<PAGE>
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON D.C. 20549

                                   FORM 10-QSB

                QUARTERLY REPORT ISSUED UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the three month period ending December 31, 2001


                      NATIONAL RESIDENTIAL PROPERTIES, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

         Nevada                           65-0439467                0-27159
--------------------------------------------------------------------------------
(State or other jurisdiction            (IRS Employer           Commission File
 of Incorporation)                  Identification Number)           Number

                   2921 NW Sixth Avenue, Miami, Florida 33127
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

Registrant's telephone number, including area code: (305) 573-8882

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

                  Yes [X]           No[   ]

                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 12, 13, or 15(d) of the Exchange Act after distribution of
securities under a plan confirmed by a court.

                  Yes [  ]          No [  ]

                         APPLICABLE TO CORPORATE ISSUERS

On February 20, 2002, the Registrant had 1,938,566,046 shares of Common Stock
and 1,000,000 shares of Class A Voting Common Stock outstanding.



<PAGE>



                      NATIONAL RESIDENTIAL PROPERTIES, INC.

                                      INDEX

                                                                        Page No.
                                                                        --------
PART I.  FINANCIAL INFORMATION

Item 1.  Unaudited Financial Statements

         Consolidated Balance Sheets,
         December 31, 2001 and September 30, 2001........................  3-4

         Condensed Consolidated Statements of Operations,
         Three-Months Ended
         December 31, 2001 and 2000......................................    5

         Condensed Consolidated Statements of Cash Flows,
         Three Months Ended December 31, 2001 and 2000...................  6-7

         Notes to Unaudited Consolidated Financial Statements............ 8-16

Item 2.  Management's Discussion and Analysis or Plan of Operation.......   17


PART II. OTHER INFORMATION

Item 1.  Legal Proceedings...............................................   20

Item 2.  Changes in Securities and Use of Proceeds.......................   20

Item 3.  Defaults Upon Senior Securities.................................   21

Item 4.  Submission of Matters to a Vote of Security Holdings............   21

Item 5.  Other Information...............................................   22

Item 6.  Exhibits and Reports on Form 8-K................................   22




                                       2


<PAGE>
                                     PART I
                             FINANCIAL INFORMATION

Item 1. Financial Statements

             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS



                                ASSETS

                                             December 31,        September 30,
                                                2001                 2001
                                             (Unaudited)           (Audited)
                                             -----------         -------------
  Cash and cash equivalents                  $    19,303          $    80,764
  Inventory - Real Estate Holdings             9,282,317            8,738,514
  Other Assets                                        --               30,844
  Fixed assets, net of depreciation               11,271               11,803
  Prepaid management fee and other               249,168              262,258
  Loan receivables - Officers                    346,014              261,167
  Mortgage receivable and other                   97,165               58,107
  Deposits                                         5,375                5,375
  Organizational costs, net                           --                  718
                                             -----------          -----------

TOTAL ASSETS                                 $10,010,613          $ 9,449,550
                                             ===========          ===========




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




                                       3
<PAGE>
             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

                 LIABILITIES AND STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>

                                                                    December 31,           Sepember 30,
                                                                         2001                   2001
                                                                     (Unaudited)            (Audited)
                                                                    ------------           ------------
<S>                                                                 <C>                    <C>
LIABILITIES
  Accounts payable and accrued expenses                             $     51,227           $     92,709
  Debentures payable                                                     140,155                     --
  Notes and mortgages payable                                          5,821,991              5,671,747
                                                                    ------------           ------------
      TOTAL LIABILITIES                                                6,013,373              5,764,456
                                                                    ------------           ------------

STOCKHOLDERS' EQUITY
  Common Stock, $.001 Par Value; authorized 1,500,000
    shares on December 31, 2001 and September 30, 2001
    respectively, issued and outstanding 1,938,566,046 and
    1,095,300,351 shares on December 31, 2001 and
    Sepember 30, 2001                                                  1,938,566              1,095,299
  Common Stock Class A Voting, $.001 Par Value; authorized
    2,000,000 shares on December 31, 2001 and
    September 30, 2001 respectively, issued and
    outstanding 1,000,000 shares on December 31, 2001
    and September 30, 2001, respectively                                   1,000                  1,000
  Additional Paid-in Capital                                           4,124,131              4,607,597
  Deficit                                                             (2,066,457)            (2,018,802)
                                                                    ------------           ------------

      TOTAL STOCKHOLDERS' EQUITY                                       3,997,240              3,685,094
                                                                    ------------           ------------


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                          $ 10,010,613           $  9,449,550
                                                                    ============           ============


</TABLE>


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





                                       4
<PAGE>
             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
             FOR THE THREE MONTHS ENDED DECEMBER 31, 2001 AND 2002
                                  (UNAUDITED)


<TABLE>
<CAPTION>


                                                             2001                       2000
                                                        ---------------           ---------------
<S>                                                     <C>                       <C>
OPERATING REVENUES
  Revenue                                               $        21,451           $         4,750
                                                        ---------------           ---------------
OPERATING EXPENSES
   Management fees                                               13,090                    32,879
   Professional fees and compensation expenses                   48,608                   276,772
   Advertising                                                    1,212                     6,970
   Travel and automobile expenses                                 2,239                     9,382
   Telephone and utilities                                        2,810                     2,637
   Real estate taxes and property maintenance                     3,072                     9,722
   Office expenses                                                6,165                     2,386
   Miscellaneous                                                  6,401                    17,220
   Depreciation and amortization                                  1,250                     4,472
                                                        ---------------           ---------------
       TOTAL OPERATING EXPENSES                                  84,847                   362,440
                                                        ---------------           ---------------

LOSS BEFORE OTHER INCOME                                        (63,396)                 (357,690)

OTHER INCOME
   Interest income                                                   --                     1,531
   Gain on sale of property                                      15,741                        --
                                                        ---------------           ---------------
       TOTAL OTHER INCOME                                        15,741                     1,531
                                                        ---------------           ---------------

NET LOSS BEFORE PROVISION FOR INCOME TAXES              $       (47,655)          $      (356,159)
PROVISION FOR INCOME TAXES                                           --                        --
                                                        ---------------           ---------------
NET LOSS APPLICABLE TO COMMON SHARES                    $       (47,655)          $      (356,159)
                                                        ===============           ===============
NET LOSS PER BASIC AND DILUTED SHARES                   $        (0.001)          $         (0.08)
                                                        ===============           ===============
WEIGHTED AVERAGE NUMBER OF COMMON
    SHARES OUTSTANDING                                    1,669,777,481                 4,220,189
                                                        ===============           ===============

</TABLE>






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




                                       5
<PAGE>


             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE THREE MONTHS ENDED DECEMBER 31, 2001 AND 2002
                                   (UNAUDITED)



<TABLE>
<CAPTION>

                                                                      2001                   2000
                                                                   -----------           -----------
<S>                                                                <C>                   <C>
CASH FLOW FROM OPERTING ACTIVIITES
   Net loss                                                        $   (47,655)          $  (356,159)
                                                                   -----------           -----------
   Adjustments to reconcile net loss to net cash
     used in operating activities

     Depreciation and amortization                                       1,250                   798
     Common stock issues for services                                       --               134,170
     Distribution of property and equipment                                 --                30,981

  CHANGES IN ASSETS AND LIABILITIES
     (Increase) in inventory - real estate holdings                   (543,803)           (1,112,531)
     Decrease in prepaid expenses and other assets                      43,934                    --
     Increase (decrease) in accounts payable and
       and accrued expenses                                            (41,482)               15,540
                                                                   -----------           -----------
     Total adjustments                                                (540,101)             (931,042)
                                                                   -----------           -----------

     NET CASH USED IN OPERATING ACTIVITIES                            (587,756)           (1,287,201)
                                                                   -----------           -----------

CASH FLOWS FROM INVESTING ACTIVITIES

   Loans to officers                                                   (84,847)                   --
   (Increase) decrease in mortgage and notes receivable                (39,058)                  136
                                                                   -----------           -----------

      NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES             (123,905)                  136
                                                                   -----------           -----------

</TABLE>



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



                                       6
<PAGE>

             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
              FOR THE THREE MONTHS ENDED DECEMBER 31, 2001 AND 2002
                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                                                          2001                 2000
                                                                       ----------           ----------
<S>                                                                    <C>                  <C>
CASH FLOWS FROM FINANCING ACTIVITES
    Proceeds from debentures and common stock issuances                $  499,956           $  217,844
    Net proceeds from issuance of notes and mortgages payable             150,244            1,147,099
                                                                       ----------           ----------
       NET CASH PROVIDED BY FINANCING ACTIVITIES                          650,200            1,364,943
                                                                       ----------           ----------
NET INCREASE (DECREASE) IN
    CASH AND CASH EQUIVALENTS                                             (61,461)              77,878

CASH AND CASH EQUIVALENTS -
    BEGINNING OF PERIOD                                                    80,764              137,990
                                                                       ----------           ----------
CASH AND CASH EQUIVALENTS - END OF PERIOD                              $   19,303           $  215,868
                                                                       ==========           ==========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
   INFORMATION:

CASH PAID DURING THE YEAR FOR:
    Interest expense                                                   $       --           $       --
                                                                       ==========           ==========

SUPPLEMENTAL DISCLOSURE OF NONCASH
  FINACING ACTIVITIES:
    Issuance of common stock for:

       Services                                                        $       --           $  134,170
                                                                       ==========           ==========
       Debt conversions                                                $  203,845           $       --
                                                                       ==========           ==========


</TABLE>






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



                                       7
<PAGE>

             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                           DECEMBER 31, 2001 AND 2000
                                   (UNAUDITED)

 NOTE 1 -         ORGANIZATION AND BASIS OF PRESENTATION

                  The condensed consolidated unaudited interim financial
                  statements included herein have been prepared, without audit,
                  pursuant to the rules and regulations of the Securities and
                  Exchange Commission. The condensed consolidated financial
                  statements and notes are presented as permitted on Form 10-QSB
                  and do not contain information included in the Company's
                  annual consolidated statements and notes. Certain information
                  and footnote disclosures normally included in financial
                  statements prepared in accordance with accounting principles
                  generally accepted in the United States of America 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. It
                  is suggest that these condensed consolidated financial
                  statements be read in conjunction with the September 30, 2001
                  audited consolidated financial statements and the accompanying
                  notes thereto. While management believes the procedures
                  followed in preparing these condensed consolidated financial
                  statements are reasonable, the accuracy of the amounts are in
                  some respects dependent upon the facts that will exist, and
                  procedures that will be accomplished by the Company later in
                  the year.

                  These condensed consolidated unaudited financial statements
                  reflect all adjustments, including normal recurring
                  adjustments which, in the opinion of management, are necessary
                  to present fairly the consolidated operations and cash flows
                  for the periods presented.

                  National Residential Properties, Inc., was originally
                  incorporated in the State of Nevada on October 18, 1971 under
                  the name of Mister Las Vegas, Inc. On December 15, 1994, the
                  Company merged with a privately owned company, National Rehab
                  Properties, Inc., a Florida corporation formed on October 1,
                  1993. The surviving Nevada corporation changed its name to
                  National Rehab Properties, Inc. and became authorized to
                  conduct business in the State of Florida on August 17, 1995.
                  On September 13, 2000, the Company changed its name to
                  National Residential Properties, Inc.

                  The Company's business is residential real estate development
                  and building construction services. From 1993 to 1999 the
                  Company's business concentrated in investing in and
                  revitalizing single family homes in established older
                  residential neighborhoods in urban areas. The Company buys
                  either single unit vacant properties and builds single family
                  homes or it buys abandoned homes and completes all renovations
                  to the home followed by a sale of the home. During 1999, while
                  retaining its efforts in the renovation of urban single family
                  homes as one aspect of the business, the Company entered a
                  second phase of business, the development, construction and
                  ownership of multifamily housing projects.



                                       8
<PAGE>
             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                           DECEMBER 31, 2001 AND 2000
                                   (UNAUDITED)


NOTE 1 -          ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED)

                  Beginning in the fiscal year ending September 30, 1999, the
                  Company initiated a program of acquisition of properties
                  suitable for development as multifamily housing or multiple
                  unit single family development tracts. Since 1999, the Company
                  has purchased four tracts with the intention of building from
                  60 to 72 apartment units on each tract and one twenty acre
                  citrus grove for single family home development. In April
                  2000, the Company acquired Encore Services, Inc.

                  On May 4, 2001, the Company's wholly-owned subsidiary,
                  Connecticut Acquisition Corp. No. 1, entered into a joint
                  venture to develop a parcel of land pursuant to a Land
                  Development Agreement located in Hebron, Connecticut, as a
                  Senior Adult Community with Mr. Nathan Kahn and various
                  entities controlled by Mr. Nathan Kahn. The objective of this
                  development was to either sell developed lots to builders, or
                  erecting dwellings themselves.

                  Mr. Kahn's entities had obtained options to purchase and
                  develop other properties, and the Kahn entities advised that
                  they would need additional funding to pay for the expenses in
                  connection with the obtaining and maintenance of these
                  options.

                  The Land Development Agreement called for Connecticut
                  Acquisition Corp. No. 1 to fund the initial costs of
                  acquisition and development, and, after deduction of expenses
                  from gross revenues, profits will be divided 50-50 between the
                  parties.

                  In contemplation of the financing of this project, on April
                  12, 2001, Connecticut Acquisition Corp. No. 1, obtained a loan
                  from accredited investors evidenced by its 8% Series A
                  $1,000,000 Senior Subordinated Convertible Redeemable
                  Debentures, together with underlying shares of Connecticut
                  Acquisition Corp. No. 1's Class A Common Stock, Par Value
                  $.001, into which Connecticut Acquisition Corp. No. 1
                  Debentures may be convertible from time to time.

                  On May 8, 2001, following the acquisition of the parcel of
                  land, Connecticut Acquisition Corp. No. 1 was merged into the
                  Company. As a result, all rights and obligations of
                  Connecticut Acquisition Corp. No. 1 will ensure to the benefit
                  of and be binding upon the Company.

                  Pursuant to an agreement executed on December 26, 2001, made
                  effective as of October 31, 2001 and a Statutory Warranty Deed
                  dated October 31, 2001, the Company sold to Senior Adult
                  Lifestyle, Inc a related entity through common ownership, all
                  of the rights, title and interest in (i) a certain parcel of
                  real property in Hebron, Connecticut; and (ii) fair contracts
                  to purchase certain parcels of real property in Watertown, New
                  Milford, Granley and East Windsor, Connecticut.



                                       9
<PAGE>
             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                           DECEMBER 31, 2001 AND 2000
                                   (UNAUDITED)


NOTE 1 -          ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED)

                  As additional consideration for the conveyance to Senior Adult
                  Lifestyle, Inc. the Company received on February 1, 2002,
                  20,000,000 shares of common stock of Genesis Capital
                  Corporation of Nevada, the parent of Senior Adult Lifestyles,
                  Inc. These shares were based on a value of $0.10 per share for
                  an agreed consideration of $2,000,000. Should the value at the
                  time the Company sells these shares fall below $2,000,000,
                  Genesis Capital Corporation of Nevada will be required to
                  issue to the Company, additional shares to make up the
                  difference.

                  The Company's other wholly-owned subsidiary, DC Power Product
                  Acquisition Corp, who merged on November 1, 2001 ("DC Power"),
                  obtained a loan from accredited investors evidenced by its 8%
                  Series A $1,000,000 Senior Subordinated Convertible Redeemable
                  Debentures, together with underlying shares of DC Power, who
                  was merged into the Company, with its rights and obligations
                  ensuring to the benefit of and binding upon the Company. These
                  shares with a Par Value of $.001 may be convertible from time
                  to time.

NOTE 2 -          SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

                  PRINCIPLES OF CONSOLIDATION

                  The condensed consolidated financial statements include the
                  accounts of the Company and all of its wholly owned
                  subsidiaries. All significant intercompany accounts and
                  transactions have been eliminated in consolidation.

                  USE OF ESTIMATES

                  The preparation of financial statements in conformity with
                  accounting principles generally accepted in the United States
                  of America requires management to make estimates and
                  assumptions that affect the reported amounts of assets and
                  liabilities and disclosures of contingent assets and
                  liabilities at the date of the financial statements and the
                  reported amounts of revenues and expenses during the reporting
                  period. Actual results could differ from those estimates.

                  REVENUE AND COST RECOGNITION

                  Sales of real estate are generally recognized under the full
                  accrual method. Under that method, gain is not recognized
                  until the collectibility of the sales price is reasonably
                  assured and the earnings process is virtually complete. When a
                  sale does not meet the requirements for income recognition a
                  gain is deferred until those requirements are met.




                                       10
<PAGE>
             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                           DECEMBER 31, 2001 AND 2000
                                   (UNAUDITED)


NOTE 2 -          SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

                  REVENUE AND COST RECOGNITION (CONTINUED)

                  Acquisition and other direct costs, interest, and other
                  indirect costs related to acquisition and development of lots
                  are capitalized. Capitalized costs are allocated based on the
                  relative sales value of each lot. The capitalized costs are
                  charged to earnings when the relative revenue is recognized.

                  CASH AND CASH EQUIVALENTS

                  The Company considers all highly liquid debt instruments and
                  other short-term investments with an initial maturity of three
                  months or less to be cash equivalents.

                  The Company maintains cash and cash equivalent balances at
                  several financial institutions which are insured by the
                  Federal Deposit Insurance Corporation up to $100,000.

                  PROPERTY AND EQUIPMENT

                  Property and equipment are stated at cost. Depreciation is
                  computed primarily using the straight-line method over the
                  estimated useful life of the assets.

                  Office Equipment                             3 to 5 Years

                  INCOME TAXES

                  The income tax benefit is computed on the pretax loss based on
                  the current tax law. Deferred income taxes are recognized for
                  the tax consequences in future years of differences between
                  the tax basis of assets and liabilities and their financial
                  reporting amounts at each year-end based on enacted tax laws
                  and statutory tax rates.

                  FAIR VALUE OF FINANCIAL INSTRUMENTS

                  The carrying amount reported in the condensed consolidated
                  balance sheets for cash and cash equivalents, loans
                  receivable, accounts payable and accrued expenses approximate
                  fair value because of the immediate or short-term maturity of
                  these financial instruments. The carrying amount reported for
                  notes and mortgages payable approximates fair value because,
                  in general, the interest on the underlying instruments
                  fluctuates with market rates.




                                       11
<PAGE>
             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                           DECEMBER 31, 2001 AND 2000
                                   (UNAUDITED)


NOTE 2 -          SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

                  ADVERTISING

                  Costs of advertising are expensed as incurred. Advertising
                  costs were $ 1,212 and $ 6,970 for the three months ended
                  December 31, 2001 and 2000, respectively.

                  EARNINGS (LOSS) PER SHARE OF COMMON STOCK

                  Historical net income (loss) per common share is computed
                  using the weighted average number of common shares
                  outstanding. Diluted earnings per share (EPS) includes
                  additional dilution from common stock equivalents, such as
                  stock issuable pursuant to the exercise of stock options and
                  warrants. Common stock equivalents were not included in the
                  computation of diluted earnings per share when the Company
                  reported a loss because to do so would be antidilutive for
                  periods presented.

                  The following is a reconciliation of the computation for basic
                  and diluted EPS:

                                                     December 31,   December 31,
                                                        2001           2000
                                                    -------------   -----------
                  Net Loss                          $     (47,655)  $  (356,159)
                                                    -------------   -----------

                  Weighted-average common shares
                    outstanding (Basic)             1,669,777,481    4,220,189

                  Weighted-average common stock
                    equivalents:
                        Stock options                          --           --
                        Warrants                               --           --

                  Weighted-average common shares
                      outstanding (Diluted)         1,669,777,481    4,220,189

                  Options and warrants outstanding to purchase stock were not
                  included in the computation of diluted EPS because inclusion
                  would have been antidilutive.



                                       12
<PAGE>
             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                           DECEMBER 31, 2001 AND 2000
                                   (UNAUDITED)


NOTE 2 -          SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

                  RECLASSIFICATIONS

                  Certain amounts for the three months ended December 31, 2000
                  have been reclassified to conform with the presentation of the
                  December 31, 2001 amounts. The reclassifications have no
                  effect on net income for the three months ended December 31,
                  2000.

NOTE 3 -          INVENTORY - REAL ESTATE HOLDINGS

                  Inventory consists of residential single family homes held for
                  resale and land held for development and is valued at the
                  lower of cost or market value. Cost includes acquisition,
                  renovation and carrying costs specifically identified with
                  each unit.

NOTE 4 -          MORTGAGES RECEIVABLE AND OTHER

                  Represents amounts due from individuals who purchased property
                  from the Company. Amounts due at December 31, 2001 were $
                  97,165.

NOTE 5 -          LOANS RECEIVABLE - OFFICERS

                  Amounts represent advances to and from the officers of the
                  Company. The balance at December 31, 2001 of $ 346,014, has
                  been repaid in February 2002.

NOTE 6 -          PROPERTY AND EQUIPMENT

                  Property and equipment consist of the following at December
                  31, 2001:

                  Office Equipment                                $    20,663
                   Accumulated Depreciation                            (9,392)
                                                                  -----------
                         Total                                    $    11,271
                                                                  ===========

                  Depreciation expense was $532 and $798 for the three months
                  ended December 31, 2001 and 2000, respectively.



                                       13
<PAGE>
             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                           DECEMBER 31, 2001 AND 2000
                                   (UNAUDITED)


NOTE 7 -          MORTGAGES AND NOTES PAYABLE

                  Mortgages and notes payable consist of the following at
                  December 31, 2001:

                  The company has various mortgages and construction loans
                  payable aggregating $5,821,991 at December 31, 2001. These
                  amounts are payable at various times ranging through 2003,
                  bearing interest at various rates ranging from 7% through 14%
                  per year. The mortgages and construction notes are secured by
                  the land and buildings held for development by the Company.

NOTE 8 -          COMMITMENTS AND CONTINGENCIES

                  RELATED PARTY TRANSACTIONS

                  PREPAID MANAGEMENT FEES

                  Pursuant to a "Prepaid Management Agreement" between the
                  Company and its President, dated September 29, 2000, the
                  Company prepaid management fees to the President in the amount
                  of $302,000. This fee is to be paid back by the President
                  commencing January 1, 2001 and for the next five years, the
                  first $60,400, plus an additional amount equal to the accrued
                  interest on the unearned portion of the balance, at a rate of
                  8% per annum, of the President's annual compensation from the
                  Company will be withheld by the Company and applied against
                  the principal amount owed to the Company. This agreement is
                  made a part of any existing agreements, whether oral or
                  written or compensation between the Company and the President,
                  as well as any future compensation agreements between the
                  Company and its President.

                  OTHER AGREEMENTS

                  The Company has entered into construction contracts with
                  Encore Builders, Inc., a company wholly owned by a director of
                  the Company, and a minority shareholder of Encore Services,
                  Inc.

                  LEASES

                  A company wholly owned by a minority shareholder of Encore
                  Services, Inc. provides office space to the Company.




                                       14
<PAGE>
             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                           DECEMBER 31, 2001 AND 2000
                                   (UNAUDITED)


NOTE 9 -          ACQUISITIONS

                  On February 10, 2000, the Company acquired MAS XV Acquisitions
                  Corp. for 1,000,000 shares of its common stock and an
                  additional $500,000 for fees. This acquisition was handled as
                  a purchase method of accounting for business combination

                  On April 1, 2000, the Company acquired 80% of the Encore
                  Services, Inc. for 250,000 common shares of its stock.

                  On May 8, 2001, the Company merged with Connecticut
                  Acquisition Corp. No. 1 upon the acquisition of a parcel of
                  land in Hebron, Connecticut. This parcel of land was
                  subsequently conveyed on October 31, 2001 to Genesis Capital
                  Corporation of Nevada, an entity related to the Company
                  through common ownership.

                  The Company merged with DC Power on November 1, 2001.

NOTE 10 -         STOCKHOLDERS' EQUITY

                  As of December 31, 2001 and September 30, 2001, there were
                  1,500,000,000 authorized shares, and 1,938,566,046 and
                  1,095,300,351 issued and outstanding shares of the Company's
                  common stock with a par value of $.001. The Company upon
                  acceptance of its board resolution, has submitted the required
                  forms to increase the number of authorized shares. It is
                  pending approval.

                  As of December 31, 2001 and September 30,2001, there were
                  2,000,000 authorized shares and 1,000,000 issued and
                  outstanding shares of the Company's Class A Voting common
                  stock with a par value of $.001.

                  The shares of common stock issued for the quarter ended
                  December 31, 2001 relate to the debenture conversions.

NOTE 11 -         INCOME TAXES

                  There was no income tax benefit recognized at December 31,
                  2001 and 2000.

                  The net deferred tax assets in the accompanying condensed
                  consolidated balance sheets include benefit of utilizing net
                  operating losses, however due to the uncertainty of utilizing
                  the approximate $1,500,000 in net operating losses, an
                  offsetting valuation allowance has been established.



                                       15
<PAGE>
             NATIONAL RESIDENTIAL PROPERTIES, INC. AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                           DECEMBER 31, 2001 AND 2000
                                   (UNAUDITED)


NOTE 12 -         GOING CONCERN

                  As shown in the accompanying condensed consolidated financial
                  statements, the Company incurred substantial net losses for
                  the years ended September 30, 2001 and 2000 as well as for the
                  three months ended December 31, 2001. There is no guarantee
                  whether the Company will be able to generate enough revenue
                  and/or raise capital to support those operations. This raises
                  substantial doubt about the Company's ability to continue as a
                  going concern.

                  Management also states that they are confident that they can
                  improve operations and raise the appropriate funds to continue
                  developing the properties being acquired.

                  The condensed consolidated financial statements do not include
                  any adjustments that might result from the outcome of these
                  uncertainties.





                                       16
<PAGE>



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

FORWARD-LOOKING STATEMENTS

This Report, including the following discussion, contains certain
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements include the plans and objectives of management for
future operations, including plans and objectives relating to the possible
further capitalization and potential acquisitions of or mergers with operating
companies. The forward-looking statements included herein are based on current
expectations that involve numerous risks and uncertainties. Assumptions relating
to the foregoing involve judgments with respect to, among other things, future
economic, competitive and market conditions and future business decisions, all
of which are difficult or impossible to predict accurately and many of which are
beyond the control of the Company. Although the Company believes that the
assumptions underlying the forward-looking statements are reasonable, any of the
assumptions could be inaccurate and, therefore, there can be no assurance that
the forward-looking statements included in this Form 10-QSB will prove to be
accurate. In light of the significant uncertainties inherent in the forward-
looking statements included herein, the inclusion of such information should not
be regarded as a representation by the Company or any other person that the
objectives and plans of the Company will be achieved.

The following is a discussion of the consolidated financial condition and
results of operations of the Company for the three months ended December 31,
2001 and 2000, which should be read in conjunction with, and is qualified in its
entirety by, the consolidated financial statements and notes thereto included
elsewhere in this Report.

THE MANAGEMENT'S DISCUSSION AND ANALYSIS PRESENTED BELOW REFLECTS CERTAIN
RESTATEMENTS TO OUR PREVIOUSLY REPORTED RESULTS OF OPERATIONS FOR THESE PERIODS.

         The following discussion and analysis should be read in conjunction
with the Financial Statements appearing elsewhere in this Report on Form 10-QSB.

OVERVIEW

         Our business is residential real estate development and building
construction services. From 1993 until 1999 our business concentrated on
investing in and revitalizing single family homes in established older
residential neighborhoods in urban areas. We either bought single unit vacant
properties and built single family homes on them, or we bought




                                       17
<PAGE>
abandoned homes which we renovated and sold. During 1999, while retaining our
efforts in the renovation of urban single family homes as one aspect of our
business, we entered a second phase of business: the development, construction
and ownership of multifamily housing projects.

         Beginning in the fiscal year ended September 30, 1999, we initiated a
program of acquisition of properties suitable for development as multifamily
housing or multiple unit single family development tracts. Since 1999, we have
purchased four tracts with the intention of building from 60 to 72 apartment
units on each tract and a 120 acre citrus grove for single family home
development. In April 2000 we acquired Encore Services, Inc., a general
construction contractor. We have four multifamily apartment projects and one
single family home subdivision development as work in progress in various stages
of development.

RESULTS OF OPERATIONS

         For the three months ended December 31, 2001, we incurred a loss from
operations of $63,396, compared to a loss of $357,690 for the comparable period
in 2000. The net loss in the three-month period ended December 31, 2001,
resulted primarily from the costs of maintaining the Company's operations, which
produced insubstantial revenues for the three months ended December 31, 2001 A
substantial portion of the decrease in our operating loss from the first quarter
of fiscal 2000 to the comparable 2001 period was attributable to a decrease in
the Company's professional fees and compensation expenses, which decreased from
$276,772 in the three months ended December 31, 2000, to $48,608 in the
comparable 2001 period, primarily as a consequence of a decrease in the
Company's financing activities in 2001.

         Our results of operations for the three-month period ended December 31,
2001, reflect adjustments and nonrecurring items of both revenue and cost, as
well as costs of financing activities. Management does not believe these results
are indicative of the Company's future revenues or expenditures, although there
can be no assurance that the Company's operating results will improve in the
future.

         The Company's ability to operate at a profit is dependent upon the
successful completion of its existing projects, the sale of those projects
before or upon completion, the sale of individual units within the projects, and
the initiation of new real estate or other projects. The Company has invested
substantial funds in its existing projects, but was not been able to realize
material profits from any of these projects in the year ended September 30,
2000, or the three months ended December 31, 2001. Further, our Conquistador
Plaza project has been substantially delayed due to the inability of our general
contractor, whose president is a director of our Company, to meet completion
schedules. As a consequence of



                                       18
<PAGE>

these delays, we do not anticipate that this project will be completed until the
summer of 2002. These delays have caused the Company to commence financing
construction loan interest from its own resources, whereas prior to the end of
2001 interest was funded from our construction loan proceeds.

LIQUIDITY AND CAPITAL RESOURCES

         In the three-month period ended June 30, 2001, the Company used net
cash of $587,756 in operating activities, compared to net cash used in operating
activities of $1,287,201 for the comparable period in 2000. The Company acquired
$543,803 of real estate holdings in the three-month period ended December 31,
2001, compared to real property acquisitions of $1,112,531 in the comparable
2000 period, as the Company continued its business plan to develop, construct
and own multifamily housing. In the three months ended December 31, 2001, the
Company met its cash requirements substantially from net proceeds of $499,956
from the issuance of common stock and the sale of debentures. The Company
realized net proceeds of $650,200 from financing activities in the three months
ended December 31, 2001, compared to $1,364,943 in the comparable 2000 period.
At December 31, 2001, the Company had long-term mortgages and notes payable
aggregating $5,821,991, compared to $5,671,747 at December 31, 2000. The notes
and mortgages are secured by land and buildings held for development by us.

         At December 31, June 30, 2001, we had stockholders' equity of
$3,997,240 compared to $3,685,094 at December 31, 2000, primarily as a
consequence of the issuance of additional common stock.

           The Company's ability to meet its continuing operating expenses
depends, in substantial part, upon its ability to continue to raise capital
through the sale of debt or equity by the Company or its subsidiaries, and
through construction and permanent mortgage financing; through the completion
and sale, or sale prior to completion, of the Company's real estate projects;
and to raise capital for operating expenses through the sale of land purchased,
but not developed, by the Company. In the event that the Company were forced to
sell certain of its projects prior to completion or, with respect to undeveloped
property, prior to the time at which the Company could benefit from any increase
in the value of those properties, such should increase occur, the Company's
profit, if any, from its real estate activities could be materially adversely
affected. There can be no assurance that the Company will be able to raise
additional capital on a debt or equity basis, or obtain mortgage financing, to
complete any of its projects under development, or to sell any completed
development projects (should they be completed) or land purchased for resale or
development at a profit. Further, there is no assurance that the Company will be
able to complete the sale of the Granada Grand and Residences at Bay Harbor
projects under contracts of sale outstanding on the date of this Report.





                                       19
<PAGE>

         The Company's ability to fund operations from the proceeds of the sale
of its securities is subject to its ability to increase its authorized shares to
permit the sale of additional common stock upon the conversion of its
outstanding debentures. In December 2001 the Company filed an Information
Statement on Schedule 14C with the Securities and Exchange Commission, but has
not been able to obtain the Commission's approval of the Information Statement
nor, accordingly, increase our authorized shares. Pending resolution of this
matter, the Company will not be able to realize additional proceeds from the
sale of its common stock on conversion of its outstanding debentures or
otherwise.

SEASONALITY

         Our operations are principally based on the residential real estate
market in South Florida and the Northeast. These markets have historically been
both cyclical and seasonal. We experience generally higher sales in the second
and third fiscal quarters. Therefore, the results of any interim period is not
necessarily indicative of the results that might be expected during a full
fiscal year.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

         In the ordinary course of business, the Company and its subsidiaries
are involved in legal proceedings incidental to our operations. The Company and
its subsidiaries are not currently involved in any legal proceedings that
management believes would have a material adverse effect on the operations or
financial condition of the Company and its subsidiaries taken as a whole.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

On or about October 17, 2001, DC Power Products Acquisition Corp ("DC Power")
issued its 8% Senior Subordinated Convertible Redeemable Debentures ("DC Power
Debenture") in the aggregate principal amount of $1,000,000 to Sea Lion
Investors LLC, Equity Planners LLC, and Myrtle Holdings LLC. The DC Power
Debenture was issued pursuant to Regulation D, Rule 504(b)(iii). The DC Power
Debenture permits the holders thereof to convert all or any amount over $5,000
of the principal face amount of the debentures into shares of common stock at a
conversion price of 70% of the per-share price valued in





                                       20
<PAGE>

accordance with the book value of the common stock or 70% of the lowest closing
bid price as quoted on the OTC Bulletin Board, if the shares of DC Power or its
successors or assigns are quoted on the OTC Bulletin Board. Subsequent to the
issuance of the DC Power Debenture, on November 1, 2001, DC Power was merged
into the Company and the Company assumed the obligation to issue, and did issue
to the debenture holders, the Company's debentures convertible into common stock
of the Company. DC Power and, subsequently, the Company, have received an
aggregate of approximately $208,345 from the purchase of the DC Power
Acquisition Debenture, of which approximately $661,655 remains unpaid by the
debenture holders.

On December 13, 2001, the Company entered into an escrow agreement (the "Escrow
Agreement") with Sroya Holdings LLC, as escrow agent ("Sroya") and Sea Lion
Investors LLC, Equity Planners LLC, and Myrtle Holdings LLC, the purpose of
which was to amend and supplement the October 30, 2001, agreement among Senior
Lifestyle Communities, Inc., and the debenture holders. Pursuant to the Escrow,
the Company deposited 100,000,000 shares of its common stock ("Escrow Shares")
with Sroya to ensure the timely delivery of the Company's common stock upon the
exercise of the conversion privileges by the debenture holders under the
debentures issued on October 17, 2001. Under the Escrow Agreement, Sroya, as
escrow agent, does not have an interest in either the debentures or the Escrow
Shares and neither is Sroya considered a shareholder of the Company by virtue of
holding the Escrow Shares. However, for purposes of determining the number of
shares of the Company's common stock are issued and outstanding, the Escrow
Shares are considered issued and outstanding. The Escrow Shares were deposited
with Sroya pursuant to Regulation D, Rule 504(b)(iii) and Section 3(a)(9) of the
Securities Act of 1933 as a result of the assumption by the Company of all of
the obligations under Senior Lifestyle Communities under the debentures,
including the obligation to repay the principal and interest and the conversion
privileges. The issuance of the Escrow Shares to the debenture holders upon the
exercise of the conversion privileges under the debentures and any subsequent
sale of the Escrow Shares could have a material adverse affect on the Company's
common stock and cause its market price to decline substantially.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

        None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

        None.





                                       21
<PAGE>

ITEM 5. OTHER INFORMATION

        None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

        A.  EXHIBITS.

            None.

        B.  REPORTS ON FORM 8-K

            None.






                                       22
<PAGE>
                                   SIGNATURES

         In accordance with the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, duly authorized.

                                        NATIONAL RESIDENTIAL PROPERTIES, INC.
                                        -------------------------------------
                                        (Registrant)


Dated: February 20, 2002                By: /s/ Richard Astrom
                                            ------------------------------------
                                            Richard Astrom, President
                                            and Chief Executive Officer





                                       23