U.S. SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549

FORM 10-QSB

(x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
March 31, 2002

OR

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Commission File No. 0-27454
-----

          WORLD WIDE MOTION PICTURES CORPORATION
          (Name of small business issuer in its charter)

            MICHIGAN                             33-0081215
(State or other jurisdiction                  (I.R.S. Employer
incorporation or organization)                Identification No.)

2120 MAIN STREET, SUITE 180, HUNTINGTON BEACH, CA 92648
(Address of principal executive offices)  (Zip Code)

(714) 960-7264
(Issuer's telephone number)

          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 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 [x]  No [ ]


          Indicate the number of shares outstanding of each of
the Issuer's classes of common stock as of the latest practical
date: 11,972,730 shares of Common Stock (par value $.001 per
share) outstanding on March 31, 2002.

Part I.  Financial Information
Item 1.  Financial Statements
<TABLE>
Consolidated Balance Sheets
<CAPTION>
WORLD WIDE MOTION PICTURES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of March 31, 2002 and December 31, 2001

                                   March 31,         Dec 31,
                                     2002              2001
                                 (Unaudited)        (Audited)
                                  ---------          --------
<S>                                      <C>              <C>
Assets

Cash                                  55,433           63,552
Accounts receivable                  191,668          192,278
Other assets                           8,918            8,918

Fixed assets

Completed motion pictures/
television productions             8,798,549        8,798,549
Film & distribution properties       870,467          870,467
Equipment                             49,937           49,937
Less accumulated depreciation        (74,316)         (72,928)

          Total Assets           $ 9,900,656      $ 9,910,773

Liabilities
 Accounts payable                      4,604            4,734
Notes payable                         16,300           16,300
Long-term debt                        92,000           92,000
          Total Liabilities         $112,904         $113,034

Stockholders' Equity
Common Stock $.001 Par Value,
100,000,000 shares authorized,
11,972,730 and 11,972,730 shares
issued                                11,973           11,973
Preferred Stock $.01 Par Value,
1,100,000 shares authorized,
476,217 and 476,217 shares issued      4,762            4,762
Additional paid-in capital         9,718,601        9,718,601
Retained earnings                     52,416           62,403
     Total Stockholders' Equity  $ 9,787,752      $ 9,797,739
Total Liabilities
and Stockholders' Equity         $ 9,900,656      $ 9,910,773
</TABLE>
The accompanying Notes to December 31, 2001 Consolidated
Financial Statements are an integral part of these Financial
Statements.

<TABLE>
Consolidated Statements of Income
</CAPTION>
WORLD WIDE MOTION PICTURES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended March 31, 2002 and 2001
(Unaudited)

                                         Three months ended
                                             March 31,
                                      -------------------

                                     2002               2001

                                     ----               ----
<S>                                      <C>              <C>
Revenues                          $     610         $  35,467
Operating expenses:
     Depreciation                     1,388             1,388
     Administrative               	   8,930             8,556
     Film reproduction and marketing    279            39,940
Total operating expense           $  10,597         $  49,883

          Net income (loss)       $  (9,987)        $ (14,416)


 Earnings available to common
stockholders                          None             None

Earnings per common share,
assuming full dilution               None             None

</TABLE>
The accompanying Notes to December 31, 2000 Consolidated
Financial Statements are an integral part of these Financial
Statements.





<TABLE>
Consolidated Statement of Cash Flows
<CAPTION>
WORLD WIDE MOTION PICTURES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Three-Months Ended March 31, 2002 and 2001
(Unaudited)
                                          Three months ended
                                              March 31,
                                        -------------------
                                        2002           2001
                                        ----           ----
<S>                                           <C>          <C>
Cash flows from operating activities:

Net Income (loss)                       $ (9,987)  $  (14,417)

Adjustments to reconcile net income
(loss) to net cash provided by or used
in operating activities:

Capital project investment                   -0-       39,940

Depreciation                                1,388       1,388

Changes in assets and liabilities:

(Increase) Decrease in accounts receivable    610         -0-
Increase (Decrease) in accounts payable      (130)      6,096

Net cash provided by (used in) operating
activities:                                (8,119)     33,007

Financing Activities:

Proceeds from issuance of stock              -0-       (9,243)
Capital project investment                   -0-      (39,940)

Net increase/decrease in cash                (8,119)  (16,176)

Cash balances - beginning of period          63,552   109,348
      as of January 1, 2002

Cash balances - as of March 31, 2002         55,433    93,172

</TABLE>
The accompanying Notes to December 31, 2001 Consolidated
Financial Statements are an integral part of these financial
statements.

<TABLE>
Consolidated Statement of Stockholders' Equity
<CAPTION>
WORLD WIDE MOTION PICTURES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the Three Month Period Ended March 31, 2002
(Unaudited)

             Number of Outstanding          Additional        Retained
                Shares           Par         Paid-In          Earnings
             Common  Preferred   Amount      Capital         (Deficit)       Total
           --------    -----      ---      -----------       ---------       -----

<S>               <C>       <C>      <C>         <C>           <C>            <C>
Balances
Dec. 31,
2001      11,972,730   476,217  $16,735   $9,718,601       $62,403    $9,797,739


Net Profit/Loss
3 mos. Ended
     March 31, 2002							      $(9,987)

Balances
Mar. 31,
	2002      11,972,730   476.217  $16,735   $9,718,601      $52,416    $9,787,752

</TABLE>
The accompanying Notes to December 31, 2001 Consolidated Financial
Statements are an integral part of these financial statements.


WORLD WIDE MOTION PICTURES CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(To be read in conjunction with Consolidated Financial Statements
for year ended December 2001)

NOTE 1   DESCRIPTION AND HISTORY OF THE BUSINESS

The Company was founded in July 1977 and incorporated December 9,
1980 under the laws of the state of Michigan.  In March 1981, the
Company acquired G.L. Productions Inc., which was a production
and distribution company for short subjects, docudramas,
documentaries and industrial films, many of which were made in
conjunction with the U.S. Government.  As a result of the
transaction, the Company acquired a film and television completed
product library and related film production equipment.  The
transaction was facilitated by the exchange of two million
(2,000,000) shares of the Company's common stock class of
Securities for 100% of the common stock of G.L. Productions Inc.
The Company has also acquired other completed motion picture and
television productions and acquired marketing/distribution
interest in additional motion picture and television productions.
The Company's total completed product library of live action
motion pictures and videotaped productions consists of 292 works
of various lengths and subject matter applicable for marketing
through various media in foreign and/or  domestic markets.

In November 1983 the Company merged with the National Power
Corporation, a publicly-held corporation.  The National Power
Corporation's common stock class of securities was traded on the
over-the-counter market with registered broker/dealers throughout
the United States making a market in its stock.  The merger
process resulted in a change in the Company's number of shares
issued, outstanding, and authorized and a change in par value.

The Company operates and/or maintains nine wholly-owned
subsidiaries, four of which are currently active, to enhance the
operation of its core business and diversified enterprises. The
Company has an active Board of Directors which currently consists
of seventeen members of the twenty authorized, with staggered
terms, all of whom are either a chairperson or a member of one or
more of the four Board designated committees: executive, finance,
audit, and personnel.

The Company also maintains four operating committees which are
production and product development, special projects, minorities,
and standards.

NOTE 2   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These consolidated financial statements include the accounts of
the Company and its wholly-owned subsidiaries.  It is the opinion
of management that the accompanying statements and notes thereto
present fairly the financial position of the Company and do not
contain misleading information.  Because the commercial potential
of individual motion pictures and television programming varies
dramatically, and does not bear any relationship to their
production, acquisition or marketing costs, it is impossible to
predict or project a trend of the Company's income or loss.
However, the likelihood of the Company reporting losses in the
short term is increased by the industry's general method of
accounting which recommends the early recognition of the entire
investment as a loss on each film or tv project (through
increased amortization) in instances where a motion picture or
television program produced or acquired is not expected to
recover the Company's investment.  Conversely, the profit from a
successful film or television production is recognized over the
entire period that revenues are generated by that motion picture
or television program.  This and other industry methods of
accounting may also result in significant fluctuations in
reported income or loss, particularly on a quarterly basis,
depending on the Company's release of product into the
marketplace and overall domestic/international marketing schedule
of film and tv projects and the performance of individual motion
pictures or television programs.

The Company's revenue is derived from a variety of sources.
Currently the most significant of these sources are its fees as
distributor, packager and/or the managing production company of
various film and television projects (including feature length
motion pictures, documentaries, docudramas, and television
productions), film and television marketing & distribution fees,
fees from the licensing and/or rental of its completed film and
television product library and related entertainment industry
consultation fees.

A significant portion of the Company's assets was purchased with
the issuance of shares of its common and preferred stock.  Eight
million seven hundred ninety eight thousand, five hundred and
forty nine dollars ($8,798,549) of the assets is represented by
the estimated Net Realizable Value of its completed film and
television product library.  In the absence of a consistent
market for the securities issued, the value of certain of the
film and television product purchased by the Company was agreed
to by the sellers and the purchaser in arms length transactions
in accordance with generally accepted accounting standards and,
additionally, internal evaluation and auditing procedures. The
films and television productions in the Company's completed
product library have uncertain future revenues that may be
expected to grow or diminish along with all of the ancillary
markets now and in the future that are available for marketing.
In some cases, individual films or television productions may be
timeless and irreplaceable; in many cases their book value is
zero having been fully amortized based on revenues received
several years ago and the inability to estimate a market value or
reasonable expected revenue.   Certain of the inventory product
without book value produce income and, in light of new and
emerging technology, the Company may expect additional revenue
from these sources.

The Company's film and television completed product library
consists of newly produced and historical film and videotaped
product and rights thereto purchased as an investment and/or
acquired to be marketed by leasing and/or rental to a wide
variety of domestic and international outlets.  Many film and
television libraries such as the Company's that were purchased
for investment over a span of many years, have appreciated
considerably in value as a direct result of new and emerging
technologies, revived or newly created public appeal for a
certain performer or genre, unique applications of particular
production process (special digital effects) and standard and
newly developed non-theatrical ancillary markets throughout the
world.  New technological advances such as DVD (Digital Video
Disk), HDTV (High Definition Television), CD-ROM, DVD ROM, DVD
Audio and Internet applications have enhanced and are greatly
expanding resale possibilities and leasing potential of film or
television product.

The film and television product inventory of the Company is
regularly reviewed and evaluated on a film-by-film basis by the
Company's Management and periodically appraised by outside
independent appraisal.  Forecasting any film or television
project's future revenues is a difficult and uncertain art, even
for major film distributors and television networks/syndicators.

The accounting principles and industry practices in these areas
leave unusual discretion with the film and/or television company
executives and often result in "unusual" changes in individual
periods. There is no generally accepted definitive industry
consensus for valuing motion picture and television inventory,
the value may be buried among films currently in release,
television productions currently in broadcast, film and
television productions under development or in production,
distribution/syndication contracts, participation agreements,
performer and production related contracts, and the ubiquitous
'other'.  New developments such as widespread distribution of
videos and DVDs have occurred since the original motion picture
accounting standard (SFAS53) was promulgated. In June, 2000, the
Financial Accounting Standard Board ("FASB") issued SFAS139 that
rescinded SFAS53.  Concurrently, the AICPA Accounting Standards
Executive Committee ("AcSEC") issued SOP00-2 "Accounting for
Producers and Distributors  of Films".  These new pronouncements
are effective for fiscal year beginning after December 15, 2000.
The accounting profession is continually reviewing the problem of
how to fairly report film inventory on financial statements. In
response to  commentary from the Securities and Exchange
Commission, the Company revalued its inventory of film and
television product, resulting in a reduction of net realizable
value in the amount of four million and ninety one thousand nine
hundred and fifty dollars ($4,091,950) in the stated value of
such inventory on the December 31, 1997 balance sheet. In 1998,
management for a second time revalued its inventory based on
management's further receipt of commentary from the Securities
and Exchange Commission, with an additional appraisal of
potential resale value, encompassing worthiness of the inventory
items as works of art, and potential licensing capabilities,
resulting in an additional reduction of $3,868,380 in the stated
value of the net realizable value of such inventory at December
31, 1998.  The results of the reevaluations effectuated in 1997
and 1998 resulted in a substantial reduction in book value of
approximately 51% for those items over these two years.  The 1997
revaluation and resulting reduction in value combined with the
1998 revaluation and its resulting reduction and value lowered
the balance sheet presentation of the asset identified as
'completed motion pictures and television products'. Although the
Company has on its Board of Directors and professional staff
personnel qualified to estimate the value of its film and
television inventory, for internal verification purposes, it
retained the services of an independent appraiser who reviewed
the Company's film and television completed product library,
ensuring a greater measure of objectivity as regards the carrying
amount of such inventory on the Company's December 31, 2001
balance sheet.  Recent pronouncements by the accounting
profession would not materially affect the Company's financial
statements at this time regarding its film and television product
library assets.

The Company is continually negotiating with various potential
lessors, both foreign and domestic, of portions of its film and
television product library.  The Company currently utilizes
certain state-of-the-art exploitation  venues such as Pay-Per-
View, satellite transmission, and the Internet to expose its
catalog of library product to the public.  Full marketing of the
Company's investment in its film and television product inventory
is dependent on the acquisition of additional capital.   The
Company depreciates each film or television program starting with
its specific exploitation by the Company.

The Company presents an 'unclassified' balance sheet.  Cash
includes cash on deposit in checking and savings accounts with no
cash equivalents at December 31, 2001 and 2000.

The Company reviews the current pronouncements of the accounting,
government and industry professionals.  In that regard, it
continually analyzes its accounting policies to ensure that it is
current in the presentation of its financial statements,
particularly Statement No. SOP00-2, and FASB Statements No. 86,
89 and 121, and the Emerging Issues Task Force No. 96-6 (a task
force formed by the FASB in order to assist the Board in
identifying current or emerging issues and implementation
problems that may need to be placed on the agenda of the Board),
regarding development costs incurred after May 26, 1996, and the
possible substantial impairment of assets.  The Company believes
it is not materially affected by any current issues at this time.



NOTE 3   REVERSE STOCK SPLIT

On December 18, 2001, Management of the Company effectuated a
stock combination restructuring (reverse stock split).  The
purpose for the stock combination restructuring (reverse stock
split)(1 new share for 5 old) of the Common Stock of the Company,
which was approved by shareholders, was to reduce the number of
issued and outstanding shares presently in the hands of security
holders, and thereby create a more manageable and effective
financial infrastructure of the Company.  The stock combination
restructuring (reverse stock split) for shareholders Common Stock
of the Company resulted in a reduction of the issued and
outstanding shares of Common Stock of the Company.  Total book
value did not change; however, the per share value changed.  The
new per share book value is now greater than the per share book
value prior to the stock combination restructuring (reverse stock
split) of common stock.  Management of the Company believes that
there would be no material differences concerning operations of
the Company that would result from the stock combination
restructuring of the Common Stock of the Company as described
herein.  There are no arrears in dividends or as to defaults in
principal or interest in respect to the outstanding securities.
There was no restructuring of the Preferred Stock of the Company.

Further, pursuant to shareholder action (Annual Shareholder's
Meeting of December 8, 2000) to approve Management's
recommendations, on December 1, 2001, the Company's Board of
Directors adopted resolutions for the purpose of (a) 'to amend
Article 3 of the Articles of Incorporation of the Company to add
Section (12) stating that "the Board of Directors may effect a
stock combination restructuring (reverse stock split) of the
Corporation's outstanding shares of Common Stock class of
securities if the Board of Directors in their sole judgment
believe such restructuring is in the best interest of the
Corporation' and (b) 'file the foregoing amendment with the State
of Michigan Securities Bureau, the Company's state of
incorporation, to restate the Company's certificate of
incorporation.'   This action, taken by the Company's Board of
Directors, amended the Company's Restated Certificate of
Incorporation and Articles of Incorporation (the "Amendment") to:
(i) effect a stock combination restructuring (reverse stock
split) of the Company's outstanding shares of the Common Stock
class of securities (the 'Reverse Split'), and (ii) provided for
the payment of cash in lieu of fractional shares otherwise
issuable in connection therewith.  In this regard, the Reverse
Split did not change the number of the Company's authorized
shares of Common Stock or the par value of the Common Stock.  The
"Reverse Split" effected December 18, 2001 resulted in a one (1)
for five (5) exchange of common shares of the Company's common
stock securities resulting in the issued and outstanding shares
of the Company being reduced from 50,628,652 on December 17, 2001
to 10,125,730 on December 18, 2001.  Concurrent with this action,
required notification to the NASD (National Association of
Securities Dealers) was made by the Company and a new CUSIP No.
981536 20 4  was issued to the Company by the NQB (National
Quotations Bureau) for application to existing certificate
inventory at and by the Company's stock registrar and transfer
agent, and accordingly it was not necessary for security holders
of record to exchange old stock certificates for new.

NOTE 4   QUASI-REORGANIZATION

On December 1, 2001, the Company's Board of Directors approved
actions which have resulted in a quasi-reorganization of the
accounting structure of the Company.  On December 8, 2000, the
shareholders approved, at the request of Management, a stock
combination restructuring (Reverse Stock Split) of their shares
of Common stock class of securities of the Company at the ratio
of one (1) new share for five (5) old shares, explained in Note
No. 3 above.  Also, in keeping with generally accepted accounting
principles, management has changed its method of amortizing the
assets represented by its "completed" film and television product
library.  The Company has again reduced the stated value of
completed film and television productions in its inventory by
$2,620,000 based on an independent appraisal of certain
film/television product in the library.  Accounting rules,
however, do not allow an increase in stated value based upon
appraisal even though the current independent appraiser feels
that the stated value of the Company's film and television
product library is substantially understated.  After significant
committee review and discussion, Management concluded that the
accumulated deficit shown on the balance sheet was due primarily
to prior amortization of the cost of the film and television
product library which was not actually exploited and should
therefore be removed from the balance sheet at this time.  The
restructuring process additionally included the allocation of
certain expenses to prior years.

The quasi-reorganization phase of the restructuring of the
Company, also in keeping with generally accepted accounting
principles, was effective January 1, 2001.  This accounting
reorganization consisted of a review and appraisal of "assets"
and "liabilities" and their restatement as of the date of
reorganization.  Pursuant to the review and appraisal, the value
of assets, primarily, "completed motion picture/television
productions" and "film properties" was reduced by $2,620,000 with
a related reduction of accumulated depreciation of $1,689,448.
In addition, the cumulative "retained earnings" deficit
previously reported was reduced to zero with a corresponding
charge to "additional paid-in capital" in the amount of
$9,718,601.

As a result of the quasi-reorganization, retained earnings at
December 31,2001 date from January 1, 2001.




NOTE 5   REVENUE RECOGNITION

The Company recognizes revenue in accordance with the Financial
Accounting Standards Board SOP00-2. The Company's present
"revenue recognition", accounts receivable in the amount of
$515,318, are represented by `expected revenue from theatrical
ticket sales, contracted arrangements with sub-distributors to
the airline/cruise line industries, universities/colleges,
military bases, public libraries, community groups, and state &
federal tourism institutions'.  Additionally, non-theatrical
ancillary venues are included in this calculation, such as but
not limited to, cable, pay-per-view, syndicated and network
television, and home video sales. The adverse general economic
effects created as a result of the September 11th, 2001 terrorist
attack has negatively affected the expected overall revenue of
various motion pictures in current distribution by the Company.
Accordingly, the Company has reduced its stated receivables
appropriately.  The stated receivables also do not include
certain expected receivables which are unbilled and/or non-
contracted. The Company has contracted during the year ended
December 31, 2001 with customers in the amount of $128,804 which
has not been recognized as revenue in 2001 due to uncertainty of
receipt.

NOTE 6   LONG-TERM DEBT

The $92,000 in long term obligations consist of $75,000 owed to
motion picture and television clients for contractual rights to
distribute film product and a $17,000 remaining balance on the
Company's Line of Credit.

NOTE 7   EARNINGS PER SHARE AND HISTORICAL SHARE PRICE

As a result of operations for the year ended December 31, 2000
there were no earnings per Common share for such period.
Comparatively, as a result of operations for the year ended
December 31, 2001, there were moderate earnings per Common share
$.0052 for such period before dilution and $.0048 after dilution.

The following are the high and low Company share prices
(Electronic Bulletin Board) for each quarter of 2001:

                                 High*         Low*

              1st                $.94        $.31
              2nd                $.50        $.25
              3rd                $.30        $.10
              4th                $.60        $.10

*Adjusted for 1 for 5 reverse split.




NOTE 8   INCOME TAXES

The Company presents its financial statements on an accrual
basis. Certain state and local tax filings may differ from the
federal returns to take advantage of beneficial local tax law.
As of December 31, 2001, the Company and its subsidiaries have
sustained a cumulative net operating loss which can be offset
against future taxable income.  As a result of recorded net
operating losses, the Company has not recognized any state and
federal income tax liability.  The Company does not use or expect
to utilize the accelerated depreciation option available under
the U.S. Tax Code.

NOTE 9   LEGAL PROCEEDINGS

There are no material pending legal proceedings to which the
Company is a party or to which any of its assets are subject.
However, the Company is currently in ongoing negotiations for the
reimbursement of lost material which consists of eight 1" and/or
3/4" and/or digital betacam videotape and 35mm film submaster
copies of feature length motion picture and television
productions, owned or controlled by the Company, which were
maintained at a post production film and video facility.  The
Company's attorneys are preparing litigation and related
processes relative to the lost material in the event the results
of the negotiations are unsatisfactory.  In this regard, the
Company is seeking damages in the amount of three hundred ninety
seven thousand five hundred dollars ($397,500) for the loss of
its "stored material".  Further, the co-producers with the
Company pertaining to a feature length film, commenced litigation
to attempt to dissolve the co-production agreement which exists
between the Co-Producer and the Company relative to the
production processes of that feature length film. The Company's
management and attorneys believed the lawsuit to be groundless
and therefore, defended the action on that basis.  The matter
ultimately resulted in a favorable settlement for the Company,
requiring the plaintiffs to pay all expenses of litigation.
Further, the Company's attorneys are preparing litigation and
related processes to recover funds ($106,000) due and belonging
to the Company, which were misappropriated by sub-agents of the
Company encompassing the sale of feature film product in foreign
territories.

Although no other litigation is contemplated or forseeable,
various legal actions, governmental investigations and
proceedings and claims may be instituted or asserted in the
future by the Company to protect its interest or against the
Company and/or its subsidiaries including those arising out of
alleged deficiencies in the Company's products; governmental or
industry regulations relating to safety, financial services;
employment-related matters; distributor, exhibitor, co-producer,
vendor, supplier, or other contractual relationships;
intellectual property rights; product warranties and
environmental matters.  Some of the foregoing matters involve or
may involve compensatory, punitive or anti-trust or other treble
damage claims in varying amounts, environmental remediation
programs, sanctions or other relief which, if granted, would
require varying expenditures.

Litigation is subject to many uncertainties, and the outcome of
individual litigated matters is not predictable with assurance.
The Company does not reasonably expect, based on its analysis,
that any adverse outcome from such matters would have a material
effect on future consolidated financial statements for a
particular year, although such an outcome is possible.

NOTE 10   SUMMARY OF CORPORATE SECURITIES MATTERS AND
          STOCK ISSUANCE

At December 31, 2001, all general voting power was vested in the
holders of the common stock class of securities of the Company.
At that date, the holders of common stock were entitled to one
vote per share and in that aggregate, had 100% of the general
voting power provided in the Company's Restated Certificate of
Incorporation.  The Restated Certificate of Incorporation
provides that all shares of common stock share equally in
dividends (other than dividends declared with respect to any
outstanding preferred stock), except that any stock dividends are
payable in shares of common stock to holders of that class of
securities.  Upon liquidation, all shares of common stock are
entitled to share equally in the assets of the Company available
for distribution to the holders of such shares.  The preferred
stock class of securities of the Company ranks (and any other
outstanding preferred stock of the company would rank) senior to
the common stock in respect of dividends and liquidation rights.


Since November 1983, the Company's shares of Common Stock have
traded on the OTC (Over-the-Counter) market and is currently a
Fully Reporting publicly-held corporation.  The Company's NQB
(National Quotations Bureau) call symbol is WWMO and its Standard
& Poors Cusip No. is 981536 20 4.  The Company has advised its
shareholders and the public that it expects to apply for NASDAQ
quotation and/or quotations on other primary and/or secondary
exchanges as soon as practical. The Company is quoted on the OTC
(Over-The-Counter) Electronic Bulletin Board.

The following illustrates the Company's common and preferred
stock authorized, issued, and outstanding at December 31, 2001.

Common Class Stock:
Par Value	                         $ .001
Shares Authorized               100,000,000
Shares Issued and Outstanding    11,972,730

Preferred Class Stock:
Par Value (Stated Value $.01)       $ 10.00
Shares Authorized                   100,000
Shares Issued And Outstanding        22,000

Par Value                             $ .01
Shares Authorized                 1,000,000
Shares Issued And Outstanding       454,217

NOTE 11   SUMMARY OF SUBSIDIARIES

The Company operates and/or maintains 9 wholly-owned
subsidiaries.  Certain of these subsidiary corporations are used
to produce and/or market individual motion pictures or television
productions.  Currently, three of the motion picture production
subsidiary corporations are active.  World Wide Productions,
Inc., for the purpose of producing the specialty television
production tentatively entitled 'Classic Car' (in production) and
the feature length motion picture tentatively entitled "Along for
the Ride" (in development); World Wide Entertainment, Inc., for
the purpose of distributing the completed full length motion
picture entitled "Amy", and producing the feature length motion
picture tentatively entitled "Mr. Corklesby" (in development);
and World Wide Films Inc., which has recently completed the
production of the feature length motion picture entitled
"Shattered Illusions" (in distribution). The Company operates one
diversified subsidiary which is related to the Company's core
industry, World Wide Film and Television Institute, Inc.  The
Institute's business is the development, production, marketing,
and implementation of educational symposiums, workshops, lectures
and forums in areas covering the entertainment industry,
specifically film and television financing, packaging,
production, marketing/distribution, and the networking process
that accompanies the entertainment business. Main events
(primarily symposiums and seminars with more than one hundred
participants) are periodically scheduled along with workshops,
lectures and forums.  Revenue is created primarily from the sale
of tickets to these events.  Primary symposiums are designed to
be held annually and to accommodate 250 - 1000 people per event.
Workshops are designed to be held in between the primary
symposiums and to accommodate a maximum of 15 individuals.  The
symposium and workshop events are further designed to be
duplicated in major cities around the country when and if
appropriate.

NOTE 12   SUMMARY OF STOCK OPTIONS, EMPLOYMENT CONTRACTS,
          ASSOCIATES, POTENTIAL DILUTION, CONTINGENT
          LIABILITY AND ACCRUED PROFESSIONAL FEES

The Company has provisions for the issuance of options to
purchase shares of its Common Lettered Stock but presently no
such options have been granted.  Certain of its Preferred Stock
now issued has conversion provisions wherein the security holder
of record may convert his/her Preferred shares to Common Lettered
Stock under certain conditions.  There are four hundred seventy
six thousand two hundred seventeen (476,217) shares of Preferred
Stock outstanding that is potentially convertible to shares of
Common, some of which are dependent upon the market price of the
Common Stock as determined by one or more exchanges.   (See table
below for potential conversion of Preferred Stock to Common
Stock.)  The Company, from time to time, has entered into
agreements to issue its Common Lettered Stock for certain goods
and services and arrangements beneficial to the ongoing
activities of the Company.  Further, from time to time, various
employee contracts, non-exclusive associates agreements, and
service or purchase contracts contain provisions for stock
issuance.  The Company expects to continue to enter into such
agreements subject to all applicable securities law.  The
potential contingent dilution from the issuance of the above
Common Stock for these purposes is seven hundred sixty five
thousand two hundred and sixty eight (765,268) shares.  At
December 31, 2001, the Company had an unpaid contingent salary
liability to its President and Chief Executive Officer, Paul D.
Hancock.  Mr. Hancock has waived previously, in return for common
and preferred stock, accumulated back salary of four million nine
hundred sixty thousand three hundred and seventy one
($4,960,371).  Mr. Hancock has agreed to further waive a portion
of his current accumulating back salary in return for a  mutually
agreeable amount of either the issuance of Preferred and/or
Common Stock or stock options as compensation therefore, except
in the event of an attempted hostile takeover of the Company.
Payment of accrued and previously expensed professional fees of
two hundred and sixty nine thousand one hundred ninety one
dollars ($269,191) (including legal, accounting and financial
advisory services) have been waived by the providers of those
services, who are also shareholders, and accounted for as
contributed capital.


OUTSTANDING CONVERSION RATIO FROM PREFERRED TO COMMON SHARES:

					                  Preferred Stock
   			    		             Price per Share Conversion
                                          Common
                                    ----------------------
           Par       No. of    Conversion    Market    Shares
Series    Value      Shares    Ratio*        Price     After
                                                      Exchange**
-------    -------  ------     -------      -------   -------

A        $10.00     20,000       1x1       10.00        4,000
B          .01         717      1x20       10.00        2,868
C          .01       1,000      1x20        3.00        4,000
D&E        .01      26,000      1x20        5.00      104,000
F&G        .01      51,000       1x2        5.00       20,400
H&I        .01      15,000      1x10        5.00       30,000
J          .01       7,000      1x20         .10       30,000
K          .01      10,000       -0-         -0-         -0-
L          .01      25,000       -0-         -0-         -0-
O          .01      28,000       -0-         -0-         -0-
P        10.00       2,000       -0-         -0-         -0-
Q          .01      75,000      1x10         -0-      150,000
R          .01     200,000      1x10         -0-      400,000
S          .01      10,000      1x10         -0-       20,000
T          .01       5,000       -0-         -0-         -0-
           Totals  476,217                            765,268

*Preferred to Common
**Adjusted for 1 for 5 Reverse Split dated December 18, 2001.

NOTE 13   NOTE PAYABLE, LETTER OF CREDIT, LINE OF CREDIT

The Company has a note payable in the amount of sixteen thousand
three hundred dollars ($16,300).  The note holder holding the
note payable has agreed to waive payment until such time that the
Company has sufficient working capital to accomplish its
objectives.

The Company was previously issued a standby irrevocable Letter of
Credit from the Huntington Bank, Cleveland, Ohio (now Society
Bank), in the amount of fifty thousand ($50,000) dollars.  The
terms of the Huntington Bank Letter of Credit required that, if
utilized, the Company would pledge as collateral a portion of its
film and television product library.  If the Letter of Credit
were exercised, the resultant loan would be secured by a
commensurate portion of the Company's film and television product
library.  The Huntington Bank terms also provided that the
Company would continue to be able to sell or lease any portion of
the product library as long as it retained sufficient material to
secure any loans made as a result of the Letter of Credit.  The
original Letter of Credit has expired but is renewable at the
Company's option based on mutually agreeable similar terms and
conditions.

The Company currently utilizes a one hundred thousand dollars
($100,000) primary line of credit with the Wells Fargo Bank of
California and CitiBank to accommodate its daily cash flow needs
and occasionally uses its credit lines at other financial
institutions and with its vendors and suppliers.

NOTE 14   YEAR 2000 ISSUE

Many currently installed computer systems and software products
may be coded to accept only two-digit entries in the date code
field and now that the new millenium has commenced, these code
fields need to accept four digit entries to distinguish years
beginning with "19" from those beginning with "20." As a result,
computer systems and/or software products used by many companies
have been upgraded to comply with such Year 2000 requirements.
Our Year 2000 Project (the "Project") was substantially complete
by the end of fiscal 1999. The scope and content of the Project
included: assessing the ability of computer programs and embedded
computer chips to distinguish between the year 1900 and the year
2000;  conducting a review of our information technology ("IT")
and non-IT systems to identify those areas that could be affected
by Year 2000 issues; developing a comprehensive, risk-based plan
to address IT and non-IT systems and products, as well as
dependencies on our business partners; completing an inventory
and risk-assessment of our computer systems and related
technology, and developing and carrying out the testing and
remediation process.  As part of the remediation process, in
fiscal 1999 we successfully conducted testing of all IT and non-
IT systems within our PC-based network.

The total cost for ensuring Year 2000 compliance was not material
to our financial position. To date, no significant Year 2000
problems have occurred, and the Year 2000 problem will not pose
significant operational issues for our operations in the future.
However, we cannot accurately predict a "worst case scenario"
with regard to our Year 2000 issues.We understand we may
encounter difficulties interfacing or interconnecting with third
party systems, whether or not those systems claim to be
"compliant," and therefore have completed an inventory and risk
assessment of our outside vendors and have identified those key
vendors that represent a significant risk. Part of our
preparation included preparing contingency plans in the event of
non-compliance by those vendors. Overall, we believe Year 2000
risks with key vendors and suppliers are low because many are
small manufacturers with relatively simple business systems,
however, we cannot guarantee that the systems of those vendors
and suppliers, or other companies on which we rely, will be Year
2000 compliant. Failure by another company to convert their
systems to be Year 2000 compliant could require us to incur
unanticipated expenses to remedy problems, which could have a
material adverse effect on our business, operating results and
financial condition. To date, none of our key vendors have had
significant Year 2000 problems which have impacted our
operations.


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

Management's discussion and analysis of financial condition and
results of operation should be read in conjunction with the
consolidated financial statements and related notes.

RESULTS OF OPERATIONS

The Company's revenue for the three months ending March 31, 2002
was $610 as compared to $35,467 for the comparable period of
2001. The three month period ending March 31, 2002 net loss prior
to depreciation expense was ($8,599), and net loss before
depreciation for the comparable period ending 2001 of $(13,040).
For the three months ending March 31, 2002, expenses for the
Company's development, production and distribution operations and
its miscellaneous operations totaled $9,209 compared to $48,986
for the comparable period of 2001. The decrease in operating
expenses of March 31, 2002 was primarily attributable to the
marketing and distribution of the feature length film entitled
"Amy", and the reproduction of film and the marketing of the film
project "Ninth Street" and to the Company's change in the method
of amortizing the cost of its inventory.  The decrease in revenue
attributable to the first quarter 2002 is due to reduced revenue
pursuant to the exploitation of the film project "Ninth Street",
"Shattered Illusions" and "Amy".  There were no resultant per
share earnings to common stockholders in March 31, 2002 and March
31, 2001. The Company derives its revenues from the licensing of
its newly created film and television productions, the licensing
of its inventory of previously produced films or television
productions and fees received for professional services provided
to the industry.  The Company also receives revenue for the
marketing and distribution of product produced or owned by 3rd
party producers and production companies. The generation of
revenue in the motion picture and television industry is highly
competitive which may have a material impact on the Company's
financial statements.

The following table presents operations data and selected
statistical information for the periods indicated.


                                                  Three
                                         Months Ended March 31,
                                          2002            2001
                                          ----            ----

Revenues                                  $     610     $ 35,467

Costs and Expenses
          Operating &
          Administration expenses            9,209       48,496
         Depreciation and amortization          1,388
1,388

Income (Loss)                              $  (9,987)
$(14,416)

The Company has presented a consolidated balance sheet which
includes four wholly-owned active subsidiaries: World Wide Films
Inc., World Wide Productions Inc., World Wide Film & Television
Institute, and World Wide Entertainment Inc.  The Company's
charter allows it to branch into diversified fields of enterprise
provided management concludes there is a significant potential
for profit. It is the decision of management to continue the
major portion of the Company's operations in the motion picture
and television industry, but since the primary business objective
of the Company is to increase the value of its stockholders'
equity, if and when opportunities arise to make profits for the
corporation in a diversified industry, the Company shall
investigate and if appropriate, pursue such opportunities. The
motion picture and television segment of the Company's current or
planned operations is the only segment material to the Company's
financial statements or condition.

The Company's motion picture and television participation
strategy has been to expend its resources and to set in place
relationships and contracts in preparation for the continued
development, acquisitions, production and/or marketing/
distribution of quality moderate budget feature length motion
pictures, documentaries, docudramas and television productions.
The strategy additionally includes the acquisition of screenplays
and teleplays suitable for development/packaging and completed
motion pictures and television projects for licensing and
marketing/distribution opportunities for all applicable sales
territories throughout the world.  At such time that the above-
referred to additional working capital is secured, it is the
Company's opinion that substantial revenue will be generated by
the existing film and television library and future distribution
of potential new product, ultimately realizing its projected
return on investment. Arrangements for participation by the
Company in various feature film and television productions for
the last 50 months include gross and net revenue participations
in the following feature film and television productions ranging
between 2-60% of worldwide revenue potential including all
markets and all media that the particular production is
distributed in.(1) In 1997 and 1998, post production and
distribution preparation of the documentary entitled THE OUTLAW
TRAIL, 100 YEARS REVISITED, in association with Western Sunset
Films, an 8-year old Los Angeles based documentary production
company. (2) In 1998, development and production of the series
television production entitled CLASSIC CAR, in association with
SLIM, Inc., a 4-year old Los Angeles based television production
company. (3) In 1999, the acquisition and preparaton for
marketing and distribution of the featurefilm entitled WHAT'S IN
A COOKIE produced by production company Rocinante Productions
Inc. and providing 50% of gross revenue particiation to the
Company in perpetuity. (4) In 2000, the acquisition and
preparation formarketing and distribution of the feature films
entitled MALEVOLENCE and THE SECOND COMING produced by production
company Sig Larsen Productions Inc. and providing 50% of gross
revenue particiation to the Company in perpetuity. Other
arrangements include preparation for Internet marketing and
distribution of a feature length film acquired by the Company
entitled CITIZEN SOLDIER originally produced by M&D Productions,
a 7-year old Los Angeles based film production company, purchased
by the Company in 1995 and providing a 60% gross revenue
participation to the Company in perpetuity.

In 1998, all financing for the completion of the feature length
production entitled SHATTERED ILLUSIONS featuring Morgan
Fairchild, Bruce Weitz, Richard Lynch and Dan Monahan was secured
and the production was completed.  In 1999, the Company entered
into an agreement with representative RGH/Lions Share Pictures
Inc., a 15-year old, Los Angeles based distribution  company for
the purpose of conducting all foreign sales arrangements of the
film.

In August, 1999, the Company entered into an agreement with
Jaguar Entertainment Inc., a 12-year old Los Angeles based
distribution company, for the purpose of marketing and
distributing the feature length motion picture entitled NINTH
STREET featuring Martin Sheen and Isaac Hayes to all domestic
non-theatrical ancillary markets including home video, pay
television, network television, satellite and DVD.

In August and September, 1999, the Company entered into an
agreement with GTL Productions Inc., a 7-year old Omaha based
production company for the purpose of acquiring the domestic and
foreign marketing and distribution rights to a documentary series
entitled ON THESE RUINS encompassing the titles of NARTICA, THE
GALAPOGOS ISLAND and EASTER ISLAND.

In June, 2000, the Company entered into an agreement for the
development of an electronic commerce marketing arrangement with
Pix Media Inc., a 2 year old Los Angeles based Internet company,
for the purpose of providing a national and international e-
commerce exploitation venue for various titles within the
Company's completed film and television library.

Further, during fiscal year 2000 and in addition to continuing to
exploit existing film and television projects such as the feature
length films entitled "Shattered Illusions" and "Ninth Street",
the Company negotiated and signed a North American Distribution
contract on June 17, 2000, for the theatrical and ancillary
exploitation of a full length feature film entitled "Amy".  The
Company also executed an agreement on June 20, 2000 for the
complete purchase of two full length feature films entitled
"Malevolence" and "The Second Coming" from Sig Larsen Productions
Inc. in Los Angeles, California, which includes all foreign and
domestic rights to each film; a domestic U.S. only, Distribution
Agreement was executed with a sub-agent for First Motion Picture
Inc. in Toronto, Ontario, Canada, on March 27, 2000, for the
explotatation of ancillary rights to the full length feature film
entitled "Jigsaw"; and on May 8, 2000, a domestic U.S.
Distribution Agreement was executed with Praxis Entertainment
Inc. in Dallas, Texas for the exploitation of ancillary rights to
five full length feature films entitled "Flying Changes",
"Winning Colors",  "Shadow Dancer", "Trance", and "Corndog Man".

In February, 2001, the Company commenced theatrical marketing and
distribution of the feature film entitled "Amy" with a Los
Angeles premier of the film at the AMC Century City theaters, the
MANN Westwood Cinema, the Loew's Cineplex, Beverly Center and
throughout the Edwards theater circuit in Orange County,
California.  During the first and second quarters of 2001, the
theatrical showings of the film continued with a rollout across
the United States in cities including New York, Detroit, Seattle
and Palm Springs.

In 1998, 1999, 2000 and 2001, certain other film and television
participations of the Company included development and packaging
arrangements, the Company's review and in certain cases, advice
and counsel on screenplays and screenplay development scenarios
for the subsequent possible packaging and production and
distribution of a particular project. The most significant of
these productions, their production companies, and percentage of
future gross revenue allocated to the Company, were the feature
length film entitled CORKLESBY offered by co-production company
Northstar Entertainment Inc., a 4-year old Los Angeles based
production company, (50%); and the feature length film entitled
ALONG FOR THE RIDE offered by production company Wittman
Productions Inc., a 4-year old Los Angeles based production
company, (50%).  In 2000, the Company prepared for production,
began distribution and entered negotiations.

The following is a table showing the comparison of balance sheet
data between 2001 and 2002.

                      Three Months Ended March 31,

CATEGORY                 2001          *2002
                       --------       ---------
Net Profit (Loss)      (14,416)         9,987
Assets              10,862,482      9,900,656
Stockholders'Equity 10,772,741      9,787,752
Liability               38,361        112,904
Net Revenues            35,467            610
Inventory           12,278,953      9,718,953

*Adjusted for December 18, 2001 stock split, (1 for 5), and
January 1, 2002 quasi-reorganization.

The Company experienced no material changes during the first
quarter of 2002 regarding its operations or its financial
position relative to first quarter 2001.  There are no seasonal
or other factors regarding the Company's intra-year operations
that require explanation of a percentile swing in inter-quarter
reports.


GENERAL

In fiscal 2001 and the first three months of 2002 the Company
continued its involvement in a variety of film and television
projects relative to development, acquisitions, packaging,
production and marketing/distribution activities. The Company
also continued to pursue potential diversified business
opportunities that have cash flow possibilities. Management
believes that a film or television production's economic success
is dependent upon several overlapping factors including general
public appetite of a potential genre or performer at the time of
release, domestic and international marketing philosophy,
applicable usage of existing and new and emerging technology,
advertising strategy with resultant penetration and the overall
quality of the finished production. The Company's film and
television productions may compete for sales with numerous
independent and foreign productions as well as projects produced
and distributed by a number of major domestic and foreign
companies, many of which are units of conglomerate corporations
with assets and resources substantially greater than the
Company's. Management of the Company believes that in recent
years there has been an increase in competition in virtually all
facets of the Company's business. Specifically, the motion
picture industry competes with television and other forms of
leisure-time entertainment. Since the Company may for certain
undetermined markets and products distribute its product to all
markets and media worldwide, it is not possible to determine how
its business as a whole will be affected by these developments
and accordingly, the resultant impact on the financial
statements. The Company has currently obtained or arranged for
the investment capital to produce and/or distribute a minimum of
two full length feature films or specialty television productions
within the next two years.  In addition to the development,
financing, production, and distribution of motion picture and
television product, the Company expects to continue to exploit a
portion or portions of the Company's completed film and
television library to a wide variety of distribution outlets
including network television, cable television, satellite
broadcast, pay-per-view, and home video sales. Specifically, live
action motion pictures are generally licensed for broadcast on
commercial television following limited or wide release
distribution to theatrical outlets (theaters), home video and pay
television. Licensing to commercial television is generally
accomplished pursuant to agreements which allow a fixed number of
telecasts over a prescribed period of time for a specified
license fee. Television license fees vary widely, from several
thousand to millions of dollars depending on the film or
television production, the number of times it may be broadcast,
whether it is licensed to a network or a local station and, with
respect to local stations,  whether the agreement provides for
prime-time or off-time telecasting. Licensing to domestic and
foreign television stations (syndication) is an important
potential source of revenue for the Company, although in recent
years the prices obtainable for individual film and television
product in domestic syndication have declined as pay television
licensing has grown. The growth of pay television and home video
technologies, i.e. DVD (Digital Video Disk) and HDTV (High
Definition television), has had an adverse effect on the fees
obtainable from the licensing of film and television product to
networks and local television stations. Thereby potentially
effecting the Company's ability to generate substantive revenue
from this particular venue; however increasing revenue potential
in other areas. Conversely, the Company may derive revenue from
the marketing and sale, either directly or through licensees, of
motion pictures and other filmed or videotaped product on
videocassette or Digital Video Disk for playback on a television
set or monitor through the use of videocassette recorders
("VCRs"), digital video disk recorders and continued advancements
of pay television (cable), satellite broadcast technologies, and
Internet applications domestically and internationally. The
Company currently holds the distribution rights to 292 motion
picture and television titles.The revenue competition relative to
existing or pending exploitation agreements of the Company's film
and television product library and current and future production
and distribution of projects is volatile due to the many
technological and innovative changes in the industry and also
changes regularly occurring in the international economy.

LIQUIDITY AND CAPITAL RESOURCES

At yearend 2001, the Company earned a net profit of $62,403.
However, although the Company experienced positive cash flow
prior to provisions for depreciation expense, the Company
experienced net losses and negative cash flow from operations for
yearend 2000.   At March 31, 2002, the Company had $55,433 in
cash and no cash equivalents and in the same period, 2001, the
Company had $93,171 in cash and no cash equivalents. The Company
anticipates that its existing capital resources may be adequate
to satisfy its capital requirements for the forseeable future.
However, to accomplish the Company's planned activities, it will
need to raise additional funds through public or private
financings in the form of debt or equity.  The Company has
available substantial loss carry forwards for federal income tax
purposes. The exact amount of the loss carryforwards is uncertain
until the Company reaches an understanding with the Internal
Revenue Service in that regard.In order to finance its
operations, working capital needs and capital expenditures, the
Company utilized revenue from licensing fees, loans, proceeds
from the private sale of equity securities, deferred
compensation, profit participation, and equity in exchange for
services and product.

In accordance with the Securities and Exchange Commission
"Regulation D", and subject to Rule 144 restrictions, the Company
issued no shares of its common stock and no shares of its
preferred stock for cash and no shares of its common stock and no
shares of its preferred stock for product and services acquired
by or provided to the Company in the first quarter period ending
March 31, 2002.  For the comparable period in 2001, the Company
issued 60,000 shares of its common stock and no shares of its
preferred stock for cash and 664,500 shares of its common stock
and 30,000 shares of its preferred stock for product and
services. No proceeds from the sale of the corporation's common
stock or preferred stock has ever been used to pay compensation
to employees or executives of the Company. The Company was
previously issued a standby irrevocable Letter of Credit from the
Key Bank, N.A., Cleveland, Ohio (formerly Society Bank), in the
amount of fifty thousand ($50,000) dollars.  The terms of the
Society Bank Letter of Credit required that, if utilized, the
Company would pledge as collateral a portion of its film and
television product library.  If the Letter of Credit were
exercised, the resultant loan would be secured by a commensurate
portion of the Company's film and television product library.
The Society Bank terms also provided that the Company would
continue to be able to sell or lease any portion of the product
library as long as it retained sufficient material to secure any
loans made as a result of the Letter of Credit.

The Company currently utilizes a one hundred thousand ($100,000)
dollar primary line of credit with the Wells Fargo Bank of
California and Citibank, to accommodate its daily cash flow needs
and occasionally uses its credit lines at other financial
institutions and with its vendors and suppliers.

The Company's principal liquidity in the period ending March 31,
2002, included cash of $55,433 and net accounts receivable of
$191,668 and in period ending March 31, 2001, included cash of
$93,171 and net accounts receivable of $254,122. The Company's
liquidity position has remained sufficient enough to support on-
going general administrative expense, pilot programs, strategic
position, and the garnering of contracts, relationships and film
and television product for addition to the Company's library, and
the financing, packaging, development and production of two
feature films and specialty television projects. Although the
Company during 2000 and 2001 experienced revenue, unless the
Company has an influx of additional capital, the Company will not
be able to accomplish its planned objectives and revenue
projections. Accordingly, the Company intends to resolve and
provide for its liquidity needs as well as provide for the needed
capital resources to expand its operations through a future
proposed public offering of its common shares to the public. It
is anticipated that such an offering will commence within the
next 24 months for an amount to be determined by the Company and
underwriter(s) if any. To meet the Company's interim liquidity
and capital resources needs while the Company's contemplated
public offering is being prepared and examined, the Company is
presently investigating the possibilities of future loans and is
considering future sales of unregistered common equity to
accredited investors under one or more exemptions that provide
for the same. In the event a loan is obtained, one of the terms
may provide that the same be repaid from the proceeds derived
from the Company's contemplated public offering. A primary use of
public offering proceeds would be the further exploitation of the
Company's current completed product film and television library,
participations in completed films, and the continued development,
production and marketing/distribution of new film and television
production opportunities.  The Company continues to discuss
acquisitions and mergers with various interested parties.

The following table presents equity and cash flow data for the
periods indicated.

                                 Three Months Ended March 31,
                                 *2002                  2001
                                 -----                 -----

Stockholders' Equity         $ 9,787,752              $10,772,741
Common Stock Outstanding      11,972,730               49,518,652
Income/Deficit (after
    depreciation)                 (9,987)                (14,416)
Accumulated Earnings              52,416
(9,915,789)
Cash                              55,433
93,171

*Adjusted for December 18, 2001 stock split, (1 for 5), and
January 1, 2002 quasi-reorganization.

In 1997 and 1998, management revalued its inventory based on
management's receipt of commentary from the Securities and
Exchange Commission, with an additional appraisal of potential
resale value, worthiness as works of art, and potential licensing
capabilities, resulting in a reduction in management's estimate
of a net realizable value in 1997 of $4,091,950 and in 1998 of
$3,868,380. The results of the reevaluations effectuated in 1997
and 1998 resulted in a substantial reduction in book value of
approximately 51% for those items.

The Company expects its marketing operations to expand
considerably over the next three years.  The current inventory
and contracts acquired by the Company are now beginning to be
more vigorously exploited.  As the Company's focus moves from
extensive accumulation of product and contracts in an ownership
capacity to capital acquisition specifically for marketing
purposes using recently developed technologies. Although the
Company is conservative regarding its policy concerning the use
of borrowed operating capital, it is now in a position to use its
reputation and contacts in the industry to leverage operating
funds profitably.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS AND
MANAGEMENT'S STATEMENT REGARDING INTERIM PERIOD ADJUSTMENTS

The statements which are not historical facts contained in this
Form 10-QSB are "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,
that involve risks and uncertainties.  The words "anticipate",
"believes", "expect", "intend", "may" or similar expressions used
in this Form 10-QSB as they relate to the Company or its
Management are generally intended to identify such forward
looking statements.  These risks and uncertainties contained in
this Form 10-QSB include but are not limited to, product demand
and market acceptance risks, the effect of  economic conditions
generally and retail/wholesale in the motion picture and
television industry and marketing conditions specifically, the
impact of competition, technological difficulties, capacity and
supply constraints or difficulties, the results of financing
efforts, changes in consumer preferences and trends, the effect
of the Company's accounting policies, weather conditions, acts of
God, and other risks detailed in the Company's Security and
Exchange Commission filings.  The Company's management has made
all the adjustments relative to the fiscal yearend statements and
the interim period herein, which in the opinion of management are
necessary in order to make the financial statements not
misleading.

Part II.  Other Information

Item 1.  Legal Proceedings

INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS

There are no material pending legal proceedings to which the
Company is a party or to which any of its assets are subject.
However, the Company is currently in ongoing negotiations for the
reimbursement of lost material which consists of eight 1" and/or
3/4" and/or digital betacam videotape and 35mm film submaster
copies of feature length motion picture and television
productions, owned or controlled by the Company which were
maintained at a post production film and video facility.  The
Company's attorneys are preparing litigation and related
processes relative to the lost material in the event the results
of the negotiations are unsatisfactory.  The Company is seeking
damages in the amount of three hundred ninety seven thousand five
hundred ($397,500) dollars for the loss of its "stored material".
Further, the co-producers with the Company's subsidiary, World
Wide Films Inc., pertaining to a feature length film, commenced
litigation to attempt to dissolve the co-production agreement
which exists between the Co-Producer and the Subsidiary relative
to the production processes of that feature length film. The
Company's management and attorneys believed the lawsuit to be
groundless and therefore, defended the action on that basis.  The
matter ultimately resulted in a favorable settlement for the
Company, requiring the plaintiffs to pay all expenses of
litigation.

Various legal actions, governmental investigations and
proceedings and claims may be instituted or asserted in the
future by the Company or against the Company and/or its
subsidiaries including those arising out of alleged deficiencies
in the company's products; governmental or industry regulations
relating to safety, financial services; employment-related
matters; distributor, exhibitor, co-producer, vendor, supplier,
or other contractual relationships; intellectual property rights;
product warranties and environmental matters.  Some of the
foregoing matters involve or may involve compensatory, punitive
or anti-trust or other treble damage claims in varying amounts,
environmental remediation programs, sanctions or other relief
which, if granted, would require varying expenditures.


Litigation is subject to many uncertainties, and the outcome of
individual litigated matters is not predictable with assurance.
The Company does not reasonably expect, based on its analysis,
that any adverse outcome from such matters would have a material
effect on future consolidated financial statements for a
particular year, although such an outcome is possible.

Item 2. Changes in Securities

None

Item 3. Defaults Upon Senior Securities

N/A

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

N/A

Item 5. Other Information

Personnel changes:

Board of Director member, Joseph Dyson, resigned 3/31/02, and
director and corporate Secretary, Larry Epstein, was appointed to
the executive committee.

Item 6. Exhibits and Reports on Form 8-K

N/A


SIGNATURE

          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 thereto duly authorized.

                           WORLD WIDE MOTION PICTURES CORPORATION



May 6, 2002               /s/ A. Robert Sobolik
                              A. Robert Sobolik
                              Executive Vice President/Treasurer