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

                               FORM 10-QSB

      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 OR 15(d) OF THE
                     SECURITIES EXCHANGE ACT OF 1934

             For the quarterly period ended March 31, 2002
                                            --------------

                     Commission file number  000-29171

                                MED GEN, INC.
       -----------------------------------------------------------------
       [Exact name of small business issuer as specified in its charter]

        Nevada                                          65-0703559
------------------------                    ---------------------------------
(State of incorporation)                    (IRS Employer Identification No.)


         7284 W. Palmetto Park Road, Suite 106, Boca Raton, FL 33433
         -----------------------------------------------------------
                    (Address of principal executive offices)

                                 (561) 750-1100
                         ---------------------------
                         (Issuer's telephone number)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 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 [ ]

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

Common Stock, Par Value $.001 per share

10,392,216 Shares outstanding as of March 31, 2002.

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


<PAGE>     1


                                    INDEX
                                    -----

PART I.   FINANCIAL INFORMATION


Item 1.   Financial Statements

          Balance Sheet - March 31, 2002 (Unaudited)

          Statements of Operations - Three months and Six months ended
          March 31, 2002 and 2001 (Unaudited).

          Statements of Cash Flows - Six months ended March 31, 2002
          and 2001 (Unaudited).

          Notes to Financial Statements (Unaudited).

Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations.

PART II.  OTHER INFORMATION

Item 4.   Submission of Matters to a Vote of Securityholders

Item 5.   Other Information

Item 6.   Exhibits and Reports on Form 8-K


SIGNATURES

<PAGE>    2

                    PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

                                Med Gen, Inc.
                                Balance Sheet
                               March 31, 2002
                                 (Unaudited)
ASSETS

Current Assets
  Cash and cash equivalents                                      $  402,815
  Accounts receivable                                               762,146
  Inventory                                                         162,058
  Officer advances                                                   93,494
  Other current assets                                               24,536
                                                                 ----------
      Total Current Assets                                        1,445,049
                                                                 ----------

Property and Equipment, net                                          95,467
                                                                 ----------

Other Assets
  Deposits                                                           87,109
  Due from affiliates                                                60,134
  Other                                                              12,125
                                                                 ----------
                                                                 $1,699,884
                                                                 ==========
LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
  Accounts payable and accrued expenses                          $  454,903
  Notes payable - officers                                          100,000
  Notes payable                                                     500,000
  Convertible debentures                                            159,500
                                                                 ----------
      Total Current Liabilities                                   1,214,403
                                                                 ----------
Stockholders' Equity
  Preferred stock, $.001 par value, 5,000,000 shares
    authorized:
  Series A 8% cumulative, convertible, 1,500,000 shares
     authorized, 350,000 shares issued and outstanding              350,000
  Undesignated, 3,500,000 shares authorized                               -
  Common stock, $.001 par value, 20,000,000
    shares authorized, 10,392,216 shares
    issued and outstanding                                           10,392
  Paid in capital                                                 3,583,283
  Accumulated (deficit)                                          (3,448,194)
                                                                 ----------
                                                                    495,481
  Treasury stock, at cost 20,000 shares                             (10,000)
                                                                 ----------
                                                                    485,481
                                                                 ----------
                                                                 $1,699,884
                                                                 ==========


           See accompanying notes to the financial statements.

<PAGE>    3

                                 Med Gen, Inc.
                          Statements of Operations
    For the Three Months and Six Months Ended March 31, 2002 and 2001
                                  (Unaudited)

<TABLE>
<CAPTION>
                                            Three Months                        Six Months
                                    ---------------------------        ---------------------------
                                       2002             2001               2002            2001
                                   ----------       -----------        -----------      ----------
<S>                                <C>              <C>                <C>              <C>

Net Sales                          $  936,451       $   362,173        $ 1,889,330      $  767,331

Cost of Sales                         373,482            90,803            644,514         218,136
                                   ----------       -----------        -----------      ----------
                                      562,969           271,370          1,244,816         549,195
                                   ----------       -----------        -----------      ----------

Operating expenses:
  Non cash stock compensation         233,992                 -            233,992               -
  Selling, general and
    administrative expenses           446,030           366,296          1,130,060         612,129
                                   ----------       -----------        -----------      ----------
                                      680,022           366,296          1,364,052         612,129

(Loss) from operations               (117,053)          (94,926)          (119,236)        (62,934)

Other (income) expense:
  Other (income) expenses                   -           (13,373)           (22,884)        (10,738)
  Interest expense                     13,146                 -             30,589               -
  Non cash interest expense                 -                 -            210,000               -
                                   ----------       -----------        -----------      ----------
                                       13,146           (13,373)           217,705         (10,738)
                                   ----------       -----------        -----------      ----------

Net (loss)                           (130,199)          (81,553)          (336,941)        (52,196)

Preferred dividends                     1,842                 -              1,842               -
                                   ----------       -----------        -----------      ----------
Net (loss) available to common
  shareholders                     $ (132,041)      $   (81,553)       $  (338,783)     $  (52,196)
                                   ==========       ===========        ===========      ==========
Per share information - basic
  and fully diluted:

 Weighted average shares
   outstanding                     10,392,216         5,009,716         10,350,108       4,725,678
                                   ==========       ===========        ===========      ==========

 Net (loss) per share              $    (0.01)      $     (0.02)       $     (0.03)     $    (0.01)
                                   ==========       ===========        ===========      ==========
</TABLE>


           See accompanying notes to the financial statements.

<PAGE>    4

                                 Med Gen, Inc.
                          Statements of Cash Flows
               For the Six Months Ended March 31, 2002 and 2001
                                 (Unaudited)
<TABLE>
<CAPTION>
                                                     2002            2001
                                                 -----------     -----------
<S>                                              <C>             <C>
Cash flows from operating activities:
 Net cash provided by (used in) operating
   activities                                    $  (415,391)    $    17,721
                                                 -----------     -----------

Cash flows from investing  activities:
 Net cash (used in) investing activities             (57,581)        (48,956)
                                                 -----------     -----------

Cash flows from financing activities:
 Net cash provided by financing activities           867,800          63,250
                                                 -----------     -----------

Net increase in cash                                 394,828          32,015

Beginning - cash and cash equivalents                  7,987              27
                                                 -----------     -----------

Ending - cash and cash equivalents               $   402,815     $    32,042
                                                 ===========     ===========
</TABLE>

           See accompanying notes to the financial statements.

<PAGE>     5

                          MED GEN, INC.
                  NOTES TO FINANCIAL STATEMENTS
                         MARCH 31, 2002
                           (UNAUDITED)
(1)  Basis Of Presentation

The   accompanying  unaudited  financial  statements  have   been
prepared   in  accordance  with  generally  accepted   accounting
principles   (GAAP)  for interim financial information  and  Item
310(b)  of  Regulation  S-B.  They do  not  include  all  of  the
information and footnotes required by GAAP for complete financial
statements.   In  the  opinion  of  management,  all  adjustments
(consisting  only  of  normal recurring  adjustments)  considered
necessary for a fair presentation have been included.

The  results  of  operations for the periods  presented  are  not
necessarily indicative of the results to be expected for the full
year.  For further information, refer to the financial statements
of  the  Company as of September 30, 2001 and for the  two  years
then  ended,  including notes thereto included in  the  Company's
Form 10-KSB.

(2)  Earnings Per Share

The Company calculates net income (loss) per share as required by
Statement of Financial Accounting Standards (SFAS) 128, "Earnings
per  Share."  Basic earnings (loss) per share  is  calculated  by
dividing  net  income (loss) by the weighted  average  number  of
common shares outstanding for the period. Diluted earnings (loss)
per  share  is  calculated by dividing net income (loss)  by  the
weighted  average  number of common shares  and  dilutive  common
stock  equivalents outstanding. During periods when anti-dilutive
commons stock equivalents are not considered in the computation.

(3)  Inventory

Inventory is stated at the lower of cost, determined on  a  first
in,   first  out  basis,  or  market  value.  Inventory  consists
principally of finished goods and packaging materials.

(4)  Notes Payable

During  October 2001 the Company refinanced certain loans into  a
$350,000  note payable due during January 2002 with  interest  at
7.5%  per  annum. As additional consideration for the  loan,  the
Company issued 1,500,000 shares of its common stock (see Note 6).
During  March 2002 the Company refinanced this obligation into  a
$500,000 note payable. This note bears interest at 8% per  annum,
requires  interest payments of $3,333 per month  and  is  due  on
March 23, 2003.

(5)  Income Taxes

The Company accounts for income taxes under SFAS 109, "Accounting
for  Income  Taxes", which requires use of the liability  method.
SFAS  109  provides that deferred tax assets and liabilities  are
recorded based on the differences between the tax bases of assets
and   liabilities  and  their  carrying  amounts  for   financial
reporting   purposes,  referred  to  as  temporary   differences.
Deferred tax assets and liabilities at the end of each period are
determined  using  the  currently enacted tax  rates  applied  to
taxable  income in the periods in which the deferred  tax  assets
and liabilities are expected to be settled, or realized.

The  Company's  deferred  tax asset of  approximately  $1,100,000
resulting  from  net  operating  loss  carryforwards  aggregating
approximately   $3,400,000  is  fully  offset  by   a   valuation


<PAGE>    6


allowance.  The  Company  has recorded a valuation  allowance  to
state  its deferred tax assets at estimated net realizable  value
due  to  the  uncertainty related to realization of these  assets
through future taxable income.

The  provision for income taxes differs from the amount  computed
by  applying  the statutory rate of 34% to income  before  income
taxes due to the effect of the net operating loss.

(6)  Stockholders' Equity

Common stock

During  October 2001 the Company issued 735,000 shares of  common
stock  for  consideration aggregating $147,000, pursuant  to  the
exercise of stock options by a consultant.

During October 2001 the Company issued 1,500,000 shares of common
stock  as  partial  consideration for a loan (see  Note  4).  The
Company  charged the fair value of these shares  of  $210,000  to
interest expense during the period ended March 31, 2002.

During  January 2002 the Company issued 83,300 shares  of  common
stock  in  exchange for services. The Company  charged  the  fair
value of theses shares of $19,992 to operations during the period
ended March 31, 2002.

During  the  period  ended March 31, 2002 the Company  agreed  to
issue  100,000  shares  of  common  stock  for  cash  aggregating
$10,000. The difference between the price paid for the shares and
their fair market value of $16,000 has been charged to operations
during the period.

During  the  period  ended March 31, 2002 the Company  agreed  to
issue  800,000 shares of common stock for services.  The  Company
charged  the fair value of these shares of $198,000 to operations
during the period.

During  the  period  ended March 31, 2002 the  Company  collected
$202,000 of receivables for common stock.

Preferred stock

During  February and March 2002 the Company issued 350,000 shares
of 8% cumulative convertible preferred stock for cash aggregating
$350,000. The preferred shares are convertible into common shares
of the Company at the option of the holder as follows:

At any time after the Company's common stock price exceeds  $3
per share for a period of ten consecutive trading days the holder
may  convert 50% of the value of the preferred shares  held  into
common  stock  at the rate of $.10 per common share (election  to
convert).

The  remaining 50% of the preferred shares will  be  converted
ito  the  number of common shares of the Company  determined  by
dividing the balance of the value of the preferred shares held by
the common stock price at the time of the election to convert.

Notwithstanding the above, on the 25th monthly anniversary of the
date   of  the  investments  the  preferred  stock  automatically
converts into common stock as follows:

<PAGE>    7

50%  of  the value of the preferred shares held converts  into
common  stock  at  the  rate of $.10 per  common  share  and  the
remaining 50% of the value of the preferred shares held  converts
into  the  number  of common shares determined  by  dividing  the
balance  of the value of the preferred shares held by the  common
stock price at the 25th monthly anniversary.

The  shares  of  common stock to be issued  upon  conversion  are
subject to certain registration rights.

Any difference between the fair market value of the common shares
and  the  conversion  price shall be recorded  as  an  additional
dividend on the preferred stock at the time of the conversion.

Stock-based Compensation

During the period ended March 31, 2002 the Company issued options
to  purchase  2,000,000 shares of common stock  to  officers  and
50,000 shares of common stock to non employees at $.23 per share.

SFAS 123 "Accounting for Stock-Based Compensation," requires  the
Company to provide pro forma information regarding net income and
earnings  per  share as if compensation cost  for  the  Company's
stock  option  plans had been determined in accordance  with  the
fair value based method prescribed in SFAS 123. The fair value of
the option grants is estimated on the date of grant utilizing the
Black-Scholes  option pricing model. These  results  may  not  be
representative of those to be expected in future years.

Under the provisions of SFAS 123, the Company's net income (loss)
and earnings (loss) per share would have been reduced (increased)
to the pro forma amounts indicated below:

Net (loss)
  As reported                           $(338,783)
  Pro forma                             $(518,783)

Basic and diluted (loss) per share
  As reported                           $(.03)
  Pro forma                             $(.05)

(7)  Concentrations

During  the period ended March 31, 2002 the Company derived  14%,
15% and 39% of its total sales from three major customers.


<PAGE>    8


Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS
         -----------------------------------------------------------

RESULTS of OPERATIONS
---------------------

Three months ended March 31, 2002
Compared with three months ended March 31, 2001
-----------------------------------------------

For the 2002 second fiscal quarter ended March 31, 2002 ("Q-2"), Sales
increased 159% to $936,451. Gross Profit for the second fiscal quarter
was $562,969 versus $271,370 for the year ago quarter, an increase of
108%. Gross Profit Margins decreased to 60% of Sales in the quarter
versus 75% for the year ago quarter, reflecting the initiation of
overseas Sales in the current quarter (versus zero overseas Sales in
the year ago quarter).

While overseas Sales carry a lower margin of Gross Profit, overseas
distributors  pay-in-advance for their purchase orders.eliminating
completely any accounts receivable concerns or foreign exchange risk.

Operating expenses increased 22% to $446,030 for the second fiscal
quarter. Reflecting the implementation of internal operating cost
controls initiated last fiscal year, operating expenses represented
only 48% of Q-2 Sales versus a 101% proportion of Q-2 Sales in the
year ago quarter.

Operating Income was $116,452 for the second fiscal quarter. This
compares favorably with an Operating Loss of $94,926 in the year ago
quarter. For the second fiscal quarter, the Company reported a loss of
$0.01 per share (versus a loss of $0.02 per share in the year earlier
quarter). This loss reflects $233,992 in a non-cash expense in
connection with stock issued in lieu of cash compensation.

Six months ended March 31, 2002
Compared with six months ended March 31, 2001
---------------------------------------------

For the first six months of fiscal year 2002 ended March 31, 2002
("First Half"), Sales increased 146% to $1,889,330. Gross Profit for
the fiscal First Half was $1,244,816 versus $549,195 for the year ago
first half, an increase of 127%. Gross Profit Margins decreased to 66%
of Sales in the First Half versus 72% for the year ago first half, due
to the initiation of overseas Sales (versus zero in overseas Sales in
the year ago period).

While overseas Sales carry a lower margin of Gross Profit, overseas
distributors pay-in-advance for their purchase orders.eliminating
completely any accounts receivable concerns or foreign exchange risk.

Operating expenses increased 85% to $1,130,060 for the First Half.
Reflecting the implementation of internal operating cost controls
initiated last fiscal year, operating expenses represented 60% of
First Half Sales versus 80% of first half Sales in the year ago
period.

Operating Income (Core Income) was $114,756 for the First Half. This
compares favorably with an Operating Loss of $62,934 in the year ago
period.  For the fiscal First Half, the Company reported a loss of
$0.03 per share (versus a loss of $0.01 per share in the year earlier
period). This per share loss reflects charging $233,992 in a non-cash
expense in connection with stock issued in lieu of cash compensation.


<PAGE>    9


LIQUIDITY and CAPITAL RESOURCES
-------------------------------

Cash on hand increased by $394,918 at the end of the fiscal First Half
ended March 31, 2002 versus September 30, 2001.

Current Assets increased to $1,445,049 as of March 31, 2002 and were
$230,646 greater than Current Liabilities (which stood at $1,214,403
on that same date). This compares with Current Assets of $820,560 at
September 30, 2001 and were $312,511 less than Current Liabilities
(which stood at $1,133,071 at that same date).

Stockholders' Equity improved to $485,481 at the end of the fiscal
First Half, or $0.05 in Tangible Book Value Share versus a
Stockholders' Deficit of $163,477 at September 30, 2001, an increase
of $648,958.

The Company believes that it has sufficient existing Cash Resources,
Accounts Receivables and Internal Cash Flow to provide for all general
corporate operations in the foreseeable future.



                             PART II

Item 1.   LEGAL PROCEEDINGS
          -----------------

          Not applicable.

Item 2.   CHANGE IN SECURITIES
          --------------------

          Not Applicable

Item 3.   DEFAULTS UPON SENIOR SECURITIES
          -------------------------------

          Not Applicable

Item 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
          ---------------------------------------------------

          Not Applicable

Item 5.   OTHER INFORMATION
          -----------------

          Not Applicable

Item 6.   EXHIBITS AND REPORTS ON FORM 8-K
          --------------------------------

     (a)  There are no exhibits required to be filed for the
          period covered by this Report.

     (b)  There were no reports filed on Form 8-K for the
          period covered by this Report.


<PAGE>    10


                              SIGNATURES

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

                                          Med Gen Inc.
                                          (Registrant)

Date: May 14, 2002                        By:____/s/Paul B. Kravitz________
                                             Paul B. Kravitz
                                             Chief Executive Officer


<PAGE>     11