Earnings (Net Loss) per Share

Basic earnings (net loss) per share is based on the weighted average number of common shares outstanding of 30,164,307 and 18,889,036, for the six month periods ended December 31, 2001 and 2000, respectively.  The weighted average number of common shares outstanding for the three-month periods ended December 31, 2001 and 2000 was 34,138,187 and 19,579,380, respectively.  The basic and diluted earnings per share calculations are the same because potential dilutive securities would have had an antidilutive or immaterial effect. Securities that were not included in the earnings per share calculation because they were antidilutive consist of the convertible bonds and warrants.

(5)	Inventory

Inventory consists of aperture cards, parts and supplies, and completed machines, and is stated at the lower of cost or market.  Cost is determined on a FIFO (first-in, first-out) basis.

Inventories are summarized as follows at December 31, 2001:

|Parts and supplies       | $ | 341,879  
|------------------------ | - | ---------
|Reserve for obsolescence |   | (297,644)
|                         |   |          
|Total:                   | $ | 44,235   



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QUINTEK TECHNOLOGIES, INC.



Notes to the Financial Statements

As of December 31, 2001

(Unaudited)



(6)	Convertible Bonds

|                                                                                                                                        |   |        
|--------------------------------------------------------------------------------------------------------------------------------------- | - | -------
|Bonds payable with interest at 9%, due on various dates in 2001, convertible to shares of common stock in increments of $1,000 or more. | $ | 280,264
|                                                                                                                                        |   |        
|Bonds payable with interest at 12%, due July 2001 and 2002, convertible to shares of common stock in increments of $500 or more.        |   | 71,141 
|                                                                                                                                        |   |        
|Total:                                                                                                                                  | $ | 351,405

The majority of outstanding convertible bonds have matured as of December 31, 2001.  The bondholders do not wish to renew the bonds and have asked for payment.  However, the Company does not have the cash to repay these bonds.

(7)	Notes Payable - Stockholders

|                                                                                         |   |       
|---------------------------------------------------------------------------------------- | - | ------
|Notes payable to stockholders, due on demand, unsecured, with interest at 12% per annum. | $ | 20,000

(8)	Factoring Payable

The Company has entered into an arrangement with a factoring company  to factor receivables with recourse. The factoring company funds 85% of the face value of approved invoices and retains the remaining 15% as a deposit against its fees. The factoring fee is 1% of the factored amount for every 10 days of use. The deposit, less fees, is refunded to the Company once payment is received from the customer. The Company records a factoring payable liability for the amount of the funds received from the factor.  When payment is ultimately received from the customer, the factoring payable and the related receivable are removed from the balance sheet.  At December 31, 2001, the Company had a factoring payable balance of $96,295.

(9)	Subsequent Events

Subsequent to December 31, 2001, the Company issued 589,229 shares of restricted common stock for total consideration of $29,461.







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Item 2.  Management's Discussion and Analysis



Results of Operations

Our revenues totaled $212,388 and $466,950 for the six months ended December 31, 2001 and 2000, respectively, a decrease of $254,562 (55%) in 2001 due primarily to a decrease in machine sales. Our revenues totaled $145,629 and $432,312 for the three months ended December 31, 2001 and 2000, respectively, a decrease of $286,683 (66%) in 2001.

For the six months ended December 31, 2001 and 2000, cost of sales was $105,364 and $253,442, respectively, a decrease of $148,078 (58%).  For the three months ended December 31, 2001 and 2000, cost of sales was $50,289 and $214,251, respectively, a decrease of $163,962 (77%).  The decrease in cost of sales is due to reduced activity.  Our cost of sales for both periods consisted mostly of labor and production costs.

Operating expenses totaled $729,022 for the six-month period ended December 31, 2001 as compared to $656,674 for the prior six-month period.  The $72,348 (11%) increase in operating expenses is due primarily to an increase in stock based compensation expenses.  Operating expenses totaled $246,613 and $214,607 for the three months ended December 31, 2001 and 2000, respectively, a increase of $32,006 (15%).



Liquidity and capital resources

We have historically financed operations from the sale of common stock and the conversion of common stock warrants.  During the three months ended December 31, 2001, we issued a total of 6,295,000 shares of common stock for services, cash and investments, resulting in a 21% increase in the number of outstanding common shares.  No warrants were exercised during the quarter ended December 31, 2001.  At December 31, 2001, we had cash on hand of $537 and working capital of $(1,114,740) as compared to cash on hand of $3,073 and working capital of $(1,031,082) at period-end, June 30, 2001.

Net cash used in operating activities of $74,971 and $235,216 for the six months ended December 31, 2001 and 2000, respectively, is attributable primarily to operating losses as adjusted for stock based compensation.

Net cash provided by investing activities of $2,400 for the six months ended December 31, 2001 consists of shareholder repayments on notes receivable.  Net cash used in investing activities of $3,008 for the six months ended December 31, 2000 consists of purchases of fixed assets and shareholder payments of notes receivable.

Net cash provided by financing activities of $70,035 for the six months ended December 31, 2001 is due to cash received from the issuance of common stock and other miscellaneous adjustments.  Net cash provided by financing activities of $247,663 for the six months ended December 31, 2000 is due primarily to cash received from the issuance of common stock, borrowing on convertible bonds, and other miscellaneous adjustments.

We occasionally enter into factoring agreements with a factoring company.  The factoring company funds 85% of the face value of approved invoices and retains the remaining 15% as a deposit against its fees.  When payments are remitted to the factoring company, the deposit, less fees ranging from 1% to 15%, is refunded.  Fees are determined based on the length of time the invoice is outstanding.

We may require continued funding from sales of our securities and we cannot be sure that we will be able to raise sufficient funds to continue operations.  Our audited financial statements for the years ended June 30, 2001 and 2000 contained a going concern qualification.

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Part II. Other Information



Item 2.  Changes in Securities and Use of Proceeds

Since September 30, 2001, we have issued a total of 6,295,000 shares of common stock in privately negotiated transactions in reliance on the exemption from registration contained in Section 4(2) of the Securities Act of 1933.  The stock was issued in the following transactions, for the following purposes:

(a)  In October and December 2001, we issued a total of 1,025,000 shares of restricted common stock at an average rate of  $0.064 per share to two individuals and three companies as compensation for consulting, corporate promotion, corporate development, and investor relation services.

(b) In October, November and December 2001, we sold 3,250,000 shares of restricted common stock at an average price of $0.043 per share to four individuals.

(c) In November and December 2001 we issued 20,000 shares of restricted common stock at an average rate of $0.076 per share to two individuals as a loan fee.

(d) In October 2001 we executed a stock swap with PanaMed, Inc in which 2,000,000 shares of PanaMed restricted common stock was exchanged for 2,000,000 shares of Quintek restricted common stock.



Item 3.  Defaults Upon Senior Securities

At December 31, 2001, we were in default on payment of $311,405 of convertible bond indebtedness.  These bonds matured during 2001 but have not been repaid.  Our total bond indebtedness at December 31, 2001 was $351,405 including the amount in default.  Interest continues to accrue on the defaulted indebtedness.  At February 14, 2002, the amount remaining due and unpaid on the defaulted indebtedness was $341,405.

The convertible bonds are unsecured, general obligations of Quintek which are convertible into common stock at the option of the holders.  The holders of the bonds that are in default have indicated that they do not want to convert their debt to stock and wish to be repaid in cash.  At present we do not have funds to repay the indebtedness.  We do not know whether we will be able to repay or renegotiate the debt.  If we are unable to cure the default or renegotiate our debt, we may not be able to continue as a going concern.

Item 4.  Exhibits and Reports on Form 8-K



Exhibits

None.



Reports on Form 8-K

None.

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 hereunto duly authorized.

|                        | QUINTEK TECHNOLOGIES, INC.
|----------------------- | --------------------------
|                        |                           
|                        |                           
|Date:	February 14, 2002 | Thomas W. Sims            
|                        | Thomas W. Sims, President 

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