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, 2001

       [ ] 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)

                              Energy Ventures Inc.
              (Former name, former address and former fiscal year
                         if changed since last report)

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 [  ]  No [X]

As of September 21, 2001, the  Registrant  had  13,628,979  shares of its Common
Stock outstanding.

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

<PAGE>

                                     PART I
                              FINANCIAL INFORMATION

Item 1. Financial Statements

<PAGE>

                      ENERGY VISIONS INC. AND SUBSIDIARIES
                (FORMERLY ENERGY VENTURES INC. AND SUBSIDIARIES)
                          (a development stage company)
                           CONSOLIDATED BALANCE SHEET
                           (Expressed in U.S. Dollars)

<TABLE>
<S>                                                                      <C>                <C>
------------------------------------------------------------------------------------------------------------
                                                                          June 30,          September 30,
                                                                            2001                 2000
------------------------------------------------------------------------------------------------------------
                                                                         (unaudited)

ASSETS

Current Assets:
  Cash                                                                     $ 2,512            $ 3,793
  Accounts receivable                                                       76,700              5,059
  Refundable investment tax credits                                         90,280            106,311
  Due from related parties                                                                     10,975
  Prepaid expenses and other current assets                                 13,595            704,120

------------------------------------------------------------------------------------------------------------
    Total current assets                                                   183,087            830,258

Property and equipment, net of accumulated depreciation
  of $156,682 and $105,096, respectively                                   428,668            418,640

License and technology costs, net of accumulated amortization
  of $173,627 and $141,241, respectively                                   281,300            313,686

Deferred offering costs                                                    126,000

------------------------------------------------------------------------------------------------------------
    Total Assets                                                       $ 1,019,055        $ 1,562,584
============================================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY(DEFICIENCY)

Current Liabilities:
  Accounts payable and accrued expenses                                  $ 778,394          $ 308,983
  Deferred revenue                                                           5,080             50,000
  Due to related parties                                                   607,415            177,346
  Debentures payable, net of unamortized discount of $54,000
  (at June 30, 2001)                                                       374,336            497,678
------------------------------------------------------------------------------------------------------------
    Total current liabilities                                            1,765,225          1,034,007

Loan payable                                                               284,679             47,376
------------------------------------------------------------------------------------------------------------
    Total liabilities                                                    2,049,904          1,081,383
------------------------------------------------------------------------------------------------------------

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 13,628,979 and 13,571,979                   1,363              1,357
  shares, respectively
  Additional paid-in capital                                             8,403,946          7,142,120
  Accumulated other comprehensive income                                    15,042              8,130
  Deficit accumulated during the development stage                      (9,451,200)        (6,670,406)
------------------------------------------------------------------------------------------------------------
    Stockholders' equity (deficiency)                                   (1,030,849)           481,201
------------------------------------------------------------------------------------------------------------
    Total Liabilities and Stockholders' Equity (Deficiency)            $ 1,019,055        $ 1,562,584
============================================================================================================
See Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

                      ENERGY VISIONS INC. AND SUBSIDIARIES
                (FORMERLY ENERGY VENTURES INC. AND SUBSIDIARIES)
                          (a development stage company)
                      CONSOLIDATED STATEMENT OF OPERATIONS
                           (Expressed in U.S. Dollars)
                                   (unaudited)

<TABLE>
<S>                                               <C>             <C>         <C>          <C>              <C>

                                                                                                               Period from
                                                      Three months                Nine months               November 19, 1996
                                                      Ended June 30,              Ended June 30,               (inception to)
                                                    2001            2000        2001          2000              June 30,2001
                                                                 (Restated)                (Restated)
-----------------------------------------------------------------------------------------------------------------------------
  Revenue                                        $ 25,827         $ 66,675    $116,899      $ 200,025             $ 529,443
-----------------------------------------------------------------------------------------------------------------------------
Expenses:
  Research & development costs                    319,142          185,052     742,952        430,145             1,749,774
  Professional fees                                29,566          330,511     236,382        675,718             1,355,379
  General and administrative                      107,606          133,614     354,137        488,546             4,346,237
  Interest and financing costs                    426,094          338,995   1,480,250        357,885             2,198,588
  Depreciation and amortization                    28,872           27,892      83,972         72,830               330,665
-----------------------------------------------------------------------------------------------------------------------------
Total expenses                                    911,280        1,016,064   2,897,693      2,025,124             9,980,643
-----------------------------------------------------------------------------------------------------------------------------
Net loss                                       $ (885,453)      $ (949,389)$(2,780,794)   $(1,825,099)         $ (9,451,200)
=============================================================================================================================
Loss per common share- basic
 and diluted                                   $    (0.06)      $    (0.07)    $ (0.20)   $     (0.14)
=============================================================================================================================
Weighted-average number of common
shares outstanding                             13,628,979       12,927,909  13,621,298     12,772,736
=============================================================================================================================
See Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

                      ENERGY VISIONS INC. AND SUBSIDIARIES
                (FORMERLY ENERGY VENTURES INC. AND SUBSIDIARIES)
                         (a development stage company)
               CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
                          (Expressed in U.S. Dollars)
                                  (Unaudited)


<TABLE>
<S>                                <C>                 <C>           <C>           <C>              <C>

                                                                                                    Period from
                                            Three months                     Nine months            November 19, 1996
                                            Ended June 30,                  Ended June 30,         (inception) to
                                         2001           2000               2001        2000         June 30, 2001
                                                       (Restated)                   (Restated)
                                   -------------      ------------   ------------- -------------   -------------------
Net loss                             $(885,453)        $(949,389)     $(2,780,794)  $(1,825,099)       $(9,451,200)

Other comprehensive income (loss):
  Foreign currency translation         (39,076)            8,983            6,912         7,807             15,042

Comprehensive loss                   $(924,529)        $(940,406)     $(2,773,882)  $(1,817,292)        $(9,436,158)
=======================================================================================================================
See Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

                      ENERGY VISIONS INC. AND SUBSIDIARIES
                (FORMERLY ENERGY VENTURES INC. AND SUBSIDIARIES)
                          (a development stage company)
                      CONSOLIDATED STATEMENT OF CASH FLOWS

<TABLE>
<S>                                                                         <C>             <C>           <C>

                                                                                    (Unaudited)
                                                                                                            Period from
                                                                               Nine months ended          November 19, 1996
                                                                            June 30,        June 30,      (inception) to
                                                                               2001            2000         June 30, 2001
                                                                                            (Restated)
                                                                           -------------   -------------    ----------------
Cash flows from operating activities:
  Net loss                                                                 $ (2,780,794)   $ (1,825,099)     $ (9,451,200)
    Adjustments to reconcile net loss to net cash used
      in operating activities
        Depreciation and amortization                                            83,972          72,830           330,309
        Noncash interest on advances settled with related party                                                    28,604
        Common stock issued to founders                                                                           146,801
        Noncash compensatory charge for stock issued to an officer                                              3,018,815
        Common stock issued for services                                        145,170         210,567           439,727
        Noncash compensatory charge on stock options issued to an officer                       275,950           275,950
        Issuance of compensatory stock options                                                  499,973           515,496
        Issuance of compensatory stock warrants                               1,388,668         292,753         1,967,879
        Noncash charge for extension of the expiration date of options          282,875                           282,875
        Changes in operating assets and liabilities:
          Increase in accounts receivable                                       (71,641)        (11,042)          (76,700)
          Decrease (increase) in refundable investment tax credits               16,031           5,158           (90,280)
          Decrease (increase) in prepaid expenses and other current assets       59,139         (48,661)          (88,765)
          Increase in accounts payable and accrued expenses                     469,411         139,982           778,394
          (Decrease) Increase in deferred revenue                               (44,920)                            5,080
-----------------------------------------------------------------------------------------------------------------------------
            Net cash used in operating activities                              (452,089)       (387,589)       (1,917,015)
-----------------------------------------------------------------------------------------------------------------------------
Cash flows from investing activities:
  Purchases of property and equipment                                           (61,614)        (66,359)         (135,350)
  Acquisition of license and technology                                                                            (4,927)
-----------------------------------------------------------------------------------------------------------------------------
            Cash used in investing activities                                   (61,614)        (66,359)         (140,277)
-----------------------------------------------------------------------------------------------------------------------------
Cash flows from financing activities:
  Proceeds from related parties' advances                                       441,044         (48,253)          854,761
  Net proceeds from (repayments on) issuance of debentures                      (69,342)        506,825           428,336
  Proceeds from loan payable                                                    237,303                           284,679
  Proceeds from issuance of common stock                                                        140,005           505,481
  Proceeds from issuance of common stock upon exercise of options and warrants   22,505          74,995            97,505
  Increase in deferred offering costs                                          (126,000)                         (126,000)
-----------------------------------------------------------------------------------------------------------------------------
             Net cash provided by financing activities                          505,510         673,572         2,044,762
-----------------------------------------------------------------------------------------------------------------------------
Effect of exchange rate changes on cash                                           6,912           7,807            15,042

Net increase in cash                                                             (1,281)        227,431             2,512

Cash at beginning of period                                                       3,793                               -
-----------------------------------------------------------------------------------------------------------------------------
Cash at end of period                                                           $ 2,512       $ 227,431           $ 2,512
-----------------------------------------------------------------------------------------------------------------------------
Supplemental disclosure of cash flow information:

  Cash paid during the period for interest                                     $ 33,891       $  28,787           $96,815
=============================================================================================================================
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 the extension of
  maturity dates                                                               $752,120       $       -        $1,308,336
=============================================================================================================================
See Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

                      ENERGY VISIONS INC. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2001
                                   (unaudited)

1.   Basis of Presentation:

     Effective  July 23, 2001,  the Company  changed its name to Energy  Visions
     Inc. in conjunction with the Company  obtaining  conditional  approval from
     the Canadian Venture Exchange ("CDNX")for its public offering (See Note 6).

     The financial  statements at June 30, 2001 and for the three month and nine
     month periods  ended June 30, 2001 and 2000,  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, 2000.

     In July 2001, the Financial Accounting Standards Board ("FASB") issued SFAS
     No. 142, Goodwill and Other Intangible Assets.  Under FASB 142, goodwill is
     no longer subject 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 is in the process
     of determining the impact of this  pronouncement on its financial  position
     and operations.

     The results of operations  for the three month and nine month periods ended
     June 30, 2001 is not  necessarily  indicative  of the  results  that may be
     expected for the entire fiscal year ending September 30, 2001.

2.   Deferred Offering Costs

     Deferred offering costs represents costs  attributable to a public offering
     in Canada for approximately $2,000,000. The Company will offset these costs
     against the proceeds  from the  transaction  which closed  successfully  on
     August 22, 2001 (See Note 6).

3.   Due To Related Parties:

     Certain advances from the Company's CEO and President can not be repaid out
     of the proceeds of the public  offering  pursuant to an agreement  with the
     CDNX for a period of one year from the date of the  closing  of the  public
     offering  until August 22, 2002.  The Company's  management  has decided to
     reflect  all  advances  from the  Company's  CEO and  President  as current
     liabilities in the  accompanying  consolidated  balance sheet,  included in
     this filing.

4.   Debentures:

     The debentures payable,  in the current principal amount of $428,336,  were
     issued  on  March  30,  2000,  bearing  interest  at the  rate  of 10%  per
     annum,were  extended and  originally  due on February 28, 2001.  During the
     prior quarter the due date of the  debentures  was extended until April 30,
     2001.  At that time,  the  Company was unable to repay the  debentures  and

<PAGE>

     obtained an additional  extension until July 31, 2001. These debentures and
     interest premiums are payable in Canadian dollars.  The debentures were not
     repaid as of the  extended  due date of July 31,  2001 but were repaid with
     interest on August 22, 2001 out of the proceeds of the public offering.  In
     addition to the accrued interest and outstanding  debenture  balances,  the
     Company paid an interest premium of approximately $33,000 at maturity.

     In the quarter  ended March 31,  2001,  the  Company  issued the  debenture
     holders 225,000 Series C special warrants (valued at approximately $99,000)
     entitling them to acquire 225,000 shares of common stock exercisable at the
     lower of $0.56 or the price of the Company's  Canadian  share offering (Cdn
     $0.75) at any time on or before  February  27,  2003.  Further,  previously
     issued  warrants  for 400,000  shares of the  Company's  common  stock were
     surrendered and the Company issued 400,000 Series B special warrants to the
     debenture  holders  (valued at  approximately  $176,000)  entitling them to
     acquire 400,000 shares of common stock exercisable at the lower of $0.56 or
     the price of the Company's  Canadian share offering (Cdn $0.75) at any time
     on or before February 27, 2003. Additionally,  the original warrants issued
     to the debenture holders and promoter of the transaction for 825,000 shares
     of the  Company's  common  stock were  surrendered  and the Company  issued
     808,000  Series A  special  warrants  (valued  at  approximately  $315,000)
     entitling the debenture  holders and promoter of the transaction to acquire
     808,000  shares of common stock  exercisable at $1.31 per share at any time
     on or before  March 30,  2003.  Accordingly,  during  the third  quarter of
     fiscal  year  2001,  the  Company  recorded  a  charge  to  operations  for
     approximately  $295,000,  representing  the remaining half of the warrants'
     fair market value at the time of issuance.

     On June 15, 2001, but effective April 29, 2001, the Company agreed to issue
     the  debenture  holders  225,000  Series  D  special  warrants  (valued  at
     approximately  $162,000) entitling them to acquire 225,000 shares of common
     stock  exercisable  at the  lower of $0.56  or the  price of the  Company's
     Canadian  share  offering  (Cdn  $0.75) at any time on or before  April 29,
     2003.  Accordingly,  during  the third  quarter of fiscal  year  2001,  the
     Company  recorded  a  charge  to  operations  for  $108,000,   representing
     two-third's  of the  warrants'  fair market  value at the time of issuance.
     This amount is included in interest and financing costs in the accompanying
     consolidated statement of operations.  The Company has netted the remaining
     $54,000, representing the balance of the warrants' fair market value at the
     time of issuance as an unamortized  discount of the  debentures  payable in
     the  accompanying  consolidated  balance  sheet.  The Company will record a
     charge to operations  for this amount  during the fourth  quarter of fiscal
     year 2001.

5.   Restatement of Prior Period Amounts

     For the  three  month and nine  month  periods  ended  June 30,  2000,  the
     consolidated  statement of operations  has been revised to reflect  noncash
     compensatory  charges  for options to purchase  common  stock  issued to an
     officer, and common stock and options issued for legal services rendered at
     prices below the fair value of the common stock as reflected in the amended
     Form 10-QSB filed on February 5, 2001.  These charges  amounted to $312,551
     and  $857,115  for the three  month and nine month  periods  ended June 30,
     2000.  In  addition,  certain  reclassifications  have  been  made to these
     periods to conform to the presentation currently used.

6.   Subsequent Event

     On August 22, 2001,  the Company  completed a public  offering of 4,000,000
     common  shares in  certain  provinces  of  Canada  for  gross  proceeds  of
     $3,000,000 Canadian dollars (approximately US $2,000,000). The agents' fees
     of $240,000 Canadian dollars (approximately US $160,000) were paid in cash.

     The  Company  granted the agents an option  exercisable  for a period of 30
     days from the date of closing of the  offering  to  purchase  up to 400,000
     additional  common shares.  As additional  consideration,  the Company will
     issue  compensation  options to the agents to purchase the number of common
     shares  that is equal to 10% of the  common  shares  sold  pursuant  to the
     offering at a price of $0.75  Canadian  dollars per share at any time prior
     to two years from the date of the offering closing.

<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,
2001.  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",  previously
named Energy  Ventures Inc.) was formed in November  1996, to research,  develop
and commercialize  rechargeable battery technologies.  The Company has four core
battery  technologies  - 1) Lithium Ion ("LI") now licensed to Ilion  Technology
Corporation,  previously  Pacific  Lithium  Limited  ("Ilion"),  2) Nickel  Zinc
("NiZn"),  3) Zinc Carbon Bromine ("ZnCBr") and 4) the Direct Methanol Fuel Cell
("DMFC"),  which  technology  was  acquired  in  October  1999.  The  company is
currently  working on the  development  and  optimization  of the  latter  three
technologies  with the  highest  priority  being  directed  towards  the  Direct
Methanol Fuel Cell.

         The  Company's  major  focus  is  upon  two  areas - the  research  and
development  of the  Company's  Direct  Methanol  Fuel Cell  Technology  and the
Pre-Commercialization  of the  Company's  Nickel  Zinc and  Carbon-Zinc  Bromine
technologies.  In regards to the Direct  Methanol  Fuel Cell,  the  Company  has
entered into a joint  development  agreement with Alberta  Research Council Inc.
("ARC")  to  create   commercial   prototypes  of  fuel  cells  utilizing  EVI's
proprietary DMFC technology. Under the agreement, EVI and ARC will utilize ARC's
premises in Calgary, Alberta to develop the DMFC technology,  ARC will invest up
to  $2,000,000  through the  provision  of  premises,  research  and  laboratory
facilities, ARC equipment,  scientific personnel and other resources in exchange
for the issuance by EVI of stock  warrants to ARC at $0.82  ($1.2637 in Canadian
dollars) per share, for the first $1,700,000 ($2,600,000 in Canadian dollars) of
resources and thereafter at the then current market price of EVI shares.

         Costs pertaining to the  Pre-Commercialization  of the Company's Nickel
Zinc and Carbon-Zinc  Bromine  technologies  through June 30, 2001 were in large
part,  supported  by the  Industrial  Research  Assistance  Program  through the
Pre-Commercialization contribution agreement executed in March 2000. The Company
expects to spend significant sums upon expanding its battery testing  capability
and has purchased and is refurbishing a pilot battery production line to further
expand its facilities at the Ottawa laboratory.  While there can be no assurance
that the Company's  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 license fees develop.

Comparative Disclosure

         During  the  quarter  ended  June 30,  2001,  the  Company  was still a
development stage company and has yet to achieve significant revenues.  Revenues
were approximately $26,000 and $117,000,  respectively,  for the three month and
nine month periods  ended June 30, 2001 and were  entirely  earned from research
and development  services performed for and licensing fees from Ilion.  Pursuant
to the terms of the Ilion License  Agreement,  such revenues  should continue at
the minimum rate of $100,000 per annum through March 2002.  The Company  expects
revenues  from  Ilion to  increase  once  Ilion  commences  selling  LI  cathode
materials  and  LI  batteries   containing  such  materials  thereby  generating
additional  royalties for the Company.  Other  significant  revenue  sources are
unlikely until the Company successfully  completes the  commercialization of its
other  technologies  and  is  able  successfully  to  license  them  to  battery
manufacturers.

            The Company's revenue for the three month period ended June 30,
2001, of approximately $26,000, decreased by 61% from approximately $67,000 for
the same period in the prior year. The revenue for the nine month period ended
June 30, 2001 of approximately $117,000 decreased by 42% from approximately
$200,000 for the same period in the prior year. In both cases the decline was
the result of the Company being paid additional amounts in the earlier periods
while the related LI technology was being proven.

         The Company's expenses in the quarters ended June 30, 2001 and 2000
totalled approximately $911,000 and $1,017,000, respectively, resulting in a
decrease of approximately 10%. The Company's expenses in the nine months ended
June 30, 2001 and 2000 totalled approximately $2,898,000 and $2,025,000
respectively resulting in an increase of approximately 43%. This increase was
primarily the result of the Company incurring in the current nine month period
noncash financing costs of approximately $1,254,000 relating to the issuance of
stock warrants to debenture holders in connection with the extension of the
maturity dates of such debentures. During the prior year's nine month period,
the Company incurred noncash financing costs of approximately $293,000 which
related to the issuance of stock warrants to debenture holders and promoter in
connection with the original issuance of such debentures.

         One of the most significant costs included in such values are the
Company's research and development costs. Research and development costs for the
three month and nine month periods ended June 30, 2001 were approximately
$319,000 and $743,000, respectively. Compared to the research and development
costs for the same three month and nine month periods in the prior year of
approximately $185,000 and $430,000, respectively, the same periods for the
current year resulted in increases of 72% and 73%, respectively. These increases
in research and development costs reflect the Company's continued focus on
developing its products and expanding its product line. It also was a result of
the Company incurring noncash compensatory charges of approximately $134,000
pertaining to warrants issued to ARC for DMFC research and development
activities performed in conjunction with the new joint development agreement
entered into with ARC, at its Calgary facility, in the current year's quarter.
Further, for the nine month period ended June 30, 2001, the increase in the
current year's period is also a result of the Company incurring noncash
compensatory charges of approximately $90,000 compared to $42,000 for the prior
year's period, for the extension of the expiration dates of options previously
issued to laboratory consultants. The Company also increased its laboratory
staffing in April 2000 by hiring four additional employees. Research and
development costs are expected to continue to increase as EVI continues to
develop its facilities, expertise and activities and continues research and
development work undertaken in Calgary Alberta in the joint program with ARC and
on its behalf by National Research Council of Canada in Ottawa.

         Professional fees for the three month and nine month periods ended June
30, 2001 were approximately $30,000 and $236,000, respectively. Compared to
professional fees for the same three month and nine month periods in the prior
year of approximately $331,000 and $676,000, respectively, the same periods for
the current year resulted in decreases of 91% and 65%, respectively. The
significant professional fees incurred in the same periods of the prior year
were primarily a result of noncash compensatory charges of approximately
$581,000 for legal fees incurred in connection with securities law matters
arising from the Company's registration with the Securities and Exchange
Commission and required compliance with the federal securities laws.

         General and administrative expenses decreased to approximately $108,000
for the three month period ended June 30, 2001 from approximately $134,000 for
the comparable period in the prior year, a decrease of approximately 19%.
Compared to the nine month period from the prior year, general and
administrative expenses decreased from approximately $489,000 to approximately
$354,000 for the nine month period ended June 30, 2001, resulting in a decrease
of 38%. The net decrease in general and administrative expenses primarily
resulted from the Company incurring noncash compensatory charges pertaining to
the issuance of stock options of approximately $193,000 in the nine month period
in 2001 and approximately $363,000 for the same period in 2000.

         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.
Approximately a 26% and 313% increase over the prior year's amounts for the same
periods which amounted to approximately $339,000 and $358,000, respectively.
During the first two quarters of 2000, the Company essentially incurred minimal
interest and financing costs. The increases are entirely attributable to the
Company's issuance of debentures in late March 2000. More specifically, the
Company incurred noncash financing costs relating to such issuance of
approximately $403,000 and $1,254,000 during the three month and nine month
periods in the current year, compared to noncash financing costs pertaining to
this issuance of approximately $293,000 during the same three and nine month
periods in the prior year for the issuance of stock warrants to debenture
holders and promoter. Additionally, the Company incurred charges of
approximately $70,000 during the nine month period in the current year for
common stock issued to consultants for investment advisory services provided in
connection with the Company filing a prospectus for the sale of shares of common
stock in Canada. Furthermore,the Company accrued approximately $67,000 in the
nine months of 2001 for interest on the debentures issued on March 30, 2000 and
due July 31, 2001.

Liquidity

         At June 30, 2001, the Company had approximately $3,000 cash on hand and
a working capital deficiency of approximately $1,582,000. Such deficiency
includes approximately $607,000 of debt due directly and indirectly to the
President and Chief Executive Officer of the Company. On August 22, 2001, the
Company successfully completed its offering of shares in Canada and raised gross
proceeds of approximately $2,000,000. The President and CEO of the Company has
agreed that no portion of such proceeds will be used for a period of one year
from August 22, 2001 to retire approximately $510,000 of debt due to such
officer as at April 30 2001.

            The Company currently estimates it will have approximately $115,000
in monthly expenses and $10,000 in monthly revenues. A major portion of its
research and development expenses in Calgary, with respect to a joint
development program to create prototype fuel cells based upon the Company's
Direct Methanol Fuel Cell technology, will be noncash charges and settled by the
issuance of warrants and common shares to ARC. The Company accordingly believes
it has and will have sufficient resources to fund its operations through the
spring of 2002 at which it anticipates prototype fuel cells will be available.
However, the Company does anticipate that it will seek further new equity
financing in the upcoming year to support its anticipated growth in technology
and research and development costs.


                                     PART II
                                OTHER INFORMATION

Item 1.  Legal Proceedings.

         None.

Item 2.  Changes in Securities.

         None.

Item 3.  Defaults Upon Senior Securities.

         None

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

         None.

Item 5.  Other Information.

         On May 11, 2001 the Company mailed a notice to all of its shareholders
advising them that the Company intended to amend its name from Energy Ventures
Inc. to Energy Visions Inc. The Company has applied to the Canadian Venture
Exchange (CDNX) for a listing respecting the shares to be sold to residents of
Canada pursuant to the Offering. CDNX had granted conditional approval for such
listing, however, a requirement of such approval was that the Company change its
name in order to avoid a conflict with an existing CDNX issuer. The change of
name was approved in writing by 85% of the Company's outstanding common shares,
as permitted by the laws of the State of Delaware, so no further shareholder
vote was required.

         The Company filed Articles of Amendment respecting the change of name
with Delaware authorities on July 23, 2001.

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

         (a)      None.

         (b)      None.



                                   SIGNATURES

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

Date: September 21, 2001

                                               ENERGY VISIONS INC.

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