Document is copied.
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 1O-QSB


               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

  For Quarter ended December 31, 2000      Commission File No.33-30476-D


                                  CRYOCON, INC.
             (Exact name of registrant as specified in its charter)


                                    COLORADO
                         (State or other jurisdiction of
                         incorporation or organization)

                              2250 North 1500 West
                                Ogden, Utah 84404
                   (Address of Principal's Executive Offices)

                                   84-1O26503
                      (I.R.S. Employer Identification No.)



                                 (801) 395-2796
                  (Registrant's Telephone No. Incl. area code)



              Indicate by check mark whether the registrant (1) has
          filed all reports required to be filed by Section 13 or 15(d)
                        of the Securities Exchange Act of
              1934 during the preceding 12 months (or such shorter
              period that the registrant was required to file such
                      reports), and (2) Has been subject to
            such filing requirements for at least the past: 90 days.

                                 Yes _X_ No ___

                 The number of shares outstanding of each of the
                  Registrant's classes of common equity, as of
                       February 09, 2001, are as follows:

                        Class of Securities            Shares Outstanding
                        -------------------            ------------------
                    Common Stock, no par value             19,158,179



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<PAGE>






                                      INDEX


                          PART I. FINANCIAL STATEMENTS

Item 1.  Financial Statements                                              PAGE


         Consolidated Balance Sheets
         (September 30, 2000  and  March  31, 2000......................    4

         Liabilities and Stockholders' Equity (Deficit).................    4

         Consolidated Statement of Operations (unaudited) ..............    5

         Consolidated Statement of Cash Flows ............. ............    6

         Notes to Unaudited Financial Statements .......................    7


Item  2. Management's Discussion and Analysis and
         Plan of Operation..............................................    9


                           PART II. OTHER INFORMATION

Item 1.  Legal Proceedings .............................................    12

Item 2.  Changes in Securities and Use of Proceeds......................    12

Item 3.  Defaults Upon Senior Securities................................    12

Item 4.  Submission of Matters to a Vote of Security Holders............    12

Item 5.  Other Information..............................................    12


Item 6.  Exhibits and Reports on Form 8-K...............................    13



         Signatures.....................................................    14




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2

<PAGE>





PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements






                                  CRYOCON, INC.
                     (Formerly ISO Block Products USA, Inc.)
                          (A Development Stage Company)

                        CONSOLIDATED FINANCIAL STATEMENTS

                      December 31, 2000 and March 31, 2000




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3

<PAGE>





                                  CRYOCON, INC.
                     (Formerly ISO Block Products USA, Inc.)
                          (A Development Stage Company)
                           Consolidated Balance Sheets

                                     ASSETS
<TABLE>
<CAPTION>


                                                            December 31,      March 31,
                                                                2000                2000
                                                          ------------------  -----------------
                                                             (Unaudited)
<S>                                                      <C>                 <C>

CURRENT ASSETS

   Cash                                                  $            6,013  $          71,771
   Accounts receivable, net                                          25,696             12,611
   Prepaid expenses                                                   9,535             -
                                                         ------------------  -----------------

     Total Current Assets                                            41,244             84,382
                                                         ------------------  -----------------

PROPERTY AND EQUIPMENT, NET                                       2,363,846          2,260,585
                                                         ------------------  -----------------

OTHER ASSETS

   Other assets                                                       8,448             -
   Patents, trademarks and licenses, net                            396,617            419,067
                                                         ------------------  -----------------

     Total Other Assets                                             405,065            419,067
                                                         ------------------  -----------------

     TOTAL ASSETS                                        $        2,810,155  $       2,764,034
                                                         ==================  =================

                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES

   Accounts payable                                      $          237,582  $          75,705
   Accrued expenses                                                 181,581             80,320
   Current portion long-term debt                                 1,146,555          2,863,149
                                                         ------------------  -----------------

     Total Current Liabilities                                    1,565,718          3,019,174
                                                         ------------------  -----------------

LONG-TERM LIABILITIES

   Note payable, related party                                      110,000             50,000
   Long-term debt                                                   539,554            187,291
                                                         ------------------  -----------------

     Total Long-Term Liabilities                                    649,554            237,291
                                                         ------------------  -----------------


     TOTAL LIABILITIES                                            2,215,272          3,256,465
                                                         ------------------  -----------------

STOCKHOLDERS' EQUITY (DEFICIT)

   Common stock: 50,000,000 shares authorized of no
    par value, 20,860,702 and 11,000,000 shares issued
    and outstanding, respectively                                 5,007,477            577,500
   Deficit accumulated during the development stage              (4,412,594)        (1,069,931)
                                                         ------------------  -----------------

     Total Stockholders' Equity (Deficit)                           594,883           (492,431)
                                                         ------------------  -----------------

     TOTAL LIABILITIES AND STOCKHOLDERS'
      EQUITY (DEFICIT)                                   $        2,810,155  $       2,764,034
                                                         ==================  =================

</TABLE>

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<PAGE>





                                  CRYOCON, INC.
                     (Formerly ISO Block Products USA, Inc.)
                      Consolidated Statement of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                                                      From
                                                                                                                   Inception on
                                                         For the                         For the                    October 20,
                                                      Nine Months Ended              Three Months Ended            1999 Through
                                                        December 31,                   December 31,                December 31,
                                             -------------------------------------------------------------------------------------
                                                  2000             1999              2000            1999              2000
                                             ----------------  ---------------   --------------  --------------   ----------------
<S>                                          <C>               <C>               <C>             <C>              <C>


REVENUES

   Sales                                     $        117,762  $        -        $       36,351  $       -        $        140,267
                                             ----------------  ---------------   --------------  --------------   ----------------

COST OF SALES

   Supplies and materials                              17,871           -                 3,230          -                  24,850
                                             ----------------  ---------------   --------------  --------------   ----------------

GROSS MARGIN                                           99,891           -                33,121          -                 115,417
                                             ----------------  ---------------   --------------  --------------   ----------------

EXPENSES

   Advertising                                        264,872           -                65,325          -                 318,396
   Depreciation and amortization                      113,358           -                37,273          -                 155,657
   General and administrative                       2,818,519           -             1,743,469          -               3,782,009
                                             ----------------  ---------------   --------------  --------------   ----------------

     Total Expenses                                 3,196,749           -             1,846,067          -               4,256,062
                                             ----------------  ---------------   --------------  --------------   ----------------

OPERATING LOSS                                     (3,096,858)          -            (1,812,946)         -              (4,140,645)
                                             ----------------  ---------------   --------------  --------------   ----------------

OTHER (EXPENSE)

   Interest expense                                  (245,805)          -               (30,672)         -                (271,949)
                                             ----------------  ---------------   --------------  --------------   ----------------

     Total Other (Expense)                           (245,805)          -               (30,672)         -                (271,949)
                                             ----------------  ---------------   --------------  --------------   ----------------

NET LOSS                                     $     (3,342,663) $        -        $   (1,843,618) $       -        $     (4,412,594)
                                             ================  ===============   ==============  ==============   ================

BASIC LOSS PER SHARE                         $          (0.29) $        -        $        (0.12) $       -
                                             ================  ===============   ==============  ==============

WEIGHTED AVERAGE NUMBER OF
 SHARES OUTSTANDING                                11,545,094           -            14,885,571          -
                                             ================  ===============   ==============  ==============

</TABLE>


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<PAGE>





                                  CRYOCON, INC.
                     (Formerly ISO Block Products USA, Inc.)
                          (A Development Stage Company)
                      Consolidated Statements of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                                      From
                                                                       For the                    Inception on
                                                                   Nine Months Ended                October 20,
                                                                     December 31,                   1999 Through
                                                        --------------------------------------      December 31,
                                                              2000               1999                  2000
                                                        ------------------  ------------------  ------------------

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

CASH FLOWS FROM OPERATING ACTIVITIES

   Net (loss)                                           $       (3,343,663) $           -       $       (4,412,594)
   Adjustments to reconcile net loss to
    net cash used by operating activities:
     (Increase) decrease in accounts receivable                    (23,086)             -                  (35,696)
     Decrease (increase) in allowance for bad debt                  10,000              -                   10,000
     Amortization and depreciation                                 113,358              -                  155,857
     (Increase) decrease in other assets                           (17,983)             -                  (17,983)
     Common stock issued for service                                 8,400              -                  543,900
     Options granted below market                                  341,220              -                  341,220
   Changes in operating assets and liabilities:
     Increase (decrease) in accounts
      payable and accrued expenses                                 197,948              -                  353,972
                                                        ------------------  ------------------  ------------------

       Net Cash Used by Operating Activities                    (2,712,806)             -               (3,061,324)
                                                        ------------------  ------------------  ------------------

CASH FLOWS FROM INVESTING ACTIVITIES

   Purchase or development of intangibles                           -                   -                 (449,000)
   Equipment purchases                                            (194,170)             -                 (417,121)
   Purchase of building                                             -                   -               (2,050,000)
                                                        ------------------  ------------------  ------------------

       Net Cash (Used) by Investing Activities                    (194,170)             -               (2,916,121)
                                                        ------------------  ------------------  ------------------

CASH FLOWS FROM FINANCING ACTIVITIES

   Issuance of common stock for cash                                25,075              -                   67,075
   Issuance of notes payable                                     3,186,099              -                6,291,945
   Payments made on notes payable                                 (369,956)             -                 (375,362)
                                                        ------------------  ------------------  ------------------

       Net Cash Provided by Financing Activities                 2,841,218              -                5,983,658
                                                        ------------------  ------------------  ------------------

NET INCREASE IN CASH AND CASH
 EQUIVALENTS                                                       (65,758)             -                    6,213

CASH AT BEGINNING OF PERIOD                                         71,771              -                   -
                                                        ------------------  ------------------  ------------------

CASH AT END OF PERIOD                                   $            6,013  $           -       $            6,213
                                                        ==================  ==================  ==================

CASH PAID FOR:

   Interest                                             $           86,502  $           -       $           59,776
   Income taxes                                         $           -       $           -       $           -

Schedule of Non-Cash Financing Activities:

   Common stock issued for services                     $            8,400  $           -       $          543,900
   Common stock issued for debt                         $        4,126,544  $           -       $        4,126,544

</TABLE>

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<PAGE>





                                  CRYOCON, INC.
                     (Formerly ISO Block Products USA, Inc.)
                          (A Development Stage Company)
                 Notes to the Consolidated Financial Statements
                                December 31, 2000


NOTE 1 -      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

              General Information
              -------------------

              Cryocon,  Inc.  (the  Company)  is a  privately  held  corporation
              organized under the laws of the State of Utah in October 1999. The
              Company is engaged in the study of extremely low  temperatures and
              how materials  react to those  temperatures  and treating  various
              materials    with   those    temperatures    to   improve    their
              characteristics.

              The  financial  statements  presented  are those of Cryocon,  Inc.
              (Company).  The company was  incorporated  in the State of Utah on
              October 20, 1999. On September 21, 2000, ISO Block Products,  USA,
              Inc., a Colorado  Corporation,  (ISO) changed its name to Cryocon,
              Inc. in  conjunction  with the merger with Cryocon,  Inc. Prior to
              the acquisition of the Company, ISO had been seeking to merge with
              an existing, operating company.

              On August 16, 2000,  ISO and the Company  completed  and Agreement
              and Plan of Reorganization whereby ISO issued 11,000,000 shares of
              its common  stock in exchange  for all of the  outstanding  common
              stock of Cryocon.  Immediately  prior to the Agreement and Plan or
              Reorganization,  the Company had 1,248,974  shares of common stock
              issued and outstanding.

              The acquisition was accounted for as a recapitalization of Cryocon
              because the  shareholders of Cryocon  controlled the Company after
              the  acquisition.  Therefore,  Cryocon is treated at the acquiring
              entity.  There  was no  adjustment  to the  carrying  value of the
              assets or  liabilities  of  Cryocon  in the  exchange.  ISO is the
              acquiring  entity for legal  purposes and Cryocon is the surviving
              entity  for  accounting  purposes.  On  September  21,  2000,  the
              shareholders  of the Company  authorized a reverse  stock split of
              1-for-4.  All  references  to  shares of  common  stock  have been
              retroactively   restated.  The  surviving  entity  is  a  Colorado
              Corporation.

              Unaudited Financial Statements
              ------------------------------

              The accompanying unaudited financial statements include all of the
              adjustments which, in the opinion of management, are necessary for
              a fair  presentation.  Such  adjustments are of a normal recurring
              nature.

NOTE 2 -      GOING CONCERN

              The Company's  financial  statements are prepared using  generally
              accepted accounting principles applicable to a going concern which
              contemplates   the   realization  of  assets  and  liquidation  of


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<PAGE>






                                  CRYOCON, INC.
                     (Formerly ISO Block Products USA, Inc.)
                          (A Development Stage Company)
                 Notes to the Consolidated Financial Statements
                                December 31, 2000


              liabilities in the normal course of business. However, the Company
              does not have significant cash or other material assets,  nor does
              it have an established source of revenues  sufficient to cover its
              operating costs and to allow it to continue as a going concern. It
              is the intent of the Company to use the acquired  publicly  traded
              shell to  facilitate  the  raising of equity  capital.  Until that
              time,  the  stockholders  have committed to covering the operating
              costs of the Company.

NOTE 3 -      SUBSEQUENT EVENTS

              On February 9, 2001,  the Company  entered into an agreement  with
              Citizen  Asia  Pacific,  LTD out of Hong Kong,  wherein  they will
              promote our  Company in Asia and other non US  markets.  They have
              received 300,000 shares of common stock for their consulting fees.

              On February 9, 2001,  the Company  entered into an agreement  with
              Hans Balz to promote the Company in Europe. He will receive 20,000
              shares of common  stock for his  services.  These  shares  will be
              issued form the  1,000,000  shares  authorized by the board on May
              31, 2000 to issue for compensation.

              On February  9, 2001 the Company  entered  into an  agreement  for
              consulting  work  from Mr.  J.  Brian  Morrison.  He will  receive
              500,000 shares of common stock for his services.

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8

<PAGE>

Item 2.       MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
              AND RESULTS OF OPERATIONS.

FORWARD LOOKING STATEMENTS:

This  Management's  Discussion  and Analysis of Financial  Condition and Plan of
Operation and the documents  incorporated in this document by reference  include
forward-looking  statements under the Securities Act. In addition,  from time to
time, we have made or may make forward-looking  statements orally or in writing.
The words "may," "will," "expect," "anticipate,"  "believe," "estimate," "plan,"
"intend"  and  similar  expressions  have  been  used in this  document  and the
documents   incorporated   in  this   prospectus   by   reference   to  identify
forward-looking  statements.  We have based these forward-looking  statements on
our  current  views with  respect to future  events and  financial  performance.
Actual   results   could  differ   materially   from  those   projected  in  the
forward-looking  statements.  These  forward-looking  statements  are subject to
risks, uncertainties and assumptions, including,

         -    risks associated with managing and maintaining internal growth
         -    competition, including market competition,
         -    changes  in  coverage  or   reimbursement   practices   of  health
              maintenance organizations and private insurers
         -    adverse  results in  regulatory  matters,  the adoption of adverse
              legislation  or  regulations,   more  aggressive   enforcement  of
              existing   legislation   or   regulations   or  a  change  in  the
              interpretation of existing legislation or regulations
         -    dependence on key members of management
         -    other risks described in this "Risk Factors" section
         -    other risks  described  from time to time in our filings  with the
              SEC

         We  are  not   obligated  to  update  or  revise  any   forward-looking
statements, whether as a result of new information,  future events or otherwise.
All subsequent written and oral forward-looking statements attributable to us or
persons  acting on our behalf are expressly  qualified in their  entirety by the
cautionary  statements  contained  throughout  this  document and the  documents
incorporated   in  this   document  by   reference.   Because  of  these  risks,
uncertainties  and  assumptions,  you should not place  undue  reliance on these
forward-looking statements.

Overview

         ISO Block Products USA, Inc.  ("Company") was incorporated in the State
of Colorado,  on April 28, 1986, under the name Champion Computer Rentals,  Inc.
The Company  obtained  funding from a public  offering in order to engage in the
sale and leasing of computers and related  equipment.  The  Company's  principal
business  operations  through March 31, 1992 consisted of leasing out computers,
peripheral  products and software.  The Company  realized only nominal  revenues
through March 31, 1992. As March 31, 1992,  the Company ceased its computer sale
and leasing operation.

         On March 28, 1994,  the Company  entered into an Agreement  and Plan of
Reorganization  with R-S Iso-Block  Produktions GmbH, a German limited liability
company ("Iso-Block GmbH"), Josef Ratey, an individual ("Ratey"),  Helge Seidel,
an individual  ("Seidel"),  and R-S Plus Investment Corp., a Florida corporation
("R-S PLUS").  Pursuant to the Reorganization  Agreement,  on March 31, 1995 the
Company  purchased from Ratey and Seidel all of the equity interest in Iso-Block
GmbH, and purchased from R-S Plus all of its right, title and interest in and to
Iso-Block  GmbH,  including  all R-S Plus  property  heretofore  contributed  to
Iso-Block GmbH and all R-S Plus's rights to Iso-Block  profits,  in exchange for
the issuance of an aggregate of 2,000,000 shares of the Company's authorized but
heretofore unissued common stock, no par value. In 1995,  Iso-Block GmbH changed
its name to R-S ISO-Block  Produktions und Bautrager GmbH, which permitted it to
engage in the  business of  constructing  buildings as well as  manufacture  and
production of building materials.

         In  fiscal  years  ended  1995 and  1996,  Iso-Block  GmbH had  certain
operations  in Germany.  The Company  wound down such  operations in the closing
months of 1996.  Beginning 1996, the Company functioned entirely as a US company
engaged in the business of residential home construction as general contractor.

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9

<PAGE>

         Until December 31, 1999, the Company's principal  operations  consisted
of residential home construction as general contractor.

Current Business of the Company

         On August 16, 2000, the Company  acquired 100% of the stock of Cryocon,
Inc., a Utah Corporation (Hereinafter, "Cryocon"). Cryocon is the only operation
subsidiary  of the Company.  Cryocon,  was  organized to provide deep  cryogenic
tempering of materials to relieve stress and enhance  durability and wear.  Deep
cryogenic  tempering is a process that includes the application of extremely low
temperatures (approximately,  -300F) utilizing a computer controlled process. On
November 10, 1999, Mr. Brunson executed an agreement to purchase Cryo-Accurizing
Division and the Tri-Lax Process from 300 Below Inc. for approximately  $449,000
in cash, of which a portion was paid as a down payment and the balance evidenced
by a promissory  note. On December 10, 1999,  Cryocon  acquired  Cryo-Accurizing
Division and the Tri-Lax Process from Robert W. Brunson along with Mr. Brunson's
interests in a patent on the Cryo-Accurizing Division, for a combination of cash
and a debenture for Cryocon  stock,  and Cryocon also assumed the  obligation to
pay the remaining  balance of  approximately  $180,000.00  under the note to 300
Below Inc.  Mr.  Brunson  developed  both the  Cryo-Accurizing  Division and the
Tri-Lax  Process while  President of 300 Below,  Inc. and was a co-holder of the
patent on the Cryo-Accurizing Division, which was awarded on February 2, 1999.

         Cryo-Accurizing  is the  patented  process that Cryocon uses to perform
deep cryogenic tempering,  material  stabilization and stress relief to firearms
to improve  accuracy,  longevity  and  increase  ease of  cleaning.  The Tri-Lax
Process is a combination of cryogenic,  electromagnetic and sonic treatment. The
Cryo-Accurizing Division is one of many projects and divisions of Cryocon.

         Cryocon currently has the capability to provide its customers with Deep
Cryogenic  Processing  in its  facilities  in Utah.  The process can be used for
treating  tooling  (drill bits,  dies,  and punches),  wear parts (forming dies,
extrusion  equipment,  and hammer mills),  and many other items  including motor
parts, razor blades,  firearms,  pantyhose,  musical  instruments,  and softball
bats.  Cryocon's  process has numerous  applications  in the aerospace,  mining,
energy, electronic, medical and manufacturing industries.

         In addition, Cryocon intends to manufacture cryogenic processors, which
are machines used to cryogenically treat materials. The cryogenic processors can
be custom  designed to the purchasers'  specifications.  Cryocon also intends to
manufacture a tabletop cryogenic processor.

PLAN OF OPERATIONS

         Cryocon's plan of operation is to develop it's research and development
program while focusing on sales and strategic alliances.  There are many testing
programs ongoing with major manufacturers in the mining, aerospace,  automotive,
military/weapons,  and  electronics  industries.  It is  anticipated  that these
testing  programs and strategic  alliances  will result in contracts  which will
generate significant revenues in the future.

         Specific research and development  goals include  extensive  analytical
testing of deep  cryogenic  effects on synthetic  materials and  electronics  in
addition  to  obtaining  specific  data  concerning  the  beneficial  effects of
Cryocon's  proprietary  Deep Cryogenic  Tempering  process on various metals and
alloys.

         Cryocon has also begun the  development  of  proto-types  of  Cryogenic
Processors  that it is anticipated  will find wide acceptance in a broad variety
of professions  and industries.  It is anticipated  that at least one proto-type
will be unveiled at a major trade show in 2001.


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<PAGE>


         Cryocon has also begun and plans to continue in a program of  obtaining
patent protection for it's proprietary process as well as specific applications.
Cryocon anticipates having several patent grants,  and/or  applications  pending
prior to the end of the fiscal year 2000.

Liquidity and Capital Resources.

         Cryocon Inc., a Utah  Corporation,  commenced  operations On January 3,
2000. As noted above,  Cryocon was organized to provide Deep Cryogenic Tempering
services and equipment to various industries.  Also as noted above, Cryocon Inc,
a Utah  Corporation,  was  acquired  by the  Company  on August  16,  2000.  All
discussions  concerning  finances,  business  operations,  revenues  and forward
looking statements are referencing the business  operations of Cryocon,  Inc., a
Utah  Corporation  which has been merged into the Company and  provides the only
basis of business for the Company.

         Since inception on October 20, 1999,  Cryocon (Utah) realized  $140,267
in  gross  sales  and had  $25,696  in  accounts  receivable.  Since  inception,
Cryocon's cumulative operating loss through December 31, 2000 is $4,412,594. The
loss is attributable to  pre-organizational,  start-up and operating  costs, and
costs incurred in financing efforts.

         Cryocon's  operation to date consumed  substantial amounts of cash. The
negative cash flow from operations is expected to continue and may accelerate in
the foreseeable  future.  The rate at which the Company expends its resources is
variable  and may  accelerate,  depending  on many  factors,  many of which  are
outside the control of the  Company,  including  the  continued  progress of the
Company's  research and development of new process  applications;  the cost, the
timing,   and  outcome  of  further  regulatory   approvals;   the  expenses  of
establishing a sales and marketing force, the timing and cost of establishing or
procuring additional  requisite  production and other manufacturing  capacities,
the cost;  if any,  the cost of  preparing,  filing,  prosecuting,  maintaining,
defending and enforcing  patent claims;  and the status of competitive  products
and the availability of other financing.

         Because  Cryocon  is still in the  development  stage,  it has  limited
working capital and limited internal financial resources. Cryocon's limited cash
flows have prevented the company from borrowing funds from conventional  lending
institutions.  Since  the  Cryocon  has not been  able to  secure  funding  from
commercial   lenders,   Cryocon   has   relied  on  private   investments   from
third-parties,   including  the  Company's  management,   to  meet  its  current
obligations.  As of January 30, 2001,  Cryocon will have sufficient cash on hand
to fund  approximately  an additional one month of operations at the current run
rate; however, Management is confident of being able to obtain operational funds
through various means.  Management believes that it should obtain  profitability
by the end of fiscal year 2001.

         Cryocon's  administrative  offices and  facilities  are located at 2250
North 1500 West Ogden, Utah 84404 and consist of 39,828 square feet. On March 9,
2000, Cryocon entered into a purchase agreement for this building for a price of
$2,050,296.00.  As of March 31,  2000,  $250,000 was placed down on the building
with an  additional  payment  of  $244,740.14  being  made in June of  2000.  An
additional  payment on the  principal of $100,000 was made on September 29, 2000
reducing  the total  outstanding  principal on the  building to  $1,455,556.  On
January 12,  2001 and  additional  $100,000  payment on the  principal  was made
reducing the outstanding principal on the building to approximately  $1,355,000.
Permanent  financing is being arranged and closing on the building is set for on
or before February 28, 2001.

         On December 15, 2000,  the Company  announced  corporate  restructuring
aimed at achieving  administrative  and  operational  cost savings.  The Company
estimated  cost savings in excess of 50% through  outsourcing  key functions and
redefining  departmental and employee functions. As a result of this action, the

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<PAGE>

Company's  full time  employee base was reduced by 10 employees to a total of 17
full time  personnel.  At the present  time here is no  anticipated  significant
changes in the number of employees;  however,  Management  reserves the right to
further  redefine  employee  positions  anticipates  that  it may  need  to hire
personnel specifically in the research and development program.

         Cryocon's  financial  information is prepared using generally  accepted
accounting  principles  applicable  to a going  concern  that  contemplates  the
realization  of assets and  liquidation  of  liabilities in the normal course of
business.

PART II  OTHER INFORMATION

Item 1.  Legal Proceedings

None.

Item 2.  Changes in Securities and Use of Proceeds

None

Item 3.  Defaults Upon Senior Securities

None

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

None.

Item 5.  Other Information

None.



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<PAGE>

Item 6.  Exhibits and Reports on Form 8-K

         (a) Exhibits. The following exhibits are filed with this report, except
those indicated as having previously been filed with the Securities and Exchange
Commission  and  which  are   incorporated   by  reference  to  another  report,
registration  statement or form. The Company will furnish any exhibit  indicated
in the list below as filed with this report (not incorporated by reference) upon
payment to the Company of its expenses in furnishing  the  information  upon the
request of any Shareholder of Record.

2.0      Plan of Acquisition, Reorganization, Arrangement, Liquidation or
         Succession

         2.1      Agreement  and Plan of  Reorganization  dated  April 25,  2000
                  (incorporated  by  reference  to Exhibit 2.1 to Form 8-K dated
                  August 18, 2000).


3.0      Articles and Bylaws

         3.1      Articles  of  Incorporation  of the Company  (incorporated  by
                  reference to Exhibit 3.1 to registration statement on Form S-8
                  of Champion Computer Rentals, Inc., file no. 33-23257- D)

         3.3      Bylaws of the Company (incorporated by reference to Exhibit on
                  Form 10-KSB for fiscal year ended 1993).

         3.4      Certificate  of  Amendment  and  Restatement  to  Articles  of
                  Incorporation  (incorporated  by  reference  to Exhibit 3.4 to
                  Form 8-K dated February 10, 1994)

         3.5      Certificate   of  Amendment  to  Articles  of   Incorporation,
                  changing the  Company's  name to Iso-Block  Products USA, Inc.
                  (incorporated  by reference  to Exhibit  2(c) to  registration
                  statement on Form 8-A, file no. 0-25810)

         3.6      Certificate   of  Amendment  to  Articles  of   Incorporation,
                  changing the Company's  name to Cryocon,  Inc.,  authorizing a
                  four to one reverse split, authorizing the increase of capital
                  stock to 50,000,000  shares of Common Stock, and ratifying the
                  change of auditors to HJ & Associates of Salt Lake City, Utah.
                  (Incorporated  by  reference  to Exhibit 3.6 to the  quarterly
                  report filed on Form 10-QSB for the Quarter  ending  September
                  30, 2000).


         (b)  Reports on Form 8-K.  : There  were no  reports  filed on Form 8-K
between October 1, 2000 and December 31, 2000.


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                                   SIGNATURES
--------------------------------------------------------------------------------

In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  Report  on Form 10- QSB to be  signed  on its  behalf  by the  undersigned
thereunto duly authorized.


Dated: February 14, 2001

                                          CRYOCON, INC.


                                          By:     /s/
                                          --------------------------------------
                                          Robert W. Brunson,
                                          President/Chief Executive Officer




                                          By:     /s/
                                          --------------------------------------
                                          Robert W. Brunson
                                          Acting Chief Financial Officer

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