<PAGE> 1

                              UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C. 20549

                               FORM 10-QSB

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2005.

OR

[ ]TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 FOR THE TRANSITION FROM _______ TO ________.

                    COMMISSION FILE NUMBER 000-27421

                   EMERGENCY FILTRATION PRODUCTS, INC.
          (Exact name of registrant as specified in its charter)

              NEVADA                              87-0561647
   (State or other jurisdiction of             (I.R.S. Employer
    incorporation or organization)            Identification No.)

    175 Cassia Way, Suite A115
           Henderson, Nevada                        89014
(Address of principal executive offices)          (Zip code)

Issuer's telephone number: (702) 558-5164

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 for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.  Yes [X]    No [ ]

State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:

At March 31, 2005, there were outstanding 34,407,348 shares of the
Registrant's Common Stock, $.001 par value.

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



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                                  PART I

                             FINANCIAL INFORMATION

                                  Item 1.

                             FINANCIAL STATEMENTS
                                 (UNAUDITED)

     TABLE OF CONTENTS
                                                                 Page
                                                                 ----

Part I Financial Information

Item 1. Financial Statements

Balance Sheets
March 31, 2005 (Unaudited) and December 31, 2004.............      3

Statements of Operations (Unaudited)
For the three months ended March 31, 2005 and 2004...........      4

Statements of Cash Flows (Unaudited)
For the three months ended March 31, 2005 and 2004...........      5

Notes to the Financial Statements............................      6

Item 2. Management's Discussion and Analysis of Financial
        Condition and Results of Operations...................     9

Item 3. Controls and Procedures...............................     13

Part II Other Information

Item 1. Legal Proceedings.....................................     14

Item 2. Unregistered Sales of Equity Securities
        and Use of Proceeds...................................     14

Item 3. Defaults by the Company on its
        Senior Securities ....................................     14

Item 4. Submission of Matter to a Vote
        Of Security Holders ..................................     14

Item 5. Other Information .....................................    14

Item 6. Exhibits ..............................................    15

Signatures.....................................................    15


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EMERGENCY FILTRATION PRODUCTS, INC.
Balance Sheets
March 31, 2005 and December 31, 2004
                                                    March 31,    December 31,
                                                      2005          2004
                                                   -----------   -----------
ASSETS                                             (Unaudited)

CURRENT ASSETS
 Cash and cash equivalents                        $    461,821  $    438,151
 Accounts receivable, net of an allowance for
  doubtful accounts of $8,500 and $8,500,
  respectively                                           8,021         8,071
 Prepaid expenses and other                             25,982        40,342
 Inventory                                             188,843       183,275
                                                   -----------   -----------
                                                       684,667       669,839
                                                   -----------   -----------
PROPERTY AND EQUIPMENT, net of accumulated
 depreciation of $191,307 and $182,835,
 respectively                                           98,019        66,181
                                                   -----------   -----------
OTHER ASSETS
 Patents and acquired technology, net of
  accumulated amortization of $161,677 and
  $143,097, respectively                               953,110       971,689
 Deposits and other assets                               3,462         3,462
                                                   -----------   -----------
                                                       956,572       975,151
                                                   -----------   -----------
                                                  $  1,739,258   $ 1,711,171
                                                   ===========   ===========
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
 Accounts payable - unrelated parties             $     41,145   $    36,522
 Accounts payable - related parties                    183,207       168,972
 Accrued expenses                                       90,267        89,761
 Notes payable                                           9,405        25,479
                                                   -----------   -----------
                                                       324,024       320,734
                                                   -----------   -----------
STOCKHOLDERS' EQUITY
 Common stock, par value $0.001; authorized
  50,000,000 shares; 34,407,348 and
  33,687,848 shares issued and outstanding,
  respectively                                          34,407        33,688
 Additional paid in capital                         11,423,579    11,210,673
 Deferred compensation                                 (60,000)      (68,000)
 Accumulated other comprehensive income                   (577)       (7,910)
 Deficit                                            (9,982,175)   (9,778,014)
                                                   -----------   -----------
                                                     1,415,234     1,390,437
                                                   -----------   -----------
                                                   $ 1,739,258   $ 1,711,171
                                                   ===========   ===========




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

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<PAGE> 4

EMERGENCY FILTRATION PRODUCTS, INC.
Statements of Operations
For the Three Months Ended March 31, 2005 and 2004
(Unaudited)

                                                       2005          2004
                                                   -----------   -----------
NET SALES                                         $     19,969  $    260,761
                                                   -----------   -----------
COSTS AND EXPENSES

 Cost of sales                                          12,414       182,779
 Selling, general and administrative                   210,730       256,699
                                                   -----------   -----------
                                                       223,144       439,478
                                                   -----------   -----------
LOSS FROM OPERATIONS                                  (203,175)     (178,717)

Interest expense                                          (986)      (42,318)
                                                   -----------   -----------
NET LOSS                                          $   (204,161) $   (221,035)
                                                   ===========   ===========
BASIC AND DILUTED LOSS PER SHARE                  $      (0.01) $      (0.01)
                                                   ===========   ===========
WEIGHTED AVERAGE NUMBER OF COMMON
  SHARES OUTSTANDING                                34,104,565    27,265,517
                                                   ===========   ===========
























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



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<PAGE> 5

EMERGENCY FILTRATION PRODUCTS, INC.
Statements of Cash Flows
For the Three Months Ended March 31, 2005 and 2004
(Unaudited)
                                                       2005          2004
                                                   -----------   -----------
Net loss                                          $   (204,161) $   (221,035)
Adjustments to reconcile net loss to net
cash used in operating activities:
 Depreciation and amortization                          26,811        29,072
 Common stock issued for services                        8,000             -
Changes in operating assets and liabilities:
 Accounts receivable                                        49      (253,056)
 Prepaid expenses and other                             14,360        26,321
 Inventory                                              (5,568)       41,526
 Accounts payable, including to
  related parties                                       18,329       214,642
 Accrued expenses                                          506        35,687
                                                   -----------   -----------
  Net Cash Used In Operating Activities               (141,674)     (126,843)
                                                   -----------   -----------
CASH FLOWS FROM INVESTING ACTIVITIES
 Acquisition of property and equipment                 (39,540)            -
                                                   -----------   -----------
CASH FLOWS FROM FINANCING ACTIVITIES

 Common stock issued for cash                          213,625             -
 Repayments on notes payable                           (16,074)      (17,940)
                                                   -----------   -----------
  Net Cash Provided by (Used In)
   Financing Activities                                197,551       (17,940)
                                                   -----------   -----------
EFFECT OF CURRENCY EXCHANGE RATE CHANGES
 ON CASH AND CASH EQUIVALENTS                            7,333         6,774
                                                   -----------   -----------
NET INCREASE (DECREASE)IN CASH AND
 CASH EQUIVALENTS                                       23,670      (138,009)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD       438,151       148,501
                                                   -----------   -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD        $    461,821  $     10,492
                                                   ===========   ===========
















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


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EMERGENCY FILTRATION PRODUCTS, INC.
Notes to the Financial Statements
March 31, 2005 and December 31, 2004

NOTE 1 - BASIS OF PRESENTATION

The interim financial information included herein is unaudited and has been
prepared consistent with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and Item 310(b)
of Regulation S-B.  Accordingly, these financial statements do not include all
information required by generally accepted accounting principles for annual
financial statements.  These statements should be read in conjunction with the
audited financial statements and notes thereto included in the Company's
annual report on Form 10-KSB for the year ended December 31, 2004, from which
the balance sheet information as of that date is derived.  In the opinion of
management, these interim financial statements contain all adjustments
(consisting solely of normal recurring adjustments) which are, in the opinion
of management, necessary for a fair statement of results for the interim
periods presented.

The results of operations for the three months ended March 31, 2005 are not
necessarily indicative of the results to be expected for the full year.

Certain prior period amounts have been reclassified to conform with the
current period presentation.

NOTE 2 - LOSS PER SHARE

Following is information relative to the computation of basic and diluted loss
per share for the three months ended March 31, 2005 and 2004:

                                     For the Three Months Ended
                                               March 31,
                                          2005          2004
                                      -----------   -----------

Net loss                             $   (204,161) $   (221,035)
                                      ===========   ===========
Weighted average shares                34,104,565    27,265,517
                                      ===========   ===========
Basic and diluted loss per share    $       (0.01) $      (0.01)
                                      ===========   ===========

Weighted average shares issuable upon the exercise of stock warrants were not
included in the foregoing calculations because they are antidilutive.




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EMERGENCY FILTRATION PRODUCTS, INC.
Notes to the Financial Statements
March 31, 2005 and December 31, 2004

NOTE 3 - GOING CONCERN CONTINGENCY

The Company's financial statements are prepared using accounting principles
generally applicable to a going concern, which contemplates the realization of
assets and liquidation of liabilities in the normal course of business.  The
Company has incurred negative cash flow from operations and significant
losses, which have resulted in a deficit of $9,982,175 at March 31, 2005.

Consequently, the Company's ability to continue as a going concern may be
dependent upon the success of management's ongoing business plans which, as
explained below, include a) continued product development efforts, b)
continuing efforts to increase its product sales in the U.S. and
internationally, and c) obtain additional equity financing, if needed.

In late 2004, the Company was awarded a grant from the U.S. military to
develop a testing protocol for its filter media.  The funds from this grant
will be paid directly to the testing facility during mid-2005 as the testing
for the Company's nano-enhanced filter media is completed.

The Company has been able to raise additional funds during the three months
ended March 31, 2005 totaling $213,625 through the exercise of outstanding
warrants in order to raise the necessary capital to sustain operations until
revenues are adequate to cover the costs.  These funds have been used to
retire previously outstanding debt, to acquire additional molds for its
products and for ongoing working capital.

Throughout 2004 and early 2005, the Company had been in discussions with a
large Asian multinational company, involved in chemical and related
businesses, including air filtration, that had shown interest in a possible
distribution agreement for the Company's air filter products and technologies
in Japan.  During October 2004, the Company announced that this large Asian
company obtained a Certificate of Import and a Certificate of Sale from the
Koseisho (the Japanese Ministry of Health and Welfare, akin to the United
States Food and Drug Administration) to immediately begin importing and
selling certain of the Company's emergency respiration products in Japan.  On
December 28, 2004, the Company entered into an exclusive, long-term agreement
with this large Asian company whereby the Asian company will distribute
certain of the Company's products in Japan, once their final assessment of the
overall market for the products is completed.  Initial orders under this
distribution agreement are expected to occur during the second quarter of
2005.  The agreement terminates on May 31, 2008, but can be extended for an
additional three-year period.  The agreement also allows for the Asian company
to form sub-distribution agreements with other medical product companies, with
the Company's approval, to promote the sale of the Company's products in
Japan.

It is management's intent to seek to create additional revenues through the
development and sales of its emergency respiration equipment and its
environmental masks.  However, management can offer no assurance with respect
to its ability to create additional revenues, obtain additional equity
financing, if needed, or otherwise execute its long-term business plans.  The
accompanying financial statements do not include any adjustments relating to
the recoverability and classification of asset carrying amounts or the amount
and classification of liabilities that might result from the outcome of this
uncertainty.






<PAGE> 8

EMERGENCY FILTRATION PRODUCTS, INC.
Notes to the Financial Statements
March 31, 2005 and December 31, 2004

NOTE 4 - STOCK WARRANTS OUTSTANDING

The Company has granted warrants to purchase common stock in conjunction with
certain stock issuances for cash.  A summary of the status of the Company's
stock warrants as of March 31, 2005 and December 31, 2004, and changes during
the three months then ended, are presented below:

                                             Weighted      Weighted
                                              average       average
                                             exercise     grant date
                               Warrants        price      fair value
                              -----------   -----------   -----------
Outstanding, December 31, 2004  4,633,550   $      0.30   $         -
Exercised                        (719,500)         0.30             -
                              -----------   -----------   -----------
Outstanding, March 31, 2005     3,914,050   $      0.30   $         -
                              ===========   ===========   ===========

The outstanding warrants at March 31, 2005 are as follows:

               Number of           Exercise               Expiration
               warrants             price                    date
            -------------        ------------            ------------

                  100,000        $       0.25          April 11, 2006
                  662,800                0.25          April 23, 2006
                  226,250                0.50          May 27, 2006
                2,925,000                0.30          September 30, 2006

<PAGE>
<PAGE> 9

                                ITEM 2

Management's Discussion and Analysis of Financial Condition and Results of
Operations

Cautionary Statement Regarding Forward-looking Statements
---------------------------------------------------------
This report may contain "forward-looking" statements.  Examples of
forward-looking statements include, but are not limited to: (a) projections of
revenues, capital expenditures, growth, prospects, dividends, capital
structure and other financial matters; (b) statements of plans and objectives
of our management or Board of Directors; (c) statements of our future economic
performance; (d) statements of assumptions underlying other statements and
statements about us and our business relating to the future; and (e) any
statements using the words "anticipate," "expect," "may," "project," "intend"
or similar expressions.

Overview
--------
The Company is in the business of producing masks and filters for medical
devices that are designed to reduce the possibility of transmission of
contagious diseases.  The Company is also a distributor of a blood clotting
device for surgery, trauma and burn wound management.

Since its inception, the Company has been involved in the development of its
technology.  During this time, revenues have not been adequate to cover
operating expenses. Without adequate revenues to offset expenditures, the
Company has reported a loss in each of its years of existence.  To date, the
Company has funded itself by way of a series of private equity placements.  As
of the end of fiscal 2004, the Company had offset its accumulated deficit in
this manner. The most valuable asset of the Company is its intellectual
property and technology.  The Company has acquired the rights to certain
intellectual property, which property includes title to the patent on a
component of an emergency CPR assistance device, called a dual-filtered vapor
isolation valve and the rights to certain other technologies related to
environmental masks.  Rights pertaining thereto include the right to maintain,
sell and improve the devices, and to license those rights.  Although the
Company believes its technology to be very valuable in the economic sense,
this value is not quantified as such on the Company's balance sheet.

Results of Operations
---------------------
Three Months Ended March 31, 2005 compared with 2004
----------------------------------------------------
Revenues:  During the three months ended March 31, 2005, the Company reported
a decrease in revenues compared to the three months ended March 31, 2004 of
approximately $240,000 or 92% primarily due to the reduction in sales of the
environmental masks. This reduction in sales of the environmental masks was
due to the gradual decline in the demand for the masks in the Asian markets
and increased competition.  However, the Company expects the demand for the
environmental masks to increase in the near future due to continuing virus
outbreaks in the Far East such as SARS and Avian Influenza (Bird Flu) and has
started to receive numerous orders for the environmental masks during April
2005.  The Company has also recently started production of additional
environmental masks in order to have sufficient inventory to cover the
expected demand for this product in the near future.  In addition, on March
28, 2005, the Company entered into a non-exclusive distribution agreement with
a California based company to distribute the Company's environmental masks to
both retail and wholesale market segments in the United States and
internationally.  The distributor is expected to launch a marketing campaign
for the product and seek retail outlets throughout the country (see also
Liquidity and Capital Resources below).




<PAGE> 10

Revenues have also been generated in 2005 and 2004 in part from the sale of
the emergency CPR assistance device.  Sales for this product have remained
relatively constant over the past year or two, although the Company expects
that revenues for this product will increase in the near future.

Additionally, the Company generated revenues in 2005 and 2004 related to
Superstat, a modified collagen hemostat, for which the Company has exclusive
distribution rights to the U.S. and foreign governments and militaries.
Revenues related to governmental orders of Superstat remained relatively
constant for the three months ended March 31, 2005 compared to the three
months ended March 31, 2004.  In addition to competition from other companies
that may offer alternative products, governmental orders from the military are
dependent on current foreign affairs and international conflicts and the need
for emergency products in the US military.

Cost of Sales:  During the three months ended March 31, 2005, the Company
reported a decrease in cost of sales of $170,365 or approximately 93% compared
to the three months ended March 31, 2004, which is commensurate with the
decrease in revenues for the same period.  Costs as a percentage of sales were
62% for the three months ended March 31, 2005 compared to 70% for the three
months ended March 31, 2004.  The Company expects costs as a percentage of
sales to be approximately 62% to 66% in the future unless significant changes
occur in the cost of materials.  Costs as a percentage of sales is expected to
be slightly less than in the past due to the expected increase in sales in
foreign markets and the corresponding reduced costs overall in those markets.
The significant components of the Company's cost of sales include actual
product cost, including outsourced manufacturing and packaging, freight and
shipping, and royalties paid on revenues generated.

Operating Expenses: During the three months ended March 31, 2005, the Company
reported a decrease in general and administrative expenditures of $43,708 or
approximately 19% compared to the three months ended March 31, 2004, primarily
due to the decrease in salaries and wages and other operating costs associated
with the manufacturing facility in Taiwan.

The Company issued no shares of common stock for services rendered to outside
consultants and lawyers during the three months ended March 31, 2005 or 2004.
The Company has recently retained a consultant who will serve as Director of
Manufacturing and expects to, in the near future, incur additional operating
costs related to hiring marketing personnel for the increased business that is
expected during 2005 related to the Itochu agreement as described below in the
Liquidity and Capital Resources section.  The significant components of our
operating expenses include salaries and wages, consulting and other
professional services, product and liability insurance, travel and office
rent.

Research and development: Although not significant for the periods presented,
the Company expects research and development costs to increase somewhat in the
future as the Company intends to bring additional products to market during
the next twelve months, now that additional funding has been obtained.  Future
research and development costs for testing, validation and FDA filings for
these potential new products are estimated to range from $25,000 to $35,000
during the next twelve months.  The Company spent approximately $40,000 during
the three months ended March 31, 2005 for additional molds required for one of
its new products, ELVIS (Emergency Life-Support Ventilation and Intubation
System).  An additional $30,000 to $40,000 may also be required for the
commission of molds for other potential new products.  The significant
components of the Company's research and development costs ordinarily include
prototype development and materials, governmental filings and laboratory
testing.







<PAGE> 11

Liquidity and Capital Resources
-------------------------------

The Company has accumulated a deficit of $9,982,175 as of March 31, 2005,
resulting from the continued losses since inception.  Consequently, the
Company's ability to continue as a going concern may be dependent upon the
success of management's ongoing business plans which, as explained below,
include a) continued product development efforts, b) continuing efforts to
increase its product sales in the U.S. and internationally, and c) obtain
additional equity financing, if needed. For this and other reasons, our
auditors for our most recent fiscal year ended December 31, 2004, expressed
substantial doubt in their report as to our ability to continue operating as a
going concern.

The Company currently does not have and is not presently able to generate
sufficient net cash inflows from operations to sustain its business efforts as
well as to accommodate its growth plans.  It is management's intent to seek to
create additional revenues through the development and sales of its emergency
respiration equipment and its environmental masks through potential
distribution agreements currently being negotiated.

The Company also issued 719,500 shares of common stock through the exercise of
common stock warrants during 2005, for total proceeds of $213,625.  In
addition, the Company may receive additional funds of up to approximately
$1,181,000 through the exercise of common stock warrants currently
outstanding.

With the funds raised during 2005 and 2004, the Company intends to bring
additional products to market during the next twelve months, including the
breathing circuit filters, the ELVIS BVM bag, and the continued marketing and
development of the personal environmental masks as previously described.  The
research and developments costs associated with the ELVIS BVM device will be
the most significant.

The estimated expense for testing, validation and FDA filings for ELVIS will
be approximately $25,000. The commission of molds for the ELVIS BVM bag will
require an additional approximate amount of $30,000 to $40,000 over the next
twelve months.

Due to the increased exposure and liability for public entities, the cost of
our liability insurance has increased substantially over the past several
years.  The Company's insurance policies cover general/product, directors and
officers, and employment practices liability.  Currently, the cost of this
insurance coverage is approximately $72,000 annually.  The Company does not
expect the cost to increase substantially, however, over the next few years.

Cash used by our operating activities for the periods ended March 31, 2005 and
2004 was funded primarily by the sale of common stock through the exercise of
common stock warrants.

The Company is continuing to focus on a marketing-driven sales effort of its
medical products and the environmental masks and associated filters,
particularly in the Asian markets, to increase revenues that will ultimately
cover total expenditures.

On March 28, 2005, the Company entered into a non-exclusive distribution
agreement with 2H Distributors, a California-based company, to distribute the
Company's environmental masks to both retail and wholesale market segments in
the United States and internationally.  2H Distributors is expected to launch
a marketing campaign for the product and seek retail outlets throughout the
country.  Their wholesale marketing plans entail forming partnerships with a
number of consumer products distributors in Southeast Asian markets such as
Vietnam and Thailand.



<PAGE> 12

In September 2004, the Company announced that it had been awarded a Prototype
Development/Testing/Evaluation Grant (PDT&E) to develop a testing protocol for
filter media on behalf of the U.S. Military. As part of this project, the
Company has begun testing their licensed nano-enhanced filter media at
Edgewood Chemical Biological Center in Edgewood, Maryland. The original study
funded by the grant comprised protocols or tests to evaluate the Company's
filter media efficacy against four different contaminants.  This testing has
now been completed, and as a result of the successful completion of this
testing phase, the Company was requested by the United States military to test
its filter media against a number of additional contaminants.  This final
phase of testing is expected to be completed during May 2005.  In the event of
positive final testing results, the Company then would expect to sub-license
its nano-enhanced filter media to a number of Department of Defense approved
manufacturers to develop and/or enhance existing filtration products that are
currently used by the U.S. Air Force, Army and Navy, as well as to commence
development of new product applications that will serve to better protect U.S.
Military personnel.

On December 28, 2004, the Company entered into an exclusive, long-term
agreement with Itochu Techno Chemical, Inc. (Itochu), a Japanese corporation,
whereby Itochu will distribute the Company's Respaide, Vapor Isolation Valve
and Series One Breathing Circuit Filter products in Japan, once their final
assessment of the overall market for the Company's products is completed.
The agreement terminates on May 31, 2008, but can be extended for an
additional three-year period.  The agreement also allows for Itochu to form
sub-distribution agreements with other medical product companies, with the
Company's approval, to promote the sale of the Company's products in Japan.

During early 2005 and in conjunction with Itochu's partner/affiliate, Senko
Medical Instruments Mfg. Co. Ltd (one of Japan's leading medical products
distributors), Itochu has conducted a marketing review which will continue
through June 1, 2005.  This marketing review is required by Koseisho (Ministry
of Health and Welfare, similar to the United States FDA) and mandates that
companies who have been granted a certificate of import and a certificate of
sale comply fully with Japanese regulations concerning medical products.  The
marketing review will enable Itochu to make initial introductions of the
products to potential customers in Japan, to determine the potential size of
the market in Japan, and to allow the Company and Itochu to establish minimum
purchase requirement quantities applicable to the agreement for each annual
period commencing on June 1, 2005.

The Company has shipped a number of sample orders, and has modified its
products at the request of Itochu, to conform to Japanese medical product
standards.  These modifications necessitated minor but time consuming
alternations to existing molds.  As a result, this process has caused delays
in the commencement of shipping commercial orders to Itochu and its
distribution partners.  The Company has now completed all of the modifications
requested by its Japanese partners and expects to initiate commercial
shipments to Japan in the near future.  Itochu has also expressed an interest
in distributing the Company's environmental mask product in Japan and other
Pacific Rim countries that have been affected by the Avian Influenza.

Management intends to seek to create additional revenues through the
development and sales of the Company's emergency respiration equipment and
sales of its environmental masks through potential distribution agreements
currently being negotiated in Taiwan and Japan, and to rely upon additional
equity financing, if required, to sustain operations until revenues are
adequate to cover the costs.  However, management can offer no assurance with
respect to its ability to create additional revenues, obtain additional equity
financing or execute its long-term business plans.

During our current fiscal year 2005, the Company expects that it will be able
to continue measures that will (i) reduce unnecessary cash outflows, and (ii)
increase revenues through our improved marketing efforts.



<PAGE> 13

The Company's future business model is intended to be cost-efficient and will
emphasize:  (1) in-house research and development;  (2) accumulation of
intellectual property assets;  (3) ownership of key production equipment; and
(4) outsourcing of all manufacturing, distribution, warehousing, and order
fulfillment. Accordingly, the Company benefits from low overhead, as well as
the pricing advantages inherent in proprietary specialty products.

Impact of Inflation
-------------------
At this time, we do not anticipate that inflation will have a material impact
on our current or future operations.

Critical Accounting Policies and Estimates
------------------------------------------

Except with regard to the estimated useful lives of patents and acquired
technology, the Company does not employ any critical accounting policies or
estimates that are either selected from among available alternatives or
require the exercise of significant management judgment to apply or that if
changed are likely to materially affect future periods.  Management reviews
the carrying value of the technology assets annually for evidence of
impairment and considers, based on its current marketing activities, plans and
expectations, and the perceived effects of competitive factors and possible
obsolescence, whether any write-downs should be taken or whether the estimated
useful lives should be shortened.

Recent Accounting Pronouncements
--------------------------------

In December, 2004, the Financial Accounting Standards Board (FASB) issued SFAS
No. 123 (Revised 2004), Share-Based Payment (SFAS 123R). SFAS 123R requires
that compensation cost related to share-based employee compensation
transactions be recognized in the financial statements. Share-based employee
compensation transactions within the scope of SFAS 123R include stock options,
restricted stock plans, performance-based awards, stock appreciation rights
and employee share purchase plans. The provisions of SFAS 123R are effective
as of the first interim period that begins after December 15, 2005.
Accordingly, we will implement the revised standard in the first quarter of
fiscal year 2006, if applicable.

In December 2004, the FASB issued SFAS No. 153, Exchanges of Nonmonetary
Assets, an Amendment of APB Opinion No. 29, Accounting for Nonmonetary
Transactions.  The amendments made by SFAS 153 are based on the principle that
exchanges of nonmonetary assets should be measured based on the fair value of
the assets exchanged. Further, the amendments eliminate the narrow exception
in APB Opinion No. 29 for nonmonetary exchanges of similar productive assets
and replace it with a broader exception for exchanges of nonmonetary assets
that do not have commercial substance. The Statement is effective for
nonmonetary asset exchanges occurring in fiscal periods beginning after June
15, 2005. We do not expect to enter into any transactions that would be
affected by adopting SFAS 153 when effective.

                             ITEM 3.
                       CONTROLS AND PROCEDURES

Our principal executive and principal financial officers have participated
with management in the evaluation of effectiveness of the controls and
procedures required by paragraph (b) of Rule 13a-15 or Rule 15d-15 under the
Exchange Act as of the end of the period covered by this report.  Based on
that evaluation, our principal executive and principal financial officers
believe that our disclosure controls and procedures (as defined in Rule 13a-
15(e) or Rule 15d-15(e) under the Exchange Act) are effective as of the end of
the period covered by the report.  There have been no changes in our internal
controls that have materially affected, or are reasonably likely to materially
affect, our internal controls over financial reporting during the period
covered by this report.

<PAGE> 14

PART II
                         OTHER INFORMATION
                     ITEM 1 - LEGAL PROCEEDINGS

There are two related legal actions currently in process in which the Company
is involved.

(1) "Emergency Filtration Products, Inc. v. David O. Black; Michael Crnkovich;
China Bridge Holdings Ltd; and American Registrar and Transfer Company." This
case is pending in the US District Court for the District of Nevada and is
identified as CASE NO. CV-S-04-0262-KJD-LRL ("First Action"). The First Action
was initiated by the Company on March 5, 2004.  In the First Action, the
Company seeks Declaratory Relief under 28 USC sections 2201 and 2202 to
determine the rights and obligations of the parties with respect to certain
shares of the Company's stock purportedly conveyed to David Black.  On April
7, 2004, Black asserted counterclaims against the Company and cross claims
against American Registrar in the First Action for (1) "Breach of Fiduciary
Duty"; (2) "Constructive Conversion": (3) "Breach of Covenant of Good Faith
and Fair Dealing"; and (4) "Violation of 10(b) of the Exchange Act of 1934."
Black's claims arise out of the Company's and American Registrar's reluctance
to register the purported transfer of the Company shares to Black.  On April
7, 2004, Black moved for partial summary judgment against the claims asserted
by the Company.  Black's motion was denied without prejudice on March 1, 2005.
On May 28, 2004, American Registrar and Transfer Company moved to dismiss the
Company's claims against it.  American Registrar's motion was denied on March
1, 2005.  The First Action is currently in discovery.

(2) On or about, April 15, 2004, David Black commenced a suit in the Utah
Third Judicial District Court, which is a Utah state court, against four
officers/directors of the Company (Doug Beplate, Pete Clark, Raymond Yuan, and
Sherman Lazrus) and the principal of American Registrar (Richard Day). On May
12, 2004, the action was removed to the US District Court for the District of
Utah, Central Division (federal court). The matter is captioned: "David O.
Black v. Douglas Beplate; Pete Clark, Sherman Lazrus; Raymond Yuan; Richard
Day and John Does 1 through 10," Civil Case No. 2:04CF00448 PGC ("Second
Action").  In the Second Action, Black asserts claims for (1) "Breach of
Fiduciary Duty"; (2) "Breach of Covenant of Good Faith and Fair Dealing"; and
(3) "Violation of 10(b) of the Exchange Act of 1934.  Black's claims arise out
of the identical conduct by the Company and American Registrar underlying his
counter and cross claims in the First Action.  Black's claims do not identify
any specific conduct by the individually named defendants.  Consequently,
Beplate, Clark, Yuan, and Lazrus moved to dismiss the Second Action or
transfer and consolidate the Second Action into the First Action.  On or about
September 17, 2004, the Utah District Court granted their motion and
transferred the Second Action to the U.S. District Court for the District of
Nevada. However, the Second Action and the First Action have not been
consolidated.

At this time, the outcome of these actions is uncertain.

   ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

  None
           ITEM 3 - DEFAULTS BY THE COMPANY ON ITS SENIOR SECURITIES
  None.

           ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  None.

           ITEM 5 - OTHER INFORMATION
  None.






<PAGE> 15

           ITEM 6 - EXHIBITS

   Exhibit 31.1 - Certification of principal executive officer as adopted
pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002

   Exhibit 31.2 - Certification of principal financial officer as adopted
pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002

   Exhibit 32.1 - Certification of principal executive officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002

   Exhibit 32.2 - Certification of principal financial officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002



                                SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned thereunto duly
authorized.

  Emergency Filtration Products, Inc.


 Date: May 13, 2005                By: /s/Douglas K. Beplate
                                    Douglas K. Beplate, President

 Date: May 13, 2005                By: /s/Steve M. Hanni
                                    Steve M. Hanni, Chief Financial Officer