SECURITIES AND EXCHANGE COMMISSION

                                             WASHINGTON, D.C. 20549

                                                   FORM 10-QSB
[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934
         For the quarterly period ended September 30, 2001

[        ] TRANSITION  REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 for the transition period from  __________________
         to __________________

         Commission File Number 0-23957
         CIK 0001058549

                                                MEDITECNIC, INC.
                        (Exact Name of Registrant as specified in its Charter)


            Delaware                                                87-0430532
(State or other Jurisdiction of                         I.R.S. Employer Identi-
Incorporation or Organization                                     fication No.)

                                 14 Quai du Seujet, Geneva, Switzerland CH-1201
(Address of Principal Executive Offices)                           (Zip Code)

                                                 (949) 489-2400
                           (Registrant's Telephone Number, including Area Code)



         Indicate by check mark whether the Registrant (i) 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  (of for such  shorter  period  that the
Registrant  was required to file such reports) and (ii) 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, $.001 par value                                        7,527,485
----------------------------------                       --------------------
Title of Class                                  Number of Shares outstanding
                                                      at September 30, 2001
No exhibits included.

                                                        1

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<TABLE>
<CAPTION>


                                MEDITECNIC, INC.
                      (A Company in the Development Stage)

                                 BALANCE SHEETS



                                     ASSETS

                                                                                       December 31,       September 30,
                                                                                           2000               2001


CURRENT ASSETS
<S>                                                                                   <C>               <C>
  Cash                                                                                $      702,350    $       253,126
  Interest Receivable                                                                         15,939             38,044
  Marketable Securities                                                                      766,990            731,290


  Total Current Assets                                                                     1,485,279          1,022,460

Other Assets
   Patent                                                                                    760,620            760,620
   Deposits                                                                                  258,550            258,550
   Note Receivable - Non-current                                                             381,976            775,827

              TOTAL ASSETS                                                            $    2,886,425    $     2,817,457




                      LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES - Accounts Payables                                               $       12,682    $         3,000


   Total Current Liabilities                                                                  12,682              3,000

STOCKHOLDERS' EQUITY
Preferred Stock, $.001 par value; 1,000,000 shares
  authorized; 1,000 shares issued and outstanding                                                  1                  1

Common Stock, $.001 par value; 20,000,000 shares
  authorized; 7,527,485 shares issued and outstanding                                          7,528              7,528

Additional paid-in capital                                                                 3,075,055          3,075,055

Accumulated deficit during the development stage                                           (201,546)          (258,813)
Accumulated Other Comprehensive Income                                                         7,295            (9,314)




              TOTAL STOCKHOLDERS' EQUITY                                                   2,873,743          2,814,457





TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY                                            $    2,886,425    $     2,817,457


</TABLE>


                                The  accompanying  notes are an integral part of
the financial statements.

                                                                   2

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<TABLE>
<CAPTION>


                                MEDITECNIC, INC.
                      (A Company in the Development Stage)

                            STATEMENTS OF OPERATIONS



                                                                                                                       CUMULATIVE
                                                FOR THE NINE MONTHS                     FOR THE THREE                     FROM
                                                       ENDED                            MONTHS ENDED                 March 24, 1998
                                                   September 30,                        September 30,                      TO
                                              2001             2000               2001                 2000          Sept. 30, 2001





<S>                                     <C>               <C>               <C>                   <C>                 <C>
REVENUES                                $          -0-    $          -0-    $            -0-      $         -0-       $          -0-



OPERATING EXPENSES

  General and Administrative                    43,672            24,143             (8,095)              8,562              186,976
  Research and Development                          --            13,047                  --              4,971              246,617


TOTAL OPERATING EXPENSES                        43,672            37,190             (8,095)             13,533              433,593

Net Operating Income (Loss)                   (43,672)          (37,190)             (8,095)           (13,533)            (433,593)

Other Income (Loss)
  Interest Income                               22,105             8,309              10,035              1,984               69,629
  Interest Expense                                  --             (887)                  --               (17)              (9,453)
  Marketable Securities Gain (Loss)           (35,700)           (6,933)            (21,980)           (59,983)              114,632


  Total Other Income (Loss)                   (13,595)               489            (11,495)           (52,016)              174,808


NET INCOME (LOSS)                       $     (57,267)          (36,701)            (20,040)           (65,549)       $    (258,785)

NET INCOME (LOSS) PER SHARE             $          Nil    $          Nil    $            Nil      $         Nil




WEIGHTED AVERAGE NUMBER
 OF SHARES OUTSTANDING                       7,527,485         7,527,485           7,527,485          7,527,485

</TABLE>















                 See accompanying Notes to Financial Statements.

                                                                   3

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<TABLE>
<CAPTION>

                                MEDITECNIC, INC.
                      (A Company in the Development Stage)

                            STATEMENTS OF CASH FLOWS

                                                                                                                       CUMULATIVE
                                                FOR THE NINE MONTHS                     FOR THE THREE                     FROM
                                                       ENDED                            MONTHS ENDED                 March 24, 1998
                                                   September 30,                        September 30,                      TO
                                              2001             2000               2001                 2000          Sept. 30, 2001



CASH FLOWS FROM OPERATING
ACTIVITIES

<S>                                     <C>               <C>               <C>                   <C>                 <C>
  Net Income (Loss)                     $     (57,267)    $     (36,701)    $       (20,040)      $    (65,549)       $    (258,785)

  Increase - Interest Receivable              (22,105)               902            (10,035)            (1,984)             (38,044)
  Increase (decrease) in Accounts payable      (9,682)                --                  --                 --                3,000
  Increase in Other Comprehensive              (2,019)           (3,836)             (1,288)              (476)              (9,314)



  Net cash flows from operating
   activities                                 (91,073)          (41,439)            (31,363)           (68,009)            (303,143)

CASH FLOWS FROM INVESTING ACTIVITIES
  Cash used for patent acquisition                  --          (60,390)                  --                 --            (760,620)
  Increase in Marketable Securities             35,700         (908,390)            (21,980)          (955,440)            (731,290)
  Cash used for deposits                            --          (62,830)                  --                 --            (258,550)
  Increase in Note Receivable                (393,851)         (142,794)           (113,100)           (59,470)            (775,827)


  Net Cash used in Investing Activities (358,151)         (642,376)         (91,120)              (845,970)           (2,526,287)

CASH FLOWS FROM FINANCING
  ACTIVITIES
   Sale of Common Stock                                                                                                    3,082,556


  Net Cash flows from financing
   activities                                                                                                              3,082,556

NET INCREASE (DECREASE) IN CASH         (449,224)         600,937           (122,483)             827,961             253,126

CASH BALANCE AT BEGINNING
  OF PERIOD                                    702,350           267,820             375,609             40,746



CASH BALANCE AT END OF
  PERIOD                                $      253,126    $      860,757    $        253,126      $     868,757       $      253,126



Cash Paid for Interest                              --               887                  --                 17                9,453



</TABLE>




                 See accompanying Notes to Financial Statements.

                                                                   4

<PAGE>



                                                 MEDITECNIC, INC.
                                       (A Company in the Development Stage)

                                      NOTES TO CONDENSED FINANCIAL STATEMENTS
                                                    (UNAUDITED)
                                                September 30, 2001


1.       Comments

         The accompanying financial statements are unaudited, but in the opinion
         of the management of the Company,  contain all adjustments,  consisting
         of only normal  recurring  accruals,  necessary  to present  fairly the
         financial position at September 30, 2001, the results of operations for
         the three and nine months ended  September  30, 2001 and 2000,  and the
         cash flows for the three and nine months ended  September  30, 2001 and
         2000.

         The results of operations for the three and six months ended  September
         30, 2001 are not necessarily indicative of the results of operations to
         be expected for the full fiscal year ending December 31, 2001.


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

         The Company loaned additional amounts to Meditecnic, S.A. in
the quarter and the nine months ended June  30, 2001.


                                            PART II.  OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS  -  None

Item 2.  CHANGES IN SECURITIES - None

Item 3.  DEFAULTS UPON SENIOR SECURITIES - None

Item 4.  SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS - None

Item 5.  OTHER INFORMATION - None

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

         Exhibits--None

         Reports on Form 8-K--None.


                                                         5

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                                                    SIGNATURES

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


                                                              MEDITECNIC, INC.



Date:     November 12, 2001                                   By:
                                                              Finn Robert-Tissot
                                                       Chief Financial Officer
                                                  (chief financial officer and
                                                   accounting officer and duly
                                                             authorized officer)


                                                         6

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