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 December 31, 2001

[ ]     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:

                                 January 1, 2002

                                    4,317,288

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,  together with related Notes. In the opinion of management,  the
Financial  Statements fairly present the financial  condition of the Registrant.


<PAGE>
<TABLE>
<CAPTION>
                             Formula Footwear, Inc.
                                 BALANCE SHEETS
    For the period ending December 31, 2001 and the year ended March 31, 2001

                                                            12/31/2001          03/31/2001
                                                          --------------      -------------
                                                           [Unaudited]
                                     ASSETS

<S>                                                      <C>
Assets                                                   $             0       $         0

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

                      LIABILITIES AND STOCKHOLDERS' DEFICIT

Current Liabilities:
     Accrued Interest                                    $           563       $       384
     Loans from stockholders                                      10,472             6,438
                                                          --------------      -------------
         Total Current Liabilities                                11,035             6,822

         Total Liabilities                                        11,035             6,822
                                                          --------------      -------------

Stockholders' Deficit:
     Common Stock, $.001 par value;
         authorized 50,000,000 shares; issued and
         outstanding, 4,317,288 shares                             4,318             4,318
     Paid-in Capital                                             352,203           352,203
     Accumulated Deficit                                        (351,823)         (351,823)
     Deficit accumulated during the development stage            (15,733)          (11,520)
                                                          --------------      -------------
         Total Stockholders' Deficit                             (11,035)           (6,822)

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



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

                             Formula Footwear, Inc.
                            STATEMENTS OF OPERATIONS
      For the Three and Nine Month Periods Ended December 31, 2001 and 2000


                                              Three           Three          Nine           Nine         From the Beginning of
                                              Months         Months         Months          Months       Development Stage on
                                              Ended           Ended         Ended           Ended        April 1, 1989 through
                                            12/31/2001     12/31/2000     12/31/2001      12/31/2000        December 31, 2001

                                         --------------  -------------   ----------  -----------------  ---------------------
                                          [Unaudited]     [Unaudited]    [Unaudited]    [Unaudited]           [Unaudited]
REVENUE


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

Operating Expenses

      Operating Expenses                          1,782          1,626        4,213              3,590             15,733
                                         --------------  -------------   ----------  -----------------  -----------------
Total Operating Expenses                          1,782          1,626        4,213              3,590             15,733

                                         --------------  -------------   ----------  -----------------  -----------------
Net Income Before Taxes                 $        (1,782)$       (1,626)$     (4,213)$           (3,590)           (15,733)
                                         ==============  =============   ==========  =================  =================

Income/Franchise taxes                                0                           0                  0                  0

Net loss                                         (1,782)        (1,626)      (4,213)            (3,590)           (15,733)

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

Weighted Average Shares Outstanding           4,267,288      4,267,288    4,267,288          4,267,288
                                         ==============  =============   ==========  =================


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

                             Formula Footwear, Inc.
                            STATEMENTS OF CASH FLOWS
      For the Three and Nine Month Periods Ended December 31, 2001 and 2000

                                               Three          Three      Nine Months    Nine Months     From the Beginning of
                                               Months        Months                                     Development Stage on
                                               Ended          Ended         Ended          Ended        April 1, 1989 through
                                             12/31/2001    12/31/2000     12/31/2001    12/31/2000        December 31, 2001
                                            ------------  -------------  ------------  -------------    ---------------------
                                            [Unaudited]    [Unaudited]   [Unaudited]    [Unaudited]

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

<S>                                        <C>           <C>            <C>           <C>               <C>
  Net Loss                                 $      (1,782) $      (1,626) $     (4,213) $     (3,590)   $             (15,733)
  Adjustments to reconcile net loss to net
cash
    used in operating activities:
    Loss from discountinued operations
    Shares issued for services                         0            500             0           500                    1,160
    Increase/(Decrease) in accounts payable            0              0             0        (1,304)                     563
    Increase/(Decrease) in loans from              1,782          1,126         4,213         4,394                   10,472
shareholder
                                            ------------  -------------  ------------  -------------    --------------------
      Net Cash Used For Operating Activities           0              0             0              0                  (3,538)
                                            ============  =============  ============  =============    ====================

Cash Flows Provided by Financing Activities
--------------------------------------------

    Common stock issued for cash                       0              0             0              0                   3,538

      Net Increase In Cash                             0              0             0              0                       0

      Beginning Cash Balance                           0              0             0              0                       0

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


</TABLE>
<PAGE>
NOTES  TO  FINANCIAL   STATEMENTS:

NOTE 1 -   INTERIM FINANCIALS

          Interim financial statements reflect all adjustments which are, in the
          opinion of  management,  necessary to a fair  statement of the results
          for the periods.  The March 31, 2001 balance sheet has been derived
          from  the  audited  financial  statements.   These  interim  financial
          statements   conform  with  the  requirements  for  interim  financial
          statements  and  consequently  do  not  include  all  the  disclosures
          normally required by generally accepted accounting principles.

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.  However,  the Company does not have
          significant  cash  or  other  material  assets,  nor  does  it have an
          established source of revenues sufficient to cover its operating costs
          and to allow it to  continue as a going  concern.  It is the intent of
          the Company to seek a merger with an existing,  operating company.  In
          the interim, shareholders of the Company have committed to meeting its
          minimal operating expenses.
<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
December 31, 2001, 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
December  31,  2001,  or since  on or  before  approximately  1989.  During  the
quarterly  period  covered by this Report,  the Company  received no revenue and
incurred expenses of $1,782, stemming from general and administrative expenses.

Liquidity

     At December 31, 2001,  the Company had total current assets of $0 and total
liabilities of $11,035.

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>

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: 01/13/01                          /S/ JAMES DOOLIN
                                        James Doolin, President and Director