U.S. SECURITIES AND EXCHANGE COMMISSION
                       WASHINGTON, D.C.  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

                  COMMISSION FILE NUMBER:  333-83125

                     FIRST GROWTH INVESTORS, INC.
        (Exact name of registrant as specified in its charter)


           NEVADA                                   87-0569467
     (State or other jurisdiction                 (I.R.S. Employer
     of incorporation or organization)            Identification No.)


           2508 South 1300 East, Salt Lake City, Utah 84106
               (Address of principal executive offices)

                            (801) 466-7808
         (Registrant's telephone number, including area code)


     (Former name, former address and former fiscal year, if changed since
last report)

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was
required to file such report(s),                  YES [X]  NO [ ]

and (2) has been subject to such filing requirements for the past 90 days.
                                                  YES [X]  NO [ ]

The number of $.001 par value common shares outstanding at September 30, 2001:
2,000,000

<PAGE>

                    PART I - FINANCIAL INFORMATION


ITEM 1.   FINANCIAL STATEMENTS

     See attached.

  <PAGE>














                    FIRST GROWTH INVESTORS, INC.
                   (A Development Stage Company)

                        FINANCIAL STATEMENTS

                NINE MONTHS ENDED SEPTEMBER 30, 2001
                            (UNAUDITED)

                                 AND

                    YEAR ENDED DECEMBER 31, 2000


<PAGE>

                         FIRST GROWTH INVESTORS, INC.
                         (A Development Stage Company)

                                BALANCE SHEETS




                                    ASSETS

                                            September 30,     December 31,
                                                 2001             2000
                                             (Unaudited)
                                            _____________________________

CURRENT ASSETS:
  Cash in bank                                  $  371            $  266
  Inventory                                     47,000            47,000
                                                ________________________

    Total Current Assets                        47,371            47,266
                                                ________________________

OTHER ASSETS
  Deferred costs - warrant registration              0            14,476
                                                ________________________

    Total Other costs                                0            14,476
                                                ________________________

TOTAL ASSETS                                 $  47,371         $  61,742
                                                ========================

                     LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable                                $  0         $   1,500
  Accrued interest payable - stockholder loan    1,188               453
  Stockholder loan payable                      11,500             5,500
                                                ________________________

    Total Current Liabilities                   12,688             7,453
                                                ________________________

STOCKHOLDERS' EQUITY:
  Preferred stock; $.001 par value, 1,000,000
    shares authorized, no shares issued and
    outstanding                                      0                 0
  Common stock $.001 par value, 24,000,000
    shares authorized, 2,000,000 shares issued
    and outstanding both periods                 2,000             2,000
  Capital in excess of par value                47,362            47,362
  Deficit accumulated during the
    development stage                          (14,679)            4,927

    Total Stockholders' Equity                  34,683            54,289
                                                ________________________

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $  47,371         $  61,742
                                                ========================

The accompanying notes are an integral part of these financial statements.

<PAGE>


                         FIRST GROWTH INVESTORS, INC.
                         (A Development Stage Company)

                            STATEMENTS OF OPERATIONS
                                  (Unaudited)




                       For the Three           For the Nine
                       Months Ended            Months Ended        Cumulative
                       September 30,           September 30,       During the
                                                                   Development
                      2001        2000        2001        2000        Stage
                      _______________________________________________________

REVENUE
  Sales               $  0        $  0        $  0        $  0     $  87,938
  Cost of goods sold     0           0           0           0       (70,268)
                      _______________________________________________________

    Gross profit         0           0           0           0        17,670
                      _______________________________________________________

EXPENSES:
  Professional fees    860         857       4,235       3,849        11,635
  Fees and licenses    135         148         160         289         1,961
  Costs - warrant
    registration         0                  14,476                    14,476
  Amortization expense   0           0           0           0           250
                      _______________________________________________________

    Total Expenses     995       1,005      18,871       4,138        28,322
                      _______________________________________________________

NET INCOME(LOSS) FROM
OPERATIONS            (995)     (1,005)    (18,871)     (4,138)      (10,652)

OTHER INCOME(EXPENSE)
  Other income           0          24           0          24         1,000
  Interest expense    (290)       (103)       (735)       (268)       (2,372)
                      _______________________________________________________

NET INCOME BEFORE
INCOME TAXES        (1,285)     (1,084)    (19,606)     (4,382)      (12,024)
  Provision for
    income taxes         0           0           0           0        (1,905)
                      _______________________________________________________

NET INCOME(LOSS) BEFORE
CUMULATIVE EFFECT OF
ACCOUNTING CHANGE   (1,285)     (1,084)    (19,606)     (4,382)      (13,929)
  Cumulative effect of
  accounting change for
  organization costs     0           0           0           0          (750)
                      _______________________________________________________

NET INCOME(LOSS) $  (1,285)  $  (1,084) $  (19,606) $   (4,382)    $ (14,679)
                     ========================================================

EARNINGS(LOSS) PER
SHARE BEFORE
ACCOUNTING CHANGE     $  0        $  0        $  0        $  0        $    0
                      _______________________________________________________

CUMULATIVE EFFECT OF
ACCOUNTING CHANGE     $  0        $  0        $  0        $  0        $    0
                      =======================================================

INCOME(LOSS)PER SHARE $  0        $  0        $  0        $  0        $    0
                      _______________________________________________________

The accompanying notes are an integral part of these financial statements.

<PAGE>

                         FIRST GROWTH INVESTORS, INC.
                         (A Development Stage Company)

                            STATEMENTS OF CASH FLOWS
                                  (Unaudited)

                                           For the Nine
                                           Months Ended        Cumulative
                                           September 30,       During the
                                                               Development
                                          2001        2000        Stage
                                         __________________________________

CASH FLOWS FROM OPERATING ACTIVITIES
  Sales                                   $  0        $  0        $  87,938
  Organization costs                         0           0           (1,000)
  Cash paid for inventory and related costs  0           0         (115,698)
  Cash paid to suppliers and others     (5,895)     (6,030)         (14,106)
  Cash paid for taxes                        0                       (1,905)
  Cash paid for interest                     0           0             (994)
                                         __________________________________

    Net cash provided(used) from
      operating activities              (5,895)     (6,030)         (45,765)
                                         __________________________________

CASH FLOWS FROM (USED) IN INVESTING
ACTIVITIES                                   0           0                0
                                         __________________________________

CASH FLOWS FROM FINANCING ACTIVITIES:
  Stockholder loan                       6,000       1,500           11,500
  Sale of common stock                       0           0           55,050
  Direct costs of common stock sale          0           0           (5,688)
  Direct costs of warrants registration      0           0          (14,476)
  Proceeds form short term advance and loan  0           0           27,100
  Loans and other debt payments              0      (6,100)         (27,350)
                                         __________________________________

    Net cash Provided(Used) by financing
    activities                           6,000      (4,600)          46,136
                                         __________________________________

NET CASH PROVIDED(USED) DURING PERIOD      105     (10,630)             371

CASH - BEGINNING OF PERIOD                 266      10,703                0
                                         __________________________________

CASH - ENDING OF PERIOD                 $  371       $  73            $ 371
                                         ==================================

RECONCILIATION OF NET INCOME(LOSS) TO NET
CASH PROVIDED(USED) BY OPERATING ACTIVITIES

NET INCOME(LOSS)                    $  (19,606)  $  (4,383)       $ (14,679)
                                        ___________________________________

Adjustment to reconcile net income
(loss) to net cash provided (used)
by operating activities
 Amortization of organization costs          0           0              250
 Cumulative change in accounting principle   0           0              750
 Changes in assets and liabilities
  (Increase) in accounts receivable          0           0                0
  (Increase) decrease in inventory           0           0          (45,500)
  Decrease in deferred warrant cost     14,476           0           14,476
  (Increase) in organization costs           0           0           (1,000)
  (Decrease in accounts payable         (1,500)                      (1,500)
  Increase(decrease)in accrued interest    735         258            1,188
  Increase(decrease)in income tax payable    0      (1,905)               0
  Increase in note payable                   0           0              250
                                        ___________________________________

    Total adjustments                   13,711      (1,647)         (31,086)
                                        ___________________________________

NET CASH PROVIDED(USED) BY OPERATING
ACTIVITIES                           $  (5,895)  $  (6,030)      $  (45,765)
                                        ===================================

The accompanying notes are an integral part of these financial statements.

<PAGE>

                    FIRST GROWTH INVESTORS, INC.
                   (A Development Stage Company)

              NOTES TO UNAUDITED FINANCIAL STATEMENTS


  NOTE 1  -  CONDENSED FINANCIAL STATEMENTS

       The accompanying financial statements have been prepared by the
       Company without audit.  In the opinion of management, all
       adjustments (which include only normal recurring adjustments)
       necessary to present fairly the financial position, results of
       operation and cash flows at September 30, 2001 and for all periods
       presented have been made.

       Certain information and footnote disclosures normally included in
       financial statements prepared in accordance with generally
       accepted accounting principles have been condensed or omitted.  It
       is suggested that these condensed financial statements be read in
       conjunction with the financial statements and notes thereto
       included in the Company's December 31, 2000 audited financial
       statements.  The results of operations for the periods ended
       September 30, 2001 and 2000 are not necessarily indicative of the
       operating results for the full year.

       NOTE 2  -  DIRECT COSTS - WARRANT REGISTRATION

       During the quarter ended March 31, 2001, the Company wrote-off the
       deferred costs of its warrant registration to expense.  The amount
       written-off was $14,476.

  NOTE 3  -  STOCKHOLDER LOAN PAYABLE

       Through September 30, 2001, a stockholder has advance $11,500 to
       the Company on an unsecured basis. The loan is due upon demand and
       carries interest at 10% per annum.

<PAGE>

ITEM 2:  MANAGEMENT'S DISCUSSION & ANALYSIS OR PLAN OF OPERATIONS

     The Company was incorporated September 9, 1997. Upon inception, the
Company issued 1,750,000 shares of common stock to its founding stockholders.
On October 15, 1997, the Company commenced a public offering of up to 250,000
shares of its common stock, in reliance upon Rule 504 of Regulation D,
promulgated by the U.S. Securities & Exchange Commission under the Securities
Act of 1933.  The offering closed in November, 1997.  Pursuant thereto, the
Company sold 250,000 shares, increasing the total issued and outstanding
common stock to 2,000,000 shares.  In July, 1999, the Company filed a
registration statement on Form SB-2 with the U.S. Securities & Exchange
Commission under the Securities Act of 1933, to register the distribution and
exercise of warrants.  This registration statement was declared effective on
October 8, 1999.  At that time the Company became subject to the information
requirements of the Securities Exchange Act of 1934.  Accordingly, the Company
files annual and quarterly reports and other information with the Commission.
No securities have yet been sold pursuant to this offering.

PLAN OF OPERATIONS.

     Management's plan of operation for the next twelve months is to continue
using existing capital and any funds from exercise of warrants in the offering
to acquire another inventory of select wines to hold for investment and
resale, and also to provide general working capital during the next twelve
months.  Under this plan of operations First Growth Investors has no specific
capital commitments and the timing of capital expenditures will depend upon
the receipt of additional funds from warrant exercise or elsewhere, none of
which is assured.  Cash flows will also depend upon the timing of sale of the
wines, which is also not assured, and receipt of the proceeds from these
sales. We have not determined how long existing capital can satisfy any cash
requirements, but we presently anticipate that we may have to borrow or raise
additional funds within the next twelve months.  We believe First Growth
Investors will have the opportunity to invest whatever additional funds may be
received from the exercise of warrants in purchasing additional vintages of
investment grade wines. We do not anticipate any capital commitments for
product research and development or significant purchases of plant or
equipment, or any change in the number of employees.

     Initially, we purchased eleven different vintages of investment grade
wines at a cost of $54,588. During the first quarter of 1999, we sold these
wines for $76,138.  We made these purchases, and all purchases to date, from
non affiliated third parties.  We did not purchase any of the inventory from,
or sell any of the inventory to, persons affiliated with First Growth
Investors.


<PAGE>

                     PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

     None.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

     (a)  None.

     (b)  None.

     (c)  See Part I, Item 1 (financial statements) and Item 2 (management's
          discussion) for financial information and a discussion regarding
          use of proceeds.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

     None.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     None.

ITEM 5.  OTHER INFORMATION

     None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     None

<PAGE>

                              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.


                              FIRST GROWTH INVESTORS, INC.



Date: October 11, 2001                  by:   /s/ Pam Jowett
                                            Pam Jowett, President & Director