UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

                                 FORM 10-QSB

(Mark One)
    [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934
        For the quarterly period ended September 30, 2002

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

        For the transition period from ____________ to ________________

        Commission file number ________________________________________


                             Ginseng Forest, Inc.
               -------------------------------------------------
       (Exact name of small business issuer as specified in its charter)


              Nevada                        86-1012155
      -----------------------         ----------------------
     (State or jurisdiction of    (I.R.S. Employer Identification
  incorporation or organization)               No.)


                             3812 North Gallatin Street
                                   Mesa, AZ 85215
                       ------------------------------------
                    (Address of principal executive offices)

                                 (480) 985-0749
                             ----------------------
                           (Issuer's telephone number)


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


              APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                 PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check  whether the registrant filed all documents and reports required to  be
filed  by  Section l2, 13 or 15(d) of the Exchange Act after the distribution
of securities under a plan confirmed by a court. [ ]Yes [ ]No

                    APPLICABLE ONLY TO CORPORATE ISSUERS

State  the  number of shares outstanding of each of the issuer's  classes  of
common  equity,  as of the latest practicable date: Common  Stock,  3,768,000
shares issued and outstanding as of September 30, 2002.

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




PAGE-1-



                              TABLE OF CONTENTS

                                                                          PAGE

PART I - FINANCIAL INFORMATION                                              3
 Item 1. Financial Statements.                                              3
 Item 2. Management's Analysis of Financial Condition and Plan of
         Operation.                                                         9
 Item 3. Controls and Procedures                                           10

PART II - OTHER INFORMATION                                                11
 Item 1. Legal Proceedings.                                                11
 Item 2. Changes in Securities.                                            11
 Item 3. Defaults Upon Senior Securities.                                  11
 Item 4. Submission of Matters to a Vote of Security Holders.              11
 Item 5. Other Information.                                                11
 Item 6. Exhibits and Reports on Form 8-K.                                 11

SIGNATURES                                                                 12



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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

The  following unaudited financial statements are included as  part  of  this
Registration Statement:

* Balance Sheets as of September 30, 2002 and December 31, 2001.

* Statements of Operations for the Three Months Ended September 30,  2002
  and  September 30, 2001, Nine Months Ended September 30, 2002 and September
  30, 2001, and the Period December 4, 2002 (inception) to September 30, 2002.

* Statement of Cash Flows for the Nine Months Ended September 30, 2002 and
  September 30, 2001 and the Period December 4, 2002 (inception) to September
  30, 2002.

* Notes to Financial Statements



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                      Ginseng Forest, Inc.
                  (a Development Stage Company)
                         Balance Sheets

                                         (unaudited)
                                          September 30,  December 31,

                                             2002           2001
Assets                                  ---------------  --------------


Current assets:
 Cash                                     $   29,856     $     307

 Inventory                                       493             -

 Prepaid expense                               1,375             -
                                        ---------------  --------------
   Total current assets                       31,724           307
                                        ---------------  --------------

Fixed assets, net                              1,476             -
                                        ---------------  --------------

                                         $    33,200    $      307
                                        ===============  ==============

Liabilities and Stockholder's Equity (Deficit)


Current liabilities:
 Due to shareholder                      $         -    $      505

 Accrued executive compensation               10,500             -
                                        ---------------  --------------
   Total current liabilities                  10,500           505
                                        ---------------  --------------
Stockholder's equity (deficit):

 Common stock, $0.001 par value,
   25,000,000 shares authorized,
   3,768,000 and 2,500,000
   shares issued and outstanding
   as of 9/30/02 and
   12/31/01, respectively                      3,768         2,500

 Additional paid-in capital                   71,732         9,600

 (Deficit) accumulated during
 development stage                           (52,800)      (12,298)
                                        ---------------  --------------
                                              22,700          (198)
                                        ---------------  --------------
                                         $    33,200    $      307
                                        ===============  ==============

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





  PAGE-4-




                      Ginseng Forest, Inc.
                  (a Development Stage Company)
                    Statements of Operations
                           (unaudited)



                                   Three Months     Nine Months    December 4,
                                      Ending           Ending         2000
                                  September 30,    September 30,  (Inception)to
                                                                  September 30,
                                  2002     2001    2002      2001     2002
                              --------------------------------------------------


Revenue                        $      -  $       - $       -  $      - $      -

Expenses:                     --------------------------------------------------
 General and administrative       4,468       505   29,951    9,588      40,249
 expenses
 General and administrative       4,500         -   10,500        -      12,500
 expenses - related party
 Depreciation                        51         -       51        -          51
                              --------------------------------------------------
  Total expenses                  9,019       505   40,502    9,588      52,800
                              --------------------------------------------------
Net (loss)                     $ (9,019) $   (505) $(40,502) $ (9,588) $(52,800)
                              ==================================================

Weighted average number of
 common shares outstanding -   3,768,000 2,500,000 3,493,963 2,443,223
basic and fully diluted       =========================================

Net (loss) per share - basic   $  (0.00) $  (0.00) $  (0.01)  $ (0.00)
& fully diluted               =========================================



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



  PAGE-5-





                    Ginseng Forest, Inc.
                (a Development Stage Company)
                  Statements of Cash Flows
                         (unaudited)

                                  Nine Months Ending      December 4, 2000
                                     September 30,        (Inception) to

                                   2002          2001    September 30, 2002
                               ---------------------------------------------


Cash flows from operating
activities

Net (loss)                      $ (40,502)   $ (9,588)         $ (52,800)

Shares issued for services
                                        -           -              2,000
Depreciation
                                       51                             51
Adjustments to reconcile net
 (loss) to net cash (used) by
 operating activities:

   (Increase) in inventory           (493)          -               (493)

   (Increase) in prepaid
   expense                         (1,375)          -             (1,375)

   (Decrease) in due to
   shareholder                       (505)          -                  -

   Increase in accured
   executive compensation          10,500           -             10,500
                               ---------------------------------------------
Net cash (used) by operating
activities                        (32,324)     (9,588)           (42,117)
                               ---------------------------------------------

Cash flows from investing
activities

 Purchase of fixed assets
                                   (1,527)          -             (1,527)
Net cash (used) by financing   ---------------------------------------------
activities                         (1,527)          -             (1,527)
                               ---------------------------------------------
Cash flows from financing
activities
 Issuances of common stock         63,400      10,100             73,500

Net cash provided by financing
activities                         63,400      10,100             73,500

Net increase in cash               29,549         512             29,856

Cash - beginning                      307           -                  -
                              ---------------------------------------------
Cash - ending                  $   29,856    $    512           $ 29,856
                              =============================================

Supplemental disclosures:
 Interest paid                 $        -    $      -           $      -
                              =============================================
 Income taxes paid             $        -    $      -           $      -
                              =============================================
Non-cash investing and
financing activities:
 Shares issued for services
 provided                      $        -    $      -           $  2,000
 Number of shares issued for  =============================================
 services                               -           -          2,000,000
                              =============================================

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



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                      Ginseng Forest, Inc.
                  (a Development Stage Company)
                              Notes
Note 1 - Basis of presentation

The  interim  financial statements included herein, presented  in
accordance  with  United  States  generally  accepted  accounting
principles  and stated in US dollars, have been prepared  by  the
Company, without audit, pursuant to the rules and regulations  of
the  Securities and Exchange Commission.  Certain information and
footnote  disclosures  normally included in financial  statements
prepared   in  accordance  with  generally  accepted   accounting
principles have been condensed or omitted pursuant to such  rules
and   regulations,  although  the  Company  believes   that   the
disclosures  are adequate to make the information  presented  not
misleading.

These  statements reflect all adjustments, consisting  of  normal
recurring  adjustments, which, in the opinion of management,  are
necessary  for  fair  presentation of the  information  contained
therein.  It is suggested that these interim financial statements
be  read  in  conjunction with the financial  statements  of  the
Company  for  the year ended December 31, 2001 and notes  thereto
included  in  the Company's Form 10-SB.  The Company follows  the
same accounting policies in the preparation of interim reports.

Results of operations for the interim periods are not indicative
of annual results.

Note 2 - Going concern

The accompanying financial statements have been prepared assuming
the  Company will continue as a going concern.  As shown  in  the
accompanying financial statements, the Company has incurred a net
loss  of $52,800 for the period from December 4, 2000 (inception)
to September 30, 2002, and has no sales. The future of the Company
is dependent upon its ability to obtain financing and upon future
profitable  operations from the development of its  new  business
opportunities.   Management has plans to seek additional  capital
through  private placements and public offerings  of  its  common
stock.   The  financial statements do not include any adjustments
relating  to  the recoverability and classification  of  recorded
assets, or the amounts of and classification of liabilities  that
might  be  necessary in the event the Company cannot continue  in
existence.

These conditions raise substantial doubt about the Company's
ability to continue as a going concern.  These financial
statements do not include any adjustments that might arise from
this uncertainty.

Note 3 - Fixed assets

On  July  18,  2002,  the  Company  acquired  computer  equipment
totaling  $1,527.  For the nine-month period ended September  30,
2002, the amount of depreciation expense was $51.

Note 4 - Accrued executive compensation

On  March 1, 2002, the Board of Directors of the Company approved
an  annual  base salary of $18,000 with the Company's  president.
For  the  nine-month period ended September 30, 2002, the  amount
accrued was $10,500 and is due upon demand.

Note 5 - Stockholder's equity

The Company is authorized to issue 25,000,000 shares of its
$0.001 par value common stock.

As of December 31, 2001, there were 2,500,000 shares issued and
outstanding of $0.001 par value common stock.

On  February 28, 2002, the Company completed an offering that was
registered  with the State of Nevada pursuant to NRS  90.490  and
was  exempt  from federal registration pursuant to Regulation  D,
Rule  504 of the Securities Act of 1933, as amended.  The Company
sold  1,268,000 shares of its $0.001 par value common stock at  a
price of $0.05 per share for total cash of $63,400.



PAGE-7-



There have been no other issuances of common stock.

Note 6 - Related party transactions

During December 2000, the Company issued 2,000,000 shares of  its
$0.001  par  value  common stock to an officer  and  director  in
exchange for services rendered in the amount of $2,000.

On  March 1, 2002, the Board of Directors of the Company approved
an  annual  base salary of $18,000 with the Company's  president.
For  the  nine-month period ended September 30, 2002, the  amount
accrued was $10,500 and is due upon demand.

Office  space is provided without charge by an officer,  director
and  shareholder.   Such costs are immaterial  to  the  financial
statements  and,  accordingly, have not been  reflected  therein.
The  officers and directors of the Company are involved in  other
business  activities and may, in the future, become  involved  in
other business opportunities.  If a specific business opportunity
becomes  available, such persons may face a conflict in selecting
between  the  Company  and their other business  interests.   The
Company  has not formulated a policy for the resolution  of  such
conflicts.

Note 7 - Warrants

As  of  March 5, 2002, the Company issued 126,800 warrants to  an
investment  banking  firm to purchase the  Company's  $0.001  par
value  common stock on a one-for-one basis.  The warrant exercise
price  is $0.055 per share of common stock and substantially  all
warrants will expire on or before March 5, 2005.  During the six-
month  period  ended September 30, 2002, no warrants  have   been
exercised.   The  warrant has been determined to have  no  market
value  using the Black-Scholes option pricing model with a market
value  per  common share of $0.05, a risk free rate of return  of
8%, an exercise period of three years and a volatility of 30%.

Note 8 - Contracts and agreements

On  February 12, 2002, the Company executed an investment banking
agreement  with  NevWest Securities Corporation (NW)  to  be  the
agent of the issuer for the offering that was exempt from federal
registration pursuant to Regulation D, Rule 504.  Pursuant to the
terms  of  the  agreement, the Company paid NW a  non-accountable
expense  allowance of $1,500 and 10% of the total gross  proceeds
raised.   In  addition, the Company issued  126,800  warrants  to
purchase the Company's $0.001 par value common stock on a one-for-
one  basis.   The warrant exercise price is $0.055 per  share  of
common  stock  and substantially all warrants will expire  on  or
before  March 5, 2005.  During the nine-month period, the Company
paid NW a total of $9,340 for commissions, escrow fees and a non-
accountable expense allowance.

On  September  15,  2002, the Company executed a  one-year  lease
agreement with an individual for one-quarter of an acre  of  land
for  a testing site.  Pursuant to the terms of the agreement, the
Company paid $1,500 for the annual rent of the testing site which
is  considered a prepaid expense.  During the nine-month  period,
the  Company  had rental expense of $125 and as of September  30,
2002, the balance in prepaid expense totaled $1,375.



PAGE-8-




Item 2. Management's Analysis of Financial Condition and Plan of
                                Operation.

This  section  must  be read in conjunction  with  the  unaudited
Financial Statements included in this report.

A.   Management's Analysis of Financial Condition

In  the  approximately twenty-two (22) months of  operation  from
December  4,  2000  (Date of Inception) to  September  30,  2002,
Ginseng  Forest,  Inc.  ("GFI"  or the  "Company")  generated  no
revenues  and  incurred a cumulative net loss of $52,800.   GFI's
loss  resulted  primarily  from  costs  of  start-up  activities,
including  consulting fees and other general  and  administrative
expenses.  Also, on March 1, 2002, the Board of Directors of  GFI
approved  an  annual base salary of $18,000 for GFI's  president.
For the nine-month period ended September 30, 2002, the amount of
accrued  salary was $10,500.  As of the September 30,  2002,  the
president of GFI did not receive any of the accrued amount, which
is due upon demand.

On  July 18, 2002, GFI acquired computer equipment for a total of
$1,527.  For the nine-month period ended September 30, 2002,  the
amount of depreciation expense was $51.

On  September  15, 2002, GFI executed a one-year lease  agreement
with  an  individual for one-quarter of an acre  of  land  for  a
testing  site.  Pursuant to the terms of the agreement, GFI  paid
$1,500  for  the  annual  rent  of  the  testing  site  which  is
considered a prepaid expense.  During the nine-month period,  GFI
had  rental  expense of $125 and, as of September 30,  2002,  the
balance in prepaid expenses totaled $1,375.

GFI  financed its operations during the period from  December  4,
2000 to September 30, 2002 primarily by issuing capital stock  to
its founder, officers, and unaffiliated investors in exchange for
cash  and  services.  During December 2000, GFI issued  2,000,000
shares  of  its $0.001 par value common stock to an  officer  and
director  in  exchange for services rendered  in  the  amount  of
$2,000.  During February 2001, GFI issued 500,000 shares  of  its
$0.001  par value common stock to Providential Management  Group,
Ltd.,  a limited partnership, in exchange for cash in the  amount
of  $10,000.   On  February  28, 2002, GFI  closed  its  offering
pursuant  to  Regulation D, Rule 504 of the 1933  Securities  and
Exchange  Act, as amended, whereby it sold a total  of  1,268,000
shares  of  its  common  stock  at $0.05  per  share  to  outside
investors  for  cash  in  the total amount  of  $63,400.   As  of
September 30, 2001, GFI had 3,768,000 shares of Common issued and
outstanding held by approximately 27 shareholders of record.   In
March 2002, GFI issued 126,800 warrants to purchase the Company's
$0.001  par  value  common  stock on a  one-for-one  basis.   The
warrant  exercise price is $0.055 per share of common  stock  and
substantially  all  warrants will expire on or  before  March  5,
2005.  During the nine-month period ended September 30, 2002,  no
warrants were exercised.

As  of  September  30, 2002, GFI had $31,724 in  current  assets,
$10,500 in current liabilities, and a working capital of $21,224.
The  current  assets  consisted  of  $29,856  in  cash,  $493  in
inventory, and $1,375 in prepaid expenses.

B.   Plan of Operation

GFI  plans to produce and distribute the roots and seeds  of  the
ginseng  herb.   In  the  future, GFI  plans  to  diversify  into
products  that  contain ginseng as an ingredient.  Such  products
may  include powders, capsules, teas, tonics, candy, chewing gum,
shampoo, face lotion and liquid extract.  GFI intends to  develop
relationships  with  wholesalers,  distributors  and  nutritional
product  manufacturers  to distribute  GFI's  ginseng  roots  and
seeds.   GFI  believes  that most of GFI's prospective  customers
expect  uniform  quality and consistent year-round  supply.   GFI
believes  that  by  offering  a  high  quality  product  with   a
consistent year-round supply, GFI can become a recognized  grower
of choice.




PAGE-9-




GFI  may  pursue  strategic  alliances  with  partners  who  have
established  operations.  GFI believes that these  joint  venture
relationships,  if successful, will allow GFI  to  gain  insight,
expertise and penetration in markets where joint venture partners
already  operate,  and  may  increase GFI's  revenue  and  income
growth.   No specific joint venture agreements have been  signed,
and  no  assurance  can  be given that  any  agreements  will  be
effected, or if effected, will be successful.

GFI  believes  that it has sufficient resources  to  support  its
operations  for  the  next twelve to eighteen  months.   However,
without  realizing revenues, GFI will eventually  face  financial
difficulties and may need to raise additional capital.  It is the
intent  of  GFI, in the next twelve months, to generate  revenues
sufficient to operate and grow as a going concern.

Item 3. Controls and Procedures

Based  on  the  most  recent review, which was  completed  within
ninety  days  of  the filing of this report, the Chief  Executive
Officer  of GFI has concluded that GFI's disclosure controls  and
procedures  are effective to ensure that information required  to
be  disclosed by GFI in the reports it files or submits under the
Securities  Exchange Act of 1934, as amended, is accumulated  and
communicated  to GFI's management, including its Chief  Executive
Officer,  as  appropriate  to  allow timely  decisions  regarding
required  disclosure  and  are  effective  to  ensure  that  such
information  is  recorded,  processed,  summarized  and  reported
within  the time periods specified in the Securities and Exchange
Commission's rules and forms.  There were no significant  changes
in  GFI's  internal  controls  or in  other  factors  that  could
significantly  affect those controls subsequent to  the  date  of
their evaluation.



PAGE-10-




                   PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 2. Changes in Securities.

None.

Item 3. Defaults Upon Senior Securities.

None.

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

None.

Item 5. Other Information.

None.

Item 6. Exhibits and Reports on Form 8-K.

(a)  Exhibits required by Item 601 of Regulation S-B
-------------------------------------------------------------------------
Exhibit           Name and/or Identification of Exhibit
 Number

   3.    Articles of Incorporation & By-Laws
            (i)  Articles of Incorporation of the Company filed
                 December 4, 2000 and Amendments Thereto, incorporated
                 by reference to the Registration Statement on Form 10-
                 SB, as amended, previously filed with the SEC.
            (ii) By-Laws of the Company adopted November 30, 2000,
                 incorporated by reference to the Registration Statement
                 on Form 10-SB, as amended, previously filed with the SEC.

  10.    Material Contracts
                 Lease Agreement
--------------------------------------------------------------------------


(b) Reports on Form 8-K

No  reports were filed on Form 8-K during the quarter  for  which
this Report is filed.



PAGE-11-




                           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.


                      Ginseng Forest, Inc.
                     ----------------------
                          (Registrant)


     Signature                   Title                  Date
    -----------               ------------           ---------

 /s/ Harold W.Sciotto    President & Director    October 18, 2002
----------------------
 Harold W. Sciotto

























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