U. S. Securities and Exchange Commission
                             Washington, D. C. 20549


                                   FORM 10-QSB


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

        For the quarterly period ended June 30, 2002

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

         For the transition period from                to
                                        --------------    ------------------


                               Commission File No.
                                   002-98748-D

                             FORMULA FOOTWEAR, INC.
                 (Name of Small Business Issuer in its Charter)


                 UTAH                                     33-0317292
      (State or Other Jurisdiction of            (I.R.S. Employer I.D. No.)
       incorporation or organization)


                         5525 South 900 East, Suite 110
                           Salt Lake City, Utah 84117
                    (Address of Principal Executive Offices)

                    Issuer's Telephone Number: (801)262-8844

                              None, Not Applicable;

                                   -----------
          (Former Name or Former Address, if changed since last Report)


     Indicate  by check mark  whether the  Registrant  (1) has filed all reports
required to be filed by Sections 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.

(1)  Yes  X    No              (2)  Yes  X     No
         ----     ----                  ----         ----
<PAGE>

APPLICABLE  ONLY TO  ISSUERS  INVOLVED  IN  BANKRUPTCY  PROCEEDINGS  DURING  THE
PRECEDING FIVE YEARS

     None, Not Applicable;

     APPLICABLE  ONLY  TO  CORPORATE  ISSUERS  Indicate  the  number  of  shares
outstanding  of each of the  Registrant's  classes  of common  stock,  as of the
latest practicable date:

                                  July 22, 2002

                                    4,313,321

PART I - FINANCIAL INFORMATION

Item 1.Financial Statements.

The Financial Statements of the Registrant required to be filed with this 10-QSB
Quarterly Report were prepared by management and commence on the following page.
In the  opinion of  management,  the  Financial  Statements  fairly  present the
financial condition of the Registrant.

<PAGE>
<TABLE>
<CAPTION>


                             Formula Footwear, Inc.
                                 BALANCE SHEETS
                        June 30, 2002 and March 31, 2002


                                                            06/30/2002          03/31/2002
                                                          --------------        ----------
                                                           [Unaudited]
                                          ASSETS

<S>                                                      <C>
Assets                                                   $             0        $        0

                                                          --------------        ----------
         Total Assets                                    $             0        $        0
                                                          ==============        ==========

                          LIABILITIES AND STOCKHOLDERS' DEFICIT

Current Liabilities:
     Accrued Interest                                    $         1,105        $      825
     Accounts Payable                                                176               232
     Shareholder loan                                             14,259            11,216
                                                          --------------        ----------
         Total Current Liabilities                                15,540            12,273

         Total Liabilities                                        15,540            12,273
                                                          --------------        ----------

Stockholders' Deficit:
     Common Stock, $.001 par value;
         authorized 50,000,000 shares; issued and
         outstanding, 4,313,321 shares                             4,314             4,314
     Paid-in Capital                                             352,207           352,207
     Accumulated Deficit                                        (372,061)         (368,794)

                                                          --------------        ----------
         Total Stockholders' Deficit                             (15,540)          (12,273)

                                                          --------------        ----------
         Total Liabilities and Stockholders' Deficit     $             0        $        0
                                                          ==============        ==========

</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                         Formula Footwear, Inc.
                        STATEMENTS OF OPERATIONS
         For the Three Month Period Ended June 30, 2002 and 2001

                                              Three          Three      From the Beginning of
                                             Months         Months      Development Stage on
                                              Ended          Ended      April 1, 1989 through
                                           06/30/2002     06/30/2001        June 30, 2002
                                          -------------  -------------  ---------------------
                                           [Unaudited]    [Unaudited]
REVENUE

<S>                                      <C>            <C>             <C>
    Income                               $            0 $            0  $               0
                                          -------------  -------------  -----------------
NET REVENUE                                           0              0                  0

Operating Expenses
    Operating Expenses                            2,987          1,458             19,133
                                          -------------  -------------  -----------------
Total Operating Expenses                          2,987          1,458             19,133

Other Expenses
    Interest Expense                                280            179              1,105

Total Other Expenses                                280            179              1,105

                                          -------------  -------------  -----------------
Net Income Before Taxes                  $       (3,267)$       (1,637)           (20,238)
                                          =============  =============  =================

Income/Franchise taxes                                0             0                   0

Net loss                                         (3,267)       (1,637)            (20,238)

Loss Per Share                           $        (0.00)$       (0.01)
                                          =============  =============

Weighted Average Shares Outstanding           4,313,321     4,317,288
                                          =============  =============


</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                         Formula Footwear, Inc.
                        STATEMENTS OF CASH FLOWS
         For the Three Month Period Ended June 30, 2002 and 2001

                                               Three          Three     From the Beginning of
                                               Months         Months    Development Stage on
                                               Ended          Ended     April 1, 1989 through
                                             06/30/2002     06/30/2002    June 30, 2002
                                            ------------   ------------ ---------------------
                                            [Unaudited]    [Unaudited]

Cash Flows Used For Operating
Activities
-----------------------------------------

<S>                                        <C>            <C>                        <C>
  Net Loss                                 $      (3,267)  $     (1,637)              (20,238)
  Adjustments to reconcile net loss to net
cash
    used in operating activities:
    Common stock issued for services                   0              0                 1,160
Changes in operating asset and liability accounts:
    Increase/(Decrease) in accounts payable           56              0                   288
    Increase/(Decrease) in accrued liabilities       280            179                 1,105
                                            ------------   ------------         -------------
      Net Cash Used For Operating Activities      (2,987)        (1,458)              (17,741)
                                            ============   ============         =============

Cash Flows Provided by Investing Activities
--------------------------------------------           0              0                     0

Cash Flows Provided by Financing Activities
--------------------------------------------
    Proceeds from shareholder loan                 2,987          1,458                14,203
    Common stock issued for cash                       0              0                 3,538

      Net Cash Provided by Financing Activities    2,987          1,458                17,741


      Net Increase In Cash                             0              0                     0

      Beginning Cash Balance                           0              0                     0

      Ending Cash Balance                $             0 $            0                     0
                                            ------------   ------------         -------------

</TABLE>
<PAGE>

NOTES  TO  FINANCIAL  STATEMENTS:

NOTE 1 -     BASIS OF FINANCIAL STATEMENT PRESENTATION

          The accompanying  unaudited condensed  financial  statements have been
          prepared by the Company  pursuant to the rules and  regulations of the
          Securities and Exchange  Commission.  Certain information and footnote
          disclosures  normally  included in  financial  statements  prepared in
          accordance with accounting principles generally accepted in the United
          States of America have been  condensed or omitted in  accordance  with
          such rules and regulations.  The information  furnished in the interim
          condensed  financial  statements include normal recurring  adjustments
          and reflects all adjustments, which, in the opinion of management, are
          necessary  for a  fair  presentation  of  such  financial  statements.
          Although management believes the disclosures and information presented
          are adequate to make the information  not misleading,  it is suggested
          that  these  interim  condensed   financial   statements  be  read  in
          conjunction   with  the  Company's  most  recent   audited   financial
          statements  and notes  thereto  included  in its March 31, 2002 Annual
          Report on Form  10-KSB.  Operating  results for the three months ended
          June 30, 2002 are not  necessarily  indicative of the results that may
          be expected for the year ending March 31, 2003.


NOTE 2 -      GOING CONCERN

          The  Company's  financial  statements  are  prepared  using  generally
          accepted  accounting  principles  applicable  to a going concern which
          contemplates  the realization of assets and liquidation of liabilities
          in the normal course of business.  The Company has not yet established
          an ongoing source of revenues  sufficient to cover its operating costs
          and  allow it to  continue  as a going  concern.  The  ability  of the
          Company to continue  as a going  concern is  dependent  on the Company
          obtaining  adequate  capital to fund operating losses until it becomes
          profitable.  If the Company is unable to obtain adequate  capital,  it
          could be forced to cease operations.

          In order to continue as a going concern,  develop a reliable source of
          revenues,  and achieve a profitable  level of  operations  the Company
          will  need,  among  other  things,  additional  capital  resources.  A
          shareholder  will  continue  to loan the Company  necessary  operating
          expenses.  However,  management cannot provide any assurances that the
          Company will be successful in accomplishing any of its plans.

          The ability of the Company to continue as a going concern is dependent
          upon its ability to  eventually  secure other sources of financing and
          attain profitable operations. The accompanying financial statements do
          not include any adjustments  that might be necessary if the Company is
          unable to continue as a going concern.
<PAGE>

Item 2.Management's Discussion and Analysis or Plan of Operation.

Plan of Operation.

     The Company has not engaged in any material operations in the period ending
June 30,  2002,  or since  before  approximately  1989.  The Company  intends to
continue to seek out the acquisition of assets, property or business that may be
beneficial to the Company and its stockholders.

     The Company's only foreseeable cash requirements  during the next 12 months
will relate to  maintaining  the Company in good  standing in the State of Utah,
keeping its reports "current" with the Securities and Exchange Commission or the
payment of expenses  associated  with reviewing or  investigating  any potential
business  venture.  Management does not anticipate that the Company will have to
raise additional funds during the next 12 months,  however, if additional moneys
are needed,  they may be advanced by  management  or principal  stockholders  as
loans to the Company. Because the Company has not identified any such venture as
of the date of this Report,  it is  impossible  to predict the amont of any such
loan.  However,  any such loan will not exceed  $25,000  and will be on terms no
less favorable to the Company than would be available  from a commercial  lender
in an arm's length  transaction.  As of the date of this Report, the Company has
not begun seeking any acquisition.

Results of Operations.

     The Company has had no operations  during the  quarterly  period ended June
30, 2002, or since on or before  approximately 1989. During the quarterly period
covered by this Report, the Company received no revenue and incurred expenses of
$3,267, stemming from interest and general and administrative expenses.

Liquidity

     At June 30,  2002,  the Company had total  current  assets of $0 and total
liabilities of $15,540.

PART II - OTHER INFORMATION

Item 1.Legal Proceedings.

None; not applicable.

Item 2.Changes in Securities.

None; not applicable

Item 3.Defaults Upon Senior  Securities.

None; not applicable.

Item 4.Submission of Matters to a Vote of Security Holders.

None; not applicable

Item 5.Other Information.

None; applicable

Item 6.Exhibits and Reports on Form 8-K.

None; not applicable

(b)Reports on Form 8-K.

None; Not Applicable.


<PAGE>


                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002



     In connection  with the  Quarterly  Report of Formula  Footwear,  Inc. (the
"Company")  on Form 10-QSB for the period ending June 30, 2002 as filed with the
Securities and Exchange  Commission on the date hereof (the "Report"),  I, James
Doolin,  Chief  Executive  Officer and Chief  Financial  Officer of the Company,
certify,  pursuant  to 18 U.S.C. 1350,  as adopted  pursuant  to 906 of the
Sarbanes-Oxley Act of 2002, that:


     (1) The Report fully  complies  with the  requirements  of section 13(a) or
     15(d) of the Securities Exchange Act of 1934; and

     (2)  The  information  contained  in the  Report  fairly  presents,  in all
     material respects,  the financial condition and result of operations of the
     Company.


Date:8/8/02                /S/JAMES DOOLIN
                            James Doolin, Chief Executive Officer and
                            Chief Financial Officer

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.

                           FORMULA FOOTWEAR, INC.



Date:8/8/02                /S/JAMES DOOLIN
                            James Doolin, President and Director