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 June 30, 2002

       [ ] Transition report under Section 13 or 15(d) of the Exchange Act

                         Commission file number 0-30285

                               ENERGY VISIONS INC.

        (Exact name of small business issuer as specified in its charter)

                                    Delaware
                         (State or other jurisdiction of
                         incorporation or organization)

                        (IRS Employer Identification No.)

             43 Fairmeadow Avenue, Toronto, Ontario, Canada M2P 1W8
               (Address of principal executive offices) (Zip Code)

                                 (416) 733-2736
                           (Issuer's telephone number)

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

As of June 30, 2002,  the Issuer had  17,867,116  shares of  outstanding  Common
Stock.

Transitional Small Business Disclosure Format: Yes [ ] No [X]

<PAGE>
<TABLE>
                                                                                              ENERGY VISIONS INC. AND SUBSIDIARIES
                                                                                                     (a development stage company)
                                                                                                        CONSOLIDATED BALANCE SHEET
                                                                                                       (expressed in U.S. dollars)
----------------------------------------------------------------------------------------------------------------------------------

                                                                                                (Unaudited)
                                                                                                  June 30          September 30,
                                                                                                   2002                 2001
----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                             <C>                 <C>
ASSETS

Current Assets:
  Cash and cash equivalents                                                                       $ 100,086            $ 489,074
  Accounts receivable, net of allowance of $148,000 and $90,000, respectively                         8,229                8,077
  Refundable investment tax credits                                                                  28,066               86,725
  Prepaid expenses and other current assets                                                          56,896               96,505
                                                                                                ------------         -------------
       Total current assets                                                                         193,277              680,381

Property and Equipment, net of accumulated depreciation of $246,000 and $185,000, respectively      416,243              423,233

License and Technology costs, net of accumulated amortization of  $181,000 in 2001                        -              273,549
----------------------------------------------------------------------------------------------------------------------------------
       Total Assets                                                                               $ 609,520          $ 1,377,163
==================================================================================================================================

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
  Accounts payable and accrued expenses                                                           $ 764,234            $ 494,861
  Due to related parties                                                                            751,405              495,302
                                                                                                ------------          ------------
       Total current liabilities                                                                  1,515,639              990,163

Loan Payable                                                                                        284,398              273,470
----------------------------------------------------------------------------------------------------------------------------------
       Total liabilities                                                                          1,800,037            1,263,633
----------------------------------------------------------------------------------------------------------------------------------

Commitments and Contingencies

Stockholders' Equity (Deficiency):
  Preferred stock - $.0001 par value; authorized 5,000,000 shares, none issued
  Common stock - $.0001 par value; authorized 50,000,000 shares,
     issued and outstanding 17,867,116 and 17,628,979 shares                                          1,787                1,763
  Additional paid-in capital                                                                     10,221,065           10,000,174
  Accumulated other comprehensive income                                                              2,680               31,712
  Deficit accumulated during the development stage                                              (11,416,049)          (9,920,119)
----------------------------------------------------------------------------------------------------------------------------------
       Stockholders' equity (deficiency)                                                         (1,190,517)             113,530
----------------------------------------------------------------------------------------------------------------------------------
       Total Liabilities and Stockholders' Equity                                                 $ 609,520          $ 1,377,163
==================================================================================================================================

                                                                                    See Notes to Consolidated Financial Statements
</TABLE>


<PAGE>
<TABLE>



                                                                                              ENERGY VISIONS INC. AND SUBSIDIARIES
                                                                                                     (a development stage company)
                                                                                              CONSOLIDATED STATEMENT OF OPERATIONS
                                                                                                       (expressed in U.S. dollars)

----------------------------------------------------------------------------------------------------------------------------------
                                                                                (Unaudited)


                                                                                                                 Period from

                                                     Three months ended              Nine months ended        November 19, 1996
                                                  June 30,          June 30,       June 30,      June 30,      (inception) to
                                                    2002              2001           2002          2001         June 30, 2002
---------------------------------------------------------------------------------------------------------------------------------
<S>                                            <C>              <C>              <C>           <C>                   <C>
Revenue                                               $ -         $ 25,827         $ 50,000     $ 116,899              $ 603,495
---------------------------------------------------------------------------------------------------------------------------------

Expenses:
  Research and development costs                  185,560          319,142          592,351       742,952              2,454,958
  Professional fees                               221,358           29,566          402,661       236,382              1,874,861
  General and administrative                      309,997          107,606          453,400       354,137              4,931,430
  Interest and financing costs                      7,008          426,094           16,701     1,480,250              2,310,704
  Depreciation and amortization                    18,662           28,872           80,817        83,972                447,591
---------------------------------------------------------------------------------------------------------------------------------
Total expenses                                    742,585          911,280        1,545,930     2,897,693             12,019,544
---------------------------------------------------------------------------------------------------------------------------------
Net loss                                       $ (742,585)      $ (885,453)     $(1,495,930) $ (2,780,794)         $ (11,416,049)
=================================================================================================================================

Loss per common share - basic and diluted          ($0.04)          ($0.06)          ($0.08)       ($0.20)
=================================================================================================================================

Weighted-average number of common
shares outstanding - basic and diluted         17,867,116       13,628,979       17,723,187    13,621,298
=================================================================================================================================

                                                                                   See Notes to Consolidated Financial Statements
</TABLE>

<PAGE>
<TABLE>

                                                                                              ENERGY VISIONS INC. AND SUBSIDIARIES
                                                                                                     (a development stage company)
                                                                                CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
                                                                                                       (expressed in U.S. dollars)
----------------------------------------------------------------------------------------------------------------------------------


                                                                                                                   Period from
                                                      Three months ended               Nine months ended        November 19, 1996
                                                June 30,         June 30,         June 30,      June 30,          (inception) to
                                                  2002             2001             2002          2001            June 30, 2002

-----------------------------------------------------------------------------------------------------------------------------------
<S>                                             <C>              <C>             <C>           <C>                  <C>

Net Loss                                         $ (742,585)      $ (885,453)     $(1,495,930)  $(2,780,794)         $ (11,416,049)
-----------------------------------------------------------------------------------------------------------------------------------

Other comprehensive income (loss):
    Foreign Currency Translation                    (34,813)         (39,076)         (29,032)        6,912                  2,680

-----------------------------------------------------------------------------------------------------------------------------------

Comprehensive loss                               $ (777,398)      $ (924,529)     $(1,524,962)  $(2,773,882)         $ (11,413,369)
===================================================================================================================================
</TABLE>

<PAGE>
<TABLE>


                                                                                              ENERGY VISIONS INC. AND SUBSIDIARIES
                                                                                                     (a development stage company)
                                                                                              CONSOLIDATED STATEMENT OF CASH FLOWS
                                                                                                       (expressed in U.S. dollars)
----------------------------------------------------------------------------------------------------------------------------------
                                                                                     (Unaudited)
                                                                                                                    Period from
                                                                                         Nine months ended       November 19, 1996
                                                                                      June 30,       June 30,     (inception) to
                                                                                       2002           2001         June 30, 2002
----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>            <C>             <C>

Cash flows from operating activities:
  Net loss                                                                           $ (1,495,930)  $  (2,780,794)   $ (11,416,049)
    Adjustments to reconcile net loss to net cash used
      in operating activities
        Depreciation and amortization                                                      80,817          83,972          447,591
        Allowance for doubful accounts                                                     53,000                          143,000
        Noncash interest on advances settled with related party                                                             28,604
        Common stock issued to founders                                                                                    146,801
        Noncash compensatory charge on stock issued to an officer                                                        3,018,815
        Common stock issued for services                                                                  145,170          364,557
        Noncash compensatory charge on stock options issued to an officer                                                  275,950
        Noncash compensatory charge for extension of the expiration date of options                       282,875          282,875
        Issuance of compensatory stock options                                              8,582                          524,078
        Issuance of compensatory stock warrants                                           138,801       1,388,668        2,185,992
        Impairment of license and technology costs                                        253,480                          253,480
        Changes in operating assets and liabilities:
          Increase in accounts receivable                                                 (53,152)        (71,641)        (151,229)
          Decrease (increase) in refundable investment tax credits                         58,659          16,031          (28,066)
          Decrease (Increase) in prepaid expenses and other current assets                 39,609          59,139          (56,896)
          Increase in accounts payable and accrued expenses                               269,373         469,411          764,234
          Decrease in deferred revenue                                                                    (44,920)               -
----------------------------------------------------------------------------------------------------------------------------------
            Net cash used in operating activities                                        (646,761)       (452,089)      (3,216,263)
----------------------------------------------------------------------------------------------------------------------------------

Cash flows from investing activities:
  Purchases of property and equipment                                                     (53,758)        (61,614)        (212,387)
  Acquisition of license and technology                                                                                     (4,927)

----------------------------------------------------------------------------------------------------------------------------------
            Cash used in investing activities                                             (53,758)        (61,614)        (217,314)
----------------------------------------------------------------------------------------------------------------------------------
Cash flows from financing activities:
  Proceeds from related parties' advances                                                 256,103         441,044          998,751
  Proceeds from (repayments on)  issuance of debentures                                                   (69,342)         497,678
  Proceeds from loan payable                                                               10,928         237,303          284,398
  Proceeds from issuance of common stock                                                   73,532                        2,150,329
  Proceeds from issuance of common stock upon exercise of warrants & options                               22,505           97,505
Repayment of debentures                                                                                                   (497,678)
Increase in deferred offering costs                                                                      (126,000)               -

----------------------------------------------------------------------------------------------------------------------------------
             Net cash provided by financing activities                                    340,563         505,510        3,530,983
----------------------------------------------------------------------------------------------------------------------------------

Effect of exchange rate changes on cash                                                   (29,032)          6,912            2,680

Net increase (Decrease) in cash                                                          (388,988)         (1,281)         100,086

Cash at beginning of period                                                               489,074           3,793

----------------------------------------------------------------------------------------------------------------------------------
Cash at end of period                                                                   $ 100,086         $ 2,512        $ 100,086
==================================================================================================================================

Supplemental disclosure of cash flow information:


  Cash paid during the period for interest                                               $ 10,798        $ 33,891        $ 187,180
==================================================================================================================================

Supplemental schedule of noncash investing and financing activities:

  Issuance of common stock for payment of laboratory equipment                                                           $ 450,000
==================================================================================================================================

  Issuance of common stock in satisfaction of debt related to acquisition of
  license and technology                                                                                                 $ 450,000
==================================================================================================================================

  Issuance of common stock for payment of advances owed to an officer                                                    $ 275,950
==================================================================================================================================

  Issuance of stock warrants to debenture holders in connection with extension of
  maturity dates                                                                                         $ 752,120     $ 1,308,336
==================================================================================================================================

  Issuance of common stock to agent for extension of maturity dates                                                       $ 75,170
==================================================================================================================================

  Issuance of stock warrants for related party advances                                                                   $ 29,663
==================================================================================================================================

                                                                                   See Notes to Consolidated Financial Statements
</TABLE>



<PAGE>

                      ENERGY VISIONS INC. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2002

                                   (Unaudited)

1.   Basis of Presentation:

     The financial  statements at June 30, 2002 and for the three month and nine
     month periods  ended June 30, 2002 and 2001,  are unaudited and reflect all
     adjustments (consisting only of normal recurring adjustments) which are, in
     the  opinion  of  management,  necessary  for a  fair  presentation  of the
     financial  position  and  operating  results for the interim  periods.  The
     financial  statements  have been prepared in accordance  with the rules and
     regulations of the Securities and Exchange  Commission,  and therefore omit
     certain information and footnote disclosures normally included in financial
     statements  prepared in accordance  with  accounting  principles  generally
     accepted in the United  States of America.  The Company  believes  that the
     disclosures  contained in the financial statements are adequate to make the
     information  presented  therein not  misleading.  The financial  statements
     should  be read in  conjunction  with the  financial  statements  and notes
     thereto,  together with  management's  discussion and analysis of financial
     condition  and results of  operations,  contained in the  Company's  Annual
     Report on Form 10-KSB for the fiscal year ending September 30, 2001.

     The results of operations  for the three month and nine month periods ended
     June 30, 2002 is not  necessarily  indicative  of the  results  that may be
     expected for the entire fiscal year ending September 30, 2002.

     The Company is in the  development  stage and its operations are subject to
     all  of  the  risks  inherent  in  an  emerging  business  enterprise.  The
     accompanying  financial  statements have been prepared assuming the Company
     will continue as a going concern. As shown in the financial statements, the
     Company  incurred  losses of $1,495,930  and  $2,780,794 for the nine month
     periods ended June 30, 2002 and 2001, and  $11,416,049  since its inception
     in 1996. The Company has had limited revenue during those periods. There is
     no assurance  that the Company will not  encounter  substantial  delays and
     expenses  related to financing  the  successful  completion  of its product
     development and marketing efforts and/or other unforeseen difficulties. The
     Company  will be  required  to expand  its  management  and  administrative
     capabilities in order to manage the aforementioned items as well as respond
     to competitive  conditions,  and will require additional funds. The Company
     is seeking other funds through  additional  equity  financing and potential
     collaborative  arrangements.  Such additional funds may not be available on
     terms  acceptable to the Company.  These factors  indicate that the Company
     may not be able to continue as a going concern. The financial statements do
     not  include  adjustments  that  might  result  from  the  outcome  of this
     uncertainty.

2.   Impairment of License and Technology Costs

     In July 2001, the Financial  Accounting  Standards  Board  ("FASB")  issued
     Statement of Financial  Accounting Standards ("SFAS") No. 142, Goodwill and
     Other Intangible Assets.  Under SFAS No. 142, goodwill is no longer subject

<PAGE>

     to amortization over its estimated useful life. Rather, goodwill is subject
     to at least an annual  assessment  for  impairment by applying a fair-value
     based test. Additionally, an acquired intangible asset should be separately
     recognized  if the  benefit of the  intangible  asset is  obtained  through
     contractual or other legal rights,  or if the intangible asset can be sold,
     transferred,  licensed,  rented or exchanged,  regardless of the acquiror's
     intent  to do  so.  The  Company  has  determined  that  even  though  this
     intangible asset has a finite life, there is no certainty of its ability to
     contribute to the Company's future cash flow. Based on this assessment, the
     Company has  recorded a charge to its  operations  in the  current  quarter
     amounting to approximately $254,000 and included this amount in general and
     administrative expenses.


3.   Due To Related Parties:

     Advances amounting to approximately  $751,000  (including accrued interest)
     at June 30, 2002, from the Company's president and chief executive officer,
     a company  controlled by this  individual and the spouse of this individual
     are  reflected  in current  liabilities  in the  accompanying  consolidated
     balance sheet.  Approximately  $495,000 of these advances  cannot be repaid
     out of the proceeds of the August 2001 Company's Canadian offering pursuant
     to an  agreement  with the TSX  Venture  Exchange  (formerly  the  Canadian
     Venture Exchange) ("TSX") for a period of one year from the date of closing
     of that offering.


4.   Stock Options:

     On October 2, 2001, the Company's  board of directors  approved a new stock
     option plan (the "Plan")  which became  effective  upon its approval by the
     TSX and the Company's  shareholders on May 22, 2002. A maximum of 3,500,000
     options to  purchase  shares of common  stock can be issued by the  Company
     under the Plan.

     On October 2, 2001, the Company agreed to issue options to purchase 150,000
     shares of common stock at an exercise price of $0.27 (Cdn $0.43) per common
     share to two officers and  directors  under the Plan.  On November 1, 2001,
     the Company  agreed to issue options to purchase  500,000  shares of common
     stock at an  exercise  price of  $0.41  (Cdn  $0.65)  per  common  share to
     officers and directors  and a  nonemployee  under the Plan. On November 22,
     2001,  the Company  agreed to issue options to purchase  110,000  shares of
     common stock at an exercise  price of $0.39 (Cdn $0.63) per common share to
     an  employee  and  nonemployee  under the Plan.  On January 11,  2002,  the
     Company  agreed to issue options to purchase  50,000 shares of common stock
     at an exercise  price of $0.31 (Cdn $0.50) per common  share to an employee
     under the Plan.

     These  options were issued and became  exercisable  over an eighteen  month
     period  upon the  approval of the  proposed  Plan.  The Company  recorded a
     charge to operations for approximately $9,000,  representing the fair value
     of options  issued to  nonemployees  to  purchase  35,000  shares of common
     stock.  The Company did not record a charge to operations for the remaining
     options  issued to officers,  directors and  employees to purchase  775,000
     shares of common stock,  since these options were issued at exercise prices
     exceeding the fair value of the Company's common stock at the date the Plan
     became effective.

<PAGE>

5.   Noncash Compensation:

     During the nine month  period  ended June 30, 2002 the  Company  recorded a
     charge to operations of approximately  $139,000,  which represents research
     and development  services  performed by the Alberta Research Council,  Inc.
     ("ARC") during the period.  At June 30, 2002,  Special  Warrants issued but
     not earned by ARC were approximately 559,000.

6.   Private Placement:

     On March 14,  2002,  the Company  completed  a private  offering of 238,137
     shares of common stock in Canada and received net proceeds of approximately
     $116,000 Canadian dollars  (approximately  US $74,000).  In connection with
     this private offering,  warrants to purchase 238,137 shares of common stock
     were issued, exercisable at $0.47 (Cdn. $0.75) per common share.


7.   Proposed Transaction:

     On April 16, 2002,  the Company  signed an agreement to purchase  1,000,000
     preferred shares of Pure Energy Inc. ("PEI") at a price of Cdn. $1,000,000,
     to be paid by the  issuance of  1,000,000  shares of the  Company's  common
     stock at a price of Cdn.  $1.00  per  share.  The  proposed  agreement  and
     issuance of the Company's common shares is subject to approval from various
     regulatory agencies.  The preferred shares acquired by the Company would be
     convertible  into common  shares of PEI and together  with  additional  PEI
     shares that the Company may purchase pursuant to a four month unconditional
     option, when combined with the PEI shares currently held by Wayne Hartford,
     the  Company's  principal  shareholder,   would  constitute  a  controlling
     interest  in PEI.  The  ability of the  Company to  complete  the  proposed
     transaction  involves a number of risks and  uncertainties  and there is no
     assurance that the proposed transaction will be completed.

<PAGE>

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

The  following  discussion  should  be read in  conjunction  with the  financial
statements and related notes which are included under Item 1.

Certain   statements   made  in  this  Quarterly   Report  on  Form  10-QSB  are
"forward-looking"  statements  within  the  meaning  of the  Private  Securities
Litigation Reform Act of 1995. Such statements  involve known and unknown risks,
uncertainties,  and other factors that may cause actual results, performance, or
achievements of the Company to be materially  different from any future results,
performance,  or  achievements  expressed  or  implied  by such  forward-looking
statements.  Although the Company  believes that the  expectations  reflected in
such  forward-looking  statements  are based upon  reasonable  assumptions,  the
Company's  actual  results could differ  materially  from those set forth in the
forward-looking  statements.  Certain factors that might cause such a difference
include,  but are not limited to, general  economic  conditions,  our ability to
complete development and then market our products, competitive factors and other
risk factors as stated in other of our public  filings with the  Securities  and
Exchange Commission.

This report is for the three and nine month  periods  ended June 30,  2002.  The
reader is directed to the Company's Annual Report on Form 10-KSB filing for more
information about the Company.  Accordingly, this section will primarily discuss
the Company's position as of the filing date hereof.

Overview

Energy  Visions Inc.  (hereafter,  the "Company" or "EVI") was formed in 1996 to
research,  develop and  commercialize  rechargeable  battery  technologies.  The
Company has several  electrochemical  technologies  and is  currently  primarily
working on the  development  and  commercialization  of the Direct Methanol Fuel
Cell ("DMFC"), and the Nickel Zinc ("NiZn") technology.

Costs  relating  to the DMFC  project  are in large  part  supported  by Alberta
Research  Council Inc.  ("ARC").  The Company expects to spend  significant sums
upon expanding its battery testing  capability.  While there can be no assurance
that our business plan for the next year will be  successful,  the R&D programs,
strategic  alliances and targeted financing planned for the Company are expected
to  support  the  Company's  activities  until  significant  income  streams  of
royalties and licence fees develop.

Comparative Disclosure

During the quarter  ended June 30,  2002,  the  Company was still a  development
stage company and has yet to achieve significant revenues.  Revenues were - $0 -
and  approximately  $50,000,  respectively,  for the three  month and nine month
periods  ended  June  30,  2002 and  were  entirely  earned  from  research  and
development  services  performed  for and licensing  fees from Ilion  Technology
Corporation  ("Ilion").  Ilion has not paid sums in connection with research and
development  funding  through March 31, 2002 of  approximately  $148,000 and the
matter is  currently  under  active  negotiation.  The  Company  expects no more
revenue from this source,  anticipates  an agreement to terminate  the agreement
with Ilion,  and has not therefore  recorded  additional  revenue in the current
quarter.  The  revenue  for  the  nine  month  period  ended  June  30,  2002 of
approximately  $50,000  decreased  by 57% from  approximately  $117,000 in these
circumstances  as a  result  of the  Company  earning  additional  research  and
development revenues in the prior year's period.

The  Company's  expenses in the  quarters  ended June 30, 2002 and 2001  totaled
approximately  $743,000 and $911,000,  respectively,  resulting in a decrease of
approximately  18%.  This  decrease  was  primarily  the  result of the  Company
incurring in the prior period noncash financing costs of approximately  $403,000
relating to the issuance of stock  warrants to debenture  holders and a promoter
in  connection  with the  extension  of the maturity  dates of such  debentures,
offset by the charge in the current  period of  approximately  $254,000  for the
impairment  of  license  and  technology  costs  resulting  from  the  Company's
determination that there is no certainty of those assets  contributing to future
cash flow. The Company's  expenses in the nine month periods ended June 30, 2002
and 2001 totaled approximately $1,546,000 and $2,898,000, respectively,

<PAGE>

resulting in a decrease of 47%.  Such  decrease is  primarily  the result of the
Company incurring,  in the prior year's period,  noncash compensatory charges of
approximately $1,254,000 relating to the issuance of stock warrants to debenture
holders and a promoter in connection with the extension of the maturity dates of
such  debentures.  Additionally,  in that prior  period,  the  Company  incurred
charges of  approximately  $70,000 for common  stock issued to  consultants  for
investment  advisory  services  provided in connection with the Company filing a
preliminary prospectus in Canada for the sale of shares of common stock.

One of the most significant  expenses  included above is the Company's  research
and development  costs.  Research and development  costs for the three month and
nine month periods ended June 30, 2002 were approximately $186,000 and $592,000,
respectively.  Compared to the research and development costs for the same three
month and nine month  periods in the prior year of  approximately  $319,000  and
$743,000, respectively, a decrease of 42% and 20%, respectively. The 2002 values
include  approximately  $29,000 for the three month  period and $139,000 for the
nine month period in noncash  compensatory  charges for research and development
services  performed by ARC, compared with  approximately  $134,000 for the three
and nine month  periods in the prior  period.  The prior  period  also  included
approximately  $90,000  for the  extension  of the  expiration  dates of options
previously issued to laboratory consultants.  Research and development costs are
expected to decrease in the short term as the Company  refocuses its  activities
in Calgary, Alberta for its joint program with ARC.

Professional fees for the three month and nine month periods ended June 30, 2002
were approximately $221,000 and $403,000, respectively. Compared to professional
fees for the same  three  month and nine  month  periods  in the  prior  year of
approximately  $30,000 and  $236,000,  respectively,  increases of 637% and 71%,
respectively.  The Company incurred legal defense costs of approximately $93,000
in the current period and financial  advisory fees of approximately  $20,000 and
$68,000, respectively, for the three month and nine month periods ended June 30,
2002,  not  incurred  in the  prior  year's  periods  primarily  for the  matter
discussed in Item I, Part II.

General and administrative  expenses increased to approximately $310,000 for the
three month period ended June 30, 2002 from $108,000 for the  comparable  period
in the prior year, an increase of  approximately  187%,  primarily the result of
the charge in the current period of approximately $254,000 for the impairment of
license  and  technology  costs where the  Company  has  determined  there is no
certainty of those assets  contributing to its future cash flow,  netted against
the prior period's noncash compensatory charges of approximately $59,000 for the
extension of the expiration dates of options  previously issued to nonemployees.
Compared  to  the  nine  month   period   from  the  prior  year,   general  and
administrative  expenses increased from approximately  $354,000 to approximately
$453,000 for the nine month period ended June 30, 2002,  resulting in a increase
of 28%.  Such net  increase in general  and  administrative  expenses  primarily
resulted  from the Company  incurring in the prior period  noncash  compensatory
charges of  approximately  $193,000 for the extension of the expiration dates of
options previously issued to nonemployees,  offset by the charge of $254,000 for
the impairment of license and technology costs referred to above.

Interest and  financing  costs for the three month and nine month  periods ended
June 30, 2002 were approximately $7,000 and $17,000, respectively.  Interest and
financing  costs for the three month and nine month  periods ended June 30, 2001
were approximately $426,000 and $1,480,000,  respectively.  In the current year,
the Company  essentially  incurred minimal interest and financing costs.  During
the prior year, the Company  incurred  noncash  financing costs of approximately
$403,000 and $1,254,000 during the three month and nine month periods,  relating
to  the  issuance  of  stock  warrants  to  debenture  holders  and a  promoter.
Additionally,  the Company incurred charges of approximately  $70,000 during the
nine month period in the prior year for common stock issued to  consultants  for
investment  advisory  services  provided in connection with the Company filing a
preliminary  prospectus  for the sale of  shares  of  common  stock  in  Canada.
Furthermore,  the Company accrued approximately $67,000 in the nine month period
ended June 30, 2001 for interest on debentures issued on March 30, 2000; no such
debentures existed in the current year's nine month period.

<PAGE>

Critical Accounting Policies and Estimates

     The Company has  identified  the policies below as critical to its business
operations and the  understanding  of its results of  operations.  Note that the
preparation of this Quarterly Report on Form 10-QSB requires the Company to make
estimates  and  assumptions  that  affect  the  reported  amount of  assets  and
liabilities,  disclosure of contingent assets and liabilities at the date of the
financial  statements,  and the reported amounts of revenues and expenses during
the reporting  period.  There can be no assurance  that actual  results will not
differ from those estimates.

     Development  stage  company.  The  Company  is  considered  to  be  in  the
development stage as it devotes substantially all of its efforts to establishing
a new business through activities such as financial  planning,  raising capital,
and research and development.

     Revenue  recognition.  The Company recognizes revenue when the services are
performed.

     Impairment  of  intangible  assets.  The  Company  identifies  and  records
impairment on long-lived assets when events and circumstances indicate that such
assets have been impaired. The Company periodically evaluates the recoverability
of its  long-lived  assets based on the expected  undiscounted  cash flows,  and
recognizes impairment, if any, based on the expected discounted cash flows.

     Research and  development.  The Company incurs costs in connection with its
development of cost effective materials and manufacturing  processes for battery
and fuel cell systems.  The Company expenses such research and development costs
as incurred.

Liquidity

At June 30,  2002,  the Company had  approximately  $100,000  cash on hand and a
working capital  deficiency of approximately  $1,323,000.  The Company currently
estimates it will have approximately $115,000 in monthly expenses and limited or
no monthly revenues.

The Company is seeking to raise new capital to support its growth and technology
research and  development  costs and to fund expanded  capital  facilities.  The
working   capital   deficiency  of   $1,323,000  at  June  30,  2002,   includes
approximately  $751,000  owed to the  Company's  President  and Chief  Executive
Officer,  a  company  controlled  by  this  individual  and the  spouse  of this
individual.  Approximately $495,000 of such sum cannot be repaid, through August
22, 2002 out of the proceeds of the August 2001 share offering.

It is of great  importance  that the  Company  successfully  raise new equity to
cover its working capital requirements and to permit the Company to proceed with
the  acquisition  of a control  position in Pure Energy Inc.,  which  operates a
battery  manufacturing plant in Amherst,  Nova Scotia. The Company is attempting
to raise new  capital  in a number of ways,  including  private  placements  and
investments  into the  Canadian  operating  subsidiary  via  Province of Ontario
"Research Oriented Investment Funds". There can be no assurance,  however,  that
these  or any  other  financings  will  be  successful,  and  if  they  are  not
successful,  additional  debt  financing  will be  required  and  the  Company's
research  and  development  activities  will  have to be  reduced  or  will  not
accelerate to the extent otherwise intended.

The Company has a joint  research and  development  program with ARC pursuant to
which a joint development  program is in progress in Alberta to create prototype
fuel cells based upon the Company's  Direct Methanol Fuel Cell  technology.  The
Company is currently  refocusing its activities on its Direct Methanol Fuel Cell
scientific  research  program and while that is being  completed  anticipates  a
reduced  funding  from ARC.  National  Research  Council of Canada  ("NRC")  has
verbally  indicated its  intention to support the DMFC  initiative by allocating
technical staff to the project and providing  other  significant  support.  Such
arrangements will collectively, the Company anticipates,  enhance the likelihood
of any offering of shares being successful.

<PAGE>

                                     PART II
                                OTHER INFORMATION

Item 1. Legal Proceedings.

The Company and its major shareholders  announced on April 1, 2002 that they had
commenced an action in the Ontario  Superior Court of Justice  against  Northern
Securities  Inc.,  Vic Alboini and Stature Inc.  claiming,  among other  relief,
damages for breach of contract,  negligence  and breach of  fiduciary  duties in
connection with EVI's private and public financings in 2000 and 2001 and trading
activities by Northern  Securities  Inc. in EVI stock since August 23, 2001. The
defendants  have taken steps to defend  against the lawsuit and to  counterclaim
against  the  Company  and  others.   The  matter  is  currently   under  active
negotiation.

Item 2. Changes in Securities.

None.

Item 3. Defaults Upon Senior Securities.

None

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

On May 8, 2002,  the  shareholders  of the Company  approved the adoption of the
2001  Share  Option  Plan in the form  attached  to the  Management  Information
Circular of the Company dated March 22, 2002.  The  shareholders  also confirmed
the grant of 810,000 options as per detail set out in such Circular.

Item 5. Other Information.

None.

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

(a) Exhibit 99.1 - Certification of Chief Executive Officer.

(b) Exhibit 99.2 - Certification of Chief Financial Officer.

<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  thereto  duly
authorized.

Date: May  , 2002

                                                      ENERGY VISIONS INC.



                                                      /s/Peter F. Searle
                                                      ------------------
                                                      Peter F. Searle
                                                      Vice President, Finance