IMMULABS CORPORATION



                           Filing Type:  10QSB
                           Description:  Quarterly Report
                           Filing Date:  November 8, 2001
                            Period End:  September 30, 2001


                      Primary Exchange:  Over the Counter Bulletin Board
                                Ticker:  IMLB




<PAGE>

                                Table of Contents



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


                                 10QSB OTHERDOC

Item 1.........................................................................3
Balance Sheet..................................................................3
Income Statement...............................................................4
Cash Flow Statement............................................................5
Item 2........................................................................10
Part II.......................................................................13
Item 1........................................................................13
Item 2........................................................................14
Item 3........................................................................14
Item 4........................................................................14
Item 5........................................................................14
Item 6........................................................................14



<PAGE>

                    U. S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)

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

For the quarter ended September 30, 2001
                      ------------------

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

For the transition period from ___________________ to ___________________

Commission File No. 0-26760
                    -------

                              Immulabs Corporation
                 ----------------------------------------------
                 (Name of Small Business Issuer in its Charter)

Colorado                                                              84-1286065
--------                                                              ----------
(State or Other Jurisdiction of                               (I.R.S. Employer
incorporation or organization)                                Identification No)

                       2nd Floor - 827 West Pender Street
                          Vancouver, BC V6C 3G8 Canada
                  --------------------------------------------
                    (Address of Principal Executive Offices)

                                 (604) 763-6547
                          -----------------------------
                            Issuer's Telephone Number

                                       N/A
          -------------------------------------------------------------
          (Former Name or Former Address, if changed since last Report)

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 Company was  required to file such  reports),  and (2) has been
subject to such filing requirements for the past 90 days.

   (1)   Yes     X        No              (2)   Yes     X        No
                ---             ---                    ---             ---

     (ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

                                 Not applicable

                     (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:

                                October 31, 2001

                           Common - 39,097,661 shares

                       DOCUMENTS INCORPORATED BY REFERENCE

A description of any "Documents  Incorporated by Reference" is contained in Item
6 of this Report.

Transitional Small Business Issuer Format     Yes              No     X
                                                     ---             ---

<PAGE>

                              Immulabs Corporation
                     (formerly North American Resorts, Inc.)

              Form 10-QSB for the Quarter ended September 30, 2001

                                Table of Contents

                                                                            Page

Part I - Financial Information

  Item 1   Financial Statements                                               3

  Item 2   Management's Discussion and Analysis or Plan of Operation         10

Part II - Other Information

  Item 1   Legal Proceedings                                                 13

  Item 2   Changes in Securities                                             14

  Item 3   Defaults Upon Senior Securities                                   14

  Item 4   Submission of Matters to a Vote of Security Holders               14

  Item 5   Other Information                                                 14

  Item 6   Exhibits and Reports on Form 8-K                                  14

Signatures                                                                   14








                                       2
<PAGE>
<TABLE>
<CAPTION>

Immulabs Corporation
(A Development Stage Company)
Balance Sheets


                                                                                       As at            As at
                                                                                   September 30,     December 31,
                                                                                       2001             2000
                                                                                         $                $
                                                                                    (unaudited)       (audited)
<S>                                                                                <C>               <C>
ASSET

Current Asset

  Cash                                                                                   2,162           55,838
--------------------------------------------------------------------------------------------------------------------

Total Asset                                                                              2,162           55,838
====================================================================================================================


LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current Liabilities

  Accounts payable                                                                     387,828              366
  Accrued liabilities                                                                        -            5,000
  Due to related party (Note 4)                                                         31,509           15,000
--------------------------------------------------------------------------------------------------------------------

Total Liabilities                                                                      419,337           20,366
--------------------------------------------------------------------------------------------------------------------


Stockholders' Equity (Deficit)

Preferred stock - no par value 50,000,000 shares authorized
nil and  482,815 shares issued and outstanding respectively                                  -                -

Common  Stock,  $0.001   par   value   300,000,000   shares
authorized  39,097,661  and  39,161,428  shares  issued and
outstanding respectively                                                                39,098           39,161

Stock based compensation                                                             6,711,536        6,734,583

Additional Paid-in Capital                                                           1,780,977        2,058,989

Deficit Accumulated During the Development Stage                                    (8,948,786)      (8,797,261)
--------------------------------------------------------------------------------------------------------------------

Total Stockholders' Equity (Deficit)                                                  (417,175)          35,472
--------------------------------------------------------------------------------------------------------------------

Total Liabilities and Stockholders' Equity (Deficit)                                     2,162           55,838
====================================================================================================================
</TABLE>

Commitments and Contingencies (Notes 1 and 5)






                                        3

    (The accompanying notes are an integral part of the financial statements)
<PAGE>
<TABLE>
<CAPTION>

Immulabs Corporation
(A Development Stage Company)
Statements of Operations


                                                 Accumulated from
                                                 November 1, 1985
                                               (Date of Inception)       Three Months Ended            Nine Months Ended
                                                 to September 30,           September 30,                September 30,
                                                          2001           2001           2000          2001          2000
                                                            $              $              $             $             $
                                                      (unaudited)    (unaudited)    (unaudited)   (unaudited)   (unaudited)
<S>                                            <C>                   <C>            <C>           <C>            <C>
Revenue                                                         -              -              -             -             -
----------------------------------------------------------------------------------------------------------------------------

Expenses

General and Administrative

  Amortization                                              2,833              -              -             -           567
  Investor relations                                      170,716              -              -        15,074        13,600
  Management fees (Note 5(a))                             440,000         90,000        150,000       270,000       150,000
  Office                                                    1,951          1,391            118         1,758           118
  Professional fees
    Accounting and audit                                   22,000            600          3,188         3,800        10,500
    Financial services                                     56,266              -              -        56,266             -
    Legal - general corporate matters                      19,207              -         13,488         1,171        18,036
    Legal - services rendered to a
      former attorney                                     993,750              -        993,750             -       993,750
    Salaries                                               71,500         33,000              -        71,500             -
  Stock based compensation - stock
  options (Note 3(a)(ii))                               1,780,977              -        300,000      (278,012)      943,750
  Transfer agent and regulatory                            12,456            528          1,142         2,158         4,282
  Travel and promotion                                      7,111              -              -         3,310             -
----------------------------------------------------------------------------------------------------------------------------
                                                        3,578,767        125,519      1,461,686       147,025     2,134,603
----------------------------------------------------------------------------------------------------------------------------
Selling and Marketing

  Advertising                                              89,238              -              -             -             -
  Marketing                                                13,500              -              -         4,500             -
  Option agreement written-off (Note 1)                    15,000              -              -             -             -
----------------------------------------------------------------------------------------------------------------------------
                                                          117,738              -              -         4,500             -
----------------------------------------------------------------------------------------------------------------------------
Total Expenses                                          3,696,505        125,519      1,461,686       151,525     2,134,603
----------------------------------------------------------------------------------------------------------------------------

Loss from Continuing Operations                        (3,696,505)      (125,519)    (1,461,686)     (151,525)   (2,134,603)

Loss from Discontinued Operations                      (5,252,281)             -              -             -       (60,000)
----------------------------------------------------------------------------------------------------------------------------
Net Loss For the Period                                (8,948,786)      (125,519)    (1,461,686)     (151,525)   (2,194,603)
============================================================================================================================
Net Loss Per Share                                                         (0.01)         (0.04)        (0.01)        (0.12)
============================================================================================================================


Weighted Average Shares Outstanding
(with retroactive effect for a
consolidation and a stock split)                                      39,098,000     39,176,000    39,081,000    17,873,000
============================================================================================================================

</TABLE>




                                        4

    (The accompanying notes are an integral part of the financial statements)
<PAGE>
<TABLE>
<CAPTION>

Immulabs Corporation
(A Development Stage Company)
Statements of Cash Flows


                                                                          Nine months ended
                                                                            September 30,
                                                                       2001              2000
                                                                         $                 $
                                                                    (unaudited)       (unaudited)
<S>                                                                 <C>               <C>
Cash Flows from Operating Activities

  Net loss for the period                                             (151,525)       (2,194,603)

Adjustments to reconcile net loss to cash

  Common and preferred stock issued for services rendered               59,840         1,007,350
  Amortization                                                               -               567
  Stock based compensation - stock options                            (278,012)          943,750

Non-cash working capital item

  Increase in accounts payable and accrued liabilities                 299,512            50,000
-------------------------------------------------------------------------------------------------
Net Cash Used in Operating Activities                                  (70,185)         (192,936)
-------------------------------------------------------------------------------------------------
Cash Flows from Financing Activities

  Common shares issued                                                       -           225,001
  Increase in advances from a related party                             16,509                 -
-------------------------------------------------------------------------------------------------
Net Cash From Financing Activities                                      16,509           225,001
-------------------------------------------------------------------------------------------------
Cash Flows to Investing Activities                                           -                 -
-------------------------------------------------------------------------------------------------
Increase (Decrease) in Cash                                            (53,676)           32,065
Cash - Beginning of Period                                              55,838                 -
-------------------------------------------------------------------------------------------------
Cash - End of Period                                                     2,162            32,065
=================================================================================================
Non-Cash Financing Activities                                                                  -

  Shares cancelled and returned to treasury                             82,950                 -
=================================================================================================
Supplemental Disclosures

  Interest paid                                                              -                 -
  Income tax paid                                                            -                 -
=================================================================================================

</TABLE>




                                        5

    (The accompanying notes are an integral part of the financial statements)
<PAGE>

Immulabs Corporation
(A Development Stage Company)
Notes to the Financial Statements


1.   Nature of Operations and Continuance of Business

     Immulabs Corporation, formerly North American Resorts, Inc. (the "Company")
     was initially  incorporated  as Gemini  Ventures,  Inc. on November 1, 1985
     under the laws of the State of  Colorado.  The Company  changed its name to
     Solomon  Trading  Company,  Limited in July 1989;  The  Voyageur,  Inc.  in
     November 1994; The Voyageur First, Inc. in December 1994 and North American
     Resorts, Inc. in March 1995.

     Effective  September  1, 2000,  as filed with the State of Colorado on June
     30, 2000, the Company changed its name to Immulabs Corporation.  The shares
     of the Company currently trade on the Over the Counter Bulletin Board under
     the ticker symbol "IMLB".

     From  1995  through  1998,  the  Company  was in the  business  of  selling
     vacations  in Florida and the sale of time share  memberships  to the Ocean
     Landings and Cypress Island Preserve  facilities in Florida which were then
     controlled by the Company and the operation of Cypress Island Preserve as a
     tourist  destination.  During  the  fourth  quarter  of 1998,  the  Company
     liquidated its holdings in these ventures and discontinued all operations.

     With the disposition of all operations,  the Company became fully dependent
     upon the support of its controlling shareholders for the maintenance of its
     corporate  status and to  provide  all  working  capital.  The  controlling
     shareholders  intend to  continue  the  funding of  necessary  expenses  to
     sustain operations.

     On March 22, 2000 the  Company  amended its  Articles of  Incorporation  to
     allow for the  issuance  of up to  300,000,000  shares of $0.001  par value
     common  stock.  Further on May 30, 2000 the  Company's  Board of  Directors
     effected a 1 new for 1,000 old  consolidation of the issued and outstanding
     shares which was approved by shareholders on March 20, 2000.

     Further, on November 2, 2000, the Company's Board of Directors effected a 4
     new for 1 old split of the issued  and  outstanding  shares.  The effect of
     this split is reflected in the financial  statements as of the first day of
     the first period presented.

     On October 31, 2000 the Company  entered into an Assignment  Agreement with
     Aggressive  American  Capital  Partners,   Inc.,  a  significant   majority
     shareholder and a Company controlled by the President, in which the Company
     obtained the exclusive  rights to an Option  Agreement  dated  February 23,
     2000,  amended  April 11, 2000 and June 8, 2000,  for  $15,000,  to acquire
     Quest Research Group, Inc.  ("Quest") and its various  technologies.  Quest
     owns  proprietary  intellectual  property  that can be used to identify and
     isolate  harmful gasses in cigarette  smoke and prove  scientifically  that
     cigarette  smoke destroys  human white blood cells.  Subsequent to the year
     end,  Quest is disputing the Option  Agreement and the Company is currently
     seeking to resolve the dispute through  arbitration  and appropriate  legal
     recourse. As a result, the $15,000 payment was written-off to operations in
     fiscal  2000.  To obtain a 50%  interest in Quest the Company was to invest
     $1,600,000  which time to pay is purported to have passed.  To purchase the
     balance of Quest the Company was to pay  $175,000,000  within five years of
     the first option being exercised.

     These financial statements are prepared using generally accepted accounting
     principles applicable to a going concern which contemplates the realization
     of assets and  liquidation  of liabilities n the normal course of business.
     However,  the  Company  does not have  significant  cash or other  material
     assets,  nor does it have an established source of revenues needed to cover
     its  operating  costs and to allow it to continue as a going  concern.  The
     Company has ongoing overhead expenses and will require  significant capital
     to execute upon its business plan to bring its new business to market.  The
     Company's ability to meet those obligations and continue as a going concern
     is dependent  upon raising new capital  through  issuing debt and/or equity
     securities and then to generate revenues and profits.



                                        6
<PAGE>

2.   Summary of Significant Accounting Policies

     Use of Estimates and Assumptions
     --------------------------------

     The  preparation  of  financial  statements  requires  management  to  make
     estimates and assumptions that affect the amounts reported in the financial
     statements and accompanying  notes.  Actual results could differ from those
     estimates.

     Year End
     --------

     The Company's fiscal year end is December 31.

     Cash and Equivalents
     --------------------

     For  the  purpose  of the  statements  of cash  flows,  all  highly  liquid
     investments  with the maturity of three months or less are considered to be
     cash equivalents.

     Basic and Diluted Net Income (Loss) per Share
     ---------------------------------------------

     The Company  computes net income (loss) per share in  accordance  with SFAS
     No. 128, "Earnings per Share" (SFAS 128). SFAS 128 requires presentation of
     both basic and diluted  earnings  per share (EPS) on the face of the income
     statement. Basic EPS is computed by dividing net income (loss) available to
     common  shareholders  (numerator) by the weighted  average number of shares
     outstanding  (denominator)  during the period.  Diluted EPS gives effect to
     all  dilutive   potential  common  shares  outstanding  during  the  period
     including stock options,  using the treasury stock method,  and convertible
     preferred stock,  using the if-converted  method. In computing Diluted EPS,
     the average stock price for the period is used in determining the number of
     shares  assumed  to be  purchased  from the  exercise  of stock  options or
     warrants.  Diluted EPS  excludes  all  dilutive  potential  shares if their
     effect is anti dilutive.

     Accounting for Stock Based Compensation
     ---------------------------------------

     The  Company  has  adopted  SFAS  No.  123   "Accounting  for  Stock  Based
     Compensation"  which  requires  that stock  awards  granted  subsequent  to
     January 1, 1995 are recognized as compensation  expense based on their fair
     market value at the date of grant.

     Interim Financial Statements
     ----------------------------

     These interim unaudited financial statements have been prepared on the same
     basis as the annual financial  statements and in the opinion of management,
     reflect all adjustments,  which include only normal recurring  adjustments,
     necessary to present fairly the Company's  financial  position,  results of
     operations and cash flows for the periods shown.  The results of operations
     for such periods are not necessarily indicative of the results expected for
     a full year or for any future period.


3.   Share Capital

     (a)  Common Stock

          (i)  During  the  quarter  ended  March 31,  2001 the  Company  issued
               140,833  shares to various  consultants at a fair market value of
               $59,840 for investor relations and financial advisory services.

          (ii) Certain  stock  options were  rescinded  and 204,600  shares were
               cancelled  and returned to treasury.  The cash  consideration  of
               $82,950,  received in fiscal 2000, is repayable to the optionees.
               Stock based compensation of $278,012 was reversed.

     (b)  Stock options

          On June 30, 2000, the company filed a Form S-8 Registration  statement
          under The Securities Act of 1933 with the U.S. Securities and Exchange
          Commission to register 700,000 pre-split shares (2,800,000  post-split
          shares) of common stock pursuant to the Company's  2000  Nonqualifying
          Stock  Option  Plan ("2000  NQPlan").  This 2000 NQPlan is for persons
          employed or associated with the Company,  including without limitation
          any  employee,   director,   general   partner,   officer,   attorney,
          accountant,  consultant  or  advisor,  is intended to advance the best
          interests  of the Company by providing  additional  incentive to those
          persons  who have a  substantial  responsibility  for its  management,
          affairs,  and growth by increasing their  proprietary  interest in the
          success of the Company,  thereby  encouraging  them to maintain  their
          relationships with the Company. The determination of those eligible to
          receive options under the 2000 NQPlan, and the amount, price, type and
          timing of each Stock option and the terms and conditions shall rest at
          the sole  discretion of the Company's  Board of Directors,  subject to
          the provisions of the 2000 NQPlan.



                                        7
<PAGE>

3.   Share Capital (continued)

     (b)  Stock options (continued)

          On June 30, 2000, the Company filed a Form S-8 Registration  Statement
          under The Securities Act of 1933 with the U.S. Securities and Exchange
          commission to register 800,000 pre-split shares (3,200,000  post-split
          shares) of common  stock  pursuant to the  Company's  2000  Qualifying
          Stock  Option  Plan  ("2000  QPlan").  This 2000 QPlan is  intended to
          provide the key  employees of the Company an incentive  through  stock
          ownership in the Company and encourage them to remain in the Company's
          employ.  Any  options  granted  under the 2000  QPlan  must be granted
          within  ten (10) years of the  adoption  date of the 2000  QPlan.  The
          option price may be  determined  by the  administrating  committee and
          shall  not be less  than  the  greater  of the (i)  par  value  of the
          Company's  Common Stock or (ii) the fair market value of the Company's
          stock on the date that the  option is  granted.  All  granted  options
          shall be of a term selected by the administrating committee, but in no
          event be for a term of longer than ten (10) years from the grant date.

          On June 30,  2000,  the Company  granted  options to purchase  150,000
          pre-split shares (600,000  post-split  shares) of the Company's common
          stock at an exercise price of $1.00 per share under the 2000 NQPlan to
          an individual  providing  acquisition and merger consulting  services.
          The individual  immediately  exercised 100,000 (400,000 post-split) of
          these options and the remaining 50,000 (200,000 post-split) options on
          July 6, 2000.

          On August 31, 2000, the Company granted options to purchase a total of
          300,000 pre-split shares (1,200,000 post-split shares) of common stock
          at an exercise price of $5.50 per share under the 2000 NQPlan (100,000
          shares) and the 2000 NQPlan (200,000  shares) to the Company's  former
          President and Chief Executive Officer. The President exercised 180,682
          (722,728 post-split) of these options on September 11, 2000.

          On October 17, 2000 the Company  granted  options to purchase  100,000
          pre-split shares (400,000  post-split  shares) of the Company's common
          stock at an exercise price of $5.00 per share under the 2000 NQPlan to
          a consultant.  On October 27, 2000, 20,000 (80,000 post-split) options
          and on November  2, 2000  another  20,000  (post-split)  options  were
          exercised.

          On October 27, 2000 the Company  granted  options to purchase  100,000
          pre-split shares (400,000  post-split  shares) of the Company's common
          stock at an  exercise  price of $11.25 per share under the 2000 NQPlan
          to the President.

          On  November 3, 2000 the Company  granted  options to purchase  40,000
          pre-split shares of the Company's common stock at an exercise price of
          $2.50 per share under the 2000 NQPlan to various  directors,  officers
          and consultants.

          On January 23, 2001 the Company repriced the outstanding stock options
          to $0.80  per  share  for  qualified  options  and $0.75 per share for
          non-qualified options.

                                                    Shares          Weighted
                                                 Under Option       Average
                                                      #           Option Price
                                                                       $
          Beginning of period                      1,217,272            .77
          Granted                                          -              -
          Exercised                                        -              -
          --------------------------------------------------------------------
          End of period                            1,217,272            .77
          --------------------------------------------------------------------



4.   Related Party Balances

     The amount  due to a related  party  includes  $15,000  for the  Assignment
     Agreement  to acquire  Quest and is  non-interest  bearing,  unsecured  and
     without specific terms of repayment. The remaining balance of $16,509 bears
     interest of 7%, is unsecured and without specific terms of repayment.



                                        8
<PAGE>

5.   Commitments

     (a)  Effective July 1, 2000 the Company entered into a Management Agreement
          with  Cyclone  Financing  Group  Inc.  ("Cyclone"),  in the  amount of
          $50,000 per month plus reasonable  expenses.  This amount represents a
          management fee payable for the management of the Company's affairs. As
          of December  31,  2000,  $170,000  was paid under this  agreement  and
          $130,000  was  forgiven by Cyclone.  From January 1, 2001 to March 15,
          2001 the monthly  fee was  reduced to $30,000 per month.  On March 15,
          2001, the agreement was terminated.

     (b)  Effective  March  16,  2001  the  Company  entered  into a  Management
          Agreement  with  Aggressive  American  Capital  Partners,  Inc. to pay
          $30,000 per month.

     (c)  On October 31, 2000 the Company  entered into an Assignment  Agreement
          with  Aggressive  American  Capital  Partners,   Inc.,  a  significant
          majority  shareholder  and a Company  controlled by the President,  in
          which the Company obtained the exclusive rights to an Option Agreement
          dated February 23, 2000,  amended April 11, 2000 and June 8, 2000, for
          $15,000,  to acquire  Quest  Research  Group,  Inc.  ("Quest") and its
          various  technologies.  Quest owns proprietary  intellectual  property
          that can be used to identify and isolate  harmful  gasses in cigarette
          smoke and prove  scientifically  that  cigarette  smoke destroys human
          white blood cells.  Subsequent to the year end, Quest is disputing the
          Option  Agreement and the Company is currently  seeking to resolve the
          dispute  through  arbitration and  appropriate  legal  recourse.  As a
          result,  the $15,000  payment was  written-off to operations in fiscal
          2000.  To obtain a 50%  interest  in Quest the  Company  was to invest
          $1,600,000 which time to pay is purported to have passed.  To purchase
          the balance of Quest the Company was to pay  $175,000,000  within five
          years of the first option being exercised.






                                        9
<PAGE>

Part I - Item 2

Management's  Discussion  and  Analysis of  Financial  Condition  and Results of
Operations

(1) Caution Regarding Forward-Looking Information

Many  important  factors may affect the Company's  likelihood of future  success
including;  difficulties  in  successfully  raising capital (given the Company's
lack of operating history,  lack of profitable  operations presently and for the
foreseeable future and limitations on the market for the Company's  securities),
in  developing  and  commercializing  its  products  (including  the  ability to
overcome  technical hurdles that may arise), in meeting  applicable  existing or
new  regulatory  standards,  in  receiving  required  regulatory  approvals,  in
obtaining  necessary  patents and  licenses,  in defending  against  third party
infringement  of  patents  and  licenses,  in  protecting  itself  from  costly,
unforeseen  legal disputes,  in producing  products in commercial  quantities at
reasonable  costs,  in  competing  successfully  against  other  products and in
marketing products successfully and in successfully addressing the concerns and/
or  obtaining  the  support of lobbies  in  various  countries.  There can be no
assurance  that the  Company  will be  successful  in its efforts to develop and
commercialize  new  products.  Most  importantly  at this stage,  the  Company's
success and each step required to achieve such success depends on its ability to
raise  significant  further  financing  on an  ongoing  basis  and  there  is no
guarantee  it will be able to do so.  The  company  is still in the  development
stage  and has no  revenues.  Additionally,  funds  may be  raised  through  the
issuance of equity shares and such securities might have rights,  preferences or
privileges  senior to its common  stock and will  likely  result in  dilution to
existing shareholders. The Company is therefore subject to a number of known and
unknown risks and uncertainties  that could cause actual operation or results to
differ materially from those that are anticipated.

Certain  information  included  in the  Company's  releases  and filings to date
contain  statements that are forward looking,  such as statements related to the
future anticipated  direction of the industry,  plans for future expansion,  the
ability to acquire the  technologies  described and the Company which  developed
these  technologies,  expected  independent  validation of the  technologies  or
product(s), success or potential of the technologies described and acceptance of
such  technologies  by industry  and the market,  various  business  development
activities, planned capital expenditures,  future funding resources, anticipated
sales growth and potential contracts and subsequent return for investors.  These
are all  forward  looking  statements,  and are subject to a number of known and
unknown risks and uncertainties  that could cause actual operation or results to
differ materially from those that are anticipated.

While  Immulabs'  stated  mission is to develop  revolutionary  technology  into
highly focused and  successful  businesses,  it is unrealistic  and premature to
speculate  on  Immulabs'  future  revenue  at  this  time,   except  as  to  the
difficulties involved.

Immulabs  entire success and each step required to achieve such success  depends
on its ability to raise  significant  further  financing on an ongoing basis and
there is no guarantee it will be able to do so. The company continues to have no
revenues.


                                       10

<PAGE>

Readers are cautioned that Immulabs does not own the Quest technology,  nor does
it own its  originator,  Quest Research Group Inc. At this point,  Immulabs only
has rights assigned under an option agreement to acquire such technology,  which
agreement may or may not be completed by the parties,  in multiple stages,  none
of which have yet been  exercised or completed.  This  agreement is currently in
dispute.  If the  contract  is  enforced,  each stage of exercise  will  require
considerable  further financing and there is no guarantee  Immulabs will be able
to  secure  such  financing,  or that it can  secure  it on terms  favorable  to
Immulabs.  Investors are cautioned that this or any other agreement entered into
by  Immulabs  may also be  subject  to future  legal  claims or  challenges,  or
attempts at repudiation.  Quest currently wishes to have the contract  cancelled
and the Company is seeking to have the matter determined through  arbitration or
mediation.

Any and all claims of the company of any nature, particularly scientific claims,
including  those with respect to Sensi Filter's TM or NT Assay'sTM  capabilities
such as the  ability to  monitor,  gauge,  and reduce  damage to white  cells as
described  herein,  and  any  implications  that  it may  thereby  lead  to less
hazardous  cigarette  smoke or other  benefits,  require  further  research  and
independent  validation,  and investors  are cautioned to await such  additional
research and validation before relying upon any scientific claims.  There can be
no guarantee as to the results such further scrutiny will provide.

This  quarterly   report  contains   certain   forward-looking   statements  and
information relating to the Company that are based on the beliefs of the Company
or management as well as assumptions made by and information currently available
to  the  Company  or  management.   When  used  in  this  document,   the  words
"anticipate,"   "believe,"   "estimate,"   "expect"  and  "intend"  and  similar
expressions,  as they relate to the Company or its  management,  are intended to
identify forward-looking statements. Such statements reflect the current view of
the  Company   regarding  future  events  and  are  subject  to  certain  risks,
uncertainties  and  assumptions,  including the risks and  uncertainties  noted.
Should  one or more of  these  risks or  uncertainties  materialize,  or  should
underlying assumptions prove incorrect,  actual results may vary materially from
those  described  herein  as  anticipated,   believed,  estimated,  expected  or
intended. In each instance,  forward-looking information should be considered in
light of the accompanying meaningful cautionary statements herein.

(2)    Results of Operations, Liquidity and Capital Resources

As of the  date of  this  filing,  the  Company  has no  operations,  assets  or
liabilities.  Accordingly,  the  Company is  dependent  upon  management  and/or
significant  shareholders to provide  sufficient working capital to preserve the
integrity of the  corporate  entity at this time. It is the intent of management
and significant  shareholders to provide sufficient working capital necessary to
support and  preserve  the  integrity of the  corporate  entity.  The Company is
currently actively seeking a suitable merger or acquisition candidate(s).

Management  recognizes that additional funds through additional private sales of
Company stock,  capital  contributions  from existing  significant  shareholders
and/or  loans from  existing  significant  shareholders  will be required in the
future.  However,  there can be no  assurance  that the Company  will be able to
obtain additional funds to support the Company's liquidity requirements or, that
such funding, if available, will be obtained on terms favorable to or affordable
by the Company.

                                       11

<PAGE>

Further,  the Company executed a management  agreement with Aggressive  American
Capital Partners, Inc., of 2nd Floor, 827 West Pender Street, Vancouver, British
Columbia,  Canada  V6C 3G8,  an entity  owned and  controlled  by the  Company's
President,  at the amount of $30,000 (US Dollars),  plus reasonable pre-approved
expenses,  per month,  effective  March 15, 2001.  This amount  represents a fee
payable  for  services  related  to  the  management  of the  company's  affairs
including:   facilitating   and  advising  on  the   acquisition   of  projects,
administration (i.e. bookkeeping,  photocopying, faxing, office space, telephone
charges,  supplies,  news dissemination),  compliance,  merger advice, and other
related operational services.

The current  management  group intends to actively to seek,  investigate and, if
warranted,  acquire  an  interest  in  one or  more  business  opportunities  or
ventures. As of the date hereof, the Company's primary area of activity has been
in the biotechnology  arena,  whereby the company has been engaged in seeking to
acquire and commercialize discoveries involving the immune system. The Company's
mission  over  the  past  year  has  been  primarily  to  acquire  revolutionary
BioTech/BioMed  technologies that are near market readiness and to develop those
technologies  for  global  commercialization.  To this end,  in  November  2000,
Immulabs  acquired the exclusive  rights to purchase  technologies  developed by
Quest Research Group, Inc. ("Quest") of Boston, Massachusetts,  and to buy up to
100% of the  company  itself.  Quest's  biotech  research  had  resulted  in the
development of two  technologies  of interest to the Company,  which the Company
sought to commercialize.

In the event the mediation or  arbitration  provisions  of the Company's  option
agreement  are  enforced,  and through the dispute  resolution  mechanism  it is
determined that the Company is entitled to have the option contract upheld, with
sufficient  further  time for the Company to  exercise,  then the  Company  will
continue  to  maintain  its option to  acquire  an initial  50% of Quest and its
products for $1,600,000.00, and a further option to acquire the balance of Quest
and its products for $175,000,000,  each within a set time limit. Being options,
the exercise of these  provisions will be available to, but not required of, the
Company.  If the  Company  determines  that it  wishes  to  complete  the  Quest
acquisition,  these amounts will be required within the prescribed times. In the
interim,  the Company will be obligated  to continue its due  diligence  efforts
with respect to Quest. It is through such due diligence efforts that the Company
learned of certain  information  that affects its position with regard to Quest.
Quest,  meanwhile,  has  asserted  that the Company  failed to take the required
steps to exercise in the time allowed.

In furtherance of its emphasis on health and wellness,  the Company has recently
begun considering and evaluating potential opportunities in the area of improved
lifestyles for the aging population. In particular, it has directed its focus to
the assisted living facilities industry, and the possibility it sees therein for
integration  of its concepts of  improvement  of health and quality of life.  No
final  decisions in this respect have been made as of the time of this  writing,
however,  the Company has viewed and evaluated  certain  facilities for possible
acquisition.


                                       12
<PAGE>

Other than the above-noted, the Company has no operating assets and has no other
business opportunities or ventures under contemplation for acquisition. However,
in the  above-noted  industries,  the Company  does propose to  investigate  new
potential  opportunities in the form of businesses,  investors or entrepreneurs,
with a concept  which has not yet been  placed in  operation,  or in the form of
firms which are  developing  companies in need of limited  additional  funds for
expansion into new products or services,  and which are seeking to develop a new
product  or  service.  The  Registrant  may  also  seek to  acquire  established
businesses or revenue-generating  properties which are available for purchase or
joint-venture.  These may  include  ones  which are  experiencing  financial  or
operational  difficulties and are in need of the limited  additional capital the
Registrant could provide.

The Registrant anticipates that it will seek to merge with an existing business.
After  the  merger,  the  surviving  entity  will  be the  Registrant  (Immulabs
Corporation);   however,  management  from  the  acquired  entity  will  in  all
likelihood operate the Registrant.  There is, however, a remote possibility that
the  Registrant  may seek to acquire and operate an ongoing  business,  in which
case the existing management might also be retained.

Due to the absence of capital  available for investment by the  Registrant,  the
types of businesses  seeking to be acquired by the  Registrant  will no doubt be
smaller  businesses.  In  light  of the  downturn  in  the  current  market  for
publicly-traded  securities as a whole,  the Company will , if possible on terms
favorable to the Company, likely give priority to businesses with a reduced risk
profile and increased security for investors. In all likelihood, chosen business
opportunities  will  involve the  acquisition  of or merger with  corporation(s)
which do not need additional cash but which desire to establish a public trading
market for its Common Stock.  Accordingly,  the Registrant's  ability to acquire
any business of substance may be extremely limited.

It is the intent of the current  management to continue seeking further suitable
situations for merger or acquisition.  Further, the Registrant is dependent upon
management and/or significant shareholders to provide sufficient working capital
to preserve the integrity of the corporate  entity during this phase.  It is the
intent of management and significant  shareholders to provide sufficient working
capital necessary to support and preserve the integrity of the corporate entity.

However,  there is no assurance that the Registrant will be able to structure or
finance and/or acquire any business opportunity or venture.

The Company has few ongoing  material  contractual  agreements.  The Company has
entered into a management  services  agreement with Aggressive  American Capital
Partners,  Inc. for management services, at the rate of $30,000.00 per month. In
addition,  the  Company  has  entered  into an  employment  agreement  with  its
President for remuneration of $10,000.00 per month.

For these and any other material commitments of the Company, the Company, facing
a  difficult  financial  environment  in the public  markets,  may  require  the
assistance  of  management  and  significant  shareholders  to  continue to meet
financial  obligations  and other needs within the  near-term.  The Company does
intend,  however,  to first attempt to raise further  financing  through private
placements with accredited investors.


Part II - Other Information

Item 1 - Legal Proceedings

To the best of the  knowledge  of the  Officers  and  Directors  of the Company,
neither the Company nor any of its  Officers  and  Directors  are parties to any
legal  Proceeding  or litigation  other than as described  below.  Further,  the
Officers and Directors know of no threatened or contemplated  legal  proceedings
or litigation other than as described below.  None of the Officers and Directors
has been  convicted  of a felony  and none has been  convicted  of any  criminal
offense,  felony or  misdemeanor,  relating  to  securities  or  performance  in
corporate office. To the best of the knowledge of the Officers and Directors, no
investigations of felonies,  misfeasance in office or securities  investigations
are either pending or threatened at the present time.


                                       13
<PAGE>

The Company's  only pending legal matter is that it is currently  seeking action
to compel  arbitration or mediation,  pursuant to contract,  in order to resolve
the option  agreement  dispute with Quest Research  Group Inc. of Boston,  Mass.
Quest Research Group Inc.  informed the Company in February,  2001 that it takes
issue with the  Company's  performance  under the present  option  agreement and
wishes to terminate  the same.  In its review of this matter with  counsel,  the
Company has  discovered  other  resulting  legal issues  related to the position
which the Company  plans to  advance,  and has  contacted  Quest  repeatedly  to
require  mediation  or  arbitration  as  provided  for in the option  agreement.
However,  the Company has yet to receive  any reply and has  therefore  retained
counsel to pursue  necessary legal channels to compel this  alternative  dispute
resolution mechanism.

Item 2 - Changes in Securities

Refer to Notes to Financial statements attached hereto.


Item 3 - Defaults on 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

     None

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

                                   SIGNATURES

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

                                                            Immulabs Corporation

November 6, 2001                                  /s/ Bruce Deildal
----------------                              ----------------------------------
                                                                   Bruce Deildal
                                                          President and Director

November 6, 2001                                  /s/ Ellen Luthy
----------------                              ----------------------------------
                                                                     Ellen Luthy
                                                        Chief Financial Officer,
                                                Secretary-Treasurer and Director



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