| **UNITED STATES**
**SECURITIES AND EXCHANGE    COMMISSION**
**Washington, DC 20549****   **
**Form    10-QSB**                             (Mark one)
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR    15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934  
For the quarterly period ended: June 30,    2002  
[   ] TRANSITION REPORT UNDER    SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934  
For the transition period from ____________    to _____________  
Commission file number: 0-29587  
**OPTICAL CONCEPTS OF AMERICA, INC.**
(Exact name of small business issuer as    specified in its charter)  Florida65-0705328(State or other jurisdiction of incorporation or    organization)(IRS Employer Identification No.)  2700 North 29th Avenue, Suite 305, Hollywood, FL33020(Address of principal executive offices)(Zip Code)  (954) 923-4438(Issuer's telephone number)    
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    report(s), and (2) has been subject to such filing requirements for the past 90 days. Yes    [X] No [ ]
Applicable only to corporate issuers:
State the number of    shares outstanding of each of the issuer’s classes of common equity, as of the latest    practicable date: Common Stock, $.001 par value 40,633,007 shares outstanding as of June    30, 2002.Transitional Small Business Disclosure Format: Yes __ No X**INDEX**
**PART I.    FINANCIAL INFORMATION**  
PageItem 1. Financial Statements (Unaudited)
3Item 2. Management’s Plan of Operations
6  **PART II. OTHER INFORMATION  Item 1. Legal Proceedings
11Item 2. Changes in Security
11Item 3. Default Upon Senior Securities
11Item 4. Submission of Matters to a Vote of    Security Holders
11Item 5. Other Information
12Item 6. Exhibits and Reports on Form 8-K
12**PART I FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

PageFinancial Statements   Balance Sheets
3   Statements    of Operations and Accumulated Deficit
3   Statements    of Cash Flows
4   Notes to the    Financial Statements
5**OPTICAL CONCEPTS OF AMERICA, INC.
BALANCE    SHEETS  
June 30, 2002
Dec. 31, 2001
(Unaudited)
ASSETS     Total    Assets
$
-
$
-
LIABILITIES    AND STOCKHOLDERS' EQUITY   Accounts payable$240$-   Due to officer4,819-          Total liabilities5,059
-Stockholders' equity:   Common stock,    $.001 par value; 50,000,000 shares    authorized;    40,633,007 shares issued and outstanding
40,633
40,633   Additional paid-in    capital
381,275
381,275   Accumulated    deficit
(426,967)
(421,908)     Total    stockholders' equity
(5,059)
-          Total   Stockholders' Equity and Liabilities
$
-
$
-The accompanying    notes are an integral part of the financial statements.
 
**OPTICAL    CONCEPTS OF AMERICA, INC.**STATEMENTS OF    OPERATIONS(Unaudited)
For the Three    Months Ended June
For the Three    Months Ended June
2002
2001
2002
2001Revenues
$-
$-$$-Administrative expense1,285-5,059-Net loss
$
(1,285)
$
-
$
(5,059)
$
-Basic net income per share
$(0.00)$-$(0.00)$
-Basic weighted average shares outstanding
40,633,007
40,633,007
40,633,007
40,633,007Diluted net income per share
$
(0.00)
$
-$
(0.00)$
-Diluted weighted average shares outstanding40,633,00740,633,00740,633,00740,633,007The accompanying notes are an    integral part of the financial statements.
**OPTICAL    CONCEPTS OF AMERICA, INC.**
STATEMENTS    OF CASH FLOWS
(Unaudited)
For    the Six Months Ended June 30
2002
2001Cash Flow from operating    activities:
$
$   Net income (loss)(5,059)-   Increase in accounts    payable240-          Net cash provided by (used in) operating activities
(4,819)
-  Cash Flow from Investing    activities:          Net cash provided by (used in) investing activities
-
-  Cash Flow from financing    activities:   Advances from officer4,819-          Net cash provided by (used in) financing activities
4,819
-  Increase (decrease) in cash
-
-Cash at the beginning of period
-
- Cash at end of period
$
   -
$
-  Supplemental Disclosure of Cash    Flow Information:   Interest
$
-
$
-   Income Tax
$
-
$
-The accompanying notes    are an integral part of the financial statements.
**OPTICAL CONCEPTS OF AMERICA, INC.**NOTES TO FINANCIAL STATEMENTS(Unaudited)

1. Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance withgenerally accepted accounting principles for interim financial information and with theinstructions to Form 10-QSB and Regulation S-B of the Securities and Exchange Commission.Accordingly, they do not include all of the information and footnotes required bygenerally accepted accounting principles for complete financial statements and should beread in conjunction with Notes to Financial Statements contained in the Company’sregistration statement on Form 10-SB for the year ended December 31, 2001. In the opinionof management, all adjustments (consisting of normal recurring accruals) considerednecessary for a fair presentation have been included. Operating results for the six monthsended June 30, 2002 are not necessarily indicative of the results that may beexpected for the year ended December 31, 2002.

The preparation of financial statements in accordance with generally acceptedaccounting principles requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities and the disclosure of contingent assets andliabilities at the date of the financial statements and revenues and expenses during thereporting period. Actual results could differ from those estimates.

**Item 2. Management’s Plan of Operation**

The following discussion of the Company's plan of operation containsforward-looking statements. Forward-looking statements give our current expectations orforecasts of future events. You can identify these statements by the fact that they do notrelate strictly to historical or current facts. They use of words such as"anticipate," "estimate," "expect," "project,""intend," "plan," "believe," and other words and terms ofsimilar meaning in connection with any discussion of future operating or financialperformance. From time to time, we also may provide forward-looking statements in othermaterials we release to the public.

Business OverviewOptical Concepts of America, Inc. was originally incorporated on June 18, 1996, underthe laws of the State of Florida under the name Celebrity Steakhouses, Inc. The Companychanged its corporate name to Deerfield Financial Services, Inc. effective October 28,1996. On January 31, 1998, Deerfield acquired all of the outstanding stock of OpticalConcepts of America, Inc., a Delaware corporation, which was formed on April 30, 1996,under a Stock Purchase Agreement in exchange for 750,000 shares of common stock ofDeerfield. Prior to the acquisition, the Company had not commenced any active businessoperations. The Company adopted its current corporate name of Optical Concepts of America,Inc. on July 6, 1998. The description of business development under this subheadingrelates to the former business operations of Optical Concepts from January 1998 until itceased such business operations at the end of 2000. Optical Concepts is sometimes referredto as the Company or "OCA", and its current business activities is to seek newbusiness opportunities, which is described under subheading "New Business of theCompany".

The Company had been operated as a holding company until December 2000, through itsformer wholly-owned subsidiary, Optical Concepts of America, Inc., which was engaged inthe development, design and marketing of a collection of fashionable prescription eyeglassframes as well as a line of upscale, ready-to-wear, non-prescription reading eyewear.

The Company's business strategy from the beginning of 1998 until the end of 2000 hadbeen to take advantage of several niche market opportunities in the optical industry whichit believed it could successfully pursue involving the design and distribution of qualityprescription eyewear frames and ready-to-wear reading eyewear. The Company's businessoperations were focused on selling its products  in the growing budget fashionoptical market and the ready-to-wear reading eyewear market, in which markets it intendedto capture significant market share through its "Bravo Eyewear" division and its"ADEA Readers" division. The Company had intended to offer a diverse line ofproducts targeted primarily to managed vision care groups, optometrists, opticians anddiscount retailers. In addition to the Company's initial intent to strengthen andmaintaining its then existing business derived through the Bravo Eyewear and ADEA Readersproduct lines, the Company also planned to broaden its focus to include the developmentand/or acquisition of one or more related and/or non-related product or service businessesin order to enhance the Company's overall business potential. 

The Company was not successful in pursuing its business of designing and distributingeyewear. Further, there can be no assurances that, should Marc Baker, who became theCompany's sole officer and director in December 2000 and is its principal shareholders,successfully identify an appropriate acquisition or business opportunity unrelated inscope to the Company's prior business operations, that it will be able to fund suchacquisition or business opportunity. 

New Business of the Company

The Company incurred significant losses during 1999 and 2000, and theformer management believed that these losses would continue and would even possiblyincrease. As a result, it was determined by former management that it was in the Company'sbest interests to divest its formerly wholly-owned subsidiary, Optical Concepts ofAmerica, Inc.. The former management did  not believe that it could continue tosustain operating losses and secure enough funding to finance the Company's operations.The former management believed that the divestiture of the Company's wholly-ownedsubsidiary would permit it to reallocate its resources to seeking new businessopportunities by entering into a business combination with potentially profitableoperations, which efforts the management believed to be in the best interest of theshareholders. 

Following the divestiture of its wholly-owned subsidiary, the Companyhad no source of funding to pay for its limited operating expenses until Mr. Baker waselected as a director and sole officer in December 2000. Since December 2000 throughoutthe date of this registration statement, Mr. Baker has paid a total of approximately$6,500 of our expenses which principally consisted of accounting fees. In December 2000,we issued to Mr. Baker a total of 35,000,000 restricted shares, or 86.13% or our issuedand outstanding shares, at par value, for the purpose of his gaining voting control. Theexpenses paid by Mr. Baker were not accounted for as liabilities and but rather have beendeemed by Mr. Baker to constitute part of his cost of acquiring control. Also see thediscussions under Part I, Item 2, "Management's Plan of Operation" and Item 5,"Directors, Executive Officers, Promoters and Control Persons" and Part II, Item4 "Recent Sales of Unregistered Securities"  and Item 8, "CertainRelationships and Related Transactions" below.

The Company had no source of funding of any expenses until Mr. Bakerwas elected as a director and sole officer, and since his election Mr. Baker has paid atotal of approximately $5,000 of our expenses which principally consisted of accountingfees. 

Plan of Operation

As the result of our divestiture of our operating subsidiary, we haveno present operations and as a result we have redirected our efforts and limited resourcesto seeking potential new business opportunities or business transactions with othercompanies. 

Following our divestiture of our wholly-owned subsidiary, our newmanagement consisting of our sole officer Mr. Baker, considers to pursue new businessopportunities, including the possibility of entering into a business combination. We didnot intend to limit ourselves to a particular industry and have not established anyparticular criteria upon which we shall base our determination to consider and proceedwith a business opportunity. 

Our common stock became subject for quotation on the OTC:BB under thesymbol "OICU" on July 26, 2002. Ever since, there has not been any tradingactivity in our common stock, notwithstanding the fact that our common stock is quoted.

At the present time, Mr. Baker is our sole officer and director. If wedecide to seek to acquire another business or otherwise pursue a business opportunity, wewould have substantial flexibility in identifying and selecting a prospective business. Asa result, we would be entirely dependent on the judgment of Mr. Baker in connection withthe selection process. In evaluating a prospective business opportunity, we wouldconsider, among other factors, the following: (i) costs associated with effecting atransaction; (ii) equity interest in and opportunity to control the prospective candidate,if any; (iii) growth potential of the candidate; (iv) experience and skill of managementand availability of additional personnel; (v) capital requirements necessary; (vi) theprospective candidate's competitive position; (vii) stage of development of the thebusiness opportunity; (viii) degree of current or potential market acceptance of thebusiness, products or services; (ix) proprietary features and degree of intellectualproperty; (x) the availability of audited financial statements of the any potentialbusiness opportunity; and (xi) the regulatory environment that may be applicable to anyprospective business.

The foregoing criteria are not intended to be exhaustive and anyevaluation relating to the merits of any business opportunity was or would be based, tothe extent relevant, on the above factors as well as other considerations deemed relevantby Mr. Baker in connection with effecting prospective new business opportunities. Inconnection with an evaluation of a prospective or potential business opportunities, Mr.Baker, with the possible assistance of an independent investment banking firm, or thirdparty consultants, may consider to conduct a due diligence review.

The time and costs required to pursue new business opportunities or toseek to acquire other businesses, which includes negotiating and documenting relevantagreements and preparing requisite documents for filing pursuant to applicable securitieslaws and state "blue sky" and corporation laws, was  ascertained with anydegree of certainty. 

Our current executive officer and director intends to does not intendto devote full time the the Company but does intend to devote an appropriate portion ofhis time to our affairs and, accordingly, the length of time required for the pursuit andnegotiations related to any new business opportunities is uncertain. However, Mr. Bakerwill devote such time as he deems reasonably necessary to carry out our business affairsincluding our pursuit of business opportunities necessary to commence operations, althoughno assurance can be made that we will be successful in our efforts. We cannot project thepercentage of his time that he will actually devote to the Company's business and affairs.See the discussion under "Business Experience of Principal" below.

As a general rule, if we decide to enter into a business combination,Federal and state tax laws and regulations have a significant impact upon the structuringof a business combination. We will evaluate the possible tax consequences of anyprospective business combination and will endeavor to structure a business combination soas to achieve the most favorable tax treatment to us and our shareholders. There can be noassurance that the Internal Revenue Service or state tax authorities will ultimately agreewith our tax treatment of a potential business combination. To the extent the InternalRevenue Service or any relevant state tax authorities ultimately disagree with ourproposed tax treatment and in fact prevail in recharacterizing the tax treatment of abusiness combination, there may be adverse tax consequences to us and our shareholders.Tax considerations as well as other relevant factors will be evaluated in determining theprecise structure of a potential business combination, which could be effected throughvarious forms of a merger, consolidation or stock or asset acquisition.

Following the filing of our registration statement on Form 10-SB/12gunder the Exchange Act, we became a reporting company under the Exchange Act. Pursuant toSection 13 and 15(d) of the Exchange Act, in the event significant acquisitions takeplace, we will also be required to file reports with the SEC which will include certifiedfinancial statements for the acquired company typically covering the last two fiscal twoyears. Consequently, acquisition prospects that do not have or are unable to obtain therequired certified financial statements will not be appropriate for acquisition so long asthe reporting requirements of the Exchange Act are applicable.

We may acquire a company or business by purchasing, trading or sellingthe securities of such company or business. However, we do not intend to engage primarilyin such activities. Specifically, we intend to conduct our activities so as to avoid beingclassified as an "investment company" under the Investment Company Act of 1940,and therefore avoid application of the costly and restrictive registration and otherprovisions of the Investment Company Act of 1940 and the regulations promulgatedthereunder.

Various impediments to an acquisition of a business or company or amerger may arise such as appraisal rights afforded to the shareholders of a prospectiveacquisition under the laws of the state under which the prospective business is organized.This may prove to be deterrent to a particular business combination. In addition, underthe laws of the State of Florida, and Florida Statute Section 607.1103, a businesscombination, including a merger or share exchange, generally requires the approval by amajority of all votes entitled to vote. However, Section 607.1103 (7) provides that"unless required by its articles of incorporation, action by shareholders of thesurviving corporation on a plan of merger is not required if: (a) the articles ofincorporation of the surviving corporation will not differ . . . from its articles beforethe merger; and (b) each shareholder of the surviving corporation whose shares wereoutstanding immediately prior to the effective date of the merger will hold the samenumber of shares with identical designations, preferences, limitations and relativerights, immediately after the merger". Our articles of incorporation do not require ashareholder vote for a business combination". See Exhibit 99.3 attached hereto.

Conflicts of Interest

Mr. Baker, our sole officer and director, is notrequired to commit his full time to our affairs and it is likely that he will not devote asubstantial amount of time to our affairs. As a result, the consummation of a businesscombination may require a greater period of time than if he would devote his full time toour affairs. However, our sole officer and director will devote such time, as he deemsreasonably necessary, in his sole discretion, to conduct our business and affairs,including the evaluation of potential Target Businesses and the negotiation andconsummation of a business combination. At the date of the filing of this Form10-SB/12g/A, Mr. Baker is also serving as officer and director of other reportingcompanies. See "Business Experiences of Principal" below". As a result, theamount of time devoted to our business and affairs may vary significantly, depending upon,among other things, whether we have identified a target business or are engaged in activenegotiation and consummation of a business combination. Mr. Baker, our sole officer anddirector, has not identified and is not currently negotiating a business combination forus. In the future, Mr. Baker and other persons that may become associated with us maybecome affiliated with entities engaged in business activities similar to those we intendto conducted, including seeking potential business combinations. In such event, Mr. Bakerand such persons may have conflicts of interest in determining to which entity aparticular business opportunity should be presented. In general, officers and directors ofa corporation incorporated under the laws of the State of Florida, which is where we areincorporated, are required to present certain business opportunities to such corporation.Accordingly, as a result of multiple business affiliations, Mr. Baker may have similarlegal obligations to present certain business opportunities to multiple entities. Therecan be no assurance that any conflicts will be resolved in our favor. Further, neither theCompany nor Mr. Baker intend and the Company shall not enter into any transaction with anyTarget Business that is affiliated with Mr. Baker.

The Company has no agreement with Mr. Bakerconcerning restrictions other than restrictions related to state and federal securitieslaws in selling any of his shares until a business transaction is consummated.

Business Experience of Principal

Our present management consists of Marc Baker, who serves as ourpresident, sole officer and director and a control shareholder, owning 86.13% of ourissued and outstanding shares. Mr. Baker is a certified public accountant licensed in theState of Florida. During the past five years, Mr. Baker has had experience in negotiatingmergers, acquisitions and stock purchase agreements involving several different privateoperating companies with public non-operating companies. Certain of these publicnon-reporting companies involved in these transactions continued to be non-reportingcompanies under the Exchange Act after the transactions or became reporting companies andthen ceased to report under the Exchange Act. However, Mr. Baker was not part of thepost-transaction management in these non-reporting companies. Mr. Baker has also providedconsulting services to  independent public accounting firms and attorneys in severaltransactions which services have facilitated other companies in becoming operatingcompanies and in at least one instance becoming  and continuing to be a reportingcompany under the Exchange Act. Mr. Baker has also worked closely with the professionalsengaged by the entities seeking to enter into business combinations, similar to those thatwe may pursue for the purpose of due diligence and evaluation of other businesses andconducting negotiations for business combinations.During the pastfive years, Mr. Baker served as an officer and director of companies each of which enteredinto a Business Combination. (i) Life Industries Inc. - Mr. Baker served as president of Life Industries Inc., a publicnon-operating company. Mr. Baker after becoming president of Life Industries caused LifeIndustries to engage an accounting firm and legal representation so that it could enterinto a business combination with Quill Industries, an operating company, in 1997. At thedate of the transaction with Quill, Mr. Baker resigned his position as an officer anddirector and disposed of his share interest in Life Industries to an unaffiliated party.Prior to the business combination between Life and with Quill, and as a result of Mr.Baker's efforts, Life Industries had available current information required by Rule15c-2-11, which permitted a market maker to enter quotes for the Life shares on the pinksheets. However, while Quill Industries on August 21, 1998 filed a Form 10-SB under theExchange Act to become a reporting company, which was after Mr. Baker's resignation, theForm 10-SB was withdrawn on June 4, 1999 and Life Industries never filed any reports underthe Exchange Act. Pursuant to the transactions involving Life Industries, Mr. Baker wasgranted options to purchase 140,000 Life Industries shares, exercisable at a price of$.10. Mr. Baker exercised the options and sold the underlying shares at prices rangingfrom $.50 to $1.00; (ii) Stetson Oil Exchange Inc. - Mr. Baker was an officer and director of Stetson OilExchange Inc., a public non-operating company that entered into a business combinationtransaction with Telecom Wireless Corp., an operating company, in 1998, and resigned hispositions and disposed of his share interest in Stetson when it entered into a businesscombination with Telecom Wireless. Telecom Wireless became a reporting company under theExchange Act and its shares were traded on the OTC:BB until the shares were delisted forfailure to continue to remain current under the Exchange Act. Pursuant to the transactionsinvolving Stetson Oil, Mr. Baker was granted options to purchase 1,400,000 shares ofStetson exercisable at a price of $.50. Mr. Baker assigned his right to under the optionwith respect to 925,000 shares for consideration of $225,000 to a third party. The optionwith respect to the remaining 475,000 shares was exercised at $.50 which shares were soldat an average price of $.75 per share; (iii) Skintek Labs, Inc., formerly known as Biologistics Inc. - Mr. Baker was an officerand director of  Biologistics Inc. which was a public non-operating company. When itentered into a merger agreement with Performance Brands, Inc. in 1999, it changed its nameto Skintek Labs Inc. and became an operating company. Mr. Baker resigned as an officer anddirector of SKNT upon the merger.  Skintek Labs continued to be an operating andreporting company under the Exchange Act until the Share Transfer Agreement with PBI, atwhich time it became a non-operating company. Its shares are subject to quotation on theOTC:BB. Mr. Baker made total net cash advances to SKNT while he was merger consultant inthe amount of $740,577 which were converted into 2,118,271 restricted SKNT shares. Inaddition, Mr. Baker was issued 6 million restricted shares in March 2001 in connectionwith the change in control as non-cash compensation which resulted in an expense of$1,200,000 during the first quarter of 2001; (iv) Union Chemical Corp. -  Mr. Baker was president of  Union Chemical Corp., apublic non-operating company that was never a reporting company under the Exchange Act.Mr. Baker acquired control of Union Chemical for $125,000 in cash and prior to UnionChemical entering into a merger agreement with HotYellow98.com, an operating company, Mr.Baker sold his interest in Union Chemical for $150,000 and resigned as president prior to Union Chemical. Mr. Baker had no involvement in the merger transaction. HotYellowfiled a registration statement on Form 10-SB on August 23, 1999, but never filed anyrequired Exchange Act reports and is not current under the reporting requirements underthe Exchange Act; (v) National Venture Capital Fund, Inc. - Mr. Baker was the secretary-treasurer and adirector of  National Venture Capital Fund, Inc., a non-operating company that filedits Form 10-SB/12g on May 6, 1999 and filed its annual report for its year ended April 30,2000 and its quarterly report for the first quarter ended July 31, 2000 but has failed tofile the required quarterly reports under the Exchange Act  and is therefor notcurrent in its reporting requirements. Mr. Baker resigned as an officer and director ofNational Venture Capital in October 2001 and never received any compensation nor was heissued any shares or securities from this issuer; (vi) BSD Healthcare, Inc. -  Mr. Baker is presently also serving as Presidentand director of BSD Healthcare, Inc., a non-operating company, which is current in itsreporting requirements under the Exchange Act. Mr. Baker was issued 6,750,000 restrictedshares by BSD in December 2000  at par value. Mr. Baker has negotiated on behalf ofBSD the sale or transfer of his control interest, pursuant to which BSD has changed itsname to BSD Software and is expected to have a change in control; and(vii) Combined Professional Services, Inc., a current reporting company that had nooperations through its year ended December 31, 2001. Mr. Baker was elected as director onFebruary 27, 2001 following which former officers and directors resigned. Mr. Bakerappointed himself as president and as sole officer and director is pursuing acquisitionsfor Combined Professional Services. Mr. Baker was issued 2,300,000 restricted shares byCombined Professional Services none of which have been sold. It has recently concluded anacquisition of less than 5% interest in an operating company and is negotiating to acquirean additional interest in this entity.Liquidity, Capital Resources and Capital Requirements for the nexttwelve Months

During the years 2001,2000 and throughout June 30, 2002, we raised nofunds through the sale of securities. However, we issued 35,000,000 shares of restrictedcommon stock to our president and sole director, Mr. Baker for no consideration. There hasbeen no trading market in the Company's shares for approximately the past two years.Therefore, we have elected to treat the issuance of the 35 million shares, par value of$0.001 per share, as non-cash compensation in the aggregate amount of $35,000. Further,Mr. Baker has paid expenses of approximately $5,000 on behalf of the Company, principallyfor accounting fees. The Company recorded these obligation under due to officers.

While we are dependent upon limited payments of our expenses made byMr. Baker, we have no written finance agreement with Mr. Baker to provide any continuedfunding. We expect our capital requirements to be limited to funds necessary to remain areporting company under the Exchange Act, including accounting fees. Mr. Baker ispresently negotiating on our behalf with CR Capital Services, Inc., a corporate securitiescompliance firm, providing legal and related services to the Company, for compensation. Weexpect that we shall agree to compensate CR Capital Services in the form of shares, in anamount not yet been determined, for its services that began in December 2001, includingpreparation of all our Exchange Act filings.

We may determine to seek to raise funds from the sale of equity or debtsecurities, from bank or other borrowings or a combination thereof as part of our intentto seek new business opportunities and/or in effecting a business combination. We issuedto Mr. Baker 35,000,000 restricted shares in December 2000, which has been accounted foras non-cash compensation of $35,000. However, we have no other agreements as of the datehereof to issue any additional shares other than our plan to issue shares to CR CapitalServices or its principals, in a number of shares not yet determined. Further, we cannotat this time predict whether equity or debt financing will become available at termsacceptable to us, if at all. We anticipate that in connection with our intent to seek newbusiness opportunities and/or a business combination, we may issue a substantial number ofadditional shares. If such additional shares are issued, our shareholders will experiencea dilution in their ownership interest. Additionally, if a substantial number of sharesare issued in connection with the consummation of a business combination, a change incontrol may be expected to occur.

Our limited resources and lack of operating history may make itdifficult to borrow funds. The amount and nature of any borrowing by us will depend onnumerous factors, including our capital requirements, potential lenders' evaluation of ourability to meet debt service on borrowing and the then prevailing conditions in thefinancial markets, as well as general economic conditions. We do not have any arrangementswith any bank or financial institution to secure additional financing and there can be noassurance that such arrangements if required or otherwise sought, would be available onterms commercially acceptable or otherwise in our best interests. Our inability to borrowfunds required to effect or facilitate a business combination, or to provide funds for anadditional infusion of capital into a target business, may have a material adverse effecton our financial condition and future prospects, including the ability to effect abusiness combination. To the extent that debt financing ultimately proves to be available,any borrowing will subject us to various risks traditionally associated with indebtedness,including the risks of interest rate fluctuations and insufficiency of cash flow to payprincipal and interest. Furthermore, a target business may have already incurred debtfinancing and, therefore, subject us to all the risks inherent thereto.
**PART II. OTHER INFORMATION

Item 1. Legal Proceedings**
None.

**Item 2. Changes in Security**

During the three-month period ended June 30, 2002, we did not issue any restrictedshares.

**Item 3. Default Upon Senior Securities**

None.

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

None.

**Item 5. Other Information**

None.

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

(a) Exhibits:

Exhibit No.
Document Description
3(i)Articles of Incorporation (filed as    Exhibits to the Company's Registration Statement on Form 10-SB/12g and incorporated herein    by reference)
3(ii)Bylaws (filed as Exhibit to the Company's    Registration Statement on Form 10-SB/12g and incorporated herein by reference)
(b) Form 8-K.

The Company did not file a Current Report during the three-month periodending June 30, 2002.
**SIGNATURES**
In accordance with Section 12 or 15(d) of the Exchange Act, the Registrant has causedthis report to be signed on its behalf by the undersigned, thereunto duly authorized.

Optical Concepts of America, Inc.By: /s/ Marc BakerMarc Baker, President and DirectorDated: August 2, 2002Hollywood, Florida****** |
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