`SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q



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

                   For the quarter period ended March 31, 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 000-24941

                    Next Generation Technology Holdings, Inc.
--------------------------------------------------------------------------------
           (Exact name of the registrant as specified in its charter)


       Delaware                                       06-1255882
--------------------------------         ---------------------------------------
 (State of other jurisdiction of         (I.R.S. Employer Identification Number)
 incorporation or organization)

  590 Madison Avenue, 21st Floor                       10022
      PMB 2137 New York, NY
--------------------------------------   ---------------------------------------
(Address of Principal executive offices)            (Zip code)

Registrant's telephone number including area code:  (212) 521-4108
                                                    ---------------------------


     Delicious Brands, Inc., 2070 Maple Street, Des Plaines, Illinois 60018
     ----------------------------------------------------------------------
        (Former Name, Former Address and Former Fiscal Year, if changed)

Securities Registered Pursuant to Section 12 (b) of the Act:

                                      NONE

Securities Registered Pursuant to Section 12 (g) of the Act:

                          Common Stock, $.01 par value

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 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 /  /

5,717,673 shares of common stock were outstanding on March 31, 2001.





                                      INDEX

                                                                              Page
Part I:         Financial Information

      Item 1.   Financial Statements

                Balance Sheets as of March 31, 2001 and December 31, 2000      2

                Statements of Operations, Three Months Ended March 31,
                2001 and 2000                                                  3

                Statements of Cash Flows, Three Months Ended March 31,
                2001 and 2000                                                  4

                Notes to Condensed Financial Statements                        5

      Item 2.   Management's Discussion and Analysis of Financial
                Condition and Results of Operations                            6

      Item 3.   Quantitative and Qualitative Disclosures About Market Risk     7

Part II:        Other Information

      Item 1.   Legal Proceeding                                               8

Signatures                                                                     8



                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                    NEXT GENERATION TECHNOLOGY HOLDINGS, INC.
                                 BALANCE SHEETS

                                                                                             -----------------------------------
ASSETS                                                                                       March 31, 2001    December 31, 2000
Current Assets:                                                                               (unaudited)
                                                                                             -----------------------------------
      Cash .............................................................................     $    549,318          $    741,597
      Accounts receivable net of allowances of
            $1,512,991 and $1,522,991, respectively ....................................                0                     0
            Due from escrow agent ......................................................        2,848,982             2,835,225
      Income taxes refundable ..........................................................           90,000                90,000
      Prepaid expenses and other current assets ........................................          244,073               239,713
                                                                                             ------------          ------------
      Total Current Assets .............................................................     $  3,732,373          $  3,906,535
                                                                                             ------------          ------------

Property and Equipment, Net of Accumulated Depreciation ................................                0                     0
                                                                                             ------------          ------------

Total Assets ...........................................................................     $  3,732,373          $  3,906,535
                                                                                             ============          ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
      Accounts payable .................................................................     $    180,070          $    204,569
      Due to distributors ..............................................................          190,160               190,160
      Accrued expenses .................................................................        1,182,501             1,279,240
      Current portion of long-term liabilities .........................................          162,676               162,676
                                                                                             ------------          ------------
      Total Current Liabilities ........................................................     $  1,715,407          $  1,836,645
                                                                                             ------------          ------------

Long-term Liabilities:
      Restructuring liability ..........................................................     $     78,860          $    121,022
                                                                                             ------------          ------------
      Total Long-term Liabilities ......................................................     $     78,860          $    121,022
                                                                                             ------------          ------------

Stockholders' Equity:
      Preferred stock, $.01 par value 1,000,000 shares authorized:
            Series A, 183,334  shares issued and outstanding ...........................     $  1,466,668          $  1,466,668
            Series B, 35,000  shares issued and outstanding, liquidation
               value equals stated value ...............................................        1,750,000             1,750,000
      Class A common Stock, voting, $.01 par value, 25,000,000 shares
      authorized, 5,766,597 shares issued ..............................................           57,666                57,666
      Additional paid-in capital .......................................................       14,389,027            14,389,027
      Accumulated deficit ..............................................................      (15,564,206)          (15,553,444)
                                                                                             ------------          ------------
                                                                                             $  2,099,155          $  2,109,917

      Less, common stock in treasury at cost ...........................................         (161,049)             (161,049)
                                                                                             ------------          ------------
      Total stockholders' equity .......................................................     $  1,938,106          $  1,948,868
                                                                                             ------------          ------------

Total Liabilities and Stockholders' Equity .............................................     $  3,732,373          $  3,906,535
                                                                                             ============          ============



         The accompanying notes are an integral part of this statement.

                                       2

                    NEXT GENERATION TECHNOLOGY HOLDINGS, INC.
                             STATEMENT OF OPERATIONS
                                   (Unaudited)

                                                                                    Three Months Ended March 31,
                                                                                       2001            2000
                                                                                       ----            ----
Net Sales (including approximately
      $0 and $61,000 for fiscal years ended
      December 31, 2001 and December 31, 2000,
      respectively, to related parties) ......................................             $0        $6,364,855


Cost of Sales (including approximately
      $0 and $1,000 for fiscal years ended
      December 31, 2001 and December 31,2000,
      respectively, from related parties) ....................................              0         4,663,671
                                                                                   -----------------------------

Gross Profit .................................................................              0        $1,701,184
                                                                                   -----------------------------

Operating Expenses:
      Selling, general and administrative ....................................       ($47,337)      ($1,369,653)
                                                                                   -----------------------------

Loss from Operations .........................................................         47,983              (396)

Other Income (Expense):

      Interest expense .......................................................       ($11,408)        ($193,877)
      Other, net .............................................................         47,983              (396)
                                                                                   -----------------------------
                                                                                      $36,575         ($194,273)
                                                                                   -----------------------------


Loss before Provision for Income Taxes .......................................       ($10,762)      ($1,563,926)
Provision for Income Taxes ...................................................              0                 0
                                                                                   -----------------------------
Net Income (Loss) ............................................................       ($10,762)      ($1,563,926)
                                                                                   =============================

Earnings per Share:
      Basic and diluted:
            Net Income (Loss) per share
                  of common stock ............................................        ($0.002)          ($0.333)
                                                                                   =============================
            Weighted average number of
                  shares of common outstanding ...............................      5,717,672         4,697,085


The accompanying notes are an integral part of this statement.


                                       3

                    NEXT GENERATION TECHNOLOGY HOLDINGS, INC.
                             STATEMENT OF CASH FLOWS
                                   (UNAUDITED)


                                                                                                      Three Months Ended March 31,
                                                                                                        2001               2000
                                                                                                    -----------         -----------
Cash Flows from Operating Activities:

            Net Loss .......................................................................        $   (10,762)        $(1,563,926)
                                                                                                    -----------         -----------
            Adjustments to reconcile net loss to net cash used in
            operating activities:
                        Depreciation and amortization ......................................                  0             396,297
                        Provision for bad debts ............................................            (10,000)              6,000
                        Increase (Decrease) in cash from changes in:
                                    Accounts receivable ....................................             10,000            (275,913)
                                    Inventory ..............................................                  0              91,560
                                    Prepaid expenses and other current assets ..............             (4,360)             82,667
                                    Other assets ...........................................            (13,757)              3,248
                                    Accounts payable and accrued expenses ..................           (121,234)         (1,200,325)
                                    Due to distributors ....................................                  0                 487
                                    Accrued restructuring liabilities ......................            (42,162)            (56,732)
                                    Other liabilities ......................................                  0             (66,383)
                                                                                                    -----------         -----------
            Net cash used in operating activities ..........................................           (192,275)         (2,483,020)
                                                                                                    -----------         -----------

Cash Flows from Investing Activities:
            Purchase of property and equipment .............................................                  0              (1,924)
                                                                                                    -----------         -----------
            Net cash used in investing activities ..........................................                  0              (1,924)
                                                                                                    -----------         -----------

Cash Flows from Financing Activities:
            Proceeds from (payments of) bank loan payable, net .............................                  0            (449,958)
            Proceeds from issuance of preferred stock ......................................                  0           2,500,000
            Payment of stock issuance costs ................................................                  0            (165,859)
                                                                                                    -----------         -----------
            Net cash provided by (used in) financing activities ............................                  0           1,884,183
                                                                                                    -----------         -----------

Increase (Decrease) in cash ................................................................           (192,275)           (600,762)
Cash, Beginning of Period ..................................................................            741,597             600,762
                                                                                                    -----------         -----------
Cash, End of Period ........................................................................        $   549,321         $         0
                                                                                                    ===========         ===========

Supplemental Disclosure of Cash Flow Information:
            Cash paid during the period  for:
                        Interest ...........................................................        $    11,408         $    94,890
                                                                                                    ===========         ===========




         The accompanying notes are an integral part of this statement.


                                       4


                    NEXT GENERATION TECHNOLOGY HOLDINGS, INC.
                        NOTES TO THE FINANCIAL STATEMENTS
                                   (Unaudited)

1.          BASIS OF PRESENTATION

Interim Financial Statements
----------------------------

      The unaudited interim financial statements included herein were prepared
pursuant to the rules and regulations for interim reporting under the Securities
Exchange Act of 1934, as amended. Accordingly, certain information and footnote
disclosures normally accompanying the audited financial statements were omitted.
The interim financial statements and notes should be read in conjunction with
the audited financial statements and notes thereto contained in the Annual
Report on Form 10-K of Next Generation Technology Holdings, Inc. (the "Company")
for the year ended December 31, 2000. The unaudited interim financial statements
accompanying this report contain all adjustments, consisting only of normal
adjustments, which in the opinion of management were necessary for a fair
statement of the results for the interim periods. Results for the interim
periods are not necessarily indicative of results for the full year.

2.          NET INCOME (LOSS) PER SHARE

      For the three months ended March 31, 2001 and for the three months ended
March 31, 2000, basic net income (loss) per share and diluted net income (loss)
per share have been calculated using the weighted average number of shares of
common stock, $.01 par value of the Company, outstanding during each period. All
options and warrants were omitted from the computation of diluted net income
(loss) per share because the options and warrants are antidilutive when net
losses are reported.

3.          RECENT ACCOUNT PRONOUNCEMENTS

      Effective January 1, 1999, the Company adopted FAS No. 133, "Accounting
for Derivatives Instruments and Hedging Activities," which required the
recording of all derivatives on the balance sheet at fair value, and Statement
of Position 98-5 (SOP 98-5), "Reporting on the Cost of Start-up Activities,"
which requires costs of start-up activities and organization costs to be
expensed as incurred. The adoption of FAS No. 133 and SOP 98-5 had no impact on
the Company's results of operations, financial position or cash flow.

                                       5

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


GENERAL
-------

            On April 5, 2000, the Company entered into an Asset Purchase
Agreement (the "APA") with BF USB, Inc. ("BF USB"), a Delaware corporation and
indirect subsidiary of Parmalat Canada Ltd. BF USB was affiliated with certain
of the Company's suppliers and customers and has acquired a business from and
entered into a consulting agreement with the Company's Chairman of the Board of
Directors. On June 1, 2000, the Company consummated the sale of substantially
all of its assets and businesses to BF USB for cash. As a result of the sale of
substantially all of its assets, the Company currently has no tangible assets
other than cash and has had no operations since June 1, 2000.

            Pursuant to the terms of the APA, the Company has agreed not to
compete in the snack food industry for five years without the consent of BF USB.
The Board of Directors of the Company is exploring various opportunities to
enter a new line of business in the future. At present, the Board of Directors
has not identified any new line of business, and it cannot assure that it will
ever be able to identify a new line of business. If the Board of Directors does
not successfully identify or otherwise develop a new line of business, it may
seek to liquidate the Company and pay out its cash to its creditors and its
holders of outstanding shares of Series A Preferred Stock, Series B Preferred
Stock and Common Stock.


RESULTS OF OPERATIONS
---------------------

            Since the consummation of the sale of substantially all of its
assets, the Company has been exploring new business opportunities but has not
identified any new business at present. The financial statements do not
include any adjustments to reflect the possible future effects on the
recoverability and classification of assets or the amounts and classifications
of liabilities that may result in the event the Company's plans are not
successful. Further, the results of operations for the three months ended March
31, 2001 may not be indicative of the results for the full year or necessarily
comparable to prior quarters as a result of the sale of substantially all the
assets of the Company during the quarter.

NET SALES. Net sales decreased 100% to zero for the three months ended March
31, 2001 as compared to approximately $6.4 million for the same period in 2000.
The decrease is a result of the sale of substantially all the assets of the
business effective June 1, 2000.

GROSS PROFIT. Gross profit decreased 100% to zero for the three months ended
March 31, 2001, as compared to $4.7 million for the same period in 2000. The
decrease is a result of the sale of substantially all the assets of the
business, as noted above.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. The selling, general and
administrative expenses decreased 98% to $47,337 for the three months ended
March 31, 2001, as compared to $3.1 million for the same period in 2000. The
decrease is primarily a result of sale of substantially all the assets of the
business, as noted above.

OTHER INCOME (EXPENSE) Other income increased to $36,575 for the three months
ended March 31, 2001, as compared to $(194,273) the same period in 2000. The
increase is primarily as a result of interest income earned on the cash proceeds
received from the sale of substantially all the assets of the business.

PROVISION FOR INCOME TAX. The provision for income tax for the three
months ended March 31, 2001 was zero, as a result of there being a net operating
loss for the period for which a valuation allowance was provided to reduce the
tax benefit of this loss. The valuation allowance for the three months ended
March 31, 2001 was zero and was the same for the same period ended March 31,
2000.

                                       6

NET INCOME. Net loss was $10,762 for the three months ended March 31, 2001 as
compared to a net loss of $1.6 million for the same period in 2000. The decrease
is primarily a result of sale of substantially all the assets of the business,
as noted above.


LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

            As part of the purchase price for substantially all of the assets of
the Company, an escrow account of $5,336,000 was established to cover any
indemnification claims that arise within eighteen months of the closing of the
sale of substantially all of the assets of the Company. Amounts released from
escrow will be reduced by the amount of indemnification claims, if any, paid or
filed by BF USB. Funds released from escrow will be used to repay debt and other
liabilities not assumed and pay ongoing operating expenses.

            Pursuant to the terms of the escrow agreement, one half of the
escrow amount, $2,668,000, was released on December 1, 2000, which was reduced
by the $548,000 for final working capital adjustments and approximately $84,000
related to a claim made by BF USB for reimbursement of certain packaging
liabilities that BF USB claimed it had paid on behalf of the Company. The
Company timely objected to this claim and expects that the issue will be settled
prior to the final distribution of the escrow amount.

            If the Company receives the remaining $2.75 million in the escrow
account and combines these funds with existing cash balances to pay all existing
debt, the Company estimates that there may be up to $1.6 million available to
pay operating expenses and make a liquidating distribution to the holders of the
outstanding shares of Series A Preferred Stock, Series B Preferred Stock, and
Common Stock, if liquidation of the Company were pursued; however, the
assumptions and approximations may be inaccurate, and therefore, no assurance
can be given that such full reimbursement and/or approximation will be reliable.

            If the Company does not receive all of the remaining $2.75 million
in the escrow account, the Company will be able to meet operating expenses as
they are minimal and there are no material outstanding short-term or long-term
liabilities.


FORWARD-LOOKING STATEMENTS
--------------------------

            This report contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Although the Company believes that
the assumptions underlying the forward-looking statements contained herein are
reasonable, any of the assumptions could be inaccurate, and therefore, there can
be no assurance that the forward-looking statements included in this report will
prove to be accurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such information
should not be regarded as a representation by the Company or any other person
that the objectives and plans of the Company will be achieved.


ITEM 3:  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         At March 31, 2001, the Company had no outstanding derivative financial
instruments. Additionally, all of the Company's transactions are in U.S.
dollars. Consequently, the Company is not subject to significant foreign
currency exchange risk.




                                       7

                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

            On January 29, 2001, the Company, Parmalat Dairy and Bakery Inc. and
BF USB were named as defendants in an action filed in the Supreme Court of the
State of New York, County of Erie. The plaintiffs are seeking a declaratory
judgement that the defendants are bound by the terms of certain alleged
franchise agreements. On February 23, 2001, BF USB served a notice of claim for
indemnity upon the Company, in accordance with the terms of the APA. The Company
disputes BF USB's claim. On April 26, 2001, the Company moved to dismiss all of
the asserted claims.


                                   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, thereto duly authorized.

                                         NEXT GENERATION TECHNOLOGY
                                         HOLDINGS, INC.
                                             (Registrant)


 5/15/2001                               /s/ Donald C. Schmitt
-------------------------------          -----------------------------------
Date                                     Donald C. Schmitt
                                         President, Director and Chief Executive
                                         Officer and Principal Financial Officer



                                       8`