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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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


                                   FORM 10-QSB

                Quarterly Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

For the Quarter Period Ended
March 31, 2002                                       Commission File No. 0-18399


                         FOUNTAIN PHARMACEUTICALS, INC.
              ----------------------------------------------------
             (Exact name of Registrant as specified in its Charter)

         Delaware                                          62-1386759
------------------------------                 ---------------------------------
(State or jurisdiction of                      (IRS Employer Identification No.)
incorporation or organization)

505 South Westland Avenue, Suite D, Tampa, Florida            33606
--------------------------------------------------            ------
(Address of Principal Executive Office)                      (Zip Code)

Registrant's telephone number, including area code:    (813) 248-0089
---------------------------------------------------    --------------

Former name, former address and former fiscal year,
if changed since last report:  N/A
--------------------------------------------------------------------------------


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding  12  months  (or for a 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 [ ]

The number of shares outstanding of the Registrant's Class A Common Stock, $.001
par value, as of May 17, 2002 was 5,875,796.

The number of shares outstanding of the Registrant's Class B Common Stock, $.001
par value, as of May 17, 2002 was 104,505.

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<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1:  Financial Statements


Balance Sheet as of March 31, 2002                                       3

Statement of Operations for the three and six month periods
ended March 31, 2002 and March 31, 2001                                  4

Statement of Changes in Stockholders' Deficit
for the period from September 30, 2001 through March 31, 2002            5

Statement of Cash Flows for the six month periods ended
March 31, 2002 and March 31, 2001                                        6

Notes to the financial statements                                        7

                                       2
<PAGE>
<TABLE>
<CAPTION>
                                         FOUNTAIN PHARMACEUTICALS, INC.
                                                 BALANCE SHEET
                                                 MARCH 31, 2002

                                                         ASSETS
<S>                                                                                                       <C>
Current assets:
  Cash                                                                                                    $        68,315
                                                                                                          ---------------


     Total assets                                                                                         $        68,315
                                                                                                          ===============

                                          LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
  6% Convertible Debenture                                                                                $       100,000
                                                                                                          ---------------

     Total liabilities                                                                                            100,000
                                                                                                          ---------------

Stockholders' deficit:
   Series A preferred stock, par value $.001, 2,000,000 shares
     authorized, issued and  outstanding (liquidation preference
     $2,498,000 in excess of par                                                                                    2,000
   Common stock, par value $.001, 50,000,000 shares authorized
     5,875,796 shars issued and outstanding                                                                         5,876
   Class B common stock, par value $.001, 50,000,000 shares
     authorized, 104,505 shares issued and outstanding                                                                105
   Additional paid-in capital                                                                                  17,270,506
   Accumulated deficit                                                                                        (17,310,172)
                                                                                                          ---------------
      Total stockholders' deficit                                                                                 (31,685)
                                                                                                          ---------------

      Total liabilities and stockholders' deficit                                                         $        68,315
                                                                                                          ===============

                                               See Notes to Financial Statements.

                                                                 3
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                 FOUNTAIN PHARMACEUTICALS, INC.
                                    STATEMENTS OF OPERATIONS
                FOR THE THREE AND SIX MONTH PERIODS ENDED MARCH 31, 2002 AND 2001


                                                    Three Months Ended                   Six Months Ended
                                             ---------------------------------   ---------------------------------
                                               12/31/2001        12/31/2000         3/31/2002         3/31/2001
                                             ---------------   ---------------   ---------------   ---------------
<S>                                          <C>               <C>               <C>               <C>
Revenue                                      $             -   $       190,250   $             -   $       382,261
Cost of sales                                              -            20,836                 -            51,555
                                             ---------------   ---------------   ---------------   ---------------
Gross profit                                               -           169,414                 -           330,706
                                             ---------------   ---------------   ---------------   ---------------

Operating expenses
  Research & development                                   -            62,758                 -           130,008
  General & administrative expenses                   38,764           100,100            52,844           191,886
  Selling expenses                                         -           139,952                 -           299,357
  Depreciation & amortization                              -            14,389                 -            28,802
                                             ---------------   ---------------   ---------------   ---------------
Total operating expenses                              38,764           317,199            52,844           650,053
                                             ---------------   ---------------   ---------------   ---------------

Loss before other income (expenses)                  (38,764)         (147,785)          (52,844)         (319,347)

Other income (expenses)
  Interest income                                          -             6,452                 -             6,765
  Interest expense                                         -           (77,763)          (22,667)         (160,806)
  Other                                                    -             3,615                 -             3,993
                                             ---------------   ---------------   ---------------   ---------------
Total other income (expense)                               -           (67,696)          (22,667)         (150,048)
                                             ---------------   ---------------   ---------------   ---------------

Loss before extraordinary item                       (38,764)         (215,481)          (75,511)         (469,395)

  Gain on extinguishment of debt
     (no applicable income taxes)                          -                 -         1,477,401                 -
                                             ---------------   ---------------   ---------------   ---------------

Net income (loss)                            $       (38,764)  $      (215,481)  $     1,401,890   $      (469,395)
                                             ===============   ===============   ===============   ===============


Basic net income (loss) per share:
    Loss before extraordinary item           $         (0.01)  $         (0.09)  $         (0.02)  $         (0.20)
    Extraordinary gain                                  0.00              0.00              0.35              0.00
                                             ---------------   ---------------   ---------------   ---------------
    Net income (loss)                                 ($0.01)           ($0.09)            $0.33            ($0.20)
                                             ===============   ===============   ===============   ===============

Diluted net income (loss) per share:
    Loss before extraordinary item           $         (0.01)  $         (0.09)  $         (0.01)  $         (0.20)
    Extraordinary gain                                  0.00              0.00              0.27              0.00
                                             ---------------   ---------------   ---------------   ---------------
    Net income (loss)                        $         (0.01)  $         (0.09)  $          0.26   $         (0.20)
                                             ===============   ===============   ===============   ===============

Weighted average:
  Basic number of shares outstanding               5,980,301         2,380,301         4,180,301         2,380,301
                                             ===============   ===============   ===============   ===============
  Diluted number of shares outstanding             5,980,301         2,380,301         5,446,704         2,380,301
                                             ===============   ===============   ===============   ===============

                                               See Notes to Financial Statements.

                                                              4
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                 FOUNTAIN PHARMACEUTICALS, INC.
                                               STATEMENT OF STOCKHOLDERS' DEFICIT
                                  FOR THE PERIOD FROM SEPTEMBER 30, 2001 THROUGH MARCH 31, 2002


                                                                              Class B
                                 Preferred Stock      Common Stock         Common Stock     Additional
                               ------------------  -------------------  -----------------    Paid-in     Accumulated
                                 Shares    Amount   Shares     Amount    Shares   Amount     Capital       Deficit        Total
                               ---------  -------  ---------  --------  --------- -------  -----------   ------------   -----------
<S>                            <C>        <C>      <C>         <C>       <C>       <C>     <C>           <C>              <C>
Balance, September 30, 2001    2,000,000  $2,000   2,375,796   $2,376      4,505   $  5    $17,094,106   $(18,712,062)  $(1,613,575)

Issuance of stock                      -       -   3,500,000    3,500    100,000    100        176,400                      180,000

Net income for the quarter             -       -           -        -          -      -              -      1,440,654     1,440,654
                               ---------  ------   ---------   ------    -------   ----    -----------   ------------     ---------

Balances, December 31, 2001    2,000,000   2,000   5,875,796    5,876    104,505    105     17,270,506    (17,271,408)        7,079

Net loss for the quarter               -       -           -        -          -      -              -        (38,764)      (38,764)
                               ---------  ------   ---------   ------    -------   ----    -----------   ------------     ---------

Balances, March 31, 2002       2,000,000  $2,000   5,875,796   $5,876    104,505   $105    $17,270,506   $(17,310,172)    $ (31,685)
                               =========  ======   =========   ======    =======   ====    ===========   ============     =========

                                                    See Notes to Financial Statements.

                                                                      5
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                       FOUNTAIN PHARMACEUTICALS, INC.
                                          STATEMENTS OF CASH FLOWS
                              FOR THE SIX MONTHS ENDED MARCH 31, 2002 AND 2001

                                                                                    Six Months Ended March 31,
                                                                             -----------------------------------------
                                                                                   2002                   2001
                                                                             ------------------     ------------------
<S>                                                                          <C>                    <C>
Cash flows from operating activities:
  Net income (loss)                                                          $       1,401,890      $        (469,395)
     Adjustments to reconcile net income (loss) to net cash flows from
        operating activities:
          Gain on extinguishment of debt                                            (1,477,401)                     -
          Gain on sale of furniture and equipment                                            -                   (250)
          Depreciation expense                                                               -                 23,912
          Amortization expense                                                               -                  4,890
          Increase (decrease) in cash due to changes in
             Accounts receivable                                                             -                  1,585
             Inventory                                                                       -                 40,487
             Prepaid expenses and other assets                                           3,659                  4,207
             Accounts payable and other accrued expenses                              (143,166)               139,860
                                                                             -----------------      -----------------

Net cash flows from operating activities                                              (215,018)              (254,704)
                                                                             -----------------      -----------------

Cash flows from investing activities:
  Patent costs incurred                                                                      -                 (6,055)
  Proceeds from sale of furniture and equipment                                              -                    250
                                                                             -----------------      -----------------

Net cash flows from investing activities                                                     -                 (5,805)
                                                                             -----------------      -----------------

Cash flows from financing activities:
  Proceeds from issuance of 6% convertible debenture                                   100,000                      -
  Proceeds from sale of common stock                                                   180,000                      -
  Officer and director loans                                                                 -                235,500
  Repayment of note payable, bank                                                            -                (31,609)
                                                                             -----------------      -----------------

Net cash flows from financing activities                                               280,000                203,891
                                                                             -----------------      -----------------

Change in cash                                                                          64,982                (56,618)
Cash, beginning of period                                                                3,333                 88,687
                                                                             -----------------      -----------------
Cash, end of period                                                          $          68,315      $          32,069
                                                                             =================      =================

             SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Cash paid for interest                                                       $               -      $           1,788
                                                                             =================      =================

                                               See Notes to Financial Statements.

                                                                6
</TABLE>
<PAGE>

                         FOUNTAIN PHARMACEUTICALS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                     FOR THE SIX MONTHS ENDED MARCH 31, 2002
                                   (UNAUDITED)


1.       Unaudited interim financial statements

         The interim financial statements of Fountain Pharmaceuticals, Inc. (the
         "Company")  which  are  included  herein  are  unaudited  and have been
         prepared in accordance with generally  accepted  accounting  principles
         for interim  financial  information  and with the  instructions to Form
         10-QSB.   In  the  opinion  of  management,   these  interim  financial
         statements include all the necessary  adjustments to fairly present the
         results  of the  interim  periods,  and all such  adjustments  are of a
         normal recurring  nature.  The interim  financial  statements should be
         read in conjunction with the audited  financial  statements for the two
         years ended September 30, 2001 included in the Company's  Annual Report
         on Form  10-KSB for the year then  ended.  The report of the  Company's
         independent  auditors for the year ended September 30, 2001 contains an
         explanatory  paragraph  as to the  substantial  doubt of the  Company's
         ability to continue as a going concern.  No adjustments  have been made
         to the  accompanying  financial  statements  to  give  effect  to  this
         uncertainty.

         The interim results reflected in the accompanying  financial statements
         are not indicative of the results of operations for a full fiscal year.

2.       Issuance of Stock and Extraordinary Gain on Extinguishment of Debt:

         On  December  31,  2001,  Park  Street  Acquisition  Corporation  (Park
         Street),  a  Florida  corporation,  acquired  3,500,000  shares  of the
         Company's  Class A common  stock and  100,000  shares of Class B common
         stock from the Company  for  $180,000.  The  proceeds of this sale were
         utilized  to pay  all  of  the  Company's  outstanding  liabilities  at
         December  31,  2001.  Simultaneously,  Park Street  acquired  2,000,000
         shares  of  Class  A  Preferred  Stock  from  Fountain  Holdings,   LLC
         ("Holdings")  and all Common Stock Purchase  Warrants ( the "Warrants")
         in the name of  Holdings to purchase  shares of the  Company's  Class A
         Common  Stock.  The  aggregate  purchase  price  paid to  Holdings  was
         $20,000,  allocated  $8,000 towards the purchase of the Preferred Stock
         and $12,000 towards the purchase of the warrants.  As a result of these
         transactions,  Park  Street  became the  "control  person" of  Fountain
         Pharmaceuticals,  Inc  ("Fountain")  as  that  term is  defined  in the
         Securities  Act  of  1933,  as  amended.   In  connection   with  these
         transactions,  the Board of Directors of the Company  nominated Brendon
         K.  Rennert  to the Board of  Directors  and all  former  officers  and
         directors  delivered  their letters of resignation to the Company.  Mr.
         Rennert was named CEO, President and Secretary of the Company.

         In connection with the  acquisitions by Park Street,  the related party
         unsecured   lender   released  and  discharged  the  Company  from  its
         obligations due pursuant to the unsecured line of credit,  and from any
         other debt or  obligation  owing  himself or  related  entities  by the
         Company.  As a result the Company has recognized an extraordinary  gain
         of $1,477,401 for the  extinguishment  of the debt and related  accrued
         interest.

         Subsequent to closing, Park Street and the Company agreed to retire the
         Warrants.  In May 2002, Park Street also agreed to return the Preferred
         Stock to the Company,  at which time, no Preferred Stock will be issued
         and outstanding.

                                       7
<PAGE>

                         FOUNTAIN PHARMACEUTICALS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                     FOR THE SIX MONTHS ENDED MARCH 31, 2002
                                   (UNAUDITED)


3.       Management's plans regarding operations and subsequent events:

         As discussed in further  detail in the Company's  Annual Report on Form
         10-KSB  and its  first  quarter  report  on Form  10-QSB,  the  Company
         suspended  operations  in July  2001.  Operations  subsequent  to that,
         consisting  only of expenses  necessary to maintain  the public  shell,
         have   primarily   been  funded   through   related  party   borrowings
         (subsequently  forgiven)  through  December 31,  2001,  the issuance of
         common stock  discussed in Note 2, and $100,000  generated  through the
         issuance of  debentures.  On February 20, 2002 the Company  issued a 6%
         Subordinated  Convertible  Debenture  due May 31, 2002 in the principal
         amount of $100,000 through the issuance of debentures.  On February 20,
         2002 the Company issued a 6% Subordinated Convertible Debenture due May
         31,  2002 in the  principal  amount  of  $100,000.  This  Debenture  is
         convertible into the Company's common stock at $1.00 per share.

         Since the  Company  no longer has assets  except the  Company's  public
         shell, it no longer has the ability to generate revenue; therefore, the
         Company is not in the position to continue as a going concern.

         The Company's Board of Directors is currently pursuing  candidates with
         potential  business  interest  with  which to merge.  The  Company  has
         reached  an  agreement  to acquire  all of the  issued and  outstanding
         shares  of  SiriCOMM,  Inc.  As of the  date  hereof  the  Company  has
         5,980,301 shares of common stock outstanding,  including 104,505 shares
         of Class B common stock.  In accordance with the terms of the agreement
         with  SiriCOMM,  Inc., the Company is obligated to issue the equivalent
         of 577,391,565  pre-split shares or 9,623,193  post-split shares to the
         SiriCOMM shareholders. In addition, the Company has agreed to issue the
         equivalent of 116,228,160  pre-split or 1,937,136  post-split shares to
         retire   $500,000  of  convertible   debentures   issued  by  SiriCOMM.
         Accordingly,  after the effective date of the amendment and the closing
         with  SiriCOMM,   the  new  combined  entity  will  have  approximately
         11,660,003   shares  of  common  stock  issued  and  outstanding.   The
         shareholders  and  debenture  holders of  SiriCOMM  will own 99% of the
         Company  upon the  consummation  of the  transaction.  There  can be no
         assurance that any such transactions will be successfully  completed by
         the Company.

                                       8
<PAGE>

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

Background

         Fountain  Pharmaceuticals,  Inc. (the  "Company"),  incorporated in the
State of Delaware on March 23, 1989, was organized to develop and  commercialize
certain proprietary compound encapsulation  technologies for use in health care,
agricultural,  veterinary and consumer market items using technologies developed
privately and assigned to the Company.  These technologies  involved development
of man-made  spheres  composed of soybean lipids that were  engineered to entrap
pharmaceuticals or other  biologically  active molecules within the membranes of
the soybean  lipids,  hence a compound  delivery  encapsulation  system known as
"Solvent  Dilution  Micro  Carriers"  ("SDMC's").  The SDMC's  were  principally
intended  for use in  connection  with dermal  applications,  solubilization  of
compounds,   parenteral  and  oral  formulations  and  non-pressurized   aerosol
preparations.  The Company developed a number of proprietary  products utilizing
its  SDMC  technologies.   These  included   non-regulated  consumer  goods  and
dermatologic  products  consisting  of  sunscreens,  lotions  and  moisturizers.
Following several years of continued developmental efforts, the Company was able
to secure patents on several  aspects of its  technologies  in the United States
and Europe and initiate certain marketing programs.

         As a result of significant increases in marketing costs associated with
the  expansion of existing  product lines and the  introduction  of new products
during  fiscal year ended  September  30,  1998,  which were not offset by sales
revenues  during the period,  the  Company  substantially  utilized  its working
capital resources. In order to provide working capital, the Company entered into
a secured credit arrangement  ("Secured Credit Agreement") with Mr. Schuchert as
of December  31, 1998.  The credit  agreement  provided  for a two-year  line of
credit of up to $1,500,000 subject to the Company satisfying certain agreed upon
quarterly operating budget guidelines.

         As a result of additional  costs  associated  with the  development and
marketing of two new product lines during fiscal year ended  September 30, 1999,
the Company fully  utilized the $1,500,000  line of credit.  During fiscal years
ended  September 30, 2000 and 2001,  Mr.  Schuchert  made  additional  unsecured
advances to the Company, the terms of which were never memorialized in writing.

         The Company continued to incur losses and had a working capital deficit
at June 21, 2001. Through June 21, 2001 these losses had been principally funded
through sales of preferred  stock  ($2,500,000)  to an entity  controlled by the
Company's then current Chairman of the Board (Mr. Joseph S. Schuchert,  Jr.) and
advances of  $2,716,500  from Mr.  Schuchert  which  included a secured  line of
credit  of  $1,500,000  ("Secured  Credit  Agreement").  On June 21,  2001,  Mr.
Schuchert  notified the Company that it was in default under the Secured  Credit
Agreement dated December 31, 1998. Mr. Schuchert  requested immediate payment of
the  $1,500,000  principal  and accrued  interest  due under the Secured  Credit
Agreement and, in the event such payments were not forthcoming on or before July
2,  2001,  notice  was  given  that Mr.  Schuchert  would  take  action  to take
possession  of the  Company's  assets  and other  collateral  as  defined in the
Secured Credit Agreement.

                                       9
<PAGE>

         As the  Company was not in a  financial  position to make the  required
payment,  the Company's Board of Directors voted on June 28, 2001 to comply with
the agreement and transfer the assets of the Company at the close of business on
July 6, 2001 to Mr.  Schuchert.  As a result,  the  secured  debt was  satisfied
through  this  transfer of assets,  although  the  unsecured  facility  remained
outstanding.  On December 31, 2001, in connection with the sale by affiliates of
Mr.  Schuchert of all  securities  in the Company,  Mr.  Schuchert  released and
discharged  the  Company  from  all of its  obligations  due  him  and  Fountain
Holdings.  As of December 31, 2001, the  outstanding  principal  balance due Mr.
Schuchert was $1,256,809 plus estimated accrued interest of $225,000,

         As the Company had no significant assets subsequent to July 6, 2001, it
no longer had the ability to generate revenue to pay its unsecured  liabilities;
therefore,  the Company was not in the position to continue as a going  concern.
Accordingly,  the Company's  Board of Directors  suspended  operations.  Through
December 30, 2001, the Company's Board of Director's retained only one employee,
the Interim Chief Financial Officer/Director of Finance and Administration,  who
assisted in the transfer of assets to Mr. Schuchert.

         On December 31, 2001, Park Street  Acquisition  Corporation,  a Florida
corporation,  acquired  3,500,000  shares of the Company's Class A common stock,
100,000  shares of Class B common  stock  from the  Company  for  $180,000.  The
proceeds  of this sale were  utilized  to pay all of the  Company's  outstanding
liabilities at December 31, 2001. Simultaneously, Park Street acquired 2,000,000
shares of Class A Preferred Stock from Fountain Holdings, LLC.

         As a result of these  transactions,  Park  Street  became the  "control
person" of Fountain  Pharmaceuticals,  as that term is defined in the Securities
Act of 1933, as amended.  In connection  with these  transactions,  the Board of
Directors of the Company  nominated Brendon K. Rennert to the Board of Directors
and all former officers and directors  delivered their letters of resignation to
the Company. Mr. Rennert was named CEO, President and Secretary of the Company.

         Anticipated Merger

         The Company has  negotiated a Securities  Exchange  Agreement  with the
shareholders  of  SiriCOMM,  Inc.,  pursuant to which the Company will issue the
equivalent  of   577,391,565   shares  of  its  common  stock  to  the  SiriCOMM
shareholders.  Additionally,  pursuant to the Securities Exchange Agreement, the
Company has agreed to issue the equivalent of  116,228,160  shares of its common
stock to retire $500,000 of convertible debentures issued by SiriCOMM, Inc.

         In order to consummate the  acquisition  of SiriCOMM,  Inc. the Company
has mailed an Information  Statement to its  shareholders  in connection  with a
proposed  action by written  consent to authorize  and approve an amendment  and
restatement of the Company's Certificate of Incorporation which:

                                       10
<PAGE>

         o        changes the name of the Company to "SiriCOMM, Inc.";

         o        combines the outstanding shares of common stock into a single
                  class of common stock;

         o        reverse splits the outstanding shares of the Company's common
                  stock one-for-sixty ("Reverse Split");

         o        decreases the par value of the Company's common stock
                  resulting from the Reverse Split form $.06 to $.001;

         o        increases the number of shares of common stock the Company is
                  authorized to issued from 916,667 to 50,000,000; and

         o        increases the number of shares of preferred stock, $.001 par
                  value, the Company is authorized to issue from 2,000,000 to
                  5,000,000.

         In response to comments  from the  Securities  and Exchange  Commission
("SEC"),  the  Company  has elected to  postpone  taking the  corporate  actions
described above. The Company intends to refile a revised Preliminary Information
Statement  on Schedule  14C as soon as possible  instituting  these  actions and
completing the  acquisition of SiriCOMM,  but the corporate  actions will not be
taken until the SEC completes  its review  process of the amended 14C filing and
until 20 days after a Definitive Information Statement is filed with the SEC and
mailed to our shareholders.

         Based upon the 5,980,301  shares of common stock  (including the shares
of Class B common stock)  outstanding  on the Record Date (April 12, 2002),  the
Reverse Split would decrease the outstanding  shares of common stock by 98.3% or
to  approximately  99,672  shares.  Upon the  completion of the  acquisition  of
SiriCOMM,  there will be approximately  11,660,003  shares of post-split  common
stock issued and outstanding.  In addition,  at closing, Mr. Rennert will resign
as the  Company's  sole officer and director  and  SiriCOMM  appointees  will be
appointed as officers and directors of the Company.

         SiriCOMM,  Inc. is a broadband  wireless  service  provider serving the
marine and highway transportation  industries.  SiriCOMM has integrated multiple
technologies including satellite  communications,  the Internet (and intranets),
wireless  networking and  productivity  enhancing  software.  SiriCOMM's  patent
pending network  architecture  enables subscribers to transmit data at speeds 20
to 100 times faster than other wireless solutions.  Moreover,  SiriCOMM's unique
software  solutions  leverage  this  ultra  high-speed  data  network to deliver
significant cost reduction and productivity improvement opportunities to users.

         From its  central  hub server  co-located  at the  satellite  teleport,
SiriCOMM  receives  and  transmits  data on a "point  to  broadcast"  high-speed
network  between  multiple  wireless local area networks  installed in strategic
locations.  For a flat, low monthly fee,  subscribers  have access to a suite of
productively  software,  the  Internet,  e-mail,  proprietary  company  intranet
information,  etc.  The  network  supports  multiple  user  devices  to  include
802.11b-compatible  PalmOS(TM)  wireless  handheld  devices from the most mobile
subscribers.

                                       11
<PAGE>

Results of Operations

Three Months ended March 31, 2002 compared with the Three Months ended
March 31, 2001

         During the three  months  ended  March 31,  2002,  the  Company  had no
revenues  compared to revenues of $190,250  for the three months ended March 31,
2001.  The Company's lack of revenues for the quarter ended March 31, 2002 was a
result of the transfer of the  Company's  assets to Mr.  Schuchert as of July 6,
2001 and  resultant  suspension of the  Company's  operations on that date.  The
Company had a net loss of $38,764 for the quarter  ended March 31, 2002 compared
to a net loss of $215,481 for the quarter ended March 31, 2001. This decrease in
losses is directly  attributable to the Company's decision to suspend operations
on July 6, 2001.

         During the quarter ended March 31, 2002, the Company incurred operating
expenses of $38,764,  representing a decrease of $278,435 or  approximately  88%
over operating expenses of $317,199 for the prior quarter ending March 31, 2001.
This decrease in operating expenses was primarily due to reduction in personnel,
legal fees, clinical research studies, and sales and marketing expenses, coupled
with the suspension of operations in July 2001.

         During the  quarter  ended  March 31,  2002,  the  Company  incurred no
interest  expense  compared  to an  interest  expense of  $77,763  for the prior
quarter ending March 31, 2001.  This decrease in interest  expense is associated
with the  forgiveness of the secured and unsecured  lines of credit  provided to
the Company by Mr. Schuchert. (See "Liquidity and Capital Resources.")

Six Months ended March 31, 2002 compared with the Six Months ended
March 31, 2001

         During the six months  ended March 31, 2002 the Company had no revenues
compared to revenues of $382,261 for the six months  ended March 31,  2001.  The
Company's  lack of revenues for the six months ended March 31, 2002 was a result
of the transfer of the Company's  assets to Mr. Schuchert as of July 6, 2001 and
resultant suspension of the Company's operations on that date. The Company had a
net income of  $1,401,890  for the six months ended March 31, 2002 compared to a
net loss of $469,395 for the six months ended March 31, 2001.  This  increase of
$1,871,285 is primarily a result of the  forgiveness  of debt by a related party
($1,477,401) partially offset by losses resulting from the Company's decision to
suspend operations as of July 6, 2001.

         During  the six  months  ended  March  31,  2002 the  Company  incurred
operating  expenses of $52,844,  representing a decrease of $597,209 or 92% over
operating  expenses of $650,053 for the six months  ending March 31, 2001.  This
decrease in operating  expenses  was  primarily  due to reduction in  personnel,
legal fees, clinical research studies,  and sales and marketing expenses coupled
with the suspension of operations in July 2001.

                                       12
<PAGE>

         During  the six months  ended  March 31,  2002,  the  Company  incurred
interest  expense of $22,667,  an 86% decrease over interest expense of $160,806
for the prior six months  ending  March 31,  2001.  This  decrease  in  interest
expense is associated with the forgiveness of the secured and unsecured lines of
credit  provided to the Company by Mr.  Schuchert.  (See  "Liquidity and Capital
Resources")

Liquidity and Capital Resources

         In order to provide working capital, the Company entered into a secured
credit  arrangement  with Mr.  Schuchert as of December  31,  1998.  The Secured
Credit  Agreement  provided  for a secured  line of credit of up to  $1,500,000,
which  was due on  December  31,  2000,  180 days  from  written  demand  of Mr.
Schuchert  as  lender,  or upon an event of  default  under the  agreement.  The
facility  was  secured  by all of the  assets  of the  Company  (subject  to any
existing  liens).  Additional  funds were advanced in 1999, 2000, and 2001 on an
unsecured basis.

         On June 21,  2001,  Mr.  Schuchert  notified the Company that it was in
default  under the  Secured  Credit  Agreement  dated  December  31,  1998.  Mr.
Schuchert  requested  immediate payment of the $1,500,000  principal and accrued
interest due and, in the event such payments were not forthcoming Mr.  Schuchert
would  take  action  to  take  possession  of the  Company's  assets  and  other
collateral as defined in the Secured Credit Agreement. As the Company was not in
a financial  position  to make the  required  payment,  the  Company's  Board of
Directors  voted on June 28, 2001 to comply with the  agreement and transfer the
assets of the Company at the close of business on July 6, 2001 to Mr. Schuchert.
As a result,  the secured debt was  satisfied  through this  transfer of assets,
although the unsecured facility remained outstanding.

         As the Company had no significant assets subsequent to July 6, 2001, it
no longer had the ability to generate revenue to pay its unsecured  liabilities;
therefore,  the Company was not in the position to continue as a going  concern.
Accordingly, the Company's Board of Directors suspended operations.

         On December  31, 2001,  Park Street  acquired  3,500,000  shares of the
Company's  Class A Common Stock and 100,000  shares of Class B Common Stock from
the Company for $180,000.  The proceeds of this sale were utilized to pay all of
the Company's outstanding liabilities at December 31, 2001. Simultaneously, Park
Street  acquired  2,000,000  shares of Class A  Preferred  Stock  from  Fountain
Holdings, LLC.

         As a result of these  transactions,  Park  Street  became the  "control
person" of the Company,  as that term is defined in the  Securities Act of 1933,
as amended. In connection with these transactions, the Board of Directors of the
Company  nominated  Brendon K. Rennert to the Board of Directors  and all former
officers and directors  delivered  their letters of  resignation to the Company.
Mr. Rennert was named CEO, President and Secretary of the Company.

         As of December 31, 2001, in connection with the secured line of credit,
Mr.  Schuchert was entitled to purchase an aggregate of 2,993,395  shares of the
Company's  Common Stock upon  exercise of  warrants.  Mr.  Schuchert  sold these
warrants to Park Street for $12,000.  Simultaneously  therewith, the Company and
Park Street agreed to retire these warrants.

                                       13
<PAGE>

         In  connection  with the  acquisitions  by Park Street,  Mr.  Schuchert
released and discharged the Company from its  obligations due to him pursuant to
the credit  agreement  dated as of December 31, 1998, and from any other debt or
obligation owed Mr. Schuchert or his affiliates by the Company.

         During the three months ending March 31, 2002, the Company has financed
its operation primarily through the sale of convertible debentures.  On February
20, 2002, the Company issued a 6% Subordinated Convertible Debenture due May 31,
2002 in the principal amount of $100,000. This Debenture is convertible into the
Company's common stock at $1.00 per share.

         As of May 17, 2002, the Company remains a "shell" company.  The Company
plans to complete the  acquisition of SiriCOMM  during June 2002.  SiriCOMM is a
broadband  wireless  applications  service  provider  servicing  the  marine and
highway transportation industries.

Forward  Looking  Statements.   This  report  contains  certain  forward-looking
statements  that are based on current  expectations.  In light of the  important
factors that can materially affect results,  including those set forth above and
elsewhere in this report,  the inclusion of  forward-looking  information herein
should not be regarded as a  representation  by the Company or any other  person
that the  objectives  or plans of the Company will be achieved.  The Company may
encounter competitive,  technological,  financial and business challenges making
it more difficult than expected to continue to market its products and services;
competitive conditions within the industry may change adversely; the Company may
be unable to retain existing key management  personnel;  the Company's forecasts
may not accurately  anticipate  market  demand;  and there may be other material
adverse  changes in the  Company's  operations  or business.  Certain  important
factors  affecting the forward looking  statements made herein include,  but are
not  limited  to  (i)  accurately  forecasting  capital  expenditures  and  (ii)
obtaining new sources of external financing.  Assumptions relating to budgeting,
marketing,  product development and other management decisions are subjective in
many respects and thus  susceptible to  interpretations  and periodic  revisions
based on actual  experience and business  developments,  the impact of which may
cause the Company to alter its capital  expenditure or other budgets,  which may
in turn affect the Company's financial position and results of operations.

                                       14
<PAGE>

                           PART II - OTHER INFORMATION


Item 1:  Legal Proceedings

                  None

Item 2:  Changes in Securities and Use of Proceeds

                  (a)      None

                  (b)      None

                  (c)      None

                  (d)      Not Applicable

Item 3.: Defaults upon Senior Securities

                  None

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

         On or about April 25, 2002, the Company mailed an Information Statement
to its shareholders of record on April 12, 2002 in connection with the Company's
proposed  acquisition  of SiriCOMM.  The Company's  sole  officer,  director and
majority shareholder has, by written consent, authorized and approved:

         o        changing the name of the Company to "SiriCOMM, Inc.";

         o        combining the outstanding shares of common stock into a single
                  class of common stock;

         o        reverse splitting the outstanding shares of the Company's
                  common stock one-for-sixty ("Reverse Split");

         o        decreasing the par value of the Company's common stock
                  resulting from the Reverse Split form $.06 to $.001;

         o        increasing the number of shares of common stock the Company is
                  authorized to issued from 916,667 to 50,000,000;

         o        increasing the number of shares of preferred stock, $.001 par
                  value, the Company is authorized to issue from 2,000,000 to
                  5,000,000; and

         o        the adoption of the Company's 2002 Equity Incentive Plan.

                                       15
<PAGE>

         In response to comments  from the  Securities  and Exchange  Commission
("SEC"),  the  Company  has elected to  postpone  taking the  corporate  actions
described above. The Company intends to refile a revised Preliminary Information
Statement  on Schedule  14C as soon as possible  instituting  these  actions and
completing the  acquisition of SiriCOMM,  but the corporate  actions will not be
taken until the SEC completes  its review  process of the amended 14C filing and
until 20 days after a Definitive Information Statement is filed with the SEC and
mailed to our shareholders.

Item 5.: Other Information

         As discussed above, the Company has reached an agreement to acquire all
of the issued and  outstanding  shares of SiriCOMM.  As of the date hereof there
are 5,980,301 shares of common stock  outstanding,  including  104,505 shares of
Class B common  stock.  In  accordance  with the  terms  of the  agreement  with
SiriCOMM,  the  Company is  obligated  to issue the  equivalent  of  577,391,565
pre-split shares or 9,623,193 post-split shares to the SiriCOMM shareholders. In
addition,  the  Company  has  agreed  to issue  the  equivalent  of  116,228,160
pre-split  or  1,937,136  post-split  shares to retire  $500,000 of  convertible
debentures  issued by SiriCOMM.  Accordingly,  after the  effective  date of the
amendment  and the closing  with  SiriCOMM,  the new  combined  entity will have
approximately  11,660,003  shares of common  stock issued and  outstanding.  The
shareholders and  debenture-holders of SiriCOMM will own 99% of the Company upon
the consummation of the transaction.

Item 6:  Exhibits and Reports on Form 8-K

         (a)      The following exhibits are filed as part of this report:

                  4.1      Form of 6% Subordinated Convertible Debenture due
                           May 31, 2002.

         (b)      Reports on Form 8-K

                  A Current  Report on Form 8-K was filed on January 11, 2002 to
                  report the Change of Control of the Company whereby Brendon K.
                  Rennert  and  Park  Street   Acquisition   Corporation  became
                  "control persons" of the Company.

                                       16
<PAGE>

                                   SIGNATURES


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


Dated:   May 17, 2002               FOUNTAIN PHARMACEUTICALS, INC.



                                    By:      /s/ Brendon K. Rennert
                                       -----------------------------------------
                                       Brendon K. Rennert, President and
                                       Principal Executive and Financial Officer

                                       17