<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, 2000.

                                             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.)

  4335 South Industrial Road, Suite 440
           Las Vegas, Nevada                                 89103
-----------------------------------------                  --------
(Address of principal executive offices)                  (Zip code)


Issuer's telephone number: (702) 798-4541

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, 2000, there were outstanding 8,334,001 shares of the
Registrant's Common Stock, $.001 par value.

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


<PAGE>   2

                                     PART I

                              FINANCIAL INFORMATION

Item I. Financial Statements


                          INDEPENDENT AUDITORS' REPORT


To the Board of Directors and Stockholders of
Emergency Filtration Products, Inc.
Las Vegas, Nevada


We have reviewed the accompanying balance sheet of Emergency Filtration
Products, Inc. as of March 31, 2000 and the related statements of operations,
stockholders' equity (deficit) and cash flows for the three months ended March
31, 2000 and 1999. These financial statements are the responsibility of the
Company's management.

We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data, and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, which will be performed
for the full year with the objective of expressing an opinion regarding the
financial statements taken as a whole. Accordingly, we do not express such an
opinion.

Based on our review, we are not aware of any material modifications that should
be made to the accompanying condensed financial statements referred to above for
them to be in conformity with accounting principles generally accepted in the
United States.

We have previously audited, in accordance with auditing standards generally
accepted in the United States, the balance sheet of Emergency Filtration
Products, Inc. as of December 31, 1999, and the related statements of
operations, stockholders' equity (deficit), and cash flows for the year then
ended (not presented herein) and in our report dated April 9, 2000, we expressed
an unqualified opinion on those financial statements.



HJ & Associates, LLC
Salt Lake City, Utah
May 17, 2000




                                       2
<PAGE>   3



                       EMERGENCY FILTRATION PRODUCTS, INC.
                                 Balance Sheets


                                     ASSETS

<TABLE>
<CAPTION>

                                               March 31,       December 31,
                                                 2000               1999
                                              -----------      ------------
                                              (Unaudited)
<S>                                           <C>              <C>
CURRENT ASSETS

   Cash                                       $   2,746         $    --
   Accounts receivable (Note 1)                   4,793             9,605
   Prepaid expenses                                --                 958
   Inventory (Note 1)                            89,312            90,937
                                              ---------         ---------

     Total Current Assets                        96,851           101,500
                                              ---------         ---------

PROPERTY AND EQUIPMENT (Note 1)

   Molds                                        109,650           109,650
   Furniture and office equipment                36,884            36,884
   Accumulated depreciation                     (56,077)          (48,751)
                                              ---------         ---------

     Total Property and Equipment                90,457            97,783
                                              ---------         ---------

OTHER ASSETS

   Deposits                                       4,141             4,141
   Patent, net (Note 2)                          28,590            29,144
                                              ---------         ---------

     Total Other Assets                          32,731            33,285
                                              ---------         ---------

     TOTAL ASSETS                             $ 220,039         $ 232,568
                                              =========         =========

</TABLE>



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



                                       3
<PAGE>   4



                       EMERGENCY FILTRATION PRODUCTS, INC.
                           Balance Sheets (Continued)


                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

<TABLE>
<CAPTION>
                                                               March 31,         December 31,
                                                                2000                 1999
                                                             ------------        ------------
                                                             (Unaudited)
<S>                                                          <C>                 <C>
CURRENT LIABILITIES

   Accounts payable                                          $   126,174         $   102,051
   Accounts payable - related parties (Note 3)                   244,120             146,620
   Cash overdraft                                                   --                 1,176
   Note payable (Note 4)                                          12,496              18,532
   Accrued expenses                                               21,615              21,615
   Contingent liability (Note 3)                                 135,000             135,000
                                                             -----------         -----------

     Total Current Liabilities                                   539,405             424,994
                                                             -----------         -----------

STOCKHOLDERS' EQUITY (DEFICIT)

   Common stock, par value $0.001; authorized
     50,000,000 shares; 8,334,001 and 7,823,765 shares
     issued and outstanding, respectively                          8,334               7,824
   Additional paid-in capital                                  4,188,638           3,920,647
   Accumulated deficit                                        (4,516,338)         (4,120,897)
                                                             -----------         -----------

     Total Stockholders' Equity (Deficit)                       (319,366)           (192,426)
                                                             -----------         -----------

     TOTAL LIABILITIES AND STOCKHOLDERS'
       EQUITY (DEFICIT)                                      $   220,039         $   232,568
                                                             ===========         ===========

</TABLE>


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



                                       4
<PAGE>   5



                       EMERGENCY FILTRATION PRODUCTS, INC.
                            Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>

                                          For the Three Months Ended
                                                 March 31,
                                         ---------------------------
                                            2000              1999
                                         ---------         ---------
<S>                                      <C>               <C>
NET SALES                                $   5,311         $   5,869

EXPENSES

   Cost of sales                             2,710             4,784
   Depreciation and amortization             7,880             5,719
   Research and development                   --               4,983
   General and administrative              389,780           317,159
                                         ---------         ---------

     Total Expenses                        400,370           332,645
                                         ---------         ---------

LOSS FROM OPERATIONS                      (395,059)         (326,776)
                                         ---------         ---------

OTHER INCOME (EXPENSE)

   Interest expense                           (382)             (379)
                                         ---------         ---------

     Total Other Income (Expense)             (382)             (379)
                                         ---------         ---------

NET LOSS                                 $(395,441)        $(327,155)
                                         =========         =========

BASIC LOSS PER SHARE                     $   (0.05)        $   (0.05)
                                         =========         =========

</TABLE>

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

<PAGE>   6

                       EMERGENCY FILTRATION PRODUCTS, INC.
                  Statements of Stockholders' Equity (Deficit)

<TABLE>
<CAPTION>

                                                     Common Stock           Additional
                                               ------------------------       Paid-In     Accumulated
                                                 Shares        Amount         Capital       Deficit
                                               ---------    -----------    -----------    ------------
<S>                                            <C>          <C>            <C>            <C>
Balance, December 31, 1998                     7,078,107    $     7,078    $ 3,191,923    $(3,137,388)

Common stock issued for
  cash at $1.00 per share                        601,061            601        600,460           --

Common stock issued on
  exercise of stock options
  at $0.75 per share                              67,000             67         50,183           --

Common stock issued for
  services at $1.00 per share                     77,597             78         77,519           --

Additional capital contribution                     --             --              562           --

Net loss for the year ended
  December 31, 1999                                 --             --             --         (983,509)
                                             -----------    -----------    -----------    -----------

Balance, December 31, 1999                     7,823,765          7,824      3,920,647     (4,120,897)

Common stock issued for
  cash at $0.50 per share
  (unaudited)                                     50,000             50         24,950           --

Common stock issued for
  services at prices ranging
  from $0.50 to $0.85 per
  share (unaudited)                              460,236            460        243,041           --

Net loss for the three months
  ended March 31, 2000
  (unaudited)                                       --             --             --         (395,441)
                                             -----------    -----------    -----------    -----------

Balance, March 31, 2000
  (unaudited)                                  8,334,001    $     8,334    $ 4,188,638    $(4,516,338)
                                             ===========    ===========    ===========    ===========
</TABLE>



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


                                       5
<PAGE>   7


                       EMERGENCY FILTRATION PRODUCTS, INC.
                            Statements of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                   For the Three Months Ended
                                                           March 31,
                                                    ------------------------
                                                      2000          1999
                                                    ----------    ----------
<S>                                                 <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES

   Net loss                                         $(395,441)    $(327,155)
   Adjustments to reconcile net loss to net
    cash (used by) operating activities:
     Depreciation and amortization                      7,880         5,719
     Common stock issued for services                 243,501        25,000
   Changes in operating assets and liabilities:
     (Increase) decrease in inventory                   1,625        (8,206)
     (Increase) decrease in prepaid expenses              958         2,894
     (Increase) decrease in accounts receivable
       and accounts receivable related                  4,812         8,981
     Increase (decrease) in cash overdraft             (1,176)         --
     Increase (decrease) in accrued expenses             --           1,227
     Increase (decrease) in accounts payable
       and accounts payable - related parties         121,623       (23,851)
                                                    ---------     ---------

       Net Cash (Used by) Operating Activities        (16,218)     (315,391)
                                                    ---------     ---------

CASH FLOWS FROM INVESTING ACTIVITIES

   Acquisition of equipment                              --         (12,625)
                                                    ---------     ---------

       Net Cash (Used by) Investing Activities           --         (12,625)
                                                    ---------     ---------

CASH FLOWS FROM FINANCING ACTIVITIES

   Proceeds from issuance of stock                     25,000       534,661
   Payment on notes and leases payable                 (6,036)       (8,268)
                                                    ---------     ---------

       Net Cash Provided by Financing Activities       18,964       526,393
                                                    ---------     ---------

NET INCREASE (DECREASE) IN CASH
 AND CASH EQUIVALENTS                                   2,746       198,377

CASH AT BEGINNING OF PERIOD                              --          61,184
                                                    ---------     ---------

CASH AT END OF PERIOD                               $   2,746     $ 259,561
                                                    =========     =========
</TABLE>



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


                                       6
<PAGE>   8


                       EMERGENCY FILTRATION PRODUCTS, INC.
                      Statements of Cash Flows (Continued)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                             For the Three Months Ended
                                                     March 31,
                                             --------------------------
                                               2000              1999
                                             --------          --------
<S>                                          <C>               <C>
SUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid for:

   Interest                                  $    382          $    379
   Income taxes                              $   --            $   --

NON-CASH FINANCING ACTIVITIES:

   Common stock issued for services          $243,501          $ 25,000

</TABLE>


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



                                       7
<PAGE>   9

                       EMERGENCY FILTRATION PRODUCTS, INC.
                        Notes to the Financial Statements
                      March 31, 2000 and December 31, 1999


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     a. Organization

     Emergency Filtration Products, Inc. (the Company) was incorporated in the
     State of Nevada on November 1, 1991 as Lead Creek Unlimited. In March 1996,
     pursuant to a Plan of Reorganization, the Company changed its name to
     Emergency Filtration Products, Inc.

     Between November 1, 1991 and February 9, 1996, the Company had no line of
     business. As of the latter date, the Company entered into an agreement to
     acquire title to a technology in the emergency respiration equipment field.
     The Company is currently engaged in the development, production and sale of
     this equipment.

     b. Accounting Method

     The Company's financial statements are prepared using the accrual method of
     accounting. The Company has elected a December 31, year end.

     c. Cash and Cash Equivalents

     The Company considers all highly liquid investments with a maturity of
     three months or less when purchased to be cash equivalents.

     d. Accounts Receivable

     Accounts receivable are shown net of the allowance for doubtful accounts of
     $1,092 and $1,092 at March 31, 2000 and December 31, 1999, respectively.

     e. Provision for Taxes

     At December 31, 1999, the Company had net operating loss carryforwards of
     approximately $4,100,000 that may be offset against future taxable income
     through 2019. No tax benefit has been reported in the financial statements,
     because the potential tax benefits of the loss carryforwards are offset by
     a valuation allowance of the same amount

     f. Property and Equipment

     Property and equipment are stated at cost. Expenditures for small tools,
     ordinary maintenance and repairs are charged to operations as incurred.
     Major additions and improvements are capitalized. Depreciation is computed
     using the straight-line and accelerated methods over estimated useful lives
     as follows:

            Molds                                       7 years
            Furniture and office equipment              5 to 7 years

     Depreciation expense for the three months ended March 31, 2000 and 1999 was
     $7,326 and $5,235, respectively.


                                       8
<PAGE>   10


                       EMERGENCY FILTRATION PRODUCTS, INC.
                        Notes to the Financial Statements
                      March 31, 2000 and December 31, 1999


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     g. Inventory

     Inventory is stated at the lower of cost (computed on a first-in, first-out
     basis) or market. The inventory consists of raw materials used in the
     assembly and production of the emergency respiration equipment.

     h. Estimates

     The preparation of financial statements in conformity with generally
     accepted accounting principles requires management to make estimates and
     assumptions that affect the reported amounts of assets and liabilities and
     disclosure of contingent assets and liabilities at the date of the
     financial statements and the reported amounts of revenues and expenses
     during the reporting period. Actual results could differ from those
     estimates.

     i. Basic Loss Per Share


     The computation of basic loss per share of common stock is based on the
     weighted average number of shares outstanding during the period of the
     financial statements. Common stock equivalents, consisting of stock
     options, have not been included in the calculation as their effect is
     antidilutive for the periods presented.

     j. Change in Accounting Principle

     The Financial Accounting Standards Board has issued certain new standards,
     including standards on earnings per share (SFAS 128), capital structure
     (SFAS 129), comprehensive income (SFAS 130), operating segments (SFAS 131)
     and postretirement benefits (SFAS 132). The adoption of these standards did
     not have a material impact on the Company's financial statements.

     k. Advertising

     The Company follows the policy of charging the costs of advertising to
     expense as incurred.

     l. Revenue Recognition

     Revenue is recognized upon shipment of goods to the customer.

     m. Equity Securities

     Equity securities issued for services rendered have been accounted for at
     the fair market value of the securities on the date of issuance.



                                       9
<PAGE>   11


                       EMERGENCY FILTRATION PRODUCTS, INC.
                        Notes to the Financial Statements
                      March 31, 2000 and December 31, 1999


NOTE 2 - PATENT

     The Company entered into an agreement to acquire 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
     rotary isolation valve. Rights pertaining thereto include the right to
     maintain, sell and improve the device, and to license those rights. The
     Company has agreed to pay a 5% royalty on any sales related to the patented
     intellectual property. Additional costs related to the patent were
     capitalized during the years ended December 31, 1999 and 1998 which consist
     of legal and filing fees incurred to maintain the patent throughout the
     world. Amortization is computed over an estimated life of 15 years.
     Impairment of the patent is analyzed annually. The patent was published by
     the U.S. Patent Office on November 15, 1996, the U.S. Patent number is
     5,575,279. Amortization expense for the three months ended March 31, 2000
     and 1999 was $554 and $484, respectively.

NOTE 3 - RELATED PARTY TRANSACTIONS

     At March 31, 2000 and December 31, 1999, $135,000 has been recorded by the
     Company which represents an amount claimed to be owed to a shareholder and
     former officer of the Company for unpaid wages and reimbursements. The
     shareholder also claims that he has legal rights to certain trademarks of
     the Company until he is paid in full. The Company believes that the claim
     is unsubstantiated and has tried to negotiate a settlement amount with the
     shareholder. Management believes that in the unlikely case of an
     unfavorable outcome, the potential loss will not exceed the $135,000
     recorded. Management is uncertain as to the outcome as of the date of this
     audit report.

     Certain employees, officers and shareholders are also owed amounts in past
     due wages and expense reimbursements as of March 31, 2000 and December 31,
     1999. In addition, certain shareholders of the Company have advanced funds
     to the Company in order to cover operating costs. The total amount owed to
     these related parties as of March 31, 2000 and December 31, 1999 was
     $244,120 and $146,120, respectively. The amounts are non-interest bearing,
     unsecured, and due on demand.

NOTE 4 - NOTE PAYABLE

     A note was signed by the Company to an insurance company for product
     liability insurance for a one year period from October 1999 to October
     2000. The remaining amount due at March 31, 2000 and December 31, 1999 was
     $12,496 and $18,532, respectively.



                                       10
<PAGE>   12

                       EMERGENCY FILTRATION PRODUCTS, INC.
                        Notes to the Financial Statements
                      March 31, 2000 and December 31, 1999


NOTE 5 - 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 liabilities in the normal course
     of business. The Company has incurred significant losses which have
     resulted in an accumulated deficit of $4,120,897 at December 31, 1999 which
     raises substantial doubt about the Company's ability to continue as a going
     concern. 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. It is the intent of management
     to create additional revenues through the development and sales of its
     emergency respiration equipment and to rely upon additional equity
     financing if required to sustain operations until revenues are adequate to
     cover the costs.

NOTE 6 - COMMITMENTS AND CONTINGENCIES

     The Company is leasing office space in Las Vegas, Nevada for three years
     beginning October 15, 1998. The monthly rental payment is currently $3,810.

     Minimum future lease payments on the lease as of December 31, 1999 are as
     follows:

<TABLE>
<CAPTION>

              Year Ending
              December 31,                                Amount
              ------------                                ------
              <S>                                        <C>
                2000                                     $ 48,535
                2001                                       28,989
                2002                                           -
                2003                                           -
                2004 and thereafter                            -
                                                         --------
              Total                                      $ 77,524
                                                         ========
</TABLE>


NOTE 7 - STOCK OPTIONS

     During 1998, the Company granted stock options to various individuals for a
     total of 3,120,000 restricted common shares of the Company at exercise
     prices ranging from $0.60 to $1.40 per share. During the year ended
     December 31, 1999, additional stock options were granted for a total of
     785,000 restricted common shares of the Company at exercise prices ranging
     from $1.00 to $5.00 per share and 67,000 options were exercised at $0.75
     per share for total proceeds of $50,250. During the three months ended
     March 31, 2000, additional options were granted for a total of 1,800,000
     restricted common shares of the Company at an exercise price of $0.75 per
     share. The total amount of outstanding stock options at March 31, 2000 is
     summarized as follows:


                                       11
<PAGE>   13

                       EMERGENCY FILTRATION PRODUCTS, INC.
                        Notes to the Financial Statements
                      March 31, 2000 and December 31, 1999


NOTE 7 - STOCK OPTIONS (Continued)

<TABLE>
<CAPTION>

         Shares                 Exercise Price              Exercised By
         ------                 --------------              ------------
        <S>                     <C>                        <C>
            300,000                 $0.60                  December 2000
          2,553,000                 $0.75                  January 2001
            100,000                 $0.60                  December 2001
            100,000                 $1.40                  December 2001
            100,000                 $1.00                  March 2002
            150,000                 $1.00                  February 2002
             50,000                 $2.50                  February 2002
             50,000                 $4.00                  February 2002
            150,000                 $1.00                  January 2002
            100,000                 $2.50                  January 2002
             75,000                 $4.00                  January 2002
             75,000                 $5.00                  January 2002
             35,000                 $1.00                  March 2003
          1,800,000                 $0.75                  January 2003

</TABLE>

                                       12
<PAGE>   14


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

Financial Condition

     Since the Company's inception, the Company has been involved in the
development of its technology. During this time revenues have been minimal and
expenditures primarily attributed to research and development. Without adequate
revenues to offset expenditures, the Company has report a loss in each of its
years of existence. To date, the Company has funded itself by way of a series of
private equity sales. As of the quarter ended 3/31/2000, the Company had offset
its accumulated deficit in this manner and has therefore not found it necessary
to incur any long-term debt. 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 rotary
isolation valve. Rights pertaining thereto include the right to maintain, sell
and improve the device, and to license those rights. Although the Company
believes its technology to be very valuable in the real sense, this value is not
quantified as such on the Company's Balance Sheet.

Operational Results

     During the quarter ended 3/31/2000, the Company reported revenues of
$5,311. Revenues have been primarily from the sale of the emergency CPR
assistance device and the company is now focusing on securing licensing
agreements and on a marketing-driven sales effort in order to increase revenues
that will ultimately cover total expenditures.

     The cost of goods sold decreased both in the amount and as a percentage of
sales in the first quarter of 2000 versus the first quarter of 1999. These
decreases are due primarily to the large inventory on hand that has supported
sales in the first quarter of 2000.

     Total expenditures increased in the first quarter of 2000 as compared to
the first quarter of 1999. The primary reasons for this occurrence are:



                                       13
<PAGE>   15


     Depreciation and amortization expense increased from $5,719. to $7,880.
during the quarters ended March 31, 1999 and 2000, respectively.

     General and administrative costs increased from $317,159. to $389,780.
during the quarters ended March 31, 1999 and 2000, respectively, as a result of
increased expenditures for professional and consulting services.

Capital Funding

     The Company currently is unable to generate sufficient cash from operations
to sustain its business efforts as well as to accommodate its growth plans.
Until it is able to generate sufficient cash flow, the Company will seek capital
funding from outside resources. The company presently has no commitment for such
funding and has not concluded what form, whether debt or equity, such funding
will be derived through.

     The Company's cost-efficient business model emphasizes: (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.

     The Company's management is now completing transformation from a
technology-driven research and development business to a marketing-driven
proprietary products company. Product development efforts remain an important
priority, but are now balanced by an increasing focus on elements of production
and sales.

     The Company's current product line includes:

     [X]  RespAide(TM) CPR Isolation Mask. The company has received Federal Drug
          Administration ("FDA") approval for its RespAide(TM) CPR isolation
          mask incorporating the VIV filter, and recently commenced volume
          manufacturing and distribution of complete units and replacement
          filters (the RespAide(TM) filter needs to be replaced after each use).
          In test by Nelson Laboratories, RespAide(TM) was found to be greater
          than 99.9% effective against bacterial and viral transmission - the
          highest rating testing labs will issue for medical devices, and
          believed by management of the Company to be superior to any competing
          product on the market.

     [X]  Disposable Filters for BVMs. The same filter used in the RespAide(TM)
          product is ideal for preventing contamination of "bag valve masks"
          which are single-use ventilators. The disposable filter keeps the
          equipment contaminant-


                                       14
<PAGE>   16

          free, thereby allowing a BVM to be safely reused with a new filter - a
          considerable economic benefit due to the lower replacement and
          disposal costs of the filter versus discarding the entire BVM unit.
          The Company has applied for FDA approval.

     [X]  Ventilator Circuits. To extend its market reach from emergency
          response sites to the vast number of respiratory procedures conducted
          within medical facilities, the Company has introduced two new
          configurations of its VIV technology: (1) a one-way ventilator circuit
          that eliminates the exhalation ports of patient's breath in favor of
          permitting a T-valve attachment of monitoring CO(2) levels - suitable
          for any inline ventilator connection; and (2) a two-way ventilator
          circuit for applications where ambient air flow must pass evenly in
          both directions while still protecting equipment and hoses. This is
          suitable for use in anesthesia and general respiratory procedures. The
          company has applied for FDA approval.

     In addition, the Company has designed another configuration of the
technology for the BVM market that incorporates a self-contained nebulizer, a
filter, and a bag with built-in CO(2) monitoring capabilities. A patent
application has been filed for this product. The Company is currently conducting
prototype development.

     The market for air purification filters for protection against communicable
diseases has grown rapidly since the mid-1980's - from practically nil, to an
estimated 1,460,000,000 in 1997. Demand has been driven largely by such factors
as the spread of AIDS and Hepatitis C, the resurgence of Tuberculosis in many
urban settings, and growing concerns in the medical community about new
drug-resistant strains of bacteria. Such concerns are clearly evident in the
results of recent independent surveys indicating that approximately 45% of
doctors, 57% of EMTs, 80% of nurses, and substantially all paramedics surveyed
would refuse to perform mouth-to-mouth resuscitation on an adult stranger
without barrier protection. Indeed, many of the respondents indicated that they
had already walked away from situations in the community requiring
mouth-to-mouth resuscitation.

     In addition to emergency ambulance services, police departments,
firefighters, hospitals, doctors, the military, and major CPR training
organizations such as the American Heart Association, management believes that
the market also includes government and private sector entities that will
choose, or may be required by law to keep CPR isolation masks on hand.

                  The Company currently holds military national stocking numbers
for the RespAide(TM) CPR isolation mask and replacement filters. These stocking
numbers make both products acceptable for inventory in all four branches of the
military and the U.S. Coast Guard.


                                       15
<PAGE>   17

     To reach the market, the Company has entered into contractual arrangements
with a number of U.S. and international medical product distributors.
Additionally, the Company is actively pursuing licensing agreements with other
companies that have market penetration.

     The Company intends to firmly establish its reputation for supplying the
best medical air filters available, and then begin aggressively commercializing
the technology in the enormous HVAC category. The Company estimates that the
addition of HVAC applications will increase the total addressable market for
dual-filtered vapor isolation valve technology.

Competition

     The medical device industry is a highly competitive sector of the health
care industry and there are a large number of established and well financed
entities with significantly greater financial resources, technical expertise and
in depth managerial capabilities than the Company. Although the Company has
achieved patent protection for the RespAide(TM), there is no assurance that
other entities may not compete in or enter the medical and commercial market in
competition with the Company.

     This discussion may contain certain forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Actual results
could differ materially from those forward-looking statements. The factors that
may cause actual results to differ materially is that the Company has no
arrangement, agreement or understanding with respect to engaging in a merger
with, joint venture with or acquisition of, a private or public company and that
there can be no assurance that the Company will be successful in identifying and
evaluating suitable business opportunities or including a business combination.

                                    PART II

                               OTHER INFORMATION

Item 1 - Legal Proceedings

     (a) In September, 1998, Bruce N. Knudsen, a former employee of the Company,
filed an action in the Fifth Judicial Court in and for Washington County, State
of Utah, against the Company and Douglas K. Beplate for alleged breach of
contract, which arose out of an employment relationship, claiming 20,000 shares
of stock in the Company, unpaid wages and unreimbursed expenses in the
approximate sum of $40,000. Litigation is pending and the Company believes the
claims are without merit.


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<PAGE>   18

     (b) Bruce E. Batchelor, a shareholder and former officer of the Company has
made certain claims for alleged breaches of agreements as they relate to unpaid
wages, reimbursement for expenses, and claims certain rights in the trademark of
the Company as security for the alleged obligations. The Company has recorded
the sum of $135,000 as of December 31, 1998 and December 31, 1999 which
represents the amount claimed to be owed to Bruce E. Batchelor. The Company and
patent counsel, Thomas Fehr, #703 Aerospace Center, 1104 Country Hills Drive,
Ogden, Utah 84403, believe that any claims other than for alleged money damages
is without merit. The Company further believes that it has offsetting claims
against recovery which the Company believes are valid.

     Other than described above, there are no legal proceedings threatened or
pending, except such ordinary routine matters which may be incidental to the
business currently being conducted by the Company.


Item 2 - Changes in the Rights of the Company's
         Security Holders........................................ None

Item 3 - Defaults by the Company on its
         Senior Securities....................................... None

Item 4 - Submission of Matter to Vote of Security
         Holders................................................. None

Item 5 - Other Information

     The board held one meeting during the current quarter, including both
regularly scheduled and special meetings and actions by unanimous written
consent.

     The board of directors has not established any audit committee. In
addition, the Company does not have any other compensation or executive or
similar committees. The Board of Directors acts as the audit committee. The
Company recognizes that an audit committee, when formally established, will play
a critical role in the financial reporting system of the Company by overseeing
and monitoring management's and the independent auditors' participation in the
financial reporting process.

     Until such time as an audit committee has been established, the full board
of directors undertakes those tasks normally associated with an audit committee
to include, but not by way of limitation, the (i) review and discussion of the
audited financial statements with management, (ii) discussions with the
independent auditors the matters required to be discussed by the Statement On
Auditing Standards No. 61, as may be modified or supplemented, and (iii)
received from the auditors disclosures regarding the auditors' Independents
Standards Board Standard No. 1, as may be modified or supplemented.


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<PAGE>   19

Item 6 - Exhibits and Reports on Form 8-K

     The following reports on Form 8-K are incorporated herein by reference:

         (1) 8-K filed 1/3/2000

         (2) 8-K filed 2/24/2000

     The following documents are filed as part of this report:

         1)   Unaudited Financial Statements filed as part of this report with
              the related consolidated statements of operations and accumulated
              deficit, and cash flow for the quarter then ended.

         2)   Financial Data Schedule 27.1.




                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




Dated: May 19, 2000                 Emergency Filtration Products, Inc.
                                    -----------------------------------
                                               (Registrant)



                                    By: /s/ Michael J. Crnkovich
                                        --------------------------------
                                        Michael J. Crnkovich
                                        President



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