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

                                   FORM 10-KSB

 (Mark One)

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

For the fiscal year ended       December 31, 2001
                           ---------------------------

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

For the transition period from             to
                               ------------  ------------

 Commission file number: 000-30797

                            EAST COAST AIRLINES, INC.
                            -------------------------
                 (Name of Small Business Issuer in its charter)

<TABLE>
<CAPTION>

<S>                                                                                   <C>
                                 DELAWARE                                                       14-1818396
                      -------------------------------                                 -------------------------------
                      (State or other jurisdiction of                                 (I.R.S. Employer Identification
                      incorporation or organization)                                               Number)

 C/O SULLIVAN, MCBRIDE HESS & Youngblood, P.C., 4 Tower Place, Albany, NY                          12203
 ------------------------------------------------------------------------                      ------------
                (Address of principal executive offices)                                        (zip code)

</TABLE>


                                 (518) 438-5364
                                 --------------
                            Issuer's Telephone Number

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

<TABLE>
<CAPTION>

<S>                                              <C>
     Title of each class registered:             Name of each exchange on which registered:
     -------------------------------             ------------------------------------------
                  None                                            None

</TABLE>


         Securities registered under Section 12(g) of the Exchange Act:
                         Common Stock, par value $.0001
                         -------------------------------
                                (Title of class)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Check if no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is contained in this form, and no disclosure will be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.                                       [ ]

The issuer is a developmental stage company, and as such has yet to generate any
revenues.

The Issuer's stock is not trading on any stock exchange.

As of December 31, 2001 the registrant has 754,500 common shares outstanding.

Documents incorporated by reference:   See Item 13. Exhibits and Reports on
                                       Form 8-K in Part III

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

Page 1

<PAGE>


Forward Looking Statements:

Certain information contained herein should be considered "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 which is subject to a number of risks and uncertainties. The preparation
of forward-looking statements requires the use of estimates of future revenues,
expenses, activity levels and economic and market conditions, many of which are
outside the control of East Coast Airlines, Inc. ("Company") control. Specific
factors that could cause actual results to differ materially from those set
forth in the forward-looking statements include: economic conditions, labor
costs; aviation fuel costs; competitive pressures on pricing; weather
conditions; government legislation; consumer perceptions of the Company's
products; demand for air transportation in the markets intended to be served by
the Company; other operational matters discussed herein and other risks and
uncertainties.

Other factors and assumptions not identified above are also involved in the
preparation of forward-looking statements, and the failure of such other factors
and assumptions to be realized may also cause actual results to differ
materially from those discussed.

                                     PART I


ITEM 1. DESCRIPTION OF BUSINESS.

Incorporated in November 1999, as a Delaware Corporation, East Coast Airlines
Inc. ("Company" or "ECA") intends to become a fully certified Federal Aviation
Regulation Part 121 air carrier.

East Coast's business purpose is to provide scheduled air service to small and
medium sized markets which have experienced either a total or partial loss of
air service as a result of shifts in emphasis by major airlines and their
regional counterparts. The Company's primary customer is expected to be the
business traveler, the individual most adversely impacted by service disruption
in these markets. ECA is intended to be an independent carrier, not constrained
by affiliation with any major airline. As such the Company will be free to shape
service to the market being served.

Starting with flight operations in New York State, ECA intends to expand
throughout the Northeast and then to the Middle Atlantic States.

The company intends to initiate service from as many as three cities within the
first year of operation. To meet this objective, the Company will need to
acquire a minimum of two aircraft.

In New York ,the Northeast and the Middle Atlantic states, preliminary marketing
research has indicated that potential candidates for service could be drawn from
a selection of the following cities.

In New York -
- Olean
- Jamestown
- Elmira
- Binghamton
- Ithaca

In the Northeast
- Pittsfield, MA

In Middle Atlantic States
- Cumberland MD.
- Morgantown WV
- Dover DE

All of the locations noted appear to meet the desired criteria referenced above.
Final selection of origination points would be made prior to the initiation of
the certification process.

Page 2

<PAGE>


The primary emphasis however, during the first phase of operations would be New
York.

In addition to scheduled service, the Company intends to consider initiating
"on-demand" charter service from service points at or near the points of
scheduled service origination. Market research will have to be completed prior
to commitment to any program of this nature. If initiated, such charters would
be sold in the off hours such as nights and weekends to maximize the utilization
of assets while reducing the conflict with scheduled service.

Airlines are essentially capital intensive service organizations. As such, the
investment in aircraft and ground support equipment as well as the certification
process would represent the preponderance of the use of proceeds resulting from
any capital formation program undertaken by the Company.

The Airline Industry: Domestic airline travel has been impacted by the
deregulation of the industry, which occurred in 1978. Since that time,
governmental approval of route structures and pricing has been eliminated in
favor of allowing market demand to dictate which routes are flown by various
air-carriers and at what price.

As a result of deregulation, the major and the regional airlines have carried in
excess of 700,000,000 passengers in 1999. This is in contrast to the 200,000,000
transported in 1980. Deregulation has made airline travel affordable. As a
result, the American consumer embraced air travel as the preferred means of
conveyance. The airlines have also established pricing policies that have
insured affordability based on advance purchases. The events of September 11,
2001 adversely impacted the Airline Industry and caused consumers to rethink
their travel plans in general and air travel in particular. The assistance of
the federal government in not only improving airport and airline security but in
easing the American traveler's concerns about safety has helped the industry to
recover a portion of the public confidence that was lost with those events. A
repeat of terrorist activity aimed at airline travel would significantly
negatively impact the Company along with the rest of the Airline Industry.

The predominant current practice by the major airlines is the use of the "hub
and spoke" concept whereby passengers are channeled by affiliated regional
airlines to a hub airport and consolidated with other arriving passengers for
transportation to an ultimate destination. In this manner, load factors on
aircraft are optimized for the benefit of economy of scale but oftentimes, the
transportation desires of the traveler are subrogated to the needs of the
airline to maintain these load factors.

The concept "hub and spoke" has created billion dollar commitments by the
airlines to various airports designated as "hubs". For example, US Airways
primary hubs are located in Pittsburgh and Philadelphia. Delta Airlines primary
hubs are located in Cincinnati and Salt Lake City; Northwest Airlines, in
Detroit and Minneapolis; and Southwest, in St. Louis and Kansas City, Missouri.
These financial commitments are now driving the strategies of the various major
airlines to achieve higher "feeds" to the respective hubs.

The main strategy being used to increase the feed is the mandating by the major
airlines that their regional counterparts upgrade to aircraft carrying between
forty and seventy passengers and focus on those markets which will support this
equipment. This mandate represents a significant shift from the capacity of
current aircraft used by these regional counterparts. Accordingly, this mandate
is forcing the regional carriers to abandon or reduce service to small and
medium sized markets previously serviced, profitably, with smaller nineteen seat
passenger aircraft.

For the smaller to medium-sized communities seeking to maintain or seek
scheduled air service for the first time, these industry trends have reduced the
probability that service may be provided.

The business traveler who has to travel either to or from these communities has
been and will continue to be the most adversely impacted.

A number of Fortune 500 companies have expanded the use of corporate aircraft to
minimize the impact of the loss of air service.

In the Northeast, for example, Corning Glass maintains its own thirty passenger
corporate shuttle to Newark, New Jersey daily. They have chosen to operate in
this manner since no direct service exists from its headquarters (located in
Elmira/Corning New York) to Newark, which is a key airport for international
departures. US Airways, the primary carrier serving the Corning area, only
provides service direct to LaGuardia airport, which significantly restricts
corporate travel.

Page 3

<PAGE>


Equipment Choice: The airline intends to acquire and operate British Aerospace
Jetstream 32 EP aircraft. This aircraft is a pressurized nineteen passenger
airplane with a stand-up cabin as well as on-board lavatory facilities.
Pressurization is a key aircraft attribute that allows for flight at altitudes
where more favorable weather and aircraft performance conditions may be found.
Pressurization of an aircraft also maintains a close to sea level cabin
atmosphere at high altitude that generally eliminates the need for continuous
oxygen supply for passengers.

Further, the nineteen passenger aircraft will enhance ECA's initiative to market
its charter capability. Nineteen passenger aircraft are believed to be highly
desired by travel agents setting up leisure tours to gaming institutions as well
as corporations requiring the periodic shuttling of personnel.

Competition:  In the  markets  to be served by East Coast  Airlines,  management
believes that there will be no direct competition from other air carriers.

Over the routes being considered in the target market areas, there is no direct
competition from other carriers. For example, a route from Elmira, New York to
Newark, New Jersey would entail a flight time of one hour direct. US Airways,
the primary carrier would require two stops and seven hours of travel to arrive
at the same destination. USAir would charge a roundtrip fare of approximately
$900 for this service. ECA's non-discount walkup fare is estimated at
approximately $500. Both fares are exclusive of any passenger facility charge
(PFC) or Federal Excise Tax (FET).

ECA will not operate in direct competition with any major carrier.

Competition from a start up airline such as ECA is a possibility but management
views this as unlikely since the splitting of a market in the locations chosen
by ECA would not likely support the operations of two carriers. Further, the two
primary thresholds which need to be crossed prior to the initiation of air
service are financial and regulatory. Both are interrelated. An entity must
demonstrate to the satisfaction of the Department of Transportation, that it has
the financial resources to sustain itself for six months without the benefit of
operational revenue based on the route structure being used for initial
certification. This financing is in addition to the capital requirement for
equipment acquisition and certification.

For ECA the total estimated financial requirement is $5,000,000. ECA will
operate nineteen passenger aircraft on a limited route structure. For contrast
purposes, an operator utilizing jet equipment such as a Boeing 737 will require
financing in the range of $10,000,000- to $15,000,000- in order to demonstrate
financial fitness to the Department of Transportation.

The standards of certification are found under Federal Aviation Regulation (FAR)
Part 121 and mandate that any airline carrying passengers on aircraft of ten
seats or more must maintain a certain staffing profile as well as maintenance
and operational procedures to insure that Federal Aviation Administration
regulations with regard to safety are met. In the past operators of nineteen
passenger aircraft were able to operate under the less stringent requirements of
FAR Part 135.

However, indirect competition arises from carriers operating from cities within
a few hours driving time of the communities to be served by ECA. For example,
from such points, the carriers could offer deep price discounts through advance
purchasing or other means causing a certain number of the travelers ECA seeks to
attract to drive to these locations in order to take advantage of the discounts
being offered.

Except in the most remote areas in the United States, most travelers have access
to discounted airfares at major air centers within one to four hours of surface
transportation time. The Company believes that travelers weigh the perceived
value of the savings to be achieved against the added transportation time;
accordingly the added surface transport time may not be a deterrent to the
discretionary traveler.

However, unlike the discretionary traveler, the business traveler, who is the
ECA's target customer, is significantly disadvantaged due to time and scheduling
constraints. The example noted previously with respect to the comparative cost
and travel times from Elmira, New York to Newark, New Jersey are believed to be
sufficient reason for the business and discretionary traveler to chose ECA.

Page 4

<PAGE>


Marketing Strategy

The marketing efforts relating to scheduled air service will center on the
attainment of the following objectives.

- Low cost service,

-On time service, and

-Non stop, direct service when possible

The implementation of the Company's marketing plan prior to service initiation
will consist of a coordinated media program involving print, television and
radio. The frequency and content of any media would be structured according to a
time line, which would begin approximately ninety days prior to beginning
service from a given location.

It is also management's intent to engage in a speaker's program involving
presentations to civic and business organizations in the communities where
service is to be provided.

Employees

ECA did not have any employees during calendar years 2000 and 2001 and has none
to date.

Certification

The airline will be seeking certification as a Federal Aviation Regulation Part
121 air carrier. The process is very difficult and there is no guarantee that
ECA will become certificated. In the event that ECA is unable to be certified,
all money spent in the process will have been lost.

The certification under Part 121 involves an in-depth qualitative review of
every aspect of the operation of the airline as well as the financial plan to
support that operation. Representative of the nature of the process which would
take place are the following actions. The intent of the process is to assure
compliance with Part 121.

-Examination of overall administrative duties with a focus on the command and
control of all operations and the individuals involved.

-Analysis of all company manuals, policies and procedures relating to the
maintenance of the aircraft to be used. Included in this review is also the
qualification of the personnel and their respective work histories.

-Examination of all manuals, policies and procedures relating to the flight
operations including the training syllabus for the subject aircraft to be used.

-Actual in flight review of operational practices over the intended routes to be
flown including the observation and evaluation of the administration of
emergency procedures relating to mechanical, weather, terrorist as well as
medical situations which may occur. Also included is the evaluation of Company
dispatch practices which are integral to flight operations since it is the
dispatcher, who in conjunction with the Captain of a flight, will determine an
action to be taken with respect to flight.

The certification process is lengthy and can take from six to nine months to
complete. It is estimated that the process will cost approximately one-half
million dollars.

Regulation

The Federal Aviation Administration ("FAA") regulates all aspects of flight and
maintenance operations, airline operations and operational specifications. In
some circumstances, the FAA can compel an airline to

Page 5

<PAGE>


cease operations while compliance with Federal Aviation Regulations are under
review.

Such compliance reviews may be conducted at any time or for any reason based
solely on the judgement of FAA personnel. The FAA has the right, on an
unannounced basis, to inspect any aspect of the company's flight or maintenance
operations. In some cases, an inspection by the FAA can also be prompted by a
third party complaint.

In similar fashion, the Department of Transportation ("DOT") oversees the
financial fitness of the airline. Statutes require that periodic financial and
operating reports be provided to the DOT. If in its judgment, subject to certain
guidelines, the DOT believes that the company does not have the financial
resource to continue operations, it has the administrative right to suspend the
operating certificate of the airline.

In the event either of these regulatory agencies causes an operational stoppage
for inspection purposes, the airline could be adversely impacted. Depending upon
the time involved until flight operations could be restored, the company may be
unable meet its financial obligations.

Fuel Costs

At current prices, fifty percent of the direct operating costs of an aircraft
are for fuel.

Due to the ability to make volume purchases of fuel, many major airlines are
able to hedge fuel cost increases through agreements with major oil producers.
ECA does not have this capability.

Should there be a significant increase in the cost of fuel, ticket prices would
have to be increased to accommodate the underlying fuel cost. Any increase in
ticket prices would have an immediate and adverse effect on load factors and,
therefore, operating revenue.

Competition

Once ECA has developed a profitable route, it is possible that other
carriers may attempt to provide service on the same route at fares below those
offered by ECA. Were this to occur, the Company's profitability would be
adversely impacted through either the loss of sales or the erosion of profit
margins related to ticket sales.

Weather

The airline will be operating in the northeast, a region that is weather
sensitive insofar as scheduled operations are concerned. Any of the following
conditions can occur during the course of a calendar year, all of which have the
potential to create significant travel delays.
-Thunderstorms
-Fog
-In-flight icing
-Wind shear
-Turbulence
-Snowfall and blizzard conditions
-Flooding

These same conditions may indirectly affect scheduled operations due to
their impact on the airspace infrastructure as well as direct effects on the
operational capability of the aircraft the Company intends to operate. In the
most adverse circumstances, such conditions have caused airlines to suffer
serious financial consequences as a result of operating limits and public
perception of the airline itself.

Page 6

<PAGE>


Employee Work Stoppage

The airline is intended to be a non-union organization. Should any segment of
the employee base (flight crews, maintenance, or other personnel) attempt to
become represented in a collective bargaining process, work interruptions may be
threatened or result which could cause cessation of operations with a
corresponding adverse financial impact.

Current Management.

The Company's success will depend upon Messrs. Robert Salluzzo and Charles
Youngblood, the President and Vice President, respectively, of the Company.

As officers and directors, it will be their responsibility to secure the
necessary certificates, equipment and personnel as well as oversee the
implementation of the Company's business plan.

While management has had experience in the aviation industry, management has had
no experience in the actual operation of an airline.

Also, in order to secure certification as a Part 121 air carrier, ECA will be
required to hire qualified personnel for the following positions.

-Director of Operations
-Chief Pilot
-Chief Inspector
-Chief of Maintenance
-Dispatch Personnel- Initially one to two individuals

None these positions are currently staffed, and it will be necessary to have
these individuals hired prior to the start of the certification process.

ITEM 2. DESCRIPTION OF PROPERTY.

The Company is presently using the offices of one of its officers and directors,
Charles G. Youngblood of Albany, New York on a rent free basis. When the Company
achieves the necessary capital to fund the commencement of its business
operations, it will locate suitable corporate facilities.

ITEM 3. LEGAL PROCEEDINGS.

         The Company is not a party to any legal proceedings.

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

         There have been no matters that have required a submission to the
shareholders for a vote.

Page 7



<PAGE>


                                     PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

The Company has registered its class of common shares under the Securities
Exchange Act of 1934 and files its annual, quarterly and current reports with
Securities and Exchange Commission. The Company has not attempted to establish
any trading market for its common shares to date.

The company has thirty- seven shareholders including management who hold shares
of the common stock of the Company.

Dividends

The Company has not declared or paid, nor has it any present intention to pay
cash dividends on its common stock.

Recent Issues of Unregistered Securities

The Company did not issue any of its securities during the quarter ended
December 31, 2001.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

Plan of Operation
-----------------

The Company is in the initial stages of startup and is exploring the feasibility
of raising sufficient capital to implement its business plan. The Company has
been in the development stage since inception (November 17, 1999).

The Company has registered its class of common stock on a Form 10-SB
registration statement filed pursuant Section 12(g) of the Securities Exchange
Act of 1934 (the "Exchange Act").

The Company has limited capital and is unable to commence the operations
described in its business plan until it raises equity or debt funding. At the
present time, the Company has not commenced operations or any activities beyond
the planning stage

The Company has incurred, and will continue to incur, expenses relating to its
operations. Specifically, as long as the Company is required to file reports
under the Exchange Act, the Company will continue to incur accounting and legal
fees relating to these filings. The Company enjoys the non-exclusive use of
office, telecommunication and incidental supplies of stationary, provided by its
officers. As of the date of this report, the Company has not generated any
revenues.

The Company must rely upon loans and investments from affiliates to pay its
operating expenses. There are no assurances that such affiliates will continue
to advance funds to the Company or will continue to invest in the Company's
securities. In the event the Company is unable to obtain additional capital or
funding it may be unable to pursue its business plan.

Once the Company completes its business planning and commences acquiring the
assets and resources necessary to execute its business plan, the Company will
need additional funding. No significant cash or funds are expected to be
required for the Company to complete its business planning.

Liquidity
---------

At December 31, 2001, the Company had a working capital deficit of $46,245,
compared to a working capital deficit of $15,792 at December 31, 2000. The
decrease in working capital is the result of the net loss incurred during the
twelve months ended December 31, 2001.

Page 8

<PAGE>


From inception through December 31, 2001, the Company received $10,950 from the
sale of its common stock. Company management anticipates that it will have to
continue to rely upon loans from its officers and directors and the future
placement of equity or debt to meet its development stage operating needs.

Results of Operations
---------------------

During the twelve months ended December 31,2001, the Company recorded a loss of
$30,953, of which $23,172 was the result of legal and accounting expenses
incurred during the period. In part, the legal and accounting expenses relate to
the filing of the Company's Form 10-SB registration statement with the
Securities and Exchange Commission.

During the twelve months ended December 31, 2001, net cash used by operations
was $8,974. During the period, the Company increased its accrued liabilities by
$28,370. Net cash from financing activities during the twelve months ended
December 30, 2001 was $6,991.

ITEM 7. FINANCIAL STATEMENTS.

The Company's Financial Statements and Notes to Financial Statements are
attached hereto as an Exhibit and incorporated herein by reference.


ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.

          None

                                    PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.

The names of all directors and executive officers of the Company are as follows.

Name                         Age      Position
----                         ---      --------
Robert J. Salluzzo           53       President/Chief Executive Officer/Director
Charles G. Youngblood        42       Vice-President/Director
Anthony Vickerson            43       Director

Mr. Salluzzo is also the Secretary of the Corporation and Mr. Youngblood is also
the Treasurer of the Corporation.

The above listed officers and directors will serve until the next annual meeting
of the shareholders or until their death, resignation, retirement, removal, or
disqualification, or until their successors have been duly elected and
qualified. Vacancies in the existing Board of Directors are filled by majority
vote of the remaining Directors. Officers of the Company serve at the will of
the Board of Directors. There are no agreements or understandings for any
officer or director to resign at the request of another person and no officer or
director is acting on behalf of or will act at the direction of any other
person.

Robert J. Salluzzo  - President / Chief Executive Officer / Director

Mr. Salluzzo is a commercial pilot rated in the Cessna Citation series of
business jets. From 1977 through 1985 he flew as a member of the flight
department of a Fortune Five Hundred company located in Albany, New York.

Mr. Salluzzo began his professional career with Price Waterhouse & Co. in 1969,
specializing in all areas of taxation relevant to multinational corporations,
high net worth individuals and various charitable and personal benefit trusts.
In 1976 he established his own accounting firm focusing on the needs of emerging
businesses. In this capacity, he was involved in the structuring of
multi-million dollar asset based credit

Page 9

<PAGE>


facilities as well as integrating funding from economic development agencies
into capital formation plans for development stage companies.

In 1985, he merged his firm into a major regional accounting firm located in
Albany, New York. Mr. Salluzzo was one of six partners responsible for the
substantial growth of the firm. In 1992 he retired to establish a consulting
practice aimed solely at the needs of emerging and development stage companies
with a concentration in aviation related activities including business planning
for airports.

Throughout his professional career, Mr. Salluzzo has been actively involved in
aviation pursuits, not only as a pilot but also as a consultant in various
aviation matters, including airline certification and management.

He was primarily responsible in a consulting role for the construction of a
general aviation airport located in Canandaigua, New York State. He has
consulted with numerous communities on air service needs as well as being a
guest speaker at aviation seminars. He has also teamed with leading New York
State engineering firms in relation to various airport projects throughout New
York State.

Charles G. Youngblood - Vice President / Director

Mr. Youngblood is a practicing attorney as well as a Certified Public
Accountant. He is a partner in the law firm of Sullivan, McBride, Hess &
Youngblood P.C. located in Albany, New York.

Mr. Youngblood's area of expertise is corporation law and in that regard has
been extensively involved in advising emerging entities with respect to the
appropriate corporate status and corporate situs to be used as well as guiding
principals as to internal organizational matters such as by law structure, buy
sell agreement and other succession issues. As a Certified Public Accountant he
is also able to integrate operational planning into the advisement offered.

Mr. Youngblood was an adjunct professor teaching undergraduate and graduate
courses in the taxation of corporate reorganizations as well as general
corporate taxation in the School of Business at the State University at Albany.

He is a graduate of the Albany Law School of Union College as well as graduate
of Washington State University, having graduated with a Bachelor of Arts Degree
in Business Administration.

Anthony Vickerson-          Director

Mr. Vickerson is a Founder and was the President of Siren LLC. He is also the
General Partner of Redstone Partners, LP, an exempt commodity pool, and has
served in that capacity since December 1997. From 1996 to 1997, Mr. Vickerson
served as a Senior Vice President of Roan Capital Partners, LP Investment
Bankers. From 1995 to 1996, Mr. Vickerson served as Senior Vice President and
Sales Manager at Shamus Capital Group Investment Bankers. From 1990 to 1995, Mr.
Vickerson served in various capacities at several brokerage firms, including
Common Wealth Associates Investment Bankers, and GKN Securities, Inc. He earned
a degree in Criminal Justice from Mercy College.

The directors and officers of the Company as well as all shareholders who
beneficially own 10% or more of the outstanding common stock of the company have
filed all Forms 5 required several days following the required filing dates.
         .
ITEM 10. EXECUTIVE COMPENSATION.

None of the company's officers and or directors have received any
compensation for services since inception through the date hereof. They have
agreed to serve without compensation until operations have commenced.

No deferred compensation, pension, profit sharing, stock option or welfare
benefit plan or program has been adopted by the Company for the benefit of its
officers or future employees.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT. The
following table sets forth the record and beneficial ownership of company,
common stock, by each executive officer and director as a group as well as for
any person or group who is known to be the beneficial owners of more than five
per cent (5%) of the commons shares of the Company.

Page 10

<PAGE>

<TABLE>
<CAPTION>

                             Name and Address Of
Title of Class               Beneficial Owner           Amount                     Percentage Of Class
--------------               ----------------           -------                    -------------------
<S>                          <C>                        <C>                        <C>
Common                       Robert J. Salluzzo         475,000 shares             62.9%
                             Johnstown, New York

Common                       Charles G. Youngblood      25,000 shares              3.3%
                             Slingerlands, New York

Common                       Robert Long                100,000 Shares             13.3%
                             Rhinebeck, New York

Common                       Jeff S. Potter             50,000 Shares              6.6%
                             Denver, Colorado

Common                       Michael Pisani             50,000 Shares              6.6%
                             Short Hills, New Jersey

Common                       All Officers and           501,000 shares             66.4%
                             Directors (3 persons)

</TABLE>


ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

There have been no related party transactions, or any other transactions or
relationships required to be disclosed pursuant to Item 404 of Regulation S-B.


ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K.

The Exhibits that are filed with this report or that are incorporated by
reference are set forth in the Exhibits Index.

The Company did not file any Forms 8-K during the quarter ended December 31,
2001.

Page 11


<PAGE>


                                   SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934
The Registrant has caused this report caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                            East Coast Airlines Inc.
            ---------------------------------------------------------
                                  (Registrant)

            By       /s/ Robert J. Salluzzo
               ------------------------------------------------------
                         Robert J. Salluzzo, President, Chief Executive Officer
                                  and Principal Financial Officer

                              Dated: April 13, 2001

In accordance with the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.




                           By         /s/ Robert J. Salluzzo
                               -----------------------------------------
                                          Robert J. Salluzzo Director

                                                  April 13, 2001

                           By         /s/ Charles G. Youngblood
                               -----------------------------------------
                                          Charles G. Youngblood Director

                                              Dated: April 13,2001

Page 12

<PAGE>



Exhibits Index


Financial Statements and Notes to Financial Statements

(3) (i) Certificate of Incorporation, Incorporated herein by reference to
    Company's Form 10SB filed with the Commission on June 13, 2000.

(3) (ii) By-Laws of the Company, Incorporated herein by reference to Company's
    Form 10 SB filed with the Commission on June 13, 2000.


Other Documents Incorporated Herein by Reference


(a) The Company's quarterly reports on Forms 10QSB for the periods ended June
    30, 2001 and September 30, 2001.











Page 13


<PAGE>

                            EAST COAST AIRLINES, INC.

                          INDEX TO FINANCIAL STATEMENTS
                          -----------------------------



                                                                     PAGE
                                                                     ----

Accountants' Report                                                 15 - 16

Financial Statements:
  Balance Sheet as of December 31, 2001 and 2000                      17

  Statement of Operations for each of the years
   in the period ended December 31, 2001 and the
   period November 17, 1999 (Date of Formation) through
   December 31, 2001                                                  18

  Statement of Stockholders' Deficiency for the
   period November 17, 1999 (Date of Formation) through
   December 31, 2001                                                  19

  Statement of Cash Flows for each of the years
   in the period ended December 31, 2001 and the
   period November 17, 1999 (Date of Formation) through
   December 31, 2001                                                  20

  Notes to Financial Statements                                     21 - 23











Page 14

<PAGE>


                          INDEPENDENT AUDITOR'S REPORT

To the Board of Directors and Stockholders of
East Coast Airlines, Inc.

We have audited the accompanying balance sheet of East Coast Airlines, Inc. (a
development stage company) (the "Company") as of December 31, 2001 and 2000, and
the related statements of operations, stockholders' deficiency and cash flows
for each of the years in the period ended December 31, 2001 and for the period
November 17, 1999 (Date of Formation) through December 31, 2001. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
out audit.

We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.


In our opinion, such financial statements present fairly, in all material
respects, the financial position of East Coast Airlines, Inc. at December 31,
2001 and 2000, and the results of their operations and their cash flows for the
years ended December 31, 2001 and 2000 and for the period November 17, 1999
(Date of Formation) through December 31, 2001, in conformity with generally
accepted accounting principles generally accepted in the United States of
America.



Page 15



<PAGE>



The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. The Company is a development stage enterprise
whose business purpose is to provide scheduled air service to small and medium
sized markets which have experienced either a total or partial loss of air
service as a result of shifts in emphasis by major airlines and their regional
counterparts. The Company intends to be an independent carrier not affiliated
with any major airline. As more fully explained in Note 1 of the financial
statements, the Company needs to obtain additional financing to fulfill its
developmental activities and achieve a level of sales adequate to support its
cost structure. These uncertainties raise substantial doubt about the Company's
ability to continue as a going concern. Management's plans are also described in
Note 1. The accompanying financial statements do not include any adjustments
that might result from the outcome of these uncertainties should the Company be
unable to continue as a going concern.




WIENER, GOODMAN & COMPANY, P.C.
Certified Public Accountants
Eatontown, New Jersey

February 8, 2002

Page 16

<PAGE>


                            EAST COAST AIRLINES, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                                  BALANCE SHEET



                               ASSETS
                               ------
                                                               December 31,
                                                             2001        2000
                                                           --------    --------

Current Assets:
    Cash                                                   $    554    $  2,537

    Due from stockholder                                         --         100
                                                           --------    --------

         Total Assets                                      $    554    $  2,637
                                                           ========    ========


              LIABILITIES AND STOCKHOLDERS' DEFICIENCY
              ----------------------------------------

Current Liabilities:
    Accounts payable                                       $ 36,308    $ 15,829
    Accrued expenses                                          3,600       2,600
    Due to shareholder                                        6,891          --
                                                           --------    --------
         Total Liabilities                                   46,799      18,429
                                                           --------    --------


Stockholders' Deficiency:
    Common stock - $.0001 par value-
      authorized 20,000,000 shares;
      754,500 and 604,500 shares
      outstanding at December 31, 2001 and 2000                  75          60
    Additional paid-in-capital                               11,375      10,890
    Deficit accumulated during
      development stage                                     (57,695)    (26,742)
                                                           --------    --------
         Total Stockholders' Deficiency                     (46,245)    (15,792)
                                                           --------    --------

         TOTAL LIABILITIES AND
           STOCKHOLDERS' DEFICIENCY                        $    554    $  2,637
                                                           ========    ========


                       See notes to financial statements.

Page 17
<PAGE>



                            EAST COAST AIRLINES, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                             STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>


                                                     Period
                                                  April 27, 2000               Period
                                  Year Ended         through             November 17, 1999
                                 December 31,      December 31,     (Date of formation through
                                     2001              2000             December 31, 2001)
                                 ------------     --------------    --------------------------
<S>                                <C>               <C>                     <C>


Cost and Expenses:
  General and administrative
    expenses                       $ 30,953          $ 26,742                $ 57,695
                                   --------          --------                --------


  Net (loss)                       $(30,953)         $(26,742)               $(57,695)
                                   ========          ========                ========

  (Loss) per common share-
    basic and diluted              $  (0.05)         $  (0.09)
                                   --------          --------

  Weighted average number of
    common shares outstanding-
    basic and diluted               629,362           290,519
                                   ========          ========



</TABLE>

                       See notes to financial statements.

Page 18

<PAGE>

                            EAST COAST AIRLINES, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                      STATEMENT OF STOCKHOLDERS' DEFICIENCY

<TABLE>
<CAPTION>


                                                                                              Deficit
                                                                                            Accumulated
                                                                            Additional        During
                                            Number of         Common         Paid in        Development
                                             Shares            Stock         Capital           Stage            Total
                                            ---------         ------        ----------      -----------         -----
<S>                                         <C>              <C>             <C>             <C>              <C>

Balance at Inception
     (November 17, 1999)                           --        $     --        $     --        $     --         $     --

     Net loss                                      --              --              --              --               --
                                              -------        --------        --------        --------         --------

Balance, December 31, 1999                         --              --              --              --               --

Sale of Common Stock                               --              --              --              --
     (at $0.001-$0.10 per share)              604,500              60          10,890              --           10,950

     Net loss                                      --              --              --         (26,742)         (26,742)
                                              -------        --------        --------        --------         --------

Balance, December 31, 2000                    604,500              60          10,890         (26,742)         (15,792)


Stock issued for services
     (at $0.001 per share)                    150,000              15             485              --              500

     Net loss                                      --              --              --         (30,953)         (30,953)
                                              -------        --------        --------        --------         --------


Balance, December 31, 2001                    754,500        $     75        $ 11,375        $(57,695)        $(46,245)
                                              =======        ========        ========        ========         ========

</TABLE>

                       See notes to financial statements.

Page 19


<PAGE>

                            EAST COAST AIRLINES, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                             STATEMENT OF CASH FLOWS


<TABLE>
<CAPTION>

                                                                                     Period               Period
                                                                                 April 27, 2000      November 17, 1999
                                                          Year Ended                through         (Date of Formation)
                                                          December 31,            December 31,      through December 31,
                                                              2001                   2000                   2001
                                                          ------------           --------------     --------------------
<S>                                                         <C>                    <C>                    <C>

Cash flows from operating activities:
Net loss                                                    $(30,953)              $(26,742)              $(57,695)
    Non cash activities:
      Stock issued for services                                  500                     --                    500

Changes in operating assets
      and liabilities
       Increase in accounts payable                           20,479                 15,829                 36,308
       Increase in accrued expenses                            1,000                  2,600                  3,600
                                                            --------               --------               --------


    Net cash used in operating
      activities                                              (8,974)                (8,313)               (17,287)
                                                            --------               --------               --------

Cash flow from financing activities:
    Proceeds from sale of
      common stock                                                --                 10,950                 10,950

    Proceeds to/from officier loan                             6,891                     --                  6,991

    Payment to officier                                          100                   (100)                  (100)
                                                            --------               --------               --------

    Net Cash Provided by
      Financing Activites                                      6,991                 10,850                 17,841
                                                            --------               --------               --------

    Net (decrease) increase in Cash                           (1,983)                 2,537
                                                                                                               554
    Cash - beginning of period                                 2,537                     --                     --
                                                            --------               --------               --------

    Cash - ending of period                                 $    554               $  2,537               $    554
                                                            ========               ========               ========

Supplementary Information:
    Cash paid during the year for:

    Interest                                                $     --               $     --               $     --
                                                            ========               ========               ========

    Income taxes                                            $     --               $    800               $    800
                                                            ========               ========               ========

</TABLE>


                       See notes to financial statements.

Page 20

<PAGE>



                            EAST COAST AIRLINES, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS


1.  DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING
    -------------------------------------------------------------
    POLICIES
    --------

Organization
------------

The Company was incorporated in the State of Delaware on November 17, 1999. From
inception, November 17, 1999, through December 31, 2001, the Company has not yet
commenced operations and no revenue has been derived. Accordingly, the Company
is considered a development stage enterprise. There is no assurance that
operations will be achieved or that the Company will achieve a profitable level
of operations. The Company intends to become a fully certified Federal Aviation
Regulation Part 121 air carrier.

East Coast's business purpose is to provide scheduled air service to small and
medium sized markets which have experienced either a total or partial loss of
air service as a result of shifts in emphasis by major airlines and their
regional counterparts. The Company intends to be an independent carrier, not
affiliated with any major airline.

The Company intends to begin operations in New York State, and to expand
throughout the Northeast and then to the Middle Atlantic States.

Nature of Business and Liquidity
--------------------------------

The Company's financial statements for the year ended December 31, 2001 have
been prepared on a going concern basis which contemplates the realization of
assets and settlement of liabilities and commitments in the normal course of
business. Management recognizes that the Company's continued existence is
dependent upon its ability to obtain needed working capital through additional
equity and/or debt financing and the commencement of its planned principal
operations.

The Company's business is subject to most of the risks inherent in the
establishment of a new business enterprise. The likelihood of success of the
Company must be considered in light of the expenses, difficulties, delays and
unanticipated challenges encountered in connection with the formation of a new
business, raising operating and development capital, and the marketing of a new
product.

The Company presently does not have sufficient liquid assets to finance its
anticipated funding needs and obligations. If fundraising activities are not
successfully completed, the Company may not be able to meet its obligations as
they become due and, accordingly, may not be able to continue its business
operations as presently anticipated.

Page 21

<PAGE>


Management is actively seeking additional capital to ensure the continuation of
its development activities. However, there is no assurance that additional
capital will be obtained. These uncertainties raise substantial doubt about the
ability of the Company to continue as a going concern.

Use of Estimates
----------------

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

Loss Per Common Share
---------------------

Basic and diluted loss per common share are computed by dividing the net loss by
the weighted average number of common shares outstanding during the year.

Fair Value of Financial Instruments
-----------------------------------

For financial instruments including cash, accounts payable and accrued expenses,
it was assumed that the carrying amount approximated fair value because of the
short maturities of such instruments.

Income Taxes
------------

At December 31, 2001 the Company has a net operating loss ("NOL") carryforward
of approximately $58,000 for financial reporting purposes and zero for tax
purposes. The difference between financial reporting and tax purposes results
from temporary differences caused by capitalization of start-up expenditures for
tax purposes as required by the Internal Revenue Code Section 195. The Company
has not reflected any benefit of such net operating loss carryforward in the
accompanying financial statements in accordance with Financial Accounting
Standards Board Statement No. 109 as the realization of this deferred tax
benefit is not more than likely.

New Financial Accounting Standards
----------------------------------

In December 1999, the Securities and Exchange Commission (SEC) issued Staff
Accounting Bulletin No. 101 ("SAB 101"), "Revenue Recognition in Financial
Statements". SAB 101 summarizes certain of the SEC's views in applying generally
accepted accounting principles to revenue recognition in financial statements.
The Company adopted the provisions of SAB 101 during the fourth quarter ended
December 31, 2000. Such adoption has not resulted in a material impact on the
Company's results of operations, financial position or cash flows.

Page 22

<PAGE>

In March, 2000, the Financial Accounting Standards Board ("FASB") issued
Interpretation No. 44 (FIN No. 44), Accounting for Certain Transactions
Involving Stock Compensation - an interpretation of APB 25. FIN No. 44 clarifies
(i) the definition of employees for purposes of applying APB Opinion No. 25,
(ii) the criteria for determining whether a plan qualifies as a noncompensatory
plan, (iii) the accounting consequences of various modifications to the terms of
a previously fixed stock option or award, and (iv) the accounting for an
exchange of stock compensation awards in a business combination. FIN No. 44 was
effective July 1, 2000. This standard has not had a significant impact on the
Company's consolidated results of operations, financial position or cash flows.

2.  COMMON STOCK

a) The Company has a single class of common stock with a par value of $0.0001
per share. At December 31, 2001, 754,500 shares were issued and outstanding. The
president of the Company purchased 475,000 shares in April 2000 and the
secretary of the Company purchased 25,000 shares in April 2000 at $0.001 per
share.

Such shares were issued without registration in reliance on an exemption in
federal securities laws that permit issuance of stock up to $1 million without
registration of the securities.


b) An additional 150,000 shares were issued to various individuals for the fair
market value of services provided at $0.001 per share.

3.  RELATED PARTY TRANSACTIONS

The president of the Company loaned $6,991 to the Company for the year ended
December 31, 2001. The amount receivable and due to the officer/stockholder was
$100 and $6,881 for the years ended December 31, 2001 and 2000, respectively.

As described in Note 2, the president and secretary of the Company purchased
475,000 and 25,000 shares of stock respectively.

4.  PRIOR FINANCIAL STATEMENT

Although the Company was incorporated November 17, 1999, no capitalization took
place until the year 2000 and there was no activity for the period November 17,
1999 (Date of Formation) through December 31, 1999.





Page 23