SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-QSB
              ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) of the
                             SECURITIES ACT OF 1934

                       For the quarter ended June 30, 2001
                         Commission File Number 0-28392

                            HARVARD SCIENTIFIC CORP.

             (Exact Name of Registrant as Specified in its Charter)

           Nevada                                       88-0226455
    -----------------------                       -------------------------
 (state or Other Jurisdiction of               (I.R.S. Employer Identification
  Incorporation or Organization)                No.)

                1325 Airmotive Way, Suite 125, Reno, Nevada 89502
      --------------------------------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

       Registrant's Telephone Number, Including Area Code: (954) 630-1718

                Securities registered under Section 12(g) of the
Exchange Act:

                    Common Stock, Par Value $0.001 Per Share

                   Preferred Stock, Par Value $0.001 Per Share

                                (Title of Class)

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

(1) Yes [X] No [ ] (2) Yes [X] No [ ]

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
Common Equity, as of the latest practicable date:

Common Stock, Par
Value $0.001 Per Share                                      71,825,712
--------------------------                                --------------
(Title of Class)                                   (Number of Shares Outstanding
                                                          on June 30, 2001)

                                       1
<PAGE>

                                     Part I

Item No. 1. FINANCIAL STATEMENTS

                            HARVARD SCIENTIFIC CORP.
                          (A DEVELOPMENT STAGE COMPANY)

                                  BALANCE SHEET

                                     ASSETS
<TABLE>
<CAPTION>

                                                                           June 30,    December 31,
                                                                            2001           2000
                                                                         (unaudited)    (Audited)
                                                                       -------------  -------------
<S>                                                                    <C>            <C>
Current Assets:
    Cash and cash equivalents                                          $       1,500  $          78
    Prepaid  expenses                                                           --             --
    Note and interest receivable (Note 6,8 & 9)                                 --             --
    Reserve for receivables (Note 6,8 & 9)                                      --             --
    Accounts receivable - employees                                             --             --
    Accounts receivable - other                                                 --             --
    Product Inventory                                                           --             --
                                                                       -------------  -------------
       Total Current Assets                                                    1,500             78
                                                                       -------------  -------------
Equipment and Leasehold Improvements:
    At cost, less accumulated depreciation of $35,461 at December 31,
    1998  (Notes 3)                                                             --             --
                                                                       -------------  -------------
Intangible Assets:
    Intellectual Property (Note 4)                                              --             --
                                                                       ----------------------------
Other Assets:
    Deposits                                                                     300            300
                                                                       -------------  -------------
       TOTAL ASSETS                                                    $       1,800  $         378
                                                                       =============  =============

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
    Accounts payable                                                   $     138,200  $     287,905
    Accrued expenses (Note 5)                                                 23,763         23,763
    Notes and leases payable (Note 6)                                        223,600        223,600
                                                                       -------------  -------------
       Total Current Liabilities                                             385,563        545,268
                                                                       -------------  -------------
Long-Term Liabilities:                                                          --             --
                                                                       -------------  -------------

Stockholders' Equity:
    Common Stock,  $.001 par value;  100,000,000  shares

       authorized;  9,500,712, 6,153,737 and 5,988,712 shares issued
       and outstanding at December 31, 2000, 1999 and 1998,
       respectively                                                           64,884         64,884
    Preferred Stock, 10,000,000 shares authorized, none
       issued and outstanding                                                   --             --
    Additional paid-in capital                                            13,040,814     13,040,814
    Deficit accumulated during the development stage                      (12,944570)   (13,650,589)
                                                                       -------------  -------------
       Total Stockholders' Equity                                           (544,891)      (544,891)
                                                                       -------------  -------------

       TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                      $        1800  $         378
                                                                       =============  =============
</TABLE>


                                       2
<PAGE>


                            HARVARD SCIENTIFIC CORP.
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>

                                                                                                           1/13/87
                                                                                                         (Inception)
                                                      December 31,     December 31,     December 31,         to
                                                          2000             1999            1998           12/31/00
                                                       (Audited)         (Audited)       (Audited)       (Unaudited)
                                                    ---------------  ---------------  ---------------  ---------------
<S>                                                 <C>              <C>              <C>              <C>
Net Sales                                           $          --    $          --    $          --    $       187,387

Cost of  Sales                                                 --               --               --            221,557
                                                    ---------------  ---------------  ---------------  ---------------
    Gross Profit                                               ---              --               --            (34,170)
                                                    ---------------  ---------------  ---------------  ---------------
Operating Expenses:
  General and administrative expenses                       256,203           80,385        2,204,248        6,877,043
  Research and development                                   69,500           46,079        1,035,638        2,954,776
  Depreciation and amortization                                --               --            275,080          910,927
                                                    ---------------  ---------------  ---------------  ---------------
    Total Operating Expenses                                325,703          126,464        3,514,966       10,742,746
                                                    ---------------  ---------------  ---------------  ---------------
    Loss from Operations                                   (325,703)        (126,464)      (3,514,966)     (10,776,916)
                                                    ---------------  ---------------  ---------------  ---------------

Other Income (Expense):
  Settlements                                               (50,000)            --            (70,354)        (835,983)
  Foregiveness of Debt                                         --             79,057          968,901        1,047,958
  Interest Income                                              --                 62            5,875            7,500
  Dividend Income                                              --               --             11,510           62,963
  Interest Expense                                          (23,665)            --           (100,776)      (2,109,574)
  Loss on disposition of Assets or Securities                  --             (9,838)      (1,012,198)      (1,046,536)
                                                    ---------------  ---------------  ---------------  ---------------
    Total Other Income and Expense                          (73,665)          69,281         (197,042)      (2,873,672)
                                                    ---------------  ---------------  ---------------  ---------------
Net Loss                                            $      (399,368) $       (57,183) $    (3,712,008) $   (13,650,588)
                                                    ===============  ===============  ===============  ===============
Loss per Common Share                               $         (0.05) $         (0.01) $         (0.69) $         (2.44)

                                                    ===============  ===============  ===============  ===============
Weighted Average Shares Outstanding                       7,827,225        6,071,225        5,363,250        5,435,701
                                                    ===============  ===============  ===============  ===============
</TABLE>


                                       3
<PAGE>

                            HARVARD SCIENTIFIC CORP.
                          (A DEVELOPMENT STAGE COMPANY)

                           STATEMENTS OF STOCKHOLDERS'
                       EQUITY For the Years ended DECEMBER
                             31, 1998, 1999 and 2000

<TABLE>
<CAPTION>

                                                                                                    Deficit
                                                            Common Stock            Additional       From
                                                    ----------------------------     Paid-in       Inception
                                                       Shares           Amount       Capital        To Date         Total
                                                    -------------  -------------  -------------  -------------  -------------

<S>                                                 <C>            <C>            <C>            <C>            <C>
Balance at year end December 31, 1997                  33,441,373  $      33,441  $   8,694,904  $  (9,482,027) $    (753,682)

Issuance of shares in conversion of debt                1,036,064          1,036        260,882                       261,918

February 2, 1998, adjustment of shares to
   effect a one-for-ten reverse split                 (31,029,693)          --             --                            --

Issuance of shares for a commitment to a
   financing agreement                                  1,580,278         15,803      4,984,197                     5,000,000

Issuance of shares for fees and services                  117,500          1,175        324,809                       325,984

Issuance of shares for cash                             1,058,000         10,580      3,163,418                     3,173,998

Net reversal of Reeivable due from related

   parties reflecting the sale of stock Rule 16(b)                                      (17,197)                      (17,197)

Shares returned to Treasury - legal settlement           (270,200)        (2,702)          --                          (2,702)

Issuance of shares for legal settlement                    55,390            554         59,799                        60,353

Inventory contributed                                                                    18,000                        18,000

Reserve for promissory note receivable                                               (4,684,198)                   (4,684,198)

Net (loss) for the Year ended
   December 31, 1998
                                                             --             --             --       (3,712,010)    (3,712,010)
                                                    -------------  -------------  -------------  -------------  -------------
Balance at year end December 31, 1998                   5,988,712  $      59,887  $  12,804,614  $ (13,194,037) $    (329,536)

Issuance of Shares for fees and services                  165,025          1,650         15,226           --           16,876

Reduction of Note receivable
                                                             --             --           22,000           --           22,000
Net (loss) for the year ended
   December 31, 1999
                                                             --             --             --          (57,183)       (57,183)
                                                    -------------  -------------  -------------  -------------  -------------
Balance at year end December 31, 1999                   6,153,737  $      61,537  $  12,841,840  $ (13,251,220) $    (347,843)

Issuance of Shares for cash

   and services                                         3,346,975          3,347        198,974           --          202,321

Net (loss) for the year ended
   December 31, 2000
                                                             --            --             --              --             --
                                                    -------------  -------------  -------------  -------------  -------------
Balance at year end December 31, 2000                   9,500,712  $      64,884  $  13,040,814  $ (13,251,220) $    (145,522)
                                                    =============  =============  =============  =============  =============
</TABLE>




                                       4
<PAGE>

                            HARVARD SCIENTIFIC CORP.
                          (A DEVELOPMENT STAGE COMPANY)

                            STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>

                                                    Year ended                                      1/13/87
                                                                    December 31                   (Inception)
                                                    -------------------------------------------       to
                                                        2000            1999           1998         12/31/00
                                                      (Audited)      (Audited)      (Audited)     (Unaudited)
                                                    -------------  -------------  -------------  -------------
<S>                                                 <C>            <C>            <C>            <C>
Net Loss                                            $    (399,368) $     (57,183) $  (3,712,008) $ (14,619,489)
                                                    -------------  -------------  -------------  -------------

Adjustments to Reconcile Net Loss to
 Net Cash Provided by (Used in)
 Operating Activities:

 Book value of assets sold                                   --             --             --            6,483
 Loss on disposition of securities or assets                 --            9,838      1,012,199      1,022,037
 Forgiveness of debt                                         --          (79,057)      (968,901)    (1,047,958)
 Depreciation and amortization                               --             --          118,830        285,928
 Amortization of Debt Issuance cost                                         --          156,250        625,000
 Issuance of stock for director's fees
   and employment services                                 25,000           --           40,100      1,314,875
 Issuance of stock for consulting & legal fees             35,821           --          283,181        319,002
 Issuance of stock for Property Rights                       --             --             --            2,000
 Issuance of stock in legal settlement                     70,000           --           60,354        926,208
 Discount on Convertible Debentures                          --             --             --        1,750,000
 Interest Expense converted to Stock                         --             --           11,917         98,795

 (Increase) decrease in assets:
  Prepaid expenses                                           --           37,173           --           37,173
  Deposits/Retainers                                         --            1,210          7,112        (37,474)
  Other Assets                                               --           31,297        (13,297)        18,000
  Increase (decrease) in liabilities:
  Accounts payable                                        (51,848)        77,951        345,830        376,960
  Accrued expenses                                         23,763        (63,662)       (89,373)        15,147
  Due to/from related parties                                --             --          514,040        310,300
                                                    -------------  -------------  -------------  -------------
          Total Adjustments                               102,736         14,750      1,478,242      6,022,476
                                                    -------------  -------------  -------------  -------------
Net Cash (Used) by Operating Activities             $    (296,632) $     (42,433) $  (2,233,768) $  (8,597,013)
                                                    -------------  -------------  -------------  -------------

Cash Flows from Investing Activities:
 Cash from sale (purchase) of equipment                      --             --             --          (78,114)
 Cash from sale (purchase) of Intellectual Rights            --             --             --         (150,000)
 Capitalized organization costs                              --             --             --         (150,924)
                                                    -------------  -------------  -------------  -------------
  Net Cash Used in Investing Activities                      --             --             --         (379,038)
                                                    -------------  -------------  -------------  -------------
Cash Flows from Financing Activities:
 Proceeds from issuance of capital stock,
  net of offering costs                                    71,500         38,876      3,173,999      4,656,321
 Proceeds from debt converted to capital stock               --             --             --          250,000
 Proceeds from debt                                       223,600           --             --          662,339
 Proceeds from debentures, net of costs                      --             --             --        5,343,901
 Principal payments on debt                                  --           (8,263)    (1,800,000)    (1,936,432)
                                                    -------------  -------------  -------------  -------------
  Net Cash Provided by Financing Activities               295,100         30,613      1,373,999      8,976,129
                                                    -------------  -------------  -------------  -------------
Net Increase (Decrease) in Cash                            (1,532)       (11,820)      (859,769)            78

Cash at beginning of period                                 1,610         13,430        873,199           --
                                                    -------------  -------------  -------------  -------------

Cash at end of period                               $          78  $       1,610  $      13,430  $          78
                                                    =============  =============  =============  =============
</TABLE>


                                       5
<PAGE>

                            HARVARD SCIENTIFIC CORP.
                          (A DEVELOPMENT STAGE COMPANY)

                     NOTES TO THE FINANCIAL STATEMENTS Based
       on Audited Financial Statements at December 31, 2000, 1998 and 1999


NOTE 1 - NATURE OF BUSINESS AND ORGANIZATION

Nature of Business:
The company shifted from an exclusive biopharmaceutical drug development company
to an Entertainment  Conglomerate.  The Company will eventually  further develop
its  biopharmaceutical  products  under  a  separate  name  and  company,  to be
determined at a later date.  The focus of the  Company's  activity over the next
twelve months will be to further  develop,  produce and  distribute the existing
projects in the  Company's  recently  acquired  wholly owned  subsidiaries.  The
Company  and its  new  management  are  currently  in the  process  of  securing
sufficient  capital to satisfy  all of the  company's  outstanding  debts.  This
capital  may come in the form of a loan,  selling  off of  assets  of the  newly
acquired  subsidiaries  or a personal loan from the officers and directors  (See
note 11).

Organization:
The  Company was  incorporated  under the laws of the State of Nevada on January
13, 1987.  Effective  February 2, 1998, the Company  approved a 1 for 10 reverse
stock split.  Shares  outstanding  went from  34,477,437  on February 1, 1998 to
3,447,769  just after the split.  The Company is moving forward with a strategic
plan to  facilitate  marketing of its  products in a manner which is  consistent
with enhancing its corporate image and further increasing shareholder value. All
figures in this  Report give  effect to  previous  stock  splits and the reverse
stock splits, and previously stated number of shares is appropriately  restated.
The Company has 100,000,000 shares of Common Stock authorized.  In addition,  on
July 9, 1998, the shareholders of the Company  authorized  10,000,000  shares of
"blank check" Preferred  Stock,  none are outstanding on December 31, 2000, 1999
or 1998.


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organizational Costs:
Organization  costs  are  being  amortized  over a  five-year  period  using the
straight-line  method. At December 31, 1999, the Organizational Costs were fully
amortized.

Inventory:
Inventory is valued at the lower of cost or market.

Equipment:
Equipment is stated at cost.  Depreciation is incorporated on a double declining
balance basis over a period of 5 years. Expenditures for maintenance and repairs
are charged to expense as incurred.  Upon retirement or disposal of assets,  the
cost and  accumulated  depreciation  are  eliminated  from the  accounts and any
resulting gain or loss is included in expense.

Use of Estimates:
In order to prepare  the  financial  statements  in  conformity  with  generally
accepted accounting  principles,  management must make estimates and assumptions
that affect  certain  reported  accounts and  disclosures.  Actual results could
differ from these estimates.

Intellectual Properties:
The costs of  intellectual  properties  are  amortized  using the  straight-line
method over a period of fifteen years.

Earnings per share:
The earnings per share calculations were based on the weighted average number of
shares outstanding during the period.

Fully  dilutive   earnings  per  share  are  not  reflected   because  they  are
anti-dilutive.

Income Tax:
Because of losses  sustained  since  inception,  no provision  has been made for
income tax.

NOTE 3 - EQUIPMENT & LEASEHOLD IMPROVEMENTS

Equipment and building improvements consists of the following:

                                            December 31, 1998
Equipment & Leasehold Improvements          $       45,299
Less:  Accumulated depreciation                     35,461
                                            --------------
                            Total           $        9,838
                                            ==============

The  Company  had  incurred  leasehold  improvements  to the  Irvine  office  of
approximately $4,300 in 1997, amortized over the life of the lease. In May 1998,
the Company  terminated the Irvine lease and moved the research and  development
office  from  Irvine to Costa  Mesa,  California.  The  balance  of  unamortized
improvements of approximately $2,755 was written off.

During the fourth  quarter of 1998 and the first  quarter of 1999,  the  Company
closed three  offices  (Florida,  Arizona and  California)  with all  operations
maintained out of a Reno,  Nevada office.  The office equipment in these offices
were donated to charitable organizations

                                       6
<PAGE>

NOTE 4 - INTELLECTUAL PROPERTIES

On January 7, 1994,  the Company  exchanged  285,600 shares of common stock with
BTI for the intellectual rights to patent, develop,  manufacture, and market the
LLPGE1 for the  treatment of male  erectile  dysfunction,  impotency  and sexual
enhancement. The Company recorded the transfer of intellectual properties at the
par value of stock transferred, which amounted to $2,856.

On November 16, 1995, the Company  exchanged 613,850 shares of common stock with
BTI for assistance in raising  working  capital and patent  application  and for
management  assistance and  distribution  agreements  associated with the LLPGE1
product.   The  Company  recorded  the  transfer  at  the  par  value  of  stock
transferred, which amounted to $6,139.

During 1996, the Company expensed the unamortized  cost of acquiring  technology
relating  to the  development  of an HIV  home  test  kit.  The  Company,  which
originally  acquired the rights in exchange for 33,500  shares of common  stock,
ceased product development in connection with a settlement, accrued in 1995.

During 1997, the Company entered into three additional significant  transactions
with BTI for the  acquisition of intellectual  rights,  and for the provision of
technological, management, fundraising and marketing assistance. In addition, in
1996,  the Company  incurred costs payable to BTI for  consultation  and rent of
$133,157 and for research and development $50,378 of the LLPGE1 product.  During
1997,  BTI chose to  convert  the  accounts  payable  balance of  $333,535  as a
contribution to additional-paid-in-capital.

On November 20, 1997,  the Company  agreed to exchange  200,000 shares of common
stock,  which has been issued,  to BTI for the  Intellectual  Property Rights to
Prostaglandin E1 Lyophilized Liposomes for the use of treatment of Psoriasis. In
addition,  the Company is to pay BTI $150,000.  BTI was to receive a 3% override
on royalties of the  Psoriasis  product.  On June 11, 1998,  BTI and the Company
agreed  that BTI would  transfer  an  irrevocable  royalty-free  license  to all
intellectual property,  intangibles,  patents, trade secrets,  trademarks, trade
names and goodwill relating to BTI that exists or is in development, relating to
male  and/or  female  sexual  dysfunction,  for the  return of the  intellectual
property related to the Psoriasis product that BTI previously had transferred to
the Company and the granting to BTI registration right (effective July 28, 1998)
as to all shares of the Company's  common stock held by BTI on July 20th,  1998.
In addition,  all royalty  agreements with respect to products other than sexual
dysfunction  have  been  terminated.   In  addition,  the  Company  forgave  the
indebtedness of BTI of $892,819.  The debt forgiveness is treated as part of the
cost of the intellectual properties received from BTI.

In  December  1998,  the  Company had a balance in  Intellectual  Properties  of
$1,053,814, with accumulated depreciation of $53,196 for a net of $1,000,619. On
December  31,  1998,  Intellectual  Properties  was  written  down to zero,  the
determined market value at that time.

NOTE 5 - ACCRUED EXPENSES

Accrued expenses consist of the following:


                                            (Audited)             (Audited)
                                         December 31, 2000    December 31, 1998
                                         -----------------    -----------------
Interest on notes and debentures         $          23,763    $             -0-
Accrued payroll & payroll taxes                        -0-               63,662
                                         -----------------    -----------------

        Total                            $         23,763     $          63,662
                                         =================    =================

NOTE 6- NOTES PAYABLE

At December 31, 2000, Notes payable consists of the following:

                 Note Holder                        Amount
                 -----------                        ------
                 Snell                            $     500
                 Hidden Splendor                     25,000
                 Medhat Gorgy                        65,000
                 Pyramid Laboratories               133,100
                                                  ---------

                   Total                          $ 223,600
                                                  =========

                                       7
<PAGE>

NOTE 7 - RELATED PARTY TRANSACTIONS

1.   During  1997,  the  Company  incurred a payable of  $150,000 to BTI for the
     Intellectual  Property Rights to Prostaglandin E1 Lyophilized Liposomes for
     the use of treatment of  Psoriasis.  On June 11, 1998,  BTI and the Company
     agreed that BTI would transfer an irrevocable  royalty-free  license to all
     its intellectual property relating to sexual dysfunction, for the return of
     the  intellectual  property  related to the Psoriasis and other  non-sexual
     dysfunction products that BTI previously had transferred.  In addition, the
     Company forgave BTI's  indebtedness of $895,819,  which was treated as part
     of the basis of the intellectual properties.

2.   During 1996, BTI advanced  20,000 of its shares on behalf of the Company as
     a subordinated  loan agreement.  The shares were loaned and are expected to
     be returned  to BTI in 1998.  At the time of the  advance,  the fair market
     value of the shares  transferred  was  $500,000.  During 1997,  the Company
     advanced to BTI $500,000 in connection with this  settlement.  The $500,000
     was part of the forgiven debt of $895,819 described above.

3.   In 1997, BTI, a major  stockholder of the Company,  received  $352,305 from
     the sale of the Company's Common Stock that was subject to recapture by the
     Company pursuant to Section 16(b) of the Securities Exchange Act of 1934.

     In January 1998, BTI received $40,514 from the sale of the Company's Common
     Stock that was subject  recapture by the Company  pursuant to Section 16(b)
     of the Securities Exchange Act of 1934. In January 1998, $40,514 was booked
     as a receivable from related parties to reflect the recapture.  This amount
     was also part of the forgiven debt of $895,819 described above.

4.   The Company has entered into a financing  agreement dated January 13, 1998,
     as amended on February 3, 1998,  between Dr. Jackie R. See, Thomas E. Waite
     and the  Company  for the  funding of the  Company up to  $10,000,000.  Dr.
     Jackie R. See and Mr. Thomas E. Waite were Directors of the Company. Thomas
     E. Waite was also President and Chief Executive Officer of the Company.  On
     February 3, 1998, the Company issued 790,139 shares to each Dr. Jackie See,
     M.D. and Thomas E. Waite in  connection  with this private  placement.  All
     shares  owned by Dr.  Jackie See and  Thomas E.  Waite,  have  registration
     rights.  These  registration  rights  have  been  exercised  and  upon  the
     registration  statement  becoming effective (July 28, 1998), the shares can
     be sold in accordance  with the  Securities  Act of 1933,  subject to state
     securities laws. See Note 8 and Note 9.

5.   The Company often pays for services,  fees,  and salaries by issuing shares
     of Common  Stock.  Most of this stock issued for services  must be held for
     investment to satisfy the exemption from registration under Section 4(2) of
     the Securities Act of 1933, as amended. Rule 144 under the statute requires
     that such  stock be held for a year,  before  it can be sold in  accordance
     with rule 144.

     During 1998, the Company issued a total of 1,590,278 shares of Common Stock
     to  directors  of the  Company.  10,000 of these  shares were booked at the
     price of the most recent sale of the stock for cash to  shareholders of the
     registration  statement  held  effective  July 28,  1998.  The  balance  of
     1,580,278 was issued in conjunction  with the Waite and See Agreement,  see
     Notes 8 and 9.

     During 1998, the Company  approved and issued 10,000 shares of Common Stock
     (restricted)  to an employee of the Company for prior and current  services
     rendered.  In addition,  during 1998 the Company  issued  97,500  shares of
     Common Stock for services performed by outside consultants.  270,200 shares
     of Common  Stock were  returned to the Company  treasury as part of a legal
     settlement with prior affiliates of the Company (see Note 10). These shares
     were recorded at the lesser of 1) the value of the Common Stock on the date
     issued or 2) the most recent sale of the stock for cash to  shareholders of
     the registration statement held effective July 28, 1998.

     During the first quarter 1999,  the Company  issued 15,000 shares of Common
     Stock  to an  employee  of  Company,  in  accordance  with  her  employment
     agreement and considered additional  compensation fully earned in 1998. The
     stock is  restricted as defined in Rule 155 under  Securities  Act of 1933.
     The employee is no longer with the Company.  The  transaction was valued at
     the low bid price on the day of the transfer, or $16,875.

     6. The  Company  often pays for  services,  fees,  and  salaries by issuing
     shares of Common Stock. Most of this stock issued for services must be held
     for  investment to satisfy the exemption  from  registration  under Section
     4(2) of the Securities Act of 1933, as amended.  Rule 144 under the statute
     requires  that  such  stock  be held for a year,  before  it can be sold in
     accordance with rule 144.

     During the first  quarter  2000,  the Company  issued  2,500,000  shares of
     Common Stock to an officers and directors of the Company,  as authorized by
     the Board of Directors of the Company.  The stock is  restricted as defined
     in Rule 155 under Securities Act of 1933. These transactions were valued at
     $25,000.

                                       8
<PAGE>

NOTE 8 - INCOME TAXES

The  Company  has  federal  net  operating  loss carry  forwards  for  financial
statement purposes of approximately $14,000,000 at December 31, 2000, which will
be used to offset future  earnings of the Company.  The loss carry forwards will
expire during the years ending 2002 through 2013 if not used.

NOTE 9 - CONTINGENCIES

The Company is a party in certain  pending or  threatened  legal,  governmental,
administrative,  or judicial  proceedings  that arose in the ordinary  course of
business.  The  following  includes  a list of  current  pending  or  threatened
proceedings,  which are  believed  not to affect the  financial  position of the
Company in a material way at this time:

1.   Investors Capital  Enterprises,  Inc. v. Harvard  Scientific Corp. and Does
     1-50 Case No: BC209049, filed April 20, 1999 in Superior Court, Los Angeles
     County, State of California.  Investor's Capital Enterprises,  Inc. alleges
     that it was due a fee of 87,500 shares (post-split) of the Company's Common
     Stock in exchange for arranging  certain  financing.  The complaint alleges
     that it did arrange certain  financing  through DJ Ltd.  Investors  Capital
     Enterprises  claims that such an investment  qualifies  for its  commission
     agreement  and that it advised the Company in writing on July 1, 1996.  The
     complaint  alleges that the market  value of 87,500  shares on May 15, 1996
     was $2,100,000.

     During  September  1999,  the court ordered this Case to proceed to binding
     arbitration.  However, to date, Investors Capital Enterprises, Inc. has not
     initiated the arbitration.

2.   RK Company vs. Harvard  Scientific Corp., Case No. 99 C 4261, United States
     District Court, Northern District of Illinois, Eastern Division.  Plaintiff
     alleges  massive  fraud  perpetrated  by Defendant  to induce  Plaintiff to
     invest and hold securities in Harvard Scientific.

NOTE 10 - UNCERTAINTY - GOING CONCERN

The financial  statements  of the Company have been  prepared  assuming that the
Company will continue as a going concern.  The Company's  continued existence is
dependent  upon its ability to resolve its liquidity  problems,  principally  by
obtaining additional equity capital from other sources. If additional capital is
not secured, there is considerable doubt about the Company's ability to continue
as a going concern.

ITEM NO. 2. Management's Discussion and Analysis or Plan of Operation

     MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION OR PLAN OF
     OPERATION

Some of the discussion contained in this Item 6 and elsewhere in this form 10QSB
is "forward looking", as that term is identified in, or contemplated by, Section
27A of the  Securities  Act and Section 21E of the  Exchange  Act.  Accordingly,
actual results may materially  differ from  projections or other  indications of
future results.  Information  concerning factors that could cause actual results
to differ  materially from any projection or other indications of future results
is  available  in this item 6,  elsewhere in this Form 10Q-SB and in the filings
that  the  company  has  made or may  make  with  the  Securities  and  Exchange
Commission in connection  to the Company's  shareholders  or in news releases by
the Company.

OVERVIEW:

The Company  entered into a termination  agreement with principals of Four Starz
Productions,  Inc., Gladiator Films, Inc., La Playa Studios, Inc. and Four Starz
Holdings, Inc. as outlined in the 8K as filed by the Company on June 8, 2001. In
addition the Company  entered into an Exchange  Agreement with the principals of
Ragin Cajun International Cafe, Inc., Hollywood  Production  Partners,  Inc. and
The Hollywood  Cinema  Renovation  Project,  Inc. The  agreement  called for the
company to acquire one hundred per cent of the issued and  outstanding  stock of
Ragin Cajun International,  Inc., The Hollywood  production  partners,  Inc. and
fifty one percent of The  Hollywood  Cinema  Renovation  project in exchange for
45,000,000 shares of the outstanding stock of Harvard Scientific Corporation, as
delineated in the Form 8K filed by the company on June 8, 2001.  The Company may
eventually further develop its biopharmaceutical  products under a separate name
and  company,  to be  determined  at a later  date.  The focus of the  Company's
activity  over the next  twelve  months  will be to attempt to further  develop,
produce and distribute the existing projects in the Company's  recently acquired
subsidiaries. The Company and its new management are currently in the process of
discharging the Company's  outstanding debts, and are actively  negotiating with
its debt  holders to this end.  At the time of this  filing the Company has paid
down more than $200,000 of the  outstanding  debt of the Company through paid in
capital by management. The Company may use cash or Company securities to further
discharge  the debt and to the extent funds are required may seek loans or stock
purchases  by  third  parties,   the  sale  of  assets  of  the  newly  acquired
subsidiaries or personal loans from the officers and directors of the Company.

The Board of  Directors  of the  Company  consists  of three  members and may be
increased to seven  members.  The current Board of Directors will seek qualified
individuals with solid experience in the entertainment  industry to complete the
Board of Directors.

Hollywood  Production  Partners,  Inc. is now a wholly owned  subsidiary  of the
Company.  Daniel De Liege,  a director  and  President  of the  Company,  is the
President of Hollywood production Partners,  Inc. Hollywood Production Partners,
Inc. is a producer and funder of feature length motion pictures.

                                       9
<PAGE>

Ragin Cajun  International Cafe, Inc. is now a wholly subsidiary of the Company.
Ragin  Cajun  International  Cafe,  Inc.  is a Cajun  themed  restaurant  on Ft.
Lauderdale  Beach Florida and has been in operation  since  December  2000.  The
restaurant  is at the corner of Sunrise  Lane and NE 9th Avenue and  encompasses
three floors. The restaurant seats 210, has a full liquor licenses and a rooftop
bar overlooking the Atlantic Ocean. It is the intention of the management of the
Company to further  develop the Cajun themed  restaurant  by opening  additional
locations  in select  cities in the United  States.  The  Company  is  currently
negotiating  a lease for the second  restaurant in Murray,  Kentucky.  It is the
intention of  management to open the second  restaurant  before the end of 2001.
Management  intends  to  continue  opening  restaurants  and  possible  begin  a
franchise  program in the near future.  Funding for the second  restaurant  will
come from the  Officers  and  Directors  of the  Company.  The Company will seek
outside funds to further develop the Cajun restaurant theme.

The Hollywood Cinema Renovation Project, Inc. is owned fifty one per cent by the
Company. The Hollywood Cinema Renovation Project, Inc. is a 20,000 + square foot
1950's  cinema  located on Young  Circle in  Hollywood,  Florida.  The  property
includes two retail spaces of  approximately  3,500 square feet each. One of the
retail spaces has a convenience  store tenant under long-term  lease. The cinema
and unoccupied  retail space are  undeveloped at the time of this filing.  It is
the  intention of the  management of the Company to develop the 1200 seat cinema
into a live  performance  theater  complete  with  audio  and  video  broadcast,
mastering and recording capabilities.  The management further intends to include
a full  service  restaurant  and full  liquor bar on the  property  to serve the
theater.  The  property  has a current  appraisal  value of 1.7  million  and an
existing  mortgage of $918,000.  The property will require 4 million  dollars to
completely develop, pay off the existing mortgage and provide operating capital.
Management  is seeking  funding from  institutional  and private  investors  and
guarantee can be given as to the success of obtaining required funds.


Liquidity and Capital Resources:

A Company  officer and major  shareholder  has paid in more than $200,000  since
June 8,  2001 to reduce  the  Company's  outstanding  debt and  provide  working
capital.  The Company is currently seeking  additional  financing through loans,
paid in capital or the sale of company assets.

Results of Operations:

During the period  ending June 30,  2000,  the  Company  had no net sales,  and,
accordingly, had no cost of sales. During that time, the Company has shifted its
focus from strictly  biopharmaceuticals to entertainment.  The company has begun
to seek a licensor or purchaser for its medical products.

The Company's total current liabilities for the quarter ending June 30, 2001 are
$345,268

                                     Part II

                                Other Information

ITEM NO. 1. Legal Proceedings

Registrant  incorporates  herein  by this  reference  the  description  of legal
proceedings  contained in the Registrant's Form 10-KSB filed with the Securities
and Exchange Commission on April 18, 2001.

ITEM NO. 2. Changes in Securities and Use of Proceeds

Any changes  regarding the  securities or use of proceeds of the  Registrant are
described in the Registrant's Form 10-KSB filed with the Securities and Exchange
Commission on April 18, 2001. Such  information is  incorporated  herein by this
reference.

ITEM NO. 3. Defaults Upon Senior Securities

None

ITEM NO. 4. Submission of Matters to a Vote of Security Holders

No matters  have been  submitted to a vote of the  security  holders  during the
period covered by this report through the solicitation of proxies or otherwise.

                                       10
<PAGE>

ITEM NO. 5. Other Information

None.

ITEM NO. 6. Exhibits and Reports on Form 8-K

A. Exhibits

(2) Plan of acquisition, reorganization, liquidation or succession:

NONE.

(3) (i) Articles of Incorporation*
(ii) By-laws*

(27) Financial Data Schedule.

* Incorporated by reference from the Registrant's Form 10-KSB.

B. Reports on Form 8-K

Registrant  incorporates herein by this reference the Registrants Form 8-K filed
with the  Securities  and  Exchange  Commission  on March 19, 2001 and April 23,
2001.

                                   Signatures

In  accordance  with  Section 13 or 15(d) of the Exchange  Act,  the  registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                            HARVARD SCIENTIFIC CORP.

Name                        Title
Date

/s/ Daniel De Liege         President, and Chief Financial Officer
--------------------
    Daniel De Liege
    June 30, 2001


                                       11
<PAGE>