UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 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, 1998

[  ] Transition Report pursuant to 13 or 15(d) of the Securities  Exchange Act
     of 1934

         For the transition period from                       to

Commission File Number 001-14297

                                MW Medical, Inc.
        (Exact name of Small Business Issuer as specified in its charter)

           Nevada                                           86-0907471
(State or other jurisdiction of                          (IRS Employer
        incorporation )                                Identification No.)

 7373 North Scottsdale Road, Suite B-169
        Scottsdale, Arizona                                    85253     
(Address of principal executive offices)                      (Zip Code)

Issuer's telephone number, including area code:  (602) 483-8700

Indicate by a 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  registrant  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 November 3, 1998
------------------------------------        ------------------------------------
$.001 par value Class A Common Stock                   15,723,929 shares




<PAGE>



                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

BASIS OF PRESENTATION

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'  equity 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 nine
months ended September 30, 1998, are not  necessarily  indicative of the results
that can be expected for the year ending December 31, 1998.

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

         MW Medical,  Inc.  (the  "Company") is in the business of designing and
developing  microwave  technologies for dermatological  applications through its
wholly owned subsidiary,  Microwave Medical Corporation ("MMC"). MMC established
an office in Germany in late  1997,  called  Microwave  Medical  GmBH  ("GmBH").
Testing in Germany was concluded in July 1998. GmBH's President will continue to
oversee the European  market.  The  Company's  products  are in the  development
stage.  The Company plans to market and sell its microwave  technology  products
upon completion of the development stage.

The Company is a Nevada  corporation  and was  incorporated on December 4, 1997.
The Company was originally the owner of two wholly owned subsidiaries:

        (A) Microwave Medical Corporation, a California corporation ("MMC");

        (B) P&H Laboratories, Inc., a California corporation ("P&H").

Sale of the Business of P&H

The Company has sold the business of P&H pursuant to an asset  purchase and sale
agreement   dated  March  9,  1998  between  P&H  and  Microwave   Communication
Corporation, a California corporation ("Microwave"),  whereby P&H agreed to sell
to Microwave  all of the assets of the  business of P&H as a going  concern (the
"P&H Sale  Agreement").  The sale of assets by P&H to Microwave was completed on
May 6, 1998. The following consideration was received by the Company on closing:

                  (A)      cash consideration of $160,943;

                  (B) a promissory  note issued by MCC/ Ferro  Systems,  Inc., a
                  subsidiary of Microwave,  whereby  MCC/Ferro has agreed to pay
                  to P&H the sum of  $250,000  on  August 1, 1998 and the sum of
                  $243,125 on March 31, 1999 (the "MCC/Ferro  Promissory Note");
                  P&H has assigned the note to the Company;




<PAGE>



                  (C) the agreement of Microwave to provide to MMC 1200 hours of
                  microwave  related  services  for the period to April 1, 1999,
                  subject to a maximum of 100 hours per month;

                  (D)  office  space  for  the  business  of MMC at  MCC/Ferro's
                  facility in Simi Valley, California until February 28, 1999.

The obligations of MCC/Ferro under the MCC/ Ferro Promissory Note are secured by
a general security  agreement  against the assets of MCC/Ferro and the guarantee
of Microwave.  The general security  agreement is subordinated to bank financing
arranged by MCC/Ferro to pay-out P&H's bank  financing and pay the amounts under
the MCC/Ferro Promissory Note.

All payments to date from MCC have been made on schedule.

LIQUIDITY AND CAPITAL RESOURCES

As of  September  30,  1998,  the  Company  had  $1,242,172  in  cash  and  cash
equivalents.  During the quarter,  the Company  received cash of $1,125,000  and
incurred  capital  raising  costs of  $112,500  in  connection  with the sale of
1,500,000  shares of the  Company's  restricted  common  stock.  The shares were
issued in November,  1998. The Company  generated a net profit of $.07 per share
as a result of the  cancellation  of the debt and the initial  start up fee from
its former parent company, Dynamic Associates, Inc. Loss per share from research
operations,   general  and   administrative   expenses  and   depreciation   and
amortization was $.05.

Item 5. Other Information.

Microwave Medical Corporation (MMC)

The Company's  wholly owned  subsidiary,  MMC, is engaged in the  development of
proprietary  technology  relating  to the use of  microwave  energy for  medical
applications.  MMC has a patent  pending  entitled,  "Method and  Apparatus  for
Treating Subcutaneous  Histological Features",  which focuses on the application
of  microwave  energy  to the  treatment  of  spider  veins  and for use in hair
removal.  The use of  microwave  for hair  removal is based  upon the  selective
heating of hair  follicles  while cooling the surface of the skin to protect the
epidermis. MMC has used computer modeling and laboratory studies to optimize the
system  for hair  removal.  Preclinical  studies  have  shown  effectiveness  in
destroying follicles while maintaining the integrity of the skin surface.

MMC's  microwave  system for hair removal has just concluded Phase II and is now
entering its final Phase III clinical trials.

RESULTS OF OPERATIONS

The  financial  statements  for 1998  present  the  combined  activities  of the
Company,  MMC, and P&H for the first quarter.  The financial statements for 1997
present the activities of MMC and P&H.

During the nine months ended  September 30, 1998,  the management of the Company
received $66,000. The President received $30,000, the Secretary received $16,000
and another consultant received $20,000.

Net  operating  loss for the nine months ended  September  30, 1998 was $753,650
compared to a loss of $616,964 for the same period in 1997.  The sale of the net
assets of P&H created a loss due to the book value of its



<PAGE>



Property,   Plant  and  Equipment  and  other  assets  being  greater  than  its
liabilities and the amount received from the sale.  Although there was a lack of
revenue in 1998, we also did not have the expense incurred by P&H.

Selling and  general  and  administrative  expenses  for the nine  months  ended
September 30, 1998 were $241,550 compared to $0 for the same period in 1997.

Research  and  development  expenses  were  $440,424  for the nine months  ended
September 30, 1998 compared to $588,888 for the same period in 1997.

Depreciation and  amortization  expenses for the nine months ended September 30,
1998 were  $71,676  compared to $28,076 for the same period in 1997.  Due to the
nature of research  test  equipment,  the equipment is  depreciated  at a faster
rate.

Loss from  operations of P&H were  $193,468 for the nine months ended  September
30, 1998 compared with income of $42,504 for the same period in 1997.

Net loss for the three months ended September 30, 1998 was $261,651  compared to
a loss of $166,724 for the same period in 1997.

Selling and general  and  administrative  expenses  for the three  months  ended
September 30, 1998 were $157,762 compared to $0 for the same period in 1997.

Research and development  expenses incurred by MMC and GmBH were $88,484 for the
three months ended  September  30, 1998 compared to $155,783 for the same period
in 1997.  The  expenses  incurred  have  decreased in 1998 because we are in the
testing  phase  of the  project  and  the  cost  of  development  has  decreased
significantly.

Depreciation and amortization  expenses for the three months ended September 30,
1998 were $21,112 compared to $12,060 for the same period in 1997.

                           PART II - OTHER INFORMATION

Item 6.           Exhibits and Reports on Form 8-K

         (a)      Exhibits
                  99-1 Financial Statements as of September 30, 1998
                  Financial Data Schedule

                  (b)      Reports on Form 8-K
         None.




<PAGE>



                                   SIGNATURES

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




DATED: November 13, 1998
                                  Grace Sim, Secretary/Treasurer and Director




<PAGE>



                        MW MEDICAL, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                                             September 30,
                                                                                                                 1998      
                                                                                                          -----------------
ASSETS
     CURRENT ASSETS
<S>                                                                                                       <C>              
       Cash and cash equivalents                                                                          $       1,242,172
       Receivable - former parent                                                                                   200,000
       Receivable - P & H sale                                                                                      243,125
       Other receivables                                                                                              2,153
       Prepaid expense and other current assets                                                                     122,017
                                                                                                          -----------------
                                                                                 TOTAL CURRENT ASSETS             1,809,467

     PROPERTY, PLANT, & EQUIPMENT                                                                                    86,679

     OTHER ASSETS
       Organization costs                                                                                             1,254
                                                                                                          -----------------

                                                                                                          $       1,897,400
                                                                                                          =================

LIABILITIES & EQUITY
     CURRENT LIABILITIES
       Accounts payable                                                                                   $          75,651
       Accrued expenses                                                                                               4,775
       Payable - related party                                                                                      100,000
                                                                                                          -----------------
                                                                            TOTAL CURRENT LIABILITIES               180,426
                                                                                                          -----------------

                                                                                    TOTAL LIABILITIES               180,426

STOCKHOLDERS' EQUITY 
     Common stock $.001 par value:
       Authorized - 100,000,000 shares
       Issued and outstanding 14,223,929 shares                                                                      14,224
       Additional paid in capital                                                                                 1,058,984
     Retained earnings                                                                                              643,766
                                                                                                          -----------------
                                                                           TOTAL STOCKHOLDERS' EQUITY             1,716,974
                                                                                                          -----------------

                                                                                                          $       1,897,400
                                                                                                          =================
</TABLE>



                                      F - 1

<PAGE>



                        MW MEDICAL, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                       Three months ended                  Nine months ended
                                                                          September 30,                      September 30,        
                                                                -------------------------------    -------------------------------
                                                                     1998             1997              1998             1997     
                                                                -------------     -------------    -------------     -------------
<S>                                                             <C>               <C>              <C>               <C>          
Selling and General & administrative expenses                   $     157,762     $           0    $     241,550     $           0
Depreciation and amortization                                          21,112            12,060           71,676            28,076
Research and development                                               88,484           155,783          440,424           588,888
                                                                -------------     -------------    -------------     -------------
                                                                      267,358           167,843          753,650           616,964
                                                                -------------     -------------    -------------     -------------

                                        NET OPERATING (LOSS)         (267,358)         (167,843)        (753,650)         (616,964)

OTHER INCOME (EXPENSE)
   Interest income                                                      5,707               529            6,334             4,960
   Interest expense                                                         0                 0                0                 0
   Debt cancellation - former parent                                        0                 0        2,169,806                 0
   Fee - former parent                                                      0                 0          200,000                 0
   Sale of net assets of subsidiary                                         0                 0         (477,862)                0
   Miscellaneous income (expense)                                           0                 0                0                 0
                                                                -------------     -------------    -------------     -------------
                                                                        5,707               529        1,898,278             4,960
                                                                -------------     -------------    -------------     -------------

                                    NET INCOME (LOSS) BEFORE
                                     DISCONTINUED OPERATIONS         (261,651)         (167,314)       1,144,628          (612,004)

Discontinued operations:
   Operations of subsidiary sold 4/1/98                                     0               590         (193,468)           42,504
                                                                -------------     -------------    -------------     -------------

                                    NET INCOME (LOSS) BEFORE
                                                INCOME TAXES         (261,651)         (166,724)         951,160          (569,500)

   INCOME TAX EXPENSE                                                       0                 0              800               800
                                                                -------------     -------------    -------------     -------------

                                           NET INCOME (LOSS)    $    (261,651)    $    (166,724)   $     950,360          (570,300)
                                                                =============     =============    =============     =============

Net income (loss) per weighted average share                    $        (.02)    $        (.01)   $         .07     $        (.04)
                                                                =============     =============    =============     =============

Weighted average number of common shares used
   to compute net income (loss) per weighted
   average share                                                   14,223,929        14,223,929       14,223,929        14,223,929
                                                                =============     =============    =============     =============
</TABLE>



                                      F - 2

<PAGE>



                        MW MEDICAL, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                                    Nine months ended
                                                                                                      September 30,             
                                                                                               1998                  1997       
                                                                                        ------------------    ------------------
OPERATING ACTIVITIES
<S>                                                                                     <C>                   <C>                
     Net income (loss)                                                                  $          950,360    $         (570,300)
     Adjustments to reconcile net income (loss) to cash used
       by operating activities:
         Depreciation and amortization                                                             110,433                65,503
         Net value of subsidiary sold                                                            1,371,521                     0
         Debt cancelled                                                                         (2,169,806)                    0
         Deferred taxes                                                                                  0                 5,000
     Changes in assets and liabilities:
         Accounts receivable                                                                      (433,519)             (142,229)
         Inventories                                                                                80,636                46,492
         Prepaid expenses and other                                                               (106,791)              (16,093)
         Accounts payable and accrued expenses                                                        (450)              164,559
         Deposits                                                                                   37,000                20,000
         Income taxes payable                                                                            0               (32,572)
                                                                                        ------------------    ------------------

                                               NET CASH USED BY OPERATING ACTIVITIES              (160,616)             (459,640)

INVESTING ACTIVITIES
     Loan - other                                                                                   (4,068)               (3,516)
     Loan - related party                                                                                0                30,300
     Purchase of equipment                                                                          (8,348)             (421,244)
     Deposits                                                                                       (2,225)                 (900)
                                                                                        ------------------    ------------------

                                               NET CASH USED BY INVESTING ACTIVITIES               (14,641)             (395,360)

FINANCING ACTIVITIES
     Borrowings - former parent                                                                    170,000               684,975
     Loans                                                                                               0               132,021
     Loans - related party                                                                         100,000                     0
     Sale of common stock                                                                        1,012,500                     0
Cash remaining with former subsidiary                                                             (243,102)                    0
     Principal payments on debt                                                                     (9,951)              (89,845)
                                                                                        ------------------    ------------------

                                                                   NET CASH PROVIDED
                                                             BY FINANCING ACTIVITIES             1,029,447               727,151
                                                                                        ------------------    ------------------

                                                         INCREASE (DECREASE) IN CASH
                                                                AND CASH EQUIVALENTS               854,190              (127,849)

     Cash and cash equivalents at beginning of period                                              387,982               874,858
                                                                                        ------------------    ------------------

                                          CASH AND CASH EQUIVALENTS AT END OF PERIOD    $        1,242,172    $          747,009
                                                                                        ==================    ==================

SUPPLEMENTAL INFORMATION
     Cash paid for interest                                                             $            9,824    $            9,681
     Cash paid for income taxes                                                                        800                40,172
</TABLE>



                                      F - 3