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, 2001

OR

[    ]    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                 2-98074-NY
                       ---------------------------------------------------------


                            Trident Media Group, Inc.
--------------------------------------------------------------------------------
       (Exact name of small business issuer as specified in its charter)


          Nevada                                               11-2751536
--------------------------------------------------------------------------------
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                              Identification No.)


                      2441 Impala Drive, Carlsbad, CA 92008
--------------------------------------------------------------------------------
                    (Address of principal executive offices)


                                 (760) 438-9080
--------------------------------------------------------------------------------
                (Issuer's telephone number, including area code)


     Check  whether  the issuer (1) filed all  reports  required  to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to filing requirements for the past 90 days.

Yes       _____          No          X
                                  --------

Number of shares  outstanding  of Issuer's  Common Stock as of October 31, 2001:
22,238,241

<PAGE>


                                     PART 1

ITEM 1: FINANCIAL STATEMENTS
TRIDENT MEDIA GROUP, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)


                                                                   September 30,
                                                                       2001
--------------------------------------------------------------------------------

ASSETS

Current assets:
      Cash and cash equivalents ...................................   $  309,100
      Accounts receivable, net of allowance for doubtful accounts
           of $35,100 .............................................      702,700
      Deferred taxes ..............................................      314,400
      Prepaid expenses and other current assets ...................      177,700
                                                                      ----------
                 Total current assets .............................    1,503,900

Property and equipment, net .......................................    2,098,400
Other assets ......................................................      158,400
                                                                      ----------
                                                                      $3,760,700
                                                                      ==========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
      Accounts payable and accrued liabilities ....................   $1,146,600
      Current portion of bank debt ................................      611,600
      Other current liabilities ...................................      104,000
                                                                      ----------
                 Total current liabilities ........................    1,862,200


Bank debt, less current portion ...................................      236,600
Payable to majority stockholder ...................................      300,000
Deferred taxes ....................................................      380,800
Other long-term liabilities .......................................      150,000
                                                                      ----------
                 Total liabilities ................................    2,929,600
                                                                      ----------

Stockholders' equity:
      Common stock, $.001 par value, 100,000,000 shares authorized,
           22,238,241 shares issued and outstanding ...............       22,200
      Paid in capital .............................................       41,800
      Retained earnings ...........................................      767,100
                                                                      ----------
                 Total stockholders' equity .......................      831,100
                                                                      ----------
                                                                      $3,760,700
                                                                      ==========

<PAGE>

TRIDENT MEDIA GROUP, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>


                                                                       Three Months Ended           Nine Months Ended
                                                                   September 30, September 30,  September 30, September 30,
                                                                       2001          2000           2001          2000
---------------------------------------------------------------------------------------------------------------------------

<S>                                                                   <C>          <C>          <C>          <C>
Revenues ..........................................................   $2,525,900   $2,291,900   $6,589,700   $5,922,900
                                                                      ----------   ----------   ----------   ----------

Operating costs and expenses:

     Cost of operations (exclusive of items shown .................    1,723,800    1,495,500    4,584,200    3,811,700
         separately below)
     Selling, general and administrative ..........................      473,100      658,900    1,493,400    1,963,600
     Depreciation and amortization ................................      240,100      237,500      767,400      814,300
                                                                      ----------   ----------   ----------   ----------
              Total operating costs and expenses ..................    2,437,000    2,391,900    6,845,000    6,589,600
                                                                      ----------   ----------   ----------   ----------

              Income (loss) from operations .......................       88,900     (100,000)    (255,300)    (666,700)

Gain on sale of assets ............................................         --           --           --        712,400
Other income (expense)
     Interest expense .............................................      (37,400)     (41,900)    (150,900)    (190,400)
     Other income (expense), net ..................................        3,000      149,200      287,400      223,400
                                                                      ----------   ----------   ----------   ----------
              Income (loss) before taxes ..........................       54,500        7,300     (118,800)      78,700

Income tax expense (benefit) ......................................       18,500        1,600      (45,100)      26,600
                                                                      ----------   ----------   ----------   ----------

Net income (loss) .................................................   $   36,000   $    5,700   $  (73,700)  $   52,100
                                                                      ----------   ----------   ----------   ----------


Net income (loss) per share - Basic ...............................   $     0.00   $     0.00   $    (0.00)  $     0.00
                                                                      ==========   ==========   ==========   ==========

                            - Diluted ............................   $     0.00   $     0.00   $    (0.00)  $     0.00
                                                                      ==========   ==========   ==========   ==========


Weighted average number of shares outstanding
                            - Basic ..............................    20,579,925   20,000,608   20,297,032   20,000,608
                                                                      ==========   ==========   ==========   ==========

                            - Diluted ............................    21,010,833   21,672,962   20,297,032   21,995,213
                                                                      ==========   ==========   ==========   ==========
</TABLE>




<PAGE>

TRIDENT MEDIA GROUP, INC. and SUBSIDIARIES
CONSOLIDATED CASH FLOW
(Unaudited)
<TABLE>
<CAPTION>

                                                                        Three Months Ended          Nine Months Ended
                                                                   September 30, September 30, September 30, September 30,
                                                                         2001           2000       2001          2000
                                                                      ----------   ----------   ----------   ----------
<S>                                                                   <C>          <C>          <C>          <C>
Cash flows from operating activities:
     Net income (loss) ............................................   $   36,000   $    5,700   $  (73,700)  $   52,100
     Adjustments to reconcile net income to net cash
       provided by operating activities:
       Depreciation and amortization ..............................      240,100      237,500      767,400      814,300
       (Gain) loss on sale of assets ..............................        1,300       10,800      (70,600)    (707,900)
       Increase (decrease) in cash resulting from
         changes in:
         Accounts receivable ......................................      129,800      313,900     (316,600)      73,700
         Prepaid expenses and other assets ........................      (16,100)     (87,600)     (17,400)    (179,300)
         Accounts payable and accrued liabilities .................        1,300      (42,900)     245,800      353,800
         Taxes payable ............................................       (8,100)        --        (13,600)      18,700
                                                                      ----------   ----------   ----------   ----------

           Net cash provided (used) by operating
              activities ..........................................      384,300      437,400      521,300      425,400
                                                                      ----------   ----------   ----------   ----------

Cash flows from investing activities:
     Change in amounts due from related parties ...................      (21,400)     (15,300)      22,500      (17,600)
     Purchase of Steinley's Photochart, Systems, Inc. .............         --           --           --        (91,200)
     Proceeds from sale of assets .................................       12,000         --         82,000    1,600,000
     Purchase of property and equipment ...........................      (68,700)    (121,500)    (480,900)    (519,600)
                                                                      ----------   ----------   ----------   ----------

           Net cash provided (used) by investing
              activities ..........................................      (78,100)    (136,800)    (376,400)     971,600
                                                                      ----------   ----------   ----------   ----------

Cash flows from financing activities:
     Borrowings from revolving credit agreement, net ..............     (188,600)    (144,800)     129,200        2,600
     Principal payments on bank debt ..............................      (70,000)     (70,000)    (163,300)  (1,415,000)
     Principal payments on capital leases .........................       (5,600)        --        (16,400)        --
     Other ........................................................       (1,100)      15,300       29,300       (3,900)
                                                                      ----------   ----------   ----------   ----------

           Net cash provided (used) by financing
              activities ..........................................     (265,300)    (199,500)     (21,200)  (1,416,300)
                                                                      ----------   ----------   ----------   ----------

           Net increase (decrease) in cash and
              cash equivalents ....................................       40,900      101,100      123,700      (19,300)

Cash and cash equivalents at beginning of period ..................      268,200      226,000      185,400      346,400
                                                                      ----------   ----------   ----------   ----------

Cash and cash equivalents at end of period ........................   $  309,100   $  327,100   $  309,100   $  327,100
                                                                      ==========   ==========   ==========   ==========
</TABLE>


<PAGE>


TRIDENT MEDIA GROUP, INC. and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001
(Unaudited)
--------------------------------------------------------------------------------


1.   THE COMPANY

     Trident Media Group,  Inc. ("TMG" or the "Company"),  is a holding company,
     owning  subsidiaries  engaged in a variety of diverse business  activities.
     The  Company's   services   include  network   communications,   television
     production,  cable advertising,  and the resale of long-distance  telephone
     services.  These  services  are  provided  to a  diversified  client  base,
     including  gaming,  hospitality  and  retail  facilities  and a variety  of
     broadcast, cable and private television networks throughout North America.


2.   BASIS OF PRESENTATION

     In the  opinion of  management,  the  accompanying  unaudited  consolidated
     financial  statements for Trident  contain all  adjustments  (consisting of
     only normal recurring adjustments and accruals) necessary to present fairly
     the  consolidated  financial  position as of September  30,  2001,  and the
     consolidated  results of  operations  and cash flows for the nine and three
     months ended  September  30, 2001 and 2000.  All  significant  intercompany
     transactions have been eliminated.


3.   INTERIM FINANCIAL STATEMENTS

     Certain  information  and  footnote  disclosures  normally  included in the
     financial   statements  prepared  in  accordance  with  generally  accepted
     accounting  principles ("GAAP") have been condensed or omitted. The results
     of  operations  included  herein  are  not  necessarily  indicative  of the
     operating  results to be  expected  for the full year.  These  consolidated
     financial  statements  should  be read in  conjunction  with the  financial
     statements  and notes thereto  included in the  Company's  Annual Report on
     Form 10-KSB for the year ended December 31, 2000.


4.   EARNINGS PER SHARE

     The computation of basic earnings per share of common stock is based on the
     weighted  average  number  of  shares  outstanding  for the  periods  ended
     September  30, 2001,  and September  30, 2000.  Options to purchase  common
     stock of 1,885,630 are outstanding at September 30, 2001.


<PAGE>


     The following  tables  represent  the required  disclosure of the basic and
     diluted earnings per share  computation for the nine and three months ended
     September 30, 2001 and 2000.



<TABLE>
<CAPTION>
                                                       Nine months ended September 30,
                            ----------------------------------------------------------------------------------------
                                                 2001                                         2000
                            ------------------------------------------     -----------------------------------------
                               Income            Shares      Per Share       Income          Shares       Per Share
                            (Numerator)      (Denominator)     Amount      (Numerator)    (Denominator)     Amount
                            -----------      ------------    ---------     -----------    -------------   ----------
Basic EPS
---------
<S>                          <C>               <C>            <C>            <C>             <C>            <C>
Net Income (loss) .......... $  (73,700)       20,297,032     $  (0.00)      $  52,100       20,000,608     $   0.00
                                                              ========                                      ========
Effect of Dilutive
Securities

Securities Assumed
Converted
Options ....................                        --                                        2,742,964

Less Securities Assumed
Repurchased ................                        --                                         (748,359)
                             ----------        ----------     --------       ---------       ----------      -------
Diluted EPS ................ $  (73,700)       20,297,032     $  (0.00)      $  52,100       21,995,213      $  0.00
                             ==========        ==========     ========       =========       ==========      =======
</TABLE>




<TABLE>
<CAPTION>
                                                        Three months ended September 30,
                            ----------------------------------------------------------------------------------------
                                                 2001                                         2000
                            ------------------------------------------     -----------------------------------------
                               Income            Shares      Per Share       Income          Shares       Per Share
                            (Numerator)      (Denominator)     Amount      (Numerator)    (Denominator)     Amount
                            -----------      ------------    ---------     -----------    -------------   ----------
Basic EPS
---------
<S>                            <C>             <C>             <C>             <C>           <C>            <C>
Net Income ................    $ 36,000        20,579,925      $  0.00         $ 5,700       20,000,608     $   0.00
                                                              ========                                      ========
Effect of Dilutive
  Securities

Securities Assumed
Converted
Options.....................                    1,101,503                                     2,360,000

Less Securities Assumed
   Repurchased                                   (670,595)                                    (687,646)
                             ----------        ----------     --------       ---------       ----------      -------
Diluted EPS                    $ 36,000        21,010,833       $ 0.00         $ 5,700       21,672,962       $ 0.00
                             ==========        ==========     ========       =========       ==========      =======
</TABLE>





<PAGE>


5.   DISCLOSURE OF SEGMENT INFORMATION

     The Company has the following two  reportable  segments:  Network  Services
     Group and  Telecommunications  Services.  Network  Services  Group provides
     simulcasting,  television  production,  advertising  and  related  services
     primarily to  racetracks,  casinos and  off-track  betting  locations.  The
     Telecommunications  Services  Group  offers long  distance  phone  services
     primarily  through the sale to  consumers of enhanced  prepaid  phone cards
     distributed  through company owned  electronic  dispensing units and retail
     sales.

     The Company  manages  segment  reporting at a gross profit level.  Selling,
     general  and  administrative  expenses  (including,   corporate  functions,
     recruiting  and marketing)  are managed at the corporate  level  separately
     from the segments.

     The  following  information  about the  segments  is for the nine and three
     months period ended September 30, 2001 and 2000 (000's).



<TABLE>
<CAPTION>
                                                        Nine Months Ended September 30,
                              -----------------------------------------------------------------------------------
                                                2001                                        2000
                              --------------------------------------        -------------------------------------
                               Network       Telecommu-                      Network      Telecommu-
                               Services       nication                       Services      nication
                                Group         Services        Total           Group        Services        Total
                               ---------      --------      --------         --------      -------       --------
<S>                             <C>           <C>           <C>               <C>           <C>           <C>
Revenues ....................   $  4,592      $  1,998      $  6,590          $ 4,374       $ 1,549       $ 5,923

Cost of Operations ..........      3,003         1,581         4,584            2,760         1,052         3,812
Depreciation and
Amortization ................        664           103           767              738            76           814
                                --------      --------      --------          -------       -------       -------
Gross Profit ................   $    925      $    314         1,239          $   876       $   421         1,297
                                ========      ========                        =======       =======

Selling, General &
Administrative ..............                                  1,493                                        1,964
                                                            --------                                      -------

Loss from Operations ........                               $   (254)                                     $  (667)
                                                            ========                                      =======
</TABLE>




<PAGE>


5.   DISCLOSURE OF SEGMENT INFORMATION, CONTINUED:


<TABLE>
<CAPTION>


                                                      Three Months Ended September 30,
                              -----------------------------------------------------------------------------------
                                                2001                                        2000
                              --------------------------------------        -------------------------------------
                               Network       Telecommu-                      Network      Telecommu-
                               Services       nication                       Services      nication
                                Group         Services        Total           Group        Services        Total
                               ---------      --------      --------         --------      -------       --------
<S>                             <C>           <C>           <C>               <C>           <C>           <C>
Revenues ....................   $  1,807      $    719      $  2,526          $ 1,516       $   776       $ 2,292
Cost of Operations ..........      1,176           548         1,724              964           532         1,496
Depreciation and
Amortization ................        208            32           240              206            31           237
                                --------      --------      --------          -------       -------       -------
Gross Profit ................   $    423      $    139           562          $   346       $   213           559
                                ========      ========                        =======       =======

Selling, General &
Administrative ..............                                    473                                          659
                                                            --------                                      -------

Income from Operations ......                               $     89                                      $  (100)
                                                            ========                                      =======

Identifiable Assets .........   $  3,224      $    537      $  3,761          $ 3,521       $   645       $ 4,166
                                ========      ========      ========          =======       =======       =======
</TABLE>







<PAGE>






ITEM 2: MANAGEMENT'S DISCUSSION and ANALYSIS of
FINANCIAL CONDITION and RESULTS OF OPERATONS
TRIDENT MEDIA GROUP, INC. and SUBSIDIARIES
--------------------------------------------------------------------------------

The following  discussion of the  financial  condition and operating  results of
Trident should be read in conjunction  with Trident's  Financial  Statements and
notes  thereto,  and other  financial  information  included  elsewhere  in this
report. This report contains forward-looking statements that involve a number of
risks and uncertainties.  In addition to the factors discussed elsewhere in this
report,  among the other  factors  that  could  cause  actual  results to differ
materially  are the  following:  business  conditions  and the general  economy;
governmental regulation of the Company's  telecommunications services and of the
pari-mutuel and gaming industries in general;  competitive factors such as rival
service providers, alternative methods of broadcasting and an increasing variety
of telecommunication products being offered to the general public; consolidation
in the ownership of the Company's  principal  customers and the risks associated
with providing services to the gaming industry.


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

For the three months ended  September 30, 2001, the Company  reported net income
of $36,000 as  compared to net income of $5,700 for the same period of the prior
year. The Company reported a loss of $73,700 for the nine months ended September
30, 2001, as compared to net income of $52,100 for the same period of 2000.  The
results for the nine months of 2000 were  positively  affected by a sale (on May
7, 2000, which resulted in a pretax gain of  approximately  $712,000) of certain
assets to a major  customer.  The Company's  earnings  before  interest,  taxes,
depreciation and amortization  ("EBITDA")  amounted to $329,000 and $512,100 for
the three and nine months ended  September 30, 2001, an increase of $191,500 and
$364,500,  respectively,  over the same periods of the prior year. EBITDA should
not be considered in isolation,  as a substitute  for net income as a measure of
the  Company's   operating  results,   to  measure  cash  flows  from  operating
activities,   (determined  in  accordance  with  generally  accepted  accounting
principles)  or as a measure of liquidity.  Not all companies  calculate  EBITDA
using the same methods;  therefore,  EBITDA  figures set forth herein may not be
comparable to EBITDA reported by other companies.

The first calendar quarter of the year historically shows a net loss,  primarily
due to the seasonal nature of certain of the Company's operations.  The majority
of the Company's  current  services are provided to customers in the pari-mutuel
wagering  industry with racing schedules heavily weighted to the late spring and
summer months.


Revenues
--------

The Company's  revenues  increased  approximately  11% from 2000 to 2001,  ($2.5
million and $6.6 million for the three and nine months ended September 30, 2001,
as compared to $2.3 million and $5.9 million for the same periods in 2000).  The
increase in revenues from 2000 to 2001 was primarily due to higher revenues from
the Company's prepaid phone card and advertising  businesses of $0.4 million and
$0.5 million,  respectively.  A decrease in revenues from television  production
activities of approximately  $0.4 million  (primarily as a result of the sale of
certain contracts to a major customer in May of 2000) offset these increases.


Cost of Operations
------------------

Cost of  operations  amounted to $1.7 million and $4.6 million for the three and
nine months ended September 30, 2001, respectively,  as compared to $1.5 million
and $3.8  million for the same  periods of the prior year.  The increase of $0.8
million  from 2000 to 2001 for the nine  months  ended  September  30  primarily
relates to an increase in commissions and telephone transmission costs on higher
revenues from the Company's prepaid phone card and advertising businesses.


Selling,  General and  Administrative  Expenses
-----------------------------------------------

The  Company  reported  selling,  general  and  administrative  expenses of $0.5
million and $1.5 million for the three and nine months ended September 30, 2001,
respectively,  as compared to $0.7 million and $2.0 million for the same periods
of 2000.  The  decrease  from 2000 to 2001 is the result of an  aggressive  cost
reduction  program  instituted  in 2001  and  the  relocation  of the  Company's
corporate headquarters (on May 1, 2001) to a more cost efficient facility.


Depreciation and Amortization
-----------------------------

Depreciation  and amortization for the three and nine months ended September 30,
2001 were approximately the same as the comparable periods of the prior year.


Interest Expense
----------------

Interest expense  decreased  slightly from 2000 to 2001 primarily as a result of
lower bank debt.


Other Income (expense), net
---------------------------

In April 2001,  the Company  recorded a gain of  approximately  $208,000 (net of
expenses) as the result of a favorable  settlement of an arbitration with one of
the Company's former customers.


FACTORS THAT MAY AFFECT FUTURE RESULTS

The Company's primary business of providing  services to the pari-mutuel  gaming
industry is subject to concentrations of risk. The Company derives a significant
portion  of its  revenues  (approximately  15% in fiscal  year  2000) from three
racetrack  operators.  The loss of one or more of these  customers  could have a
material adverse impact on the Company's operating results.

Prepaid phone card and advertising sales were adversely  impacted owing in large
part to economic uncertainty since the tragedy of September 11, 2001. Phone card
sales in  particular  were  affected  by  substantial  declines in travel and in
occupancy  at hotel  properties  where the Company  has a presence.  Despite the
general  downturn,  the Company  believes  stabilization  in phone card revenues
began to occur in late October/early  November and should climb toward projected
levels by the end of the year.


INFLATION AND OTHER COST FACTORS

The Company's  operations have not been, nor are they expected to be, materially
affected by inflation.  However, the Company's operational expansion is affected
by the cost of hardware  components,  which are not  considered  to be inflation
sensitive, but rather, sensitive to changes in technology and competition in the
hardware markets.


LIQUIDITY AND CAPITAL RESOURCES

The Company had current  assets of $1.5 million and current  liabilities of $1.9
million as of September 30, 2001.  Stockholders'  equity was approximately  $0.8
million at September 30, 2001.

At September  30, 2001,  the Company had a credit  facility  with its  principal
lender  consisting of a term loan of $0.5 million and a revolving line of credit
based on accounts receivable balances of $1.0 million (of which $0.3 million was
drawn down at September 30, 2001). The lending agreement requires the Company to
meet certain  financial  ratios and maintain  certain tangible net worth levels.
Based on its current  operating  performance  and prior  experience  the Company
believes that its current credit facilities are sufficient to meet its immediate
needs.

During the next twelve  months,  the  Company's  foreseeable  cash  requirements
include  capital  expenditures  to  support  its  core  business,   repairs  and
maintenance  of its  equipment  and  facilities,  and new  equipment  to support
corporate  growth. In addition,  the Company operates  primarily under long-term
non-cancelable  contracts with major  establishments  in the sports and wagering
industries, which provides a reliable and predictable revenue stream. During the
first three or four months of the calendar year the Company  historically  shows
negative cash flow due to the cyclical  nature of the Network  Services  Group's
business activities.  Effective May 1, 2001, the Company relocated its corporate
headquarters  to a smaller  facility  (which  should  result in  savings  to the
Company of approximately  $250,000 on an annualized  basis). As of September 30,
2001,  the Company  owed  $300,000  to its  majority  stockholder.  This loan is
subordinated to the outstanding bank debt.






<PAGE>


                           PART II - OTHER INFORMATION



ITEM 1:        LEGAL PROCEEDINGS

               In  August  of  2000,  Trident  Prepaid,  Inc,  (a  wholly  owned
               subsidiary of Trident) filed an action in District Court in Clark
               County,  Nevada,  against  Phonechip.com,  et al alleging,  among
               other charges, that defendants misappropriated trade secrets. The
               suit seeks unspecified  damages and equitable relief.  Management
               believes  that  substantial  evidence  exists to  prevail  in its
               claims.


ITEM 6:        EXHIBITS AND REPORTS ON FORM 8K

      (a)      Exhibits -   None


(b)  Reports on Form 8-K - None



SIGNATURES



In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                                                   TRIDENT MEDIA GROUP, INC.



Dated:         November 13,  2001              By: /s/Harlyn C. Enholm
                                                   -----------------------------
                                                   Executive Vice President and
                                                   Chief Financial Officer


<PAGE>