UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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 September 30, 2003



[ ]     Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act  of 1934



For  the  transition  period  from  __________  to  __________



Commission  File  Number  0-49719



AMANASU TECHNOLOGIES CORPORATION

--------------------------------

(Exact name of Small Business Issuer as specified in its charter)



Nevada                                       98 - 0351508

------                                       ------------

(State or other jurisdiction of incorporation)   (IRS Employer Identification

No.)





701 Fifth Avenue, 42nd Floor, Seattle, WA 98109

-----------------------------------------------

(Address of principal executive offices)

----------------------------------------



206-262-8188

------------

(Issuer's telephone number)

---------------------------



_________________________________________________________________

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

report)





The number of shares issued and outstanding of issuer's common stock,

$.001 par value, as of September 30, 2003 was 46,656,400.



**Transitional  Small Business Disclosure Format (check one):  Yes [  ]   No [X]



PART  I  FINANCIAL  INFORMATION



ITEM  1.          FINANCIAL  STATEMENTS



GENERAL



The  Company's  unaudited financial statements for the six months ended June 30, 2003  are  included  with  this Form 10-QSB.  The unaudited financial statements have  been  prepared  in  accordance  with  the instructions to Form 10-QSB and, therefore, do not include all information and footnotes necessary for a complete presentation  of  financial  position,  results  of  operations, cash flows, and stockholders'  equity  in  conformity  with  generally  accepted  accounting principles.  In  the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been  included  and  all  such  adjustments  are  of  a normal recurring nature. Operating  results  for  the  six months ended September 30, 2003 are not necessarily

indicative  of  the  results  that  can  be  expected for the fiscal year ending December  31,  2003.



AMANASU TECHNOLOGIES CORPORATION

(A Development Stage Company)

BALANCE SHEETS

(Unaudited)



|                                                                                                                                 | September 30,
2003
(Unaudited) | December 31,
2002
(Audited)
|-------------------------------------------------------------------------------------------------------------------------------- | ------------------------------ | ---------------------------
|                                                                                                                                
|                                                                                                                                
|ASSETS                                                                                                                           |                                |                            
|Current Assets:                                                                                                                  |                                |                            
|Cash                                                                                                                             | $ 83,445                       | $ 208,901                  
|Total current assets                                                                                                             | 83,445                         | 208,901                    
|                                                                                                                                 |                                |                            
|Fixed Assets:                                                                                                                    |                                |                            
|Automobile                                                                                                                       | 1,500                          | 1,500                      
|Less accumulated depreciation                                                                                                    | 503                            | 75                         
|Net fixed assets                                                                                                                 | 997                            | 1,425                      
|                                                                                                                                 |                                |                            
|Other Assets:                                                                                                                    |                                |                            
|Licensing agreement                                                                                                              | 160,000                        | 160,000                    
|Less accumulated amortization                                                                                                    | 25,883                         | 18,824                     
|Total other assets                                                                                                               | 134,117                        | 141,176                    
|                                                                                                                                 | _______                        | _______                    
|Total Assets                                                                                                                     | $ 218,559                      | $ 351,502                  
|                                                                                                                                 |                                |                            
|LIABILITIES AND STOCKHOLDERS EQUITY                                                                                             |                                |                            
|                                                                                                                                 |                                |                            
|Current Liabilities:                                                                                                             |                                |                            
|Amount due for licensing agreement                                                                                               | $   60,000                     | $   60,000                 
|Shareholder deposits for capital stock                                                                                           | -                              | 70,000                     
|Shareholder advance                                                                                                              | 99,900                         | -___                       
|Total current liabilities                                                                                                        | 159,900                        | 130,000                    
|Stockholders Equity:                                                                                                            |                                |                            
|Common Stock: authorized 100,000,000 shares of
$.001 par value; issued and outstanding  46,656,400
and 46,436,400, respectively | 46,656                         | 46,436                     
|Additional paid-in capital                                                                                                       | 490,744                        | 405,964                    
|Deficit accumulated during development stage                                                                                     | (478,741)                      | (230,898)                  
|Total stockholders equity                                                                                                       | 58,659                         | 221,502                    
|Total Liabilities and Stockholders Equity                                                                                       | $ 218,559                      | $ 351,502                  







The accompanying notes are an integral part of these financial statements.



1

AMANASU TECHNOLOGIES CORPORATION

(A Development Stage Company)

STATEMENTS OF OPERATIONS AND DEFICIT

ACCUMULATED DURING DEVELOPMENT STAGE

(Unaudited)



|                                                        | Nine Month Periods Ended September 30, | December 1, 1997
(Date of Inception)
To September 30, 2003
|------------------------------------------------------- | -------------------------------------- | ----------------------------------------------------------
|2003                                                    | 2002                                  
|                                                        |                                        |                                                           
|Revenue:                                                |                                        |                                                           
|Interest income                                         | $            430                       | $           2,207                                         
|Expenses                                                | 248,273                                | 128,230                                                   
|                                                        |                                        |                                                           
|                                                        |                                        |                                                           
|Loss accumulated               during development stage | $   (247,843)                          | $     (126,023)                                           
|                                                        |                                        |                                                           
|Loss Per Share -                                        |                                        |                                                           
|Basic and Diluted                                       | $           (.01)                      | $               -                                         
|                                                        |                                        |                                                           
|Weighted average number of shares outstanding           | 46,628,622                             | 46,386,400                                                



































The accompanying notes are an integral part of these financial statements.



2

AMANASU TECHNOLOGIES CORPORATION

(A Development Stage Company)

STATEMENTS OF OPERATIONS AND DEFICIT

ACCUMULATED DURING DEVELOPMENT STAGE

(Unaudited)



|                                                        | Quarters Ended September 30, | December 1, 1997
(Date of Inception)
To September 30, 2003
|------------------------------------------------------- | ---------------------------- | ----------------------------------------------------------
|2003                                                    | 2002                        
|                                                        |                              |                                                           
|Revenue:                                                |                              |                                                           
|Interest income                                         | $            107             | $            833                                          
|Expenses                                                | 34,068                       | 39,521                                                    
|                                                        |                              |                                                           
|                                                        |                              |                                                           
|Loss accumulated               during development stage | $     (33,961)               | $     (38,688)                                            
|                                                        |                              |                                                           
|Loss Per Share -                                        |                              |                                                           
|Basic and Diluted                                       | $               -            | $               -                                         
|                                                        |                              |                                                           
|Weighted average    number of shares     outstanding    | 46,656,400                   | 46,386,400                                                































The accompanying notes are an integral part of these financial statements.



3



AMANASU TECHNOLOGIES CORPORATION

(A Development Stage Company)

STATEMENTS OF CASH FLOWS

(Unaudited)



|                                                      | Nine Month Periods Ended
September 30,
2003               2002 | December 1, 1997 (Date of Inception)
To September 30,
2003
|----------------------------------------------------- | -------------------------------------------------------------- | ----------------------------------------------------------
|CASH FLOWS FROM OPERATIONS:                           |                                                                |                                                           
|Net loss                                              | $(247,843)                                                     | $(126,023)                                                
|Charges not requiring the outlay of cash:             |                                                                |                                                           
|Depreciation and amortization                         | 7,487                                                          | 7,059                                                     
|Services provided for common stock                    | 15,000                                                         | -___                                                      
|                                                      |                                                                |                                                           
|Net Cash Consumed By
Operating Activities             | (225,356)                                                      | (118,964)                                                 
|                                                      |                                                                |                                                           
|CASH FLOWS FROM INVESTING
ACTIVITIES:                 |                                                                |                                                           
|Purchase of automobile                                | -                                                              | -                                                         
|Partial payment of amount due for
licensing agreement | -                                                              | (100,000)                                                 
|                                                      |                                                                |                                                           
|Net Cash Consumed By
Investing Activities             | -___                                                           | (100,000)                                                 
|                                                      |                                                                |                                                           
|CASH FLOWS FROM FINANCING
ACTIVITIES:                 |                                                                |                                                           
|Issuances of common stock                             | -                                                              | 70,000                                                    
|Shareholder advance                                   | 99,900                                                         | -___                                                      
|                                                      |                                                                |                                                           
|Net Cash Provided By
Financing Activities             | 99,900                                                         | 70,000                                                    
|                                                      |                                                                |                                                           
|Net Change In Cash                                    | (125,456)                                                      | (148,964)                                                 
|                                                      |                                                                |                                                           
|Cash balance, beginning of period                     | 208,901                                                        | 416,053                                                   
|                                                      |                                                                |                                                           
|Cash balance, end of period                           | $83,445                                                        | $ 267,089                                                 





The accompanying notes are an integral part of  these financial statements.



4

AMANASU TECHNOLOGIES CORPORATION

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

September 30, 2003

(Unaudited)









1.

BASIS OF PRESENTATION



The unaudited interim financial statements of Amanasu Technologies Corporation (the Company) as of September 30, 2003 and for the three and nine month periods ended September 30, 2003 and 2002, have been prepared in accordance with generally accepted accounting principles.  In the opinion of management, such information contains all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for such periods.  The results of operations for the quarter and nine month period ended September 30, 2003 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2003.



Certain information and disclosures normally included in the notes to financial statements have been condensed or omitted as permitted by the rules and regulations of the Securities and Exchange Commission, although the Company believes the disclosure is adequate to make the information presented not misleading.  The accompanying unaudited financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2002.





5

ITEM  2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OR  PLAN  OF  OPERATION



Forward  Looking  Statements

----------------------------



This  report  on  Form 10-QSB contains certain forward-looking statements within the  meaning  of section 21e of the Securities Exchange Act of 1934, as amended, and  other  applicable securities laws.  All statements other than statements of historical  fact  are  "forward-looking  statements"  for  the purposes of these provisions,  including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future  operation; any statements concerning proposed new products, services, or developments;  any  statements  regarding  future  economic  conditions  or performance;  statements  of belief; and any statement of assumptions underlying any  of  the foregoing.  Such forward-looking statements are subject to inherent risks  and  uncertainties, and actual results could differ materially from those anticipated  by  the  forward-looking  statements.



See the Company's Annual Report on Form 10-KSB/A for the period ending December 31, 2002 (Form 10-KSB) for additional statements concerning operations and future capital requirements. Certain risks exist with respect to the Company and its business, which risks include the need for additional capital, and lack of commercial product, among other risks. Readers are urged to refer to the section entitled Risk Factors in the Companys Form 10-KSB/A for a broader discussion of such risks and uncertainties.



The  following  discussion  should  be  read  in  conjunction with the Company's Financial  Statements,  including the Notes thereto, appearing elsewhere in this Quarterly  Report and in the Companys Annual Report on Form 10-KSB/A for the year ended December 31, 2002.



COMPANY  OVERVIEW



Amanasu  Technologies  Corporation  (the "Company") was organized on December 1, 1997.  Its  operations  to  date  have  been limited to obtaining the exclusive, worldwide  rights  to  a  high  efficiency  electrical  motor and a high powered magnet.  The  Company  intends to use the technologies to produce a lightweight, electrical  motor  scooter  to  compete  in the emerging, light electric vehicle industry.  The  Company intends to manufacture and sell the motor scooter to its initial  target  markets  of  Japan,  Taiwan,  China,  Korea, and North America.



Although  the  Company  received  the  exclusive  worldwide  rights   under  the sub-licensing  agreement,  the  technology is patented only in the United States and  Canada.  The  magnet  technology was patented by the inventor in the United States  in  November  1998  (Patent #: 5,840,133-filed February 7, 1997) and the motor  technology  was  patented by the inventor in the United States in January 1999  (Patent  #:  5,861,693-filed  November 17, 1995) and in Canada in  February 2001  (Patent  #:  2,164,745-filed  December 8, 1995). The patents expire in the United  States  and  Canada 17 years and 20 years from their respective original filing  date. The Company anticipates that it will file for patent protection in other  countries  prior  to  any marketing efforts in such country, and no other patents  regarding  the  technologies  are  pending  or  planned.



MARKETS AND PRODUCTS



The  Company's  principal  product  it  intends to market is a lightweight motor scooter  that features the proprietary electric motor. The one passenger scooter will  also  feature  a  stepless

transmission,  an  electromotive brake, and is expected  to  weigh  107  kg.  The Company will use an otherwise standard leaded battery. Due to the unique features of the licensed technologies, the scooter is expected to deliver improved operational efficiencies over competitive products.



The  Company's  strategic  focus  for  the  next  12  months  is  to establish a distribution  network  in  Japan,  Taiwan, China, Korea, and North America.  The Company  will  use independent marketing representatives to identify prospective distributors  and  other  potential users such as local and regional governments within  designated  territories.  Formal  agreements  with  distributors will be negotiated  with  assistance  from  the Company's officers. Wanxuan Lei, Shiyang Lei,  and  Jufang  Zhang are the Company's independent marketing representatives for  the  territories  of China, Korea and Taiwan, respectively. In exchange for their  services,  the Company has issued 1,000,000 shares of its common stock to each  party.  In  North  America,  Mr.  Maki,  a  controlling shareholder and an independent  consultant  will lead the marketing efforts in North America.  Once an  arrangement  is  formalized with a distributor, the marketing representative will  make  sales directly to the distributor, subject to a commission structure to be established by the Company. The efforts of these representatives currently are  supported  by  the  Mr.  Maki.  However, upon receipt of sufficient working capital funds, the Company intends to hire a Vice President of Sales who will be located  in  the Company's Seattle office, and a regional sales manager who will be  located  in  the  Company's Tokyo office. Once hired, the new employees will supervise  and  support  the  efforts  of  the  marketing  representatives.



Mr. Maki, a controlling shareholder of the Company, received 2,700,000 shares of common  stock  to  assist the Company in marketing the product in Japan, Taiwan, China,  Korea,  and  North  America, including the governmental agencies. During 2002,  the  Company commenced its marketing activities and discussions have been initiated  with  distributors  in  Beijing  and  Tokyo.  However,  no  formal arrangements  have been established at this time, and the Company cannot predict the  results  of  any  current  or  future  negotiations  with  distributors.



The  Company  estimates  that its marketing costs for the next 12 months will be approximately  $100,000,  which  will  be  used  to  support  the efforts of its marketing  representatives.  These  projected  expenditures  represent costs for printed  promotional  materials,  product  demonstrations,  trade  shows  and exhibitions  and  travel  and  entertainment.



Each distributor for the Company likely will be an existing distributor of motor scooters,  and  will  be  granted  a  designated  territory  on  an exclusive or non-exclusive  basis. In order to maintain exclusivity, each distributor will be required  to purchase a minimum number of scooters annually, the amount of which will  be  commensurate  with  the  size of the designated territory. The Company believes  that these principal markets are attractive because of the high demand for  motor scooters coupled with the growing worldwide effort to limit emissions from  gas-powered  vehicles.  The  Company  will  seek to leverage its operating advantages  to  sell  its  products  to  existing  scooter distributors in these territories.



For  the next 12-month period, the Company expects to establish of a network of distributors  throughout  the  remainder  of  the  Pacific  Rim  under terms and conditions  similar  to  its  target markets of Japan, Taiwan, China, Korea, and North  America.



In February 2003, a prototype scooter was shipped to prospective distributor in Mexico for testing, including tests related to government regulations. At of the date of this report, the Company has not completed all of the required testing. In addition, the Company is making certain modifications to the scooter in response to testing performed by a prospective buyers located in the United States.  The Company is hopeful that such testing and refinements will be completed in the first quarter of 2004.



PLAN  OF  OPERATIONS



The  Company  is  a  development  stage  corporation.  It  has not commenced its planned  operations  of  manufacturing  and  selling  its motor scooter product.



Effective  March  10, 2000, the Company obtained the exclusive, worldwide rights to  the  technologies, subject to the terms of the underlying license agreement, which  was  sublicensed  from  Amanasu  Corporation.



The sublicense agreement subjects the Company to the terms and conditions of the original  license agreement, and as a result, the Company is required to pay the inventors  a  royalty  of  two  percent  of  the gross receipts from the sale of products  using the technology. The term of the sublicense agreement is 30 years from  the  date  of  the  agreement  between  the  Amanasu  Corporation  and the inventors.  However,  if  the  Company fails to comply with any provision of the agreement  after  a  90-day  notice  period,  the  licensors  may  terminate the agreement.  The  Company  has valued the sublicense agreement at $160,000, which equals  the  cash  amount  paid  by  Amanasu  Corporation  to  the  inventors.



The  Company  intends to raise $250,000 during the remainder of 2003 through the private  placement  of  its  common  stock  and  loans  from shareholders of the Company.  The  proceeds  of  such  private  placements and loans will be used to continue  the development and market planning of its two products, and for other general  working  capital  needs.



The  Company's  activities  over  the  next twelve months will be devoted to the establishment  of  a  distribution  network  in Japan, Taiwan, China, Korea, and North  America,  and  the  hiring  of  limited  staff  to  conduct its business.



The  Company  has  made  arrangements  with  a  scooter  company  in  Beijing to manufacture  the  scooter.  The  Company  anticipates  that it will finalize the formal  contract  during  late 2003.  The Beijing facility has the capability to manufacture  20,000  to  35,000  scooters  per month under present manufacturing conditions.  The  principal  inventor  will supply the proprietary motor magnet,

and  will  assemble  the  motor  from  the  manufactured components at his Tokyo factory.



The  non-magnet  motor  components  will be specially manufactured in accordance with the Company's specifications by Miyako Denki Co. and Sanwa Electronics Co., both  located  in  Tokyo.  The  principal inventor will also supply the battery, which  will be manufactured in Beijing, China. All components will be shipped to the  sub-contract  facility  in Beijing for final assembly. The Company believes these arrangements will be sufficient to meet the Company's production needs for the  foreseeable  future  in its initial target markets of Japan, Taiwan, China, Korea,  and  North  America.



The  Company  has  not  entered  into  any  written  contracts with providers of equipment  or  services  related  to the scooter. While the Company may maintain single  sources  for the manufacture or supply of various components, other than the  motor or the magnet, it believes that other sources for such components are available  if  necessary. The Company will rely solely upon the inventor for the manufacture  of  the  motor  and magnet.  However, the Company has the technical know-how  to  manufacture these products, if necessary. The inventor will supply the  motor,  including the magnet, and the battery at a cost equal t o the actual component  cost  plus  10%  to cover labor and overhead. The cost for all other components  will  be  a  fixed  price  per  item.



The  Company  has  entered  into  discussions with a number of private investors concerning the private placement of its common stock.  At this time, however, it has  not  received  commitments  from  any  source.  Although  the  Company  is encouraged  by  its discussions, it cannot predict whether it will be successful in  raising  capital.



RESEARCH  AND  DEVELOPMENT



On  December  26,  2001,  Sanwa  Electronics Co., Inc. performed two independent tests  on  one  of  the  Company's scooters. The test results indicated that the motor  scooter  can  travel  65 to 85 km on a full battery charge, at an average running  speed  of 30 km/hour. The battery charge time to travel these distances approximated 2 hours. Sanwa Electronics conducted the tests on a relatively flat road  grade  with  limited  traffic density. These results contrast with Honda's electric  scooter  (Year  2001-Model  #A-AF36).  According to product literature published by Honda, the scooter travels approximately 60 km at 30 km/hour, and a full  recharge requires approximately 8 hours.  Further research and development of  the  product  is  expected  to  meet  specific  customer  needs.



CRITICAL  ACCOUNTING  POLICIES



The  following  discussion and analysis of the Company's financial condition and results  of  operations are based upon the financial statements, which have been prepared  in  accordance  with  accounting  principles generally accepted in the United  States.  The  preparation  of  these  financial  statements requires the Company  to  make  estimates  and  judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets  and  liabilities.  On  an  on-going  basis,  the  Company evaluate these estimates.  The  Company  bases  its  estimates  on historical experience and on various  other  assumptions  that  are  believed  to  be  reasonable  under  the circumstances,  the  results  of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other  sources.  Actual  results may differ from these estimates under different assumptions  or  conditions.



In  the event that the Company's revenues do not increase in the next 12 months, the  Company  plans  to  obtain  additional  private placements and loans from a controlling  shareholder,  Atsushi  Maki.  The  Company does anticipate business opportunities,  however,  those  opportunities  remain  uncertain  to  date.





LIQUIDITY  AND  CAPITAL  RESOURCES



The  Company believes that the liquidity and capital resources are sufficient to support operations at the present level given that the Company recently obtained a  personal  loan  from  Mr.  Maki  in  the  amount  of  $99,900.



The  Company will require a minimum of $250,000 to satisfy its cash requirements for the next twelve months.  If the Company is successful in raising this money, it  will  commence  production  and  marketing  of units of its electrical motor scooter  and  electric  bicycles  to  prospective customers.  The Company cannot predict  whether  it  will be successful in its capital raising efforts.  If the Company  is  not  successful in raising $250,000, it may not be able to complete its  plan  of  operations.



ITEM  3.      CONTROLS  AND  PROCEDURES



(a)  EVALUATION  OF  DISCLOSURE CONTROLS AND PROCEDURES. Based on the evaluation      of  the  Company's  disclosure controls and procedures (as defined in Rules  13a-14(c)  and 15d-14(c) under the Securities Exchange Act of 1934) as of a      date  within  90  days  of the filing date of this Quarterly Report on Form      10-QSB,  the  Company's Chief Executive Officer and Chief Financial Officer      has  concluded  that  the  Company's disclosure controls and procedures are      designed  to ensure that the information the Company is required to disclose in the  reports,  the  Company  files or submits under the Exchange Act is  recorded,  processed,  summarized  and  reported  within  the  time periods      specified  in  the  SEC's rules and forms and are operating in an effective  manner.



(b)  CHANGES  IN  INTERNAL  CONTROLS.  There  were no significant changes in the  Company's  internal  controls  or in other factors that could significantly      affect  these  controls  subsequent  to  the  date  of  their  most  recent      evaluation.







Part II OTHER INFORMATION

Item 1. Legal Proceedings.

None



Item 2. Changes in Securities.

None



Item 3. Defaults upon Senior Securities.

None



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

None



Item 5. Other Information.

None



Item 6. Exhibits.

(a). Furnish the Exhibits required by Item 601 of Regulation S-B.

Exhibit 31  Certification Pursuant To Section 302 Of The Sarbanes-Oxley Act Of 2002.

Exhibit 32  Certification Pursuant To Section 906 Of The Sarbanes-Oxley Act Of 2002.



(b). Reports on Form 8-K.

None



SIGNATURES



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



AMANASU  TECHNOLOGIES  CORPORATION





/s/ Masafumi Hata

Masafumi  Hata,

Chairman, President,

Chief Financial Officer





Dated:  November 19,  2003