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 December 31, 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)


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 December 31, 2001,  the  Registrant  had  17,628,979  shares of its Common
Stock outstanding.

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

<PAGE>

                                     PART I
                              FINANCIAL INFORMATION

Item 1. Financial Statements



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


                                                                                              ENERGY VISIONS INC. AND SUBSIDIARIES
                                                                                                   (a development stage company)
                                                                                                    CONSOLIDATED BALANCE SHEET
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    December 31,       September 30,
                                                                                                        2001                2001
------------------------------------------------------------------------------------------------------------------------------------
ASSETS

Current Assets:
  Cash and cash equivalents                                                                           $ 93,004           $ 489,074
  Accounts receivable, net of allowance for doubtful accounts of
    approximately $116,000 and $90,000, respectively                                                     9,419               8,077
  Refundable investment tax credits                                                                     86,028              86,725
  Prepaid expenses and other current assets                                                             78,971              96,505
------------------------------------------------------------------------------------------------------------------------------------
       Total current assets                                                                            267,422             680,381

Property and Equipment, net of accumulated depreciation of
 of $206,326 and $185,396, respectively                                                                435,828             423,233

License and Technology costs, net of accumulated amortization                                          261,948             273,549
 of $191,412 and $181,378, respectively
------------------------------------------------------------------------------------------------------------------------------------
       Total Assets                                                                                  $ 965,198         $ 1,377,163
====================================================================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)

Current Liabilities:
  Accounts payable and accrued expenses                                                              $ 401,564         $   494,861
  Due to related parties                                                                               494,830             495,302
------------------------------------------------------------------------------------------------------------------------------------
       Total current liabilities                                                                       896,394             990,163

Loan Payable                                                                                           271,272             273,470
------------------------------------------------------------------------------------------------------------------------------------
       Total liabilities                                                                             1,167,666           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 17,628,979 shares                                                       1,763               1,763
  Additional paid-in capital                                                                        10,052,438          10,000,174
  Accumulated other comprehensive income                                                                34,574              31,712
  Deficit accumulated during the development stage                                                 (10,291,243)         (9,920,119)
------------------------------------------------------------------------------------------------------------------------------------
       Stockholders' equity (deficiency)                                                              (202,468)            113,530
------------------------------------------------------------------------------------------------------------------------------------
       Total Liabilities and Stockholders' Equity (Deficiency)                                       $ 965,198         $ 1,377,163
====================================================================================================================================

</TABLE>

See Notes to Consolidated Financial Statements

<PAGE>

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

                                                                                              ENERGY VISIONS INC. AND SUBSIDIARIES
                                                                                                   (a development stage company)
                                                                                              CONSOLIDATED STATEMENT OF OPERATIONS

                                                                                                      (Unaudited)

                                                                                                                   Period from
                                                                   Three months ended                           November 19, 1996
                                                              December 31,      December 31,                      (inception) to
                                                                  2001              2000                        December 31, 2001
------------------------------------------------------------------------------------------------------------------------------------
Revenue                                                        $ 25,000          $ 25,000                            $ 578,495

Expenses:
  Research and development costs                                198,024           256,584                            2,060,631
  Professional fees                                              88,192           140,896                            1,560,392
  General and administrative                                     74,171           196,516                            4,552,201
  Interest and financing costs                                    4,773           522,957                            2,298,776
  Depreciation and amortization                                  30,964            26,626                              397,738
------------------------------------------------------------------------------------------------------------------------------------
Total expenses                                                  396,124         1,143,579                           10,869,738
------------------------------------------------------------------------------------------------------------------------------------
Net loss                                                     $ (371,124)      $(1,118,579)                       $ (10,291,243)
====================================================================================================================================
Loss per common share - basic and diluted                        ($0.02)           ($0.08)
====================================================================================================================================
Weighted-average number of common
shares outstanding - basic and diluted                       17,628,979          13,608,359
====================================================================================================================================

</TABLE>

See Notes to Consolidated Financial Statements

<PAGE>

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


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

                                                                                                     Period from
                                                                          Three months ended        November 19, 1996
                                                                    December 31,   December 31,     (inception) to
                                                                       2001            2000         December 31, 2001
------------------------------------------------------------------------------------------------------------------------------------
Cash flows from operating activities:
  Net loss                                                           $ (371,124)    $ (1,118,579)    $ (10,291,243)
    Adjustments to reconcile net loss to net cash used
      in operating activities
        Depreciation and amortization                                    30,964           26,626           397,738
Allowance for doubful accounts                                           26,000                            116,000
        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                                                  70,000           364,557
        Noncash compensatory charge on stock options issued to an officer
          to an officer                                                                                    275,950
        Noncash charge for extension of the expiration date of options                   199,875           282,875
        Issuance of compensatory stock options                                                             515,496
        Issuance of compensatory stock warrants                          52,264          364,602         2,099,455

        Changes in operating assets and liabilities:
          Decrease in accounts receivable                               (27,342)         (27,681)         (125,419)
          Decrease (increase) in refundable investment tax credits          697             (594)          (86,028)
          Decrease (increase) in prepaid expenses and other current asset17,534          114,846           (78,971)
          (Decrease) increase in accounts payable and accrued expenses  (93,297)         217,769           401,564
          (Decrease) increase in deferred revenue                                        (25,000)
------------------------------------------------------------------------------------------------------------------------------------
            Net cash used in operating activities                      (364,304)        (178,136)       (2,933,806)
------------------------------------------------------------------------------------------------------------------------------------
Cash flows from investing activities:
  Purchases of property and equipment                                   (31,958)         (33,091)         (190,587)
  Acquisition of license and technology                                                                     (4,927)
            Cash used in investing activities                           (31,958)         (33,091)         (195,514)
------------------------------------------------------------------------------------------------------------------------------------
Cash flows from financing activities:
  Proceeds from (payments on) related parties' advances, net               (472)         139,070           742,176
  Proceeds from issuance of debentures                                                                     497,678
  Proceeds from (payments on) loan payable                               (2,198)          85,488           271,272
  Proceeds from issuance of common stock, net of offering costs                                          2,076,797
  Proceeds from issuance of common stock upon exercise
   options and warrants                                                                   22,505            97,505
Repayment of debentures                                                                                   (497,678)
------------------------------------------------------------------------------------------------------------------------------------
             Net cash provided by (used in) financing activities         (2,670)         247,063         3,187,750
------------------------------------------------------------------------------------------------------------------------------------
Effect of exchange rate changes on cash                                   2,862           (4,389)           34,574

Net increase (decrease) in cash and cash equivalents                   (396,070)          31,447            93,004

Cash and cash equivalents at beginning of period                        489,074            3,793

Cash at end of period                                                  $ 93,004         $ 35,240          $ 93,004
====================================================================================================================================
Supplemental disclosure of cash flow information:

  Cash paid during the period for interest                              $ 4,773         $ 26,215         $ 181,155
====================================================================================================================================
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                                                                                        $1,308,336
====================================================================================================================================
  Issuance of common stock to agent in connection with extension
   of maturity dates                                                                                    $   75,170
====================================================================================================================================
  Issuance of stock warrants in connection with related
   party advances                                                                                       $   29,663
====================================================================================================================================
</TABLE>

See Notes to Consolidated Financial Statements

<PAGE>

                      ENERGY VISIONS INC. AND SUBSIDIARIES
                          (a development stage company)
               CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS

                                   (Unaudited)


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

                                                                                        Period from
                                                            Three months ended        November 19, 1996
                                                     December 31,      December 31,    (inception) to
                                                          2001             2000       December 31, 2001
-------------------------------------------------------------------------------------------------------------------

Net loss                                              $ (371,124)      $(1,118,579)      $(10,291,243)

Other comprehensive income (loss):
   Foreign currency translation                            2,862            (4,389)            34,574
-------------------------------------------------------------------------------------------------------------------
Comprehensive loss                                   $  (368,262)      $(1,122,968)      $(10,256,669)
===================================================================================================================

                                                                    See Notes to Consolidated Financial Statements.

</TABLE>

<PAGE>

                      ENERGY VISIONS INC. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2001

                                   (Unaudited)

1. Basis of Presentation:

          The financial  statements at December 31, 2001 and for the three month
          periods  ended  December 31, 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, 2001.

          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  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 period ended  December
          31, 2001 is not  necessarily  indicative  of the  results  that may be
          expected for the entire fiscal year ending September 30, 2002.

2. Due To Related Parties:

          Advances  amounting  to  approximately  $495,000 at December 31, 2001,
          from the Company's president and chief executive officer and a company
          controlled by this individual  cannot be repaid out of the proceeds of
          the public offering pursuant to an agreement with the Canadian Venture
          Exchange ("CDNX") for a period of one year from the date of closing of
          the public  offering  and are included in current  liabilities  in the
          accompanying consolidated balance sheet.

3. Stock Options:

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

<PAGE>

          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 proposed 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 proposed  Plan.  These options will be
          issued and become  exercisable  over an eighteen month period upon the
          approval of the proposed Plan.

4. Noncash Compensation:

          During the quarter  ended  December  31,  2001 the Company  recorded a
          charge  to  operations  of  approximately  $52,000,  which  represents
          research and development  services  performed by the Alberta  Research
          Council,  Inc.  ("ARC")  during the  quarter.  At December  31,  2001,
          Special  Warrants  issued  but not  earned  by ARC were  approximately
          751,000.

5. Subsequent Event:

          The  Company is  negotiating  to acquire a majority  interest  in Pure
          Energy Inc.  The  proposal  is subject to the  approval  from  various
          regulatory  agencies.  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.

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

         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 month  interim  period ended  December 31,
2001. Accordingly, this section will primarily discuss the Company's position as
of such date.

Overview

         Energy Visions Inc.  (hereafter,  the "Company" or "EVI") was formed in
November  1996,  to research,  develop and  commercialize  rechargeable  battery
technologies.  The Company  has several  electro  chemical  technologies  and is
currently  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 license fees develop.

<PAGE>

Comparative Disclosure

         During the quarter  ended  December 31,  2001,  the Company was still a
development stage company and has yet to achieve significant revenues. Revenues,
in the quarter ended  December 31, 2001 were $25,000 as in the prior year.  Such
revenues represent fees earned from research and development  services performed
for and licensing fees from Ilion Technology Corporation  ("Ilion").  While such
revenues,  pursuant to the terms of the Ilion license agreement, should continue
at the minimum rate of $100,000 per annum through March 2002, the Ilion contract
is currently  under review.  We do not expect such revenues to continue into the
future.  Other  revenue  sources will not result until the Company  successfully
completes the  commercialization of its electro chemical  technologies which the
Company currently expects to achieve in late calendar 2002.

         The Company's expenses in the quarters ended December 31, 2001 and 2000
totaled  approximately  $396,000  and  $1,144,000  respectively  resulting  in a
decrease of 65%. This decrease was a result of the Company incurring in the same
period of the prior  year  noncash  financing  costs of  approximately  $365,000
relating to the issuance of stock warrants to debenture  holders.  Additionally,
in that 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.  Also the Company  incurred  noncash  financing
costs of approximately  $56,000 pertaining to common stock issued to consultants
for services  provided in connection with obtaining an extension on the maturity
dates of the debentures.  Finally,  the Company  incurred  noncash  compensatory
charges of  approximately  $200,000  in  connection  with the  extension  of the
expiration  dates of options  previously  issued to employees  and to laboratory
consultants.  During the current year's quarter,  the Company  incurred  noncash
compensatory  charges of approximately  $52,000 in connection with the provision
of research and development services from ARC.

         Expenses,  excluding such items, totaled approximately  $344,000 in the
quarter ended December 31, 2001 and  approximately  $453,000 in the prior year's
quarter.  The most  significant  costs included in such values are the Company's
technology  expenses i.e.  expenses related to the research and development cost
of the  company's  battery  technologies  (approximately  $146,000  in the  2001
quarter - a 24%  decrease  compared  to the  prior  year's  comparative  quarter
approximately $191,000).

         Research and  development  costs  decreased to $198,000 for the quarter
ended December 31, 2001 from approximately $257,000 for the same period of 2000.
The 2001 values include  approximately  $52,000 in noncash  compensatory charges
based upon the research and development services performed by ARC as of December
31, 2001. The 2000 values include noncash  compensatory charges of approximately
$66,000 for the extension of the expiration dates of options  previously  issued
to laboratory consultants.

         Professional  fees  decreased  approximately  38% to  $88,000  for  the
quarter ended December 31, 2001 from approximately  $141,000 for the same period
of 2000. The decrease in professional fees is the result of accounting and legal
fees  incurred  in the prior year in  connection  with  securities  law  matters
arising from the Company's compliance with the federal securities laws and costs
incurred  on the filing of a  preliminary  prospectus  in Canada for the sale of
shares of common stock.

         General and administrative expenses decreased by approximately $123,000
to $74,000 for the quarter ended  December 31, 2001. The decrease in general and
administrative  expenses resulted from the Company incurring, in the prior year,
noncash compensatory charges of approximately  $134,000 for the extension of the
expiration dates of options previously issued to employees.

         Interest and financing  costs  decreased by  approximately  $518,000 to
$5,000 for the quarter ended December 31, 2001 from  approximately  $523,000 for
the same period of 2000. A  significant  portion of the  interest and  financing
costs  for the  comparative  quarter  in 2000  was  noncash  financing  costs of
approximately  $365,000  relating to the issuance of stock warrants to debenture
holders,  $70,000  relating to common stock issued to consultants for investment
advisory services in connection with the Company filing a preliminary prospectus
for the sale of shares of common  stock and $56,000  relating to the issuance of
common stock to consultants  for services  provided in connection with obtaining
an extension on the maturity dates of the debentures.

<PAGE>

Liquidity

         At December 31, 2001 the Company had approximately $93,000 cash on hand
and a working  capital  deficiency of  approximately  $629,000.  The Company has
approximately $115,000 in monthly expenses and $8,000 in revenues.  Such cash on
hand plus anticipated cash receipts are sufficient to service the Company's cash
needs through to early March 2002.

         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 $629,000 at December 31, 2001,
includes  approximately  $495,000  owed to the  Company's  President  and  Chief
Executive  Officer  and to a company  controlled  by this  individual.  Such sum
cannot be repaid, through August 22, 2002 out of the proceeds of the August 2001
share offering.

         The Company will attempt to offer shares to sophisticated  investors in
Ontario  in the final  weeks of  February  2002 and also will  attempt to make a
short-form prospectus filing in the Provinces of Alberta and British Columbia in
the very near  future.  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 Alberta
Research  Council,  Inc.  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  also has a  long-standing
agreement  with  National  Research  Council of Canada  ("NRC") and,  while such
contract is  currently  under  renegotiation,  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.

                                     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.

         None.

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

         (a)     None.

         (b)     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  thereto  duly
authorized.

Date: February 14, 2002

                                                  ENERGY VISIONS INC.



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