<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 SEPTEMBER 30, 2003.

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 September 30, 2003, there were outstanding 27,265,517 shares of the
Registrant's Common Stock, $.001 par value.

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



<PAGE>
<PAGE> 2

PART I

                             FINANCIAL INFORMATION

                                  Item 1.

                             FINANCIAL STATEMENTS
                                (UNAUDITED)

TABLE OF CONTENTS

                                                                 Page
                                                                 ----

Part I Financial Information

Item 1. Financial Statements

Balance Sheets
September 30, 2003(Unaudited) and December 31, 2002..........      3

Statements of Operations (Unaudited)
For the three months and nine months ended
September 30, 2003 and 2002..................................      4

Statements of Cash Flows (Unaudited)
For the nine months ended September 30, 2003 and 2002........      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...............................     15

Part II Other Information

Item 1. Legal Proceedings.....................................     15

Item 2. Change in Securities..................................     15

Item 3. Defaults by the Company on its
        Senior Securities ....................................     15

Item 4. Submission of Matter to a Vote
        Of Security Holders ..................................     15

Item 5. Other Information .....................................    15

Item 6. Exhibits and Reports on Form 8-K.......................    15

Signatures.....................................................    16



<PAGE>
<PAGE> 3

EMERGENCY FILTRATION PRODUCTS, INC.
Balance Sheets
September 30, 2003 and December 31, 2002
                                                 September 30,  December 31,
                                                     2003           2002
                                                  (Unaudited)
                                                 ------------   ------------
ASSETS
CURRENT ASSETS
 Cash and cash equivalents                      $     298,504  $      21,424
 Accounts receivable, net of allowance for
  doubtful accounts of $7,700 and $8,500              232,185         16,135
 Prepaid expenses and other                            55,516         49,384
 Inventory                                            141,173         59,382
                                                 ------------   ------------
   Total Current Assets                               727,378        146,325
                                                 ------------   ------------
PROPERTY AND EQUIPMENT
 Molds                                                126,475        112,850
 Furniture and equipment                              118,729         45,292
 Less accumulated depreciation                       (140,662)      (115,343)
                                                 ------------   ------------
   Total Property and Equipment                       104,542         42,799
                                                 ------------   ------------
OTHER ASSETS
 Patents and acquired technology, net
  of accumulated amortization of
  $53,420 and $16,364                               1,015,402         74,480
 Deposits and other assets                              8,584          3,462
                                                 ------------   ------------
   Total Other Assets                               1,023,986         77,942
                                                 ------------   ------------
TOTAL ASSETS                                    $   1,855,906  $     267,066
                                                 ============   ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)

CURRENT LIABILITIES
 Accounts payable - unrelated parties           $     264,537  $     153,231
 Accounts payable - related parties                   196,707        266,289
 Accrued expenses                                      43,819         30,615
 Note payable                                          21,560         42,272
                                                 ------------   ------------
   Total Current Liabilities                          526,623        492,407
                                                 -------------  ------------
STOCKHOLDERS' EQUITY (DEFICIENCY)
 Common stock, par value $0.001; authorized
  50,000,000 shares; 27,265,517 and 17,467,700
  shares issued and outstanding, respectively          27,265         17,468
 Additional paid-in capital                         9,269,414      7,223,517
 Accumulated other comprehensive income                 3,542              -
 Accumulated deficit                               (7,970,938)    (7,466,326)
                                                 ------------   ------------
   Total Stockholders' Equity (Deficiency)          1,329,283       (225,341)
                                                 ------------   ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 (DEFICIENCY)                                   $   1,855,906  $    267,066
                                                 ============   ============

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

<PAGE>
<PAGE> 4

EMERGENCY FILTRATION PRODUCTS, INC.
Statements of Operations
For the Three Months and Nine Months Ended September 30, 2003 and 2002
(Unaudited)

                      For the Three Months Ended   For the Nine Months Ended
                             September 30,                September 30,
                           2003          2002          2003          2002
                       -----------   -----------   -----------   -----------
NET SALES             $    379,549  $    118,912  $    752,007  $    240,877
                       -----------   -----------   -----------   -----------
COSTS AND EXPENSES
 Cost of sales             255,107        79,933       498,031       157,359
 Depreciation and
  amortization              28,108         8,398        62,333        25,003
 Research and
  development                3,402         3,788         7,173         4,488
 Additional costs from
  cancellation of options        -        20,000             -        20,000
 General and
  administrative           229,572       506,836       685,150       872,473
                       -----------   -----------   -----------   -----------
   Total Expenses          516,189       618,955     1,252,687     1,079,323
                       -----------   -----------   -----------   -----------
LOSS FROM OPERATIONS      (136,640)     (500,043)     (500,680)     (838,446)
                       -----------   -----------   -----------   -----------

OTHER INCOME (EXPENSE)
 Interest income                19             -            19             -
 Interest expense             (572)          (72)       (3,208)       (2,224)
 Foreign exchange loss        (743)            -          (743)            -
                       -----------   -----------   -----------   -----------
   Total Other Income
    (Expense)               (1,296)          (72)       (3,932)       (2,224)
                       -----------   -----------   -----------   -----------

NET LOSS              $   (137,936) $   (500,115) $   (504,612) $   (840,670)
                       ===========   ===========   ===========   ===========
BASIC LOSS
 PER SHARE            $      (0.01) $      (0.03) $      (0.02) $      (0.07)
                       ===========   ===========   ===========   ===========
WEIGHTED AVERAGE
 NUMBER OF COMMON
 SHARES OUTSTANDING     27,265,517    14,528,063    23,209,135    12,751,383
                       ===========   ===========   ===========   ===========







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


<PAGE>
<PAGE> 5

EMERGENCY FILTRATION PRODUCTS, INC.
Statements of Cash Flows
For the Nine Months Ended September 30, 2003 and 2002
(Unaudited)
                                                     2003           2002
                                                 ------------   ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net loss                                       $    (504,612) $    (840,670)
 Adjustments to reconcile net loss to net
  cash (used in) operating activities:
  Depreciation and amortization                        62,333         25,003
  Common stock issued for services
   and cancellation of options                        187,720        531,440
 Changes in operating assets and liabilities:
  Accounts receivable                                (216,050)       (33,493)
  Prepaid expenses and other                           15,302         68,776
  Inventory                                           (81,791)        18,793
  Deposits                                             (5,122)           679
  Accounts payable - unrelated and
   related parties                                    371,794         75,790
  Accrued expenses                                     13,204             (9)
                                                 ------------   ------------
   Net Cash Used In Operating Activities             (157,222)      (153,691)
                                                 ------------   ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
 Acquisition of property and equipment                (87,019)        (2,290)
 Patent and technology costs                         (132,979)       (22,907)
                                                 ------------   ------------
   Net Cash Used In Investing Activities             (219,998)       (25,197)
                                                 ------------   ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
 Proceeds from stock issuances                      1,182,324              -
 Stock offering costs                                (170,350)             -
 Advances from shareholders                                 -        216,900
 Repayments of advances from shareholders            (319,070)             -
 Payment on notes payable                             (42,146)       (20,412)
                                                 ------------   ------------
   Net Cash Provided by Financing Activities          650,758        196,488
                                                 ------------   ------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
 CASH EQUIVALENTS                                       3,542              -
                                                 ------------   ------------
NET INCREASE IN CASH AND CASH EQUIVALENTS             277,080         17,600
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD       21,424              -
                                                 ------------   ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD      $     298,504  $      17,600
                                                 ============   ============
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest                          $       3,208  $       2,224

Non-Cash Investing and Financing Activities
 Common stock issued for services               $     187,720  $     531,440
 Common stock issued to reduce accounts payable $      56,325  $     769,816
 Non-cash reduction in note payable             $      14,799  $           -
 Common stock issued for patent rights and
  acquired technology                           $     845,000  $           -

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

<PAGE>
<PAGE> 6

EMERGENCY FILTRATION PRODUCTS, INC.
Notes to the Financial Statements
September 30, 2003 and December 31, 2002

NOTE 1 - BASIS OF PRESENTATION

The 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 and footnotes required by generally accepted accounting principles
for complete 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,
2002, from which the balance sheet information as of that date is derived.  In
the opinion of management, these 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
period presented.

The results of operations for the three months and nine months ended September
30, 2003 and 2002 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 a reconciliation of the numerators of the basic and diluted loss
per share for the three months and nine months ended September 30, 2003 and
2002:

                                     For the Three Months Ended
                                            September 30,
                                          2003          2002
                                      -----------   -----------
Net loss available to
 common shareholders                 $   (137,936) $   (500,115)
                                      ===========   ===========

Weighted average shares                27,265,517    14,528,063

Effect of dilutive securities                   -             -
                                      -----------   -----------
                                       27,265,517    14,528,063
                                      ===========   ===========
Basic loss per share (based
 on weighted average
 shares)                             $      (0.01) $      (0.03)
                                      ===========   ===========



<PAGE>
<PAGE> 7

EMERGENCY FILTRATION PRODUCTS, INC.
Notes to the Restated Financial Statements
September 30, 2003 and December 31, 2002

NOTE 2 - LOSS PER SHARE (Continued)

                                     For the Nine Months Ended
                                            September 30,
                                          2003          2002
                                      -----------   -----------
Net loss available to
 common shareholders                 $   (504,612) $   (840,670)
                                      ===========   ===========

Weighted average shares                25,897,250    12,751,383
Effect of dilutive securities                   -             -
                                      -----------   -----------
                                       25,897,250    12,751,383
                                      ===========   ===========
Basic loss per share (based
 on weighted average
 shares)                             $      (0.02) $      (0.07)
                                      ===========   ===========

Weighted average shares issuable upon the exercise of stock options, which
were not included in the above calculations, were approximately 1,460,000 and
6,100,000 in the three month and nine month periods ended September 30, 2003
and 2002, respectively, because they were antidilutive.

NOTE 3 - 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 $7,970,938 at September 30, 2003.  The Company has
raised approximately $1,011,000 through the issuance of common shares pursuant
to an SB-2 registration during the nine months ended September 30, 2003. These
funds have been used to retire previously outstanding debt, to acquire
additional molds and equipment to be used in operations, and for ongoing
working capital.

Nevertheless, the Company's ability to continue as a going concern may be
dependent upon the success of management's ongoing business plans which
include a) continued product development efforts, and b) continuing efforts to
increase its product sales in the U.S. and internationally.  For example,
during April 2003, the Company entered into an agreement with a Taiwan-based
company (the "Contractor") whereby the Contractor will manufacture,
distribute, market and sell the Company's new environmental mask to the Asian
markets.

The Contractor has just recently begun production of the environmental masks
discussed above and the Company expects sales to increase during the fourth
quarter of 2003 as a result of the Contractor's marketing and sales in the
Asian market.

<PAGE>
<PAGE> 8

EMERGENCY FILTRATION PRODUCTS, INC.
Notes to the Financial Statements
September 30, 2003 and December 31, 2002

NOTE 3 - GOING CONCERN (Continued)

It is the intent of management to seek to create additional revenues through
the development and sales of its emergency respiration equipment, sales of
their environmental masks, and to rely upon additional equity financing if
required to sustain operations until revenues are adequate to cover the costs.


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. The Company's ability to continue as a going concern,
however, may be dependent upon the success of those 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.

NOTE 4 - OTHER CONTINGENCIES

The Company is, from time to time, subject to certain claims and lawsuits
arising in the normal course of business.  The Company is not subject
currently, however, to any pending legal proceedings.  In the opinion of
management, uninsured losses, if any, resulting from the ultimate resolution
of any claims will not have a material effect on the Company's financial
position, results of operations, or cash flows.


<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.

General
-------
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.

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
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.

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

Revenue Recognition: The Company recognizes revenue for their products when
the product is shipped and title passes to the buyer.

Capitalized Patent Costs:  The Company has capitalized certain costs related
to patents and technology acquired during 2003 based upon the fair market
value of the consideration given up, ie. cash payments made and the
undiscounted trade market value of the common shares issued.  Market value of
the common shares issued was used because the consideration paid for the
technology was approved by the Board of Directors, and the President abstained
from the vote.  The President's holdings of the Company's common stock
constituted substantially less than a controlling interest both before and
after this transaction. Amortization of the resultant asset will be in
accordance with SFAS No. 142, "Goodwill and Other Intangible Assets".



<PAGE>
<PAGE> 10

Functional Currency:  For the three and nine months ended September 30, 2003,
the functional currency for our foreign division has been determined to be the
Taiwan Dollar. Any applicable assets and liabilities have been translated at
period end exchange rates and operating statement items are translated at
average exchange rates prevailing during the periods.  For the three months
and nine months ended September 30, 2003, we had an unrealized gain of $3,542
as a result of foreign currency translation adjustments.

Product Warranty Programs:  Pursuant to FIN 45, "Guarantors Accounting and
Disclosure Requirements for Guarantees Including Indirect Guarantees of
Indebtedness of Others", the Company generally expenses product warranty costs
as they are incurred.  Product warranty costs have been considered
insignificant in the past and the Company does not expect product warranty
costs to substantially increase in the future.  Accordingly, the Company does
not recognize a liability for these product warranty costs in its balance
sheet.

The Company does not employ any other critical accounting policies or
estimates that are either selected from among available alternatives or
require the exercise of significant management judgment to apply.

Results of Operations
---------------------
Three Months and Nine Months Ended September 30, 2003 compared with 2002
------------------------------------------------------------------
Revenues:  During the three months and nine months ended September 30, 2003,
the Company reported revenues of $379,549 and $752,007, respectively, compared
to $118,912 and $240,877, respectively, for the three months and nine months
ended September 30, 2002.

Revenues for the three months ended September 30, 2003, compared to the three
months ended September 30, 2002, increased substantially (219%) because of the
substantial increase in orders from the military due to ongoing international
conflicts in Afghanistan and Iraq.  Revenues for the nine months ended
September 30, 2003, compared to the nine months ended September 30, 2002,
increased by approximately 212% for the same reasons mentioned above.  The US
military has substantially increased their orders during 2003 due to ongoing
international conflicts throughout the world and the Company is now focusing
on a marketing-driven sales effort in order to increase revenues that will
ultimately cover total expenditures.

The Company is also now focusing on marketing and selling the environmental
masks and associated filters in the Asian markets.  Revenues have been
generated in part from the sale of the emergency CPR assistance device
($19,013 and $18,938 for the three months ended September 30, 2003 and 2002,
respectively, and $124,146 and $78,579 for the nine months ended September 30,
2003 and 2002, respectively).

Additionally, the Company generated revenues related to Superstat, a modified
collagen hemostat, for which they have exclusive distribution rights to the
U.S. and foreign governments and militaries.  Revenues related to Superstat
were $360,536 and $99,975 for the three months ended September 30, 2003 and
2002, respectively, and $627,861 and $162,299 for the nine months ended
September 30, 2003 and 2002, respectively.  This represents a significant
increase from 2002 to 2003 for Superstat as a result of the increased orders
from the U.S. military as described above.

For the three months ended September 30, 2003 and 2002, the approximate
percentage of revenues derived from sales to the U.S. government and military
was 95% and 84%, respectively.

<PAGE>
<PAGE> 11

For the nine months ended September 30, 2003 and 2002, the approximate
percentage of revenues derived from sales to the U.S. government and military
was 83% and 67%, respectively.  In addition to competition from other
companies that may offer alternative products, the Company's sales to the
military are dependent on the current state of foreign affairs and
international conflicts with a U.S. military presence and the resulting
perceived need for the Company's products in the U.S. government and military.

Cost of Sales:  During the three months and nine months ended September 30,
2003, the Company reported cost of sales of $255,107 and $498,031,
respectively, compared to $79,933 and $157,359, respectively, for the three
months and nine months ended September 30, 2002.  This represents an increase
of approximately 219% for the three months ended September 30, 2003 and
approximately 216% for the nine months ended September 30, 2003.  These
increases are relatively proportionate to and consistent with the increases in
revenues for the same periods except for minor margin decreases.  Costs as a
percentage of sales were 67% and 66% for the three months and nine months
ended September 30, 2003, respectively, compared to 67% and 65% for the three
months and nine months ended September 30, 2002, respectively.  The Company
expects costs as a percentage of sales to be approximately 60-65% 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 the Asian 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:  General and administrative expenditures decreased for the
three months ended September 30, 2003 as compared to the three months ended
September 30, 2002 to $229,572 from $506,836, representing a decrease of
approximately 55%.

General and administrative expenditures decreased for the nine months ended
September 30, 2003 as compared to the nine months ended September 30, 2002 to
$685,150 from $872,473, representing a decrease of approximately 21%.

These reductions from 2002 to 2003 are the result of decreased consulting and
legal fees incurred during 2003.  As a result, the Company issued fewer shares
of common stock for services rendered to outside consultants and lawyers
during 2003 as compared to 2002.  Consulting expense, which was paid for
through the issuance of common stock totaled $187,720 for the nine months
ended September 30, 2003, compared to $531,440 for the nine months ended
September 30, 2002. The Company does not expect to incur additional
significant consulting expenses in the near future.  The significant
components of our operating expenses to date have been salaries and wages,
consulting and other professional services, product and liability insurance
and office rent.

Research and development: Future research and development costs for testing,
validation and FDA filings for potential new products are estimated to be
immaterial and range from $25,000 to $35,000 during the next twelve months.
An additional $60,000 to $70,000 may also be required for the commission of
molds for these potential new products.  These R&D costs are expected to be

<PAGE>
<PAGE> 12

paid using capital funds raised during early 2003.  The significant components
of the Company's planned research and development activities include prototype
development and materials, governmental filings and laboratory testing.

Depreciation and amortization expense: Depreciation and amortization expense
increased from $8,398 and $25,003 to $28,108 and $62,333 during the three
months and nine months ended September 30, 2002 and 2003, respectively.
(Reported amounts for cost of sales, general and administrative expenses, and
research and development do not include any depreciation or amortization costs
for the periods presented).

Other Expense:  Interest expense increased from $72 and $2,224 to $572 and
$3,208 during the three months and nine months ended September 30, 2002 and
2003, respectively.  The Company's interest expense is primarily due to the
Company's financing of its liability insurance.

Net loss:  We had a net loss of $137,936 for the three months ended September
30, 2003 or $0.01 per share based on a weighted average of 27,265,517 common
shares outstanding, compared to a net loss of $500,115 for the three months
ended September 30, 2002 or $0.03 per share based on a weighted average of
14,528,063 common shares outstanding.  We had a net loss of $504,612 for the
nine months ended September 30, 2003 or $0.02 per share based on a weighted
average of 23,209,135 common shares outstanding, compared to a net loss of
$840,670 for the nine months ended September 30, 2002 or $0.07 per share based
on a weighted average of 12,751,383 common shares outstanding.

Income taxes:  At December 31, 2002, the Company had net operating loss
carryforwards for federal income tax purposes of approximately $4,431,000 that
may be offset against future taxable income.  These operating loss
carryforwards expire in the years 2009 through 2022.  No tax benefit has been
reported in the financial statements because the potential tax benefits of the
net operating loss carryforwards are offset by a valuation allowance of the
same amount.

Financial Condition
-------------------

At September 30, 2003, we had working capital of $200,755.  Accounts
receivable are significantly higher at September 30, 2003 ($232,185) as
compared to December 31, 2002 ($16,135) because of certain revenues generated
in late September 2003, primarily from the U.S. military, for which cash
collections were not received until subsequent to September 30, 2003.  The
accounts receivable, net of the allowance for doubtful accounts of $7,700 at
September 30, 2003 are considered to be fully collectible.


<PAGE>
<PAGE> 13

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

Since inception, revenues have not been adequate to cover operating expenses
and 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 quarter ended September 30, 2003, the Company had
offset its accumulated deficit in this manner.

The Company raised an aggregate of $1,011,974 (net of $170,350 of stock
offering costs) through the sale of 5,418,483 common shares through September
30, 2003. The Company issued these common shares at prices ranging from $0.18
and $0.40 per share.  In connection with the common share issuances, the
Company also granted 1,940,325 three-year, noncallable warrants to purchase
common stock for each dollar invested, exercisable at prices ranging from
$0.25 to $0.50 per share.  The shares purchased and the shares underlying the
warrants have been included on a registration statement on Form SB-2 which the
Company has filed with the SEC. The Company is currently in the process of
answering SEC comments related to this registration statement.

Nevertheless, although 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 $7,970,938 at September 30, 2003.
Accordingly, our ability to continue as a going concern may be dependent upon
the success of management's plans described in Note 3 to the accompanying
financial statements.  In their report on the Company's latest annual
financial statements, its independent auditors expressed substantial doubt
about the Company's ability to continue as a going concern.

Net cash used in operations was $157,222 for the nine months ended September
30, 2003.  Net cash used in operations was $153,691 for the nine months ended
September 30, 2002.  Cash used by our operating activities for the periods
ended September 30, 2003 and 2002 was funded primarily by the issuance of
common stock for cash and shareholder advances.

Net cash used in investing activities was $219,998 and $25,197 for the nine
months ended September 30, 2003 and 2002, respectively, due to the acquisition
of additional molds and property and equipment needed for operations, acquired
patents and technology from the Company's President, and additional
expenditures related to the Company's existing patents.

For the nine months ended September 30, 2003, cash from financing activities
totaled $650,758 consisting of $1,182,324 in proceeds on the issuance of
common stock less stock offering costs of $170,350, repayment of shareholder
advances totaling $319,070 and payments on the outstanding note payable
totaling $42,146.  For the nine months ended September 30, 2002, cash from
financing activities totaled $196,488, primarily from advances from
shareholders totaling $216,900 and payments on the note payable totaling
$20,412.



<PAGE>
<PAGE> 14

Due to the increased exposure and liability for public entities, the cost of
the Company's 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 $70,000 annually.  The
Company does not expect the cost to increase substantially, however, over the
next few years.

Product development efforts remain an important priority of the Company's
business plans, but the Company's primary focus is on increasing its product
sales through a marketing driven sales effort in order to increase revenues
that will ultimately cover total expenditures.  It is the intent of management
to create additional revenues through the development and sales of its
emergency respiration equipment and environmental masks and to rely upon
additional equity financing if required to sustain operations until revenues
are adequate to cover the costs.  Although the Company has recently begun to
receive indications of increased interest in its products from a number of
medical product distributors and believes that this increased interest will
lead to stronger performance by the Company in the near future, management can
offer no assurance with respect to its ability to create additional revenues,
obtain additional equity financing or execute its long-term business plan.
The Company has also recently begun discussions with a large Asian
multinational company who has shown interest in a possible distribution
agreement for our medical products in Japan, China and other Far Eastern
countries, although a definite agreement has not yet been reached.

During our current fiscal year 2003, we expect that we will be able to
continue measures that will (i) reduce unnecessary cash outflows, (ii)
increase revenues through our improved marketing effort; and (iii) raise
additional needed working capital, if required, through the issuance of our
stock for services and cash, or other equity or debt financing.

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.

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



<PAGE>
<PAGE> 15

                              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.

PART II
                         OTHER INFORMATION
                     ITEM 1 - LEGAL PROCEEDINGS

The Company is, from time to time, subject to certain claims and lawsuits
arising in the normal course of business.  The Company is not subject
currently, however, to any pending legal proceedings.  In the opinion of
management, uninsured losses, if any, resulting from the ultimate resolution
of any claims will not have a material effect on the Company's financial
position, results of operations, or cash flows.

                 ITEM 2 - CHANGES IN SECURITIES
  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.

                 ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

a. 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


<PAGE>
<PAGE> 16

b. The following reports on Form 8-K were filed in the quarter ended September
30, 2003:

None.
                                SIGNATURES

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

  Emergency Filtration Products, Inc.


 Date:  November 14, 2003                 By: /s/Douglas K. Beplate
                                          Douglas K. Beplate, President

 Date:  November 14, 2003                 By: /s/Steve M. Hanni
                                          Steve M. Hanni, CFO