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

                                   FORM 10-QSB
(Mark One)

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

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

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

For the transition period from ________________ to _______________

Commission File No.     33-55254-09

                        Rocky Point Pharmaceuticals, Inc.
        (Exact name of Small Business Issuer as specified in its charter)

         NEVADA                                      87-0434293
------------------------------------        ---------------------------
(State or other jurisdiction of             (I.R.S. Employer
incorporation or organization)       Identification Number)

9350 South 150 East, Suite 900
         Sandy, Utah                                          84070
------------------------------------                 ------------------
(Address of principal executive offices)    (Zip Code)

Issuer's telephone number, including area code   (801) 617-2040
                                               ----------------------------

     Indicate  by check  mark  whether  the  Issuer  (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 such shorter  period that the Issuer
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days. [X] Yes [ ] No

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

                Class                      Outstanding as of December 31, 2002
--------------------------------------     -----------------------------------
$.001 PAR VALUE CLASS A COMMON STOCK                14,262,739 SHARES

                                        1

<PAGE>



                         PART 1 - FINANCIAL INFORMATION

Item 1.  Financial Statements.

BASIS OF REPRESENTATION

General

     The  accompanying  unaudited  financial  statements  have been  prepared in
accordance with the instructions to Form 10-QSB and,  therefore,  do not include
all information and footnotes necessary for a complete presentation of financial
position,  results of  operations,  cash flows and  stockholders'  (deficit)  in
conformity  with generally  accepted  accounting  principles.  In the opinion of
management,  all adjustments considered necessary for a fair presentation of the
results of  operations  and  financial  position have been included and all such
adjustments  are of a normal  recurring  nature.  Operating  results for the six
months ended  December 31, 2002, are not  necessarily  indicative of the results
that can be expected for the year ending June 30, 2003.


                                        2

<PAGE>



                Rocky Point Pharmaceuticals, Inc. and Subsidiary
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                       December 31,                 June 30,
                                                                           2002                       2002
                                                                        (Unaudited)                 (Audited)
                                                                  ----------------------     --------------------
ASSETS
   CURRENT ASSETS
<S>                                                               <C>                        <C>
     Cash in bank                                                 $                1,199     $                  0
     Notes Receivable (Note 5)                                                   170,608                        0
                                                                  ----------------------     --------------------

                                          TOTAL CURRENT ASSETS                   171,807                        0

OTHER ASSETS
   Software (Note 4)                                                                   1                        1
                                                                  ----------------------     --------------------

                                                                  $              171,808     $                  1
                                                                  ======================     ====================

LIABILITIES & (DEFICIT)
   CURRENT LIABILITIES
     Accounts payable                                             $                1,400     $              2,500
     Payable - related parties (Note 3)                                          100,850                  105,050
                                                                  ----------------------     --------------------

                                     TOTAL CURRENT LIABILITIES                   102,250                  107,550

   STOCKHOLDERS' EQUITY (DEFICIT)
     Common Stock $.001 par value:
       Authorized - 100,000,000 shares
       Issued and outstanding 14,262,739 shares                                   14,263                   12,000
     Paid-in capital in excess of par                                            177,044                        0
     Deficit accumulated during the
       development stage                                                        (121,749)                (119,549)
                                                                  ----------------------     --------------------

                          TOTAL STOCKHOLDERS' EQUITY (DEFICIT)                    69,558                 (107,549)
                                                                  ----------------------     --------------------

                                                                  $              171,808     $                  1
                                                                  ======================     ====================
</TABLE>


                 See Notes to Consolidated Financial Statements.

                                        3

<PAGE>



                Rocky Point Pharmaceuticals, Inc. and Subsidiary
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                     Three Months             Six Months             5/7/2002
                                                                         Ended                   Ended               (Date of
                                                                     December 31,             December 31       inception) to
                                                                         2002                    2002               12/31/2002
                                                                ----------------------  ----------------------  ------------------
<S>                                                             <C>                     <C>                     <C>
Net sales                                                       $                    0  $                    0  $                0
Cost of sales                                                                        0                       0                   0
                                                                ----------------------  ----------------------  ------------------

                                                GROSS PROFIT                         0                       0                   0

General and administrative expenses                                              1,150                   2,200              21,750
                                                                ----------------------  ----------------------  ------------------

                                                    NET LOSS    $               (1,150) $               (2,200) $          (21,750)
                                                                ======================  ======================  ==================

Basic and Diluted earnings per share
   Net (loss) per weighted average share                        $                 (.00) $                 (.00)
                                                                ======================  ======================

Weighted average number of common
   shares used to compute net income (loss)
   per weighted average share                                               14,122,285              13,549,841
                                                                ======================  ======================
</TABLE>



                 See Notes to Consolidated Financial Statements.

                                        4

<PAGE>



                Rocky Point Pharmaceuticals, Inc. and Subsidiary
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                     Three Months             Six Months             5/7/2002
                                                                         Ended                   Ended               (Date of
                                                                     December 31,             December 31         inception) to
                                                                         2002                    2002               12/31/2002
                                                                ----------------------  ----------------------  ------------------
OPERATING ACTIVITIES
<S>                                                             <C>                     <C>                     <C>
   Net income (loss)                                            $               (1,150) $               (2,200) $          (21,750)
   Adjustments to reconcile net income (loss)
     to cash used by operating activities:
       Stock issued for expenses                                                     0                       0              12,000
       Changes in accounts payable                                                 550                  (1,100)              1,400
       Payable - related parties                                                   600                  (3,200)              1,850
                                                                ----------------------  ----------------------  ------------------

                                            NET CASH USED BY
                                        OPERATING ACTIVITIES                         0                  (6,500)             (6,500)
                                                                ----------------------  ----------------------  ------------------

FINANCING ACTIVITIES
   Issuance of Regulation S common stock                                             0                   7,699               7,699
                                                                ----------------------  ----------------------  ------------------

                                           NET CASH PROVIDED
                                     BY FINANCING ACTIVITIES                         0                   7,699               7,699
                                                                ----------------------  ----------------------  ------------------

                                          INCREASE IN CASH &
                                            CASH EQUIVALENTS                         0                   1,199               1,199

Cash and cash equivalents at beginning of period                                 1,199                       0                   0
                                                                ----------------------  ----------------------  ------------------

                                     CASH & CASH EQUIVALENTS
                                            AT END OF PERIOD    $                1,199  $                1,199  $            1,199
                                                                ======================  ======================  ==================
</TABLE>


ADDITIONAL INFORMATION
   877,779 shares of Regulation S common stock were issued in exchange for notes
   receivable of $170,608.

   A payable of $1,000 was settled by issuing 1,000,000 shares of common stock
   to the note holder. Shares were issued at par on August 27, 2002. On May 7,
   2002, the Company acquired software valued at $100,000 in exchange for a note
   payable to a related entity in the same amount.


                 See Notes to Consolidated Financial Statements.

                                        5

<PAGE>



                Rocky Point Pharmaceuticals, Inc. and Subsidiary
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2002


NOTE 1:   CHANGE IN REPORTING ENTITY
          The statement of operations  reflects the  acquisition  of Rocky Point
          Pharmaceuticals,  Inc.  ("Rocky Point") a reporting  company under the
          Securities Act of 1934, by Luong Dae Solutions,  Inc.,("Luong  Dae") a
          development-stage  company, on June 26, 2002 in a reverse acquisition,
          consummated  by  issuing  11,000,000  shares of common  stock of Rocky
          Point to the founders of Luong Dae. Reverse acquisition  accounting is
          appropriate   since  the   shareholders   of  Luong   Dae   controlled
          approximately  92% of the  outstanding  common  stock of  Rocky  Point
          immediately  after  the  acquisition,  and  management  of  Luong  Dae
          controlled  the board of directors  and  day-to-day  management of the
          Company after the acquisition.  The reverse acquisition  constitutes a
          change in  reporting  entity for  accounting  purposes.  This  reverse
          acquisition is considered to be a capital  transaction (i.e.  issuance
          of  stock by  Rocky  Point  accompanied  by a  recapitalization).  The
          historical  financial statements reflect the assets and liabilities of
          Luong Dae at their  historical  cost. Rocky Point had no assets on the
          date of the reverse acquisition. Rocky Point had liabilities of $7,550
          on the date of the reverse  acquisition.  These  liabilities have been
          charged to  operations  in the period  ended June 30, 2002 as goodwill
          with no future value.

NOTE 2:   SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
          Accounting Methods:
          The Company recognizes income and expenses based on the accrual method
          of accounting.

          Dividend Policy:
          The  Company  has not yet  adopted  any  policy  regarding  payment of
          dividends.

          Cash and Cash Equivalents:
          For financial  statement  purposes,  the Company  considers all highly
          liquid  investments with an original  maturity date of three months or
          less when purchased to be cash equivalents.

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

          Net Loss Per Share:
          Basic and diluted  loss per share is  computed  by  dividing  net loss
          available to common  shareholders  by the weighted  average  number of
          common shares outstanding during the periods presented.

          Income Taxes:
          The Company  utilizes the asset and liability method of accounting for
          income  taxes  as set  forth  in  Statement  of  Financial  Accounting
          Standards No. 109, "Accounting for Income Taxes" (SFAS 109). Under the
          asset and liability method, deferred taxes are determined based on the
          difference between the financial statement and tax bases of assets and
          liabilities  using  enacted  tax rates in effect in the years in which
          the differences are expected to reverse. An allowance against deferred
          tax assets is  recorded  when it is more likely than not that such tax
          benefits will not be realized.

          At June 30, 2002 a deferred  tax asset of about  $3,700 has been fully
          reserved due to the Company's  lack of operations to provide income to
          use the net  operating  loss  carryover  of $11,000  which  expires as
          follows:

              Year Ended                    Expires               Amount
          --------------------      ----------------------     -------------
             June 30, 2002               June 30, 2022         $      11,000
                                                               -------------

                                                               $      11,000
                                                               =============

NOTE 2:   DEVELOPMENT STAGE COMPANY
          The Company was  originally  incorporated  as Upsilon,  Inc. under the
          laws of the  State  of Utah on  April  14,  1986  and has  been in the
          development  stage since  incorporation.  On December  30,  1993,  the
          Company was  dissolved as a Utah  corporation  and  reincorporated  in
          Nevada as Upsilon  Industries,  Inc.  On July 21,  1995,  the  Company
          changed  its name to TTN  Capitol,  Inc.,  on October  15,  1995,  the
          Company changed its name to Wasatch  Pharmaceutical,  Inc., and on May
          31, 2000 the Company changed its name to Rocky Point  Pharmaceuticals,
          Inc. Luong Dae was incorporated on May 7, 2002 in Nevada, and became a
          subsidiary of the Company on June 26, 2002.


                                        6

<PAGE>



                Rocky Point Pharmaceuticals, Inc. and Subsidiary
                          (A Development Stage Company)
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
                                December 31, 2002



NOTE 3:   RELATED PARTY TRANSACTIONS
          The Company neither owns nor leases any real property. Office services
          are provided, without charge, by an officer. Such costs are immaterial
          to the financial statements, and, accordingly, have not been reflected
          therein.  The  officers  and  directors of the Company are involved in
          other business  activities and may, in the future,  become involved in
          other  business  opportunities.  If a  specific  business  opportunity
          becomes  available,  such  persons  may face a conflict  in  selecting
          between the Company and their other  business  interests.  The Company
          has not formulated a policy for the resolution of such  conflicts.  At
          December  31,  2002 the  Company  owes  $4,050  to a  shareholder  for
          expenses paid on behalf of the Company.

          At  December  31,  2002,  the Company  owes  $96,000 in  royalties  to
          Strategic Office Systems ("Strategic") in connection with the purchase
          of software..  The minimum  royalty is $2,000 per month.  In addition,
          the Company owes  Strategic  $800 in penalties for failing to make the
          September,  October,  November,  and December 2002 royalty payments as
          agreed in the software purchase contract.

          Under the  terms of the  software  purchase  agreement,  Strategic  is
          allowed to sell the  software  program to  consumers,  paying  $850 to
          Luong Dae for each copy sold.  Luong Dae has agreed to forward this to
          the Company. Luong Dae is also obligated to pay $450 for each copy and
          installation of software sold by Luong Dae.

NOTE 4:   SOFTWARE
          The Company  purchased a software program from an entity controlled by
          its Vice  President for $100,000.  The  transaction  was recorded at a
          nominal value of $1. The excess of the consideration  payable over the
          carrying  value at the date of the  transaction  was recorded  against
          accumulated deficit.

NOTE 5:   COMMON STOCK
          The Company  issued  572,444  shares of "Regulation S" common stock on
          October 1, 2002.  The Company  accepted a short term note for $111,262
          as payment from the sale, $572 representing the par value of the stock
          and $110,689 attributed to paid-in capital in excess of par value. The
          terms of the note allow for 6% interest on the principle.  The Company
          expects to collect on the note during the third  quarter of the fiscal
          year.

          The Company  issued  305,335  shares of "Regulation S" common stock on
          November 11, 2002. The Company  accepted a short-term note for $59,346
          as payment from the sale. $305 representing the par value of the stock
          and $59,041  attributable  to paid-in  capital in excess of par value.
          The terms of the note  allow for 6%  interest  on the  principle.  The
          Company expects to collect on the note during the third quarter of the
          fiscal year.

          The Company  issued  384,960  shares of "Regulation S" common stock on
          July 11,  2002.  The  Company  received  $7,699  from the  sale,  $385
          representing  the par value of the stock and  $7,314  attributable  to
          paid-in capital in excess of par value.

          The Company issued  1,000,000 shares to settle a payable of $1,000 due
          to a former director of the Company. The shares were issued at par.

NOTE 6:   GOING CONCERN ITEMS
          The financial  statements  are presented on the basis that the Company
          is a going concern,  which  contemplates the realization of assets and
          the  satisfaction of liabilities in the normal course of business over
          a reasonable  length of time. At December 31, 2002, the Company has an
          accumulated  deficit of  $121,749  and  working  capital  of  $69,557.
          However, 99% of current assets is in the form of notes receivable. The
          Company has a  substantial  need for working  capital.  These  factors
          arise  substantial  doubt about the Company's ability to continue as a
          going concern.

          Management  feels that loans from related  parties and software  sales
          will  provide  sufficient  working  capital  to allow the  Company  to
          continue as a going concern.

NOTE 7:   CHANGE IN COMPANY OFFICERS
          On October 22,  2002,  Arden  Oliphant  resigned as acting  President,
          Secretary/Treasurer,  and  Director of the  Company.  Mark Timothy was
          subsequently named President, Secretary/Treasurer, and Director.

NOTE 8:   SUBSEQUENT EVENTS
          On January 3, 2003, the Company issued 75,000 shares of "Regulation S"
          common  stock.  The Company  accepted a short term note for $14,577 as
          payment from the sale, $75 representing the par value of the stock and
          $14,502  attributable to pain- in capital in excess of par value.  The
          terms of the note allow for 6% interest on the principle.  The Company
          expects to collect on the note during the third  quarter of the fiscal
          year.

                                        7

<PAGE>



                Rocky Point Pharmaceuticals, Inc. and Subsidiary
                          (A Development Stage Company)
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
                                December 31, 2002



NOTE 8:   SUBSEQUENT EVENTS (continued)
          On January 1, 2003, Mark Timothy  resigned as  Secretary/Treasurer  of
          the Company. Neil Crabtree was subsequently named Secretary/Treasurer.

                                        8

<PAGE>



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

     The  Company  has had no  operational  history  and has  yet to  engage  in
business of any kind,  although is has acquired a subsidiary  that will allow it
to  enter  the  software  sales   industry.   All  risks  inherent  in  new  and
inexperienced  enterprises are inherent in the Company's  business.  The Company
has not made a formal study of the economic  potential of any  business.  At the
present, the Company has not identified any assets or business opportunities for
acquisition  other than Luong Dae  Solutions,  Inc.  The only  activity  for the
period  ended  December 31, 2002 was the  incurrence  of costs  associated  with
periodic  filings of required  forms with the SEC and the  accrual of  penalties
associated with a royalties contract.

     The Company has no liquidity and no presently  available capital resources,
such as credit lines, guarantees,  etc. and should a merger or acquisition prove
unsuccessful,  it is possible  that the Company may be dissolved by the State of
Nevada for  failing to file  reports.  Should  management  decide not to further
pursue its acquisition activities, management may abandon its activities and the
shares of the Company would become worthless.

     Based on current economic and regulatory  conditions,  Management  believes
that it is possible,  if not probable,  for a company like the Company,  without
many assets or liabilities,  to negotiate a merger or acquisition  with a viable
private company.  The opportunity arises  principally  because of the high legal
and  accounting  fees and the length of time  associated  with the  registration
process of "going public". However, should any of these conditions change, it is
very possible that there would be little or no economic  value for anyone taking
over control of the Company.

                           PART II - OTHER INFORMATION

Item 6.    Exhibits and Reports on Form 8-K

           (a)  Exhibits
                Exhibit 99.1 CEO Certification
                Exhibit 99.2 CFO Certification

           (b) Reports on Form 8-K
               An 8-K was filed on July 9, 2002 to announce the  acquisition  of
               Luong Dae Solutions, Inc. as a subsidiary.

               An 8-K was filed on August  14,  2002 to  announce  the change of
               year end to June 30.

                                   SIGNATURES

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

                        Rocky Point Pharmaceuticals, Inc.



Dated: March 12, 2002           By:  /s/ Mark Timothy
      ---------------           ---------------------
                                Mark Timothy, President and Director

         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.



Dated: March 12, 2002           By:  /s/ Mark Timothy
      ---------------           ---------------------
                                Mark Timothy, President and Director


                                        9

<PAGE>



Exhibit 99.1 CEO Certification

In  connection  with the  quarterly  report on Form 10-QSB for the quarter ended
December  31,  2002  (Report),   as  filed  with  the  Securities  and  Exchange
Commission, on the date hereof, the undersigned Chief Executive Officer of Rocky
Point  Pharmaceuticals,  Inc.  (the  "Company"),  certifies  to the  best  of my
knowledge,  pursuant  to  18  USC  1350,  as  adopted  pursuant  to  ss.302  and
promulgated as 18 USC 1350 pursuant to ss.906 of the Sarbanes-Oxley Act of 2002,
that:

1.   The Report referenced above has been read and reviewed by the undersigned.

2.   The Report fully complies with the  requirements  of Section 13(a) or 15(d)
     of the Securities Exchange Act of 1934.

3.   The Report  referenced  above does not  contain any untrue  statement  of a
     material fact or omit to state a material  fact  necessary in order to make
     the  statements  made,  in  light of the  circumstances  under  which  such
     statements were made, not misleading.

4.   I acknowledge that the management of the Company is solely  responsible for
     the  fair  presentation  in  the  financial  statements  of  the  financial
     position, results of operations and cash flows of the Company in conformity
     with  accounting  principles  generally  accepted  in the United  States of
     America.

Based upon my knowledge,  the  financial  statements,  and other such  financial
information  included in the report,  fairly present the financial condition and
results of operations of the Company as of and for the period ended December 31,
2002.

In my  opinion,  the  accompanying  interim  financial  statements,  prepared in
accordance with the instructions for Form 10- QSB, are unaudited and contain all
material adjustments,  consisting only of normal recurring adjustments necessary
to present fairly the financial condition,  results of operations and cash flows
of the Company for the respective interim periods presented.  The current period
results of operations are not necessarily indicative of results which ultimately
will be reported for the full fiscal year.

Additionally, I acknowledge that the Company's Board of Directors and Management
are solely responsible for adopting sound accounting practices, establishing and
maintaining a system of internal control and preventing and detecting fraud. The
Company's  system of internal  accounting  control is designed to assure,  among
other items, that 1) recorded  transactions are valid; 2) valid transactions are
recorded;  and 3)  transactions  are  recorded in the proper  period in a timely
manner to produce  financial  statements  which  present  fairly  the  financial
condition,  results  of  operations  and  cash  flows  of the  Company  for  the
respective periods being presented.



/s/ Mark Timothy
Mark Timothy, President, CEO, and Director

Dated: March 12, 2003
       -------------------------------------


                                       10

<PAGE>


Exhibit 99.2 CFO Certification

In  connection  with the  quarterly  report on Form 10-QSB for the quarter ended
December  31,  2002  (Report),   as  filed  with  the  Securities  and  Exchange
Commission, on the date hereof, the undersigned Chief Financial Officer of Rocky
Point  Pharmaceuticals,  Inc.  (the  "Company"),  certifies  to the  best  of my
knowledge,  pursuant  to  18  USC  1350,  as  adopted  pursuant  to  ss.302  and
promulgated as 18 USC 1350 pursuant to ss.906 of the Sarbanes-Oxley Act of 2002,
that:

1.   The Report referenced above has been read and reviewed by the undersigned.

2.   The Report fully complies with the  requirements  of Section 13(a) or 15(d)
     of the Securities Exchange Act of 1934.

3.   The Report  referenced  above does not  contain any untrue  statement  of a
     material fact or omit to state a material  fact  necessary in order to make
     the  statements  made,  in  light of the  circumstances  under  which  such
     statements were made, not misleading.

4.   I acknowledge that the management of the Company is solely  responsible for
     the  fair  presentation  in  the  financial  statements  of  the  financial
     position, results of operations and cash flows of the Company in conformity
     with  accounting  principles  generally  accepted  in the United  States of
     America.

Based upon my knowledge,  the  financial  statements,  and other such  financial
information  included in the report,  fairly present the financial condition and
results of operations of the Company as of and for the period ended December 31,
2002.

In my  opinion,  the  accompanying  interim  financial  statements,  prepared in
accordance with the instructions for Form 10- QSB, are unaudited and contain all
material adjustments,  consisting only of normal recurring adjustments necessary
to present fairly the financial condition,  results of operations and cash flows
of the Company for the respective interim periods presented.  The current period
results of operations are not necessarily indicative of results which ultimately
will be reported for the full fiscal year.

Additionally, I acknowledge that the Company's Board of Directors and Management
are solely responsible for adopting sound accounting practices, establishing and
maintaining a system of internal control and preventing and detecting fraud. The
Company's  system of internal  accounting  control is designed to assure,  among
other items, that 1) recorded  transactions are valid; 2) valid transactions are
recorded;  and 3)  transactions  are  recorded in the proper  period in a timely
manner to produce  financial  statements  which  present  fairly  the  financial
condition,  results  of  operations  and  cash  flows  of the  Company  for  the
respective periods being presented.



/s/ Mark Timothy
Mark Timothy, CFO, and Director

Dated: March 12, 2003
       ----------------------------------------------


                                       11