<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, 2004.

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, 2004, there were outstanding 33,509,473 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
September 30, 2004(Unaudited) and December 31, 2003..........      3

Statements of Operations (Unaudited)
For the three months and nine months ended
September 30, 2004 and 2003..................................      4

Statements of Cash Flows (Unaudited)
For the nine months ended September 30, 2004 and 2003........      5

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

Item 2. Management's Discussion and Analysis of Financial
        Condition and Results of Operations...................     11

Item 3. Controls and Procedures...............................     17

Part II Other Information

Item 1. Legal Proceedings.....................................     17

Item 2. Unregistered Sales of Equity Securities
        and Use of Proceeds ..................................     18

Item 3. Defaults Upon Senior Securities ......................     19

Item 4. Submission of Matter to a Vote
        Of Security Holders ..................................     19

Item 5. Other Information .....................................    19

Item 6. Exhibits ..............................................    19

Signatures.....................................................    19



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EMERGENCY FILTRATION PRODUCTS, INC.
Balance Sheets
September 30, 2004 and December 31, 2003
                                                 September 30,  December 31,
                                                     2004           2003
                                                 -------------  ------------
ASSETS                                             (Unaudited)
CURRENT ASSETS
 Cash and cash equivalents                        $    660,968  $    148,501
 Accounts receivable, net of an allowance for
  doubtful accounts of $8,500 and $8,000,
  respectively                                           4,667        13,374
 Prepaid expenses and other                             21,450        57,882
 Inventory                                             160,582       182,440
                                                   -----------   -----------
   Total Current Assets                                847,667       402,197
                                                   -----------   -----------
PROPERTY AND EQUIPMENT
 Molds                                                 128,650       128,650
 Furniture and office equipment                         55,220        55,220
 Machinery and equipment                                59,412        59,412
 Leasehold improvements                                      -        10,231
 Accumulated depreciation                             (173,155)     (145,372)
                                                   -----------   -----------
   Total Property and Equipment                         70,127       108,141
                                                   -----------   -----------
OTHER ASSETS
 Patents and acquired technology, net of
  accumulated amortization of $124,559 and
  $71,193, respectively                                990,228       998,594
 Other                                                   3,462        11,730
                                                   -----------   -----------
   Total Other Assets                                  993,690     1,010,324
                                                   -----------   -----------
TOTAL ASSETS                                      $  1,911,484  $  1,520,662
                                                   ===========   ===========
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
 Accounts payable - unrelated parties             $     76,876  $     53,484
 Accounts payable - related parties                    178,329       213,707
 Accrued expenses                                      106,373        91,832
 Notes payable                                          13,768        35,880
                                                   -----------   -----------
   Total Current Liabilities                           375,346       394,903
                                                   -----------   -----------
COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
 Common stock, par value $0.001; authorized
  50,000,000 shares; 33,509,473 and 27,265,517
  shares issued and outstanding, respectively           33,509        27,266
 Additional paid-in capital                         11,160,914     9,269,414
 Deferred compensation                                (492,540)            -
 Accumulated other comprehensive income                    977         1,860
 Deficit                                            (9,166,722)   (8,172,781)
                                                   -----------   -----------
   Total Stockholders' Equity                        1,536,138     1,125,759
                                                   -----------   -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY        $  1,911,484  $  1,520,662
                                                   ===========   ===========
The accompanying notes are an integral part of these financial statements.

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EMERGENCY FILTRATION PRODUCTS, INC.
Statements of Operations
For the Three Months and Nine Months Ended September 30, 2004 and 2003
(Unaudited)

                      For the Three Months Ended   For the Nine Months Ended
                             September 30,                September 30,
                           2004          2003          2004          2003
                       -----------   -----------   -----------   -----------
NET SALES             $     62,611  $    379,549  $    387,782  $    752,007
                       -----------   -----------   -----------   -----------
COSTS AND EXPENSES
 Cost of sales              37,495       255,107       252,298       498,031
 Depreciation and
  amortization              26,019        28,108        83,003        62,333
 Research and
  development                    -         3,402             -         7,173
 Bad debt expense           21,517             -        22,017           233
 Selling, general and
  administrative           455,277       229,572       972,198       684,917
                       -----------   -----------   -----------   -----------
   Total Expenses          540,308       516,189     1,329,516     1,252,687
                       -----------   -----------   -----------   -----------
LOSS FROM OPERATIONS      (477,697)     (136,640)     (941,734)     (500,680)
                       -----------   -----------   -----------   -----------

OTHER INCOME (EXPENSE)
 Interest income                 -            19             -            19
 Interest expense           (1,203)         (572)      (43,830)       (3,208)
 Loss on vacating lease          -             -        (8,418)            -
 Foreign exchange
  gain (loss)                   41          (743)           41          (743)
                       -----------   -----------   -----------   -----------
   Total Other Income
    (Expense)               (1,162)       (1,296)      (52,207)       (3,932)
                       -----------   -----------   -----------   -----------

NET LOSS              $   (478,859) $   (137,936) $   (993,941) $   (504,612)
                       ===========   ===========   ===========   ===========
BASIC AND DILUTED
 LOSS PER SHARE       $      (0.02) $      (0.01) $      (0.04) $      (0.02)
                       ===========   ===========   ===========   ===========
WEIGHTED AVERAGE
 NUMBER OF COMMON
 SHARES OUTSTANDING     27,881,158    27,265,517    27,543,287    23,209,135
                       ===========   ===========   ===========   ===========







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


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EMERGENCY FILTRATION PRODUCTS, INC.
Statements of Cash Flows
For the Nine Months Ended September 30, 2004 and 2003
(Unaudited)
                                                     2004           2003
                                                 ------------   ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net loss                                       $    (993,941) $    (504,612)
 Adjustments to reconcile net loss to net
  cash used in operating activities:
  Depreciation                                         29,637         25,277
  Amortization of patent costs                         53,366         37,056
  Bad debt expense                                     22,017            233
  Common stock issued for services                    278,010        187,720
 Changes in operating assets and liabilities:
  Accounts receivable                                 (13,310)      (216,283)
  Prepaid expenses and other                           65,032         15,302
  Inventory                                            21,858        (81,791)
  Deposits                                              8,268         (5,122)
  Accounts payable and accounts payable
   - related parties                                  226,391        371,794
  Accrued expenses                                     14,541         13,204
                                                 ------------   ------------
   Net Cash Used In Operating Activities             (288,131)      (157,222)
                                                 ------------   ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
 Acquisition of property and equipment                      -        (87,019)
 Patent and technology costs                                -       (132,979)
                                                 ------------   ------------
   Net Cash Used In Investing Activities                    -       (219,998)
                                                 ------------   ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
 Proceeds from stock issuances                        971,443      1,182,324
 Stock offering costs                                (119,250)      (170,350)
 Repayments of advances from shareholders                   -       (319,070)
 Payment on notes payable                             (50,712)       (42,146)
                                                 ------------   ------------
   Net Cash Provided by Financing Activities          801,481        650,758
                                                 ------------   ------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
 CASH EQUIVALENTS                                        (883)         3,542
                                                 ------------   ------------
NET INCREASE IN CASH AND CASH EQUIVALENTS             512,467        277,080
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD      148,501         21,424
                                                 ------------   ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD      $     660,968  $     298,504
                                                 ============   ============
SUPPLEMENTAL CASH FLOW INFORMATION

Non-Cash Investing and Financing Activities
 Common stock issued for services               $     278,010  $     187,720
 Common stock issued to reduce accounts payable       230,000         56,325
 Non-cash reduction in note payable                         -         14,799
 Common stock issued for patent rights and
  acquired technology                                  45,000        845,000
 Common stock issued for deferred compensation        492,540              -

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

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EMERGENCY FILTRATION PRODUCTS, INC.
Notes to the Financial Statements
September 30, 2004 and December 31, 2003

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 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,
2003, 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, 2004 and 2003 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 and nine months ended September 30, 2004 and
2003:
                                     For the Three Months Ended
                                            September 30,
                                          2004          2003
                                      -----------   -----------

Net loss                             $   (478,859) $   (137,936)
                                      ===========   ===========
Weighted average shares                27,881,158    27,265,517
                                      ===========   ===========
Basic and diluted loss per share     $      (0.02) $      (0.01)
                                      ===========   ===========

                                     For the Nine Months Ended
                                            September 30,
                                          2004          2003
                                      -----------   -----------

Net loss                             $   (993,941) $   (504,612)
                                      ===========   ===========
Weighted average shares                27,543,287    23,209,135
                                      ===========   ===========
Basic and diluted loss per share     $      (0.04) $      (0.02)
                                      ===========   ===========

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

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EMERGENCY FILTRATION PRODUCTS, INC.
Notes to the Financial Statements
September 30, 2004 and December 31, 2003

NOTE 3 - GOING CONCERN CONTINGENCY

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 negative cashflow from operations and
significant losses, which have resulted in a deficit of $9,166,722 at
September 30, 2004.

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, and b) continuing efforts to
increase its product sales in the U.S. and internationally.

It is the intent of management to seek to create additional revenues through
the development and sales of its emergency respiration equipment and its
environmental masks.  The Company has also been able to raise additional funds
during the current year totaling approximately $852,000 through the issuance
of additional common shares and through the exercise of outstanding warrants
in order to raise the necessary capital to sustain operations until revenues
are adequate to cover the costs.

During the nine months ended September 30, 2004, the Company has been in
discussions with a large Asian multinational company, involved in chemical and
related businesses, including air filtration, that has 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.  A
possible distribution agreement with them is currently being negotiated.

In September 2004, the Company announced that they have 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 will begin testing their licensed nano-enhanced filter
media at Edgewood Chemical Biological Center in Edgewood, Maryland. The
testing and evaluation process is expected to take approximately one to two
months to complete, following which (assuming positive testing results), the
Company expects to sub-license their nano-enhanced filter media to a
Department of Defense approved manufacturer to 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.

Management can offer no assurance with respect to its ability to create
additional revenues, obtain additional equity financing, if needed, or 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.


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EMERGENCY FILTRATION PRODUCTS, INC.
Notes to the Financial Statements
September 30, 2004 and December 31, 2003

NOTE 4 - STOCK TRANSACTIONS

During the nine months ended September 30, 2004, the Company issued 709,400
shares of common stock through the exercise of common stock warrants at prices
ranging from $0.25 to $0.50 per share, for total proceeds of $221,443.

Also during September 2004, the Company entered into various subscription
agreements with three separate accredited investors, pursuant to an offering
conducted under Rule 506 of Regulation D, as promulgated under the Securities
Act of 1933.  In connection with the offering, the Company sold 3,000,000
shares of common stock at a purchase price of $0.25 per share, pursuant to
which the Company received gross proceeds of $750,000. In connection with this
offering, the Company also issued (i) Class A Warrants for the purchase of
3,600,000 shares of common stock; and (ii) Class B Warrants for the purchase
2,000,000 shares of common stock. The Class A Warrants are exercisable at
$0.30 per share for a two year period. The Class B Warrants are exercisable at
$.001 per share 120 days after the date of closing for a period of five years.
However, the Class B Warrants will expire in the event that the Company
provides the investors within 120 days from the issue date of the Class B
Warrants with validation and acknowledgment, in the form of a letter or
statement from the United States Department of Defense, that the Company's
products are approved for military use and/or can be used in military
applications.

The Company was obligated to register the shares of common stock issued and
the shares issuable upon the exercise of the warrants as part of an S-2
registration statement, which was filed on October 29, 2004.  If the
registration is not effective within 150 days, the Company will be obligated
to pay penalties to the investors of 2% of the total purchase price per month,
pro rated on a daily basis until the registration statement is declared
effective.  The Company will also bear all the costs of this registration
statement.  The registration was declared effective on November 12, 2004 at
4:30pm Eastern Standard Time.

As part of the transaction, the Company paid $75,000 as a finders fee and
issued warrants to a finder for the purchase of 600,000 shares of common stock
exercisable at $0.30 per share for two years. The Company also paid escrow and
related transaction expenses of $44,250.

On September 30, 2004, the Company issued an additional 1,055,556 shares of
common stock in lieu of outstanding debt as follows:

 - 250,000 shares to the Company's President for past due wages;
 - 250,000 shares to the Company's Secretary/Treasurer for past due
   wages;
 - 130,556 shares to the Company's Chief Financial Officer for past due
   wages;
 - 400,000 shares to the Company's directors for past board service; and
 - 25,000 shares to an outside individual not associated with the company
   for past services performed.


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EMERGENCY FILTRATION PRODUCTS, INC.
Notes to the Financial Statements
September 30, 2004 and December 31, 2003

NOTE 4 - STOCK TRANSACTIONS (Continued)

On September 15, 2004, the Company adopted a 2004 Stock Option and Award Plan
(the "Plan") under which options to acquire the Company's common stock or
bonus stock may be granted from time to time to employees, including officers
and directors and/or subsidiaries.  In addition, at the discretion of the
board of directors or other administrator of the Plan, options to acquire
common stock or bonus stock may from time to time be granted under the Plan to
other individuals who contribute to the Company's success or to the success of
the Company's subsidiaries but who are not employees.  A total of 2,500,000
shares of common stock may be subject to, or issued pursuant to, options or
stock awards granted under the terms of the Plan.  As of September 30, 2004,
1,479,000 shares of the Company's common stock were issued pursuant to the
Plan for the services of various individuals to the Company.  The 1,479,000
shares issued were recorded at the fair market value of the shares on the date
of issuance which was $0.45 per share for a total of $665,550.  However, a
total of $492,540 of this amount has been recorded as deferred compensation in
the accompanying financial statements as of September 30, 2004 for services to
be rendered to the Company in the future, and $45,000 was capitalized to
patent and acquired technology costs related to one of the Company's
developing products.

During the nine months ended September 30, 2003, the Company issued the
following shares of common stock:
         - 636,000 shares valued at $0.22 per share for legal and other
           services rendered valued at $128,920 and in payment of accounts
           payable totaling $11,000.
         - 3,250,000 shares valued at $0.26 per share issued to the President
           of the Company for certain rights, title and interest in various
           technology, patents and patent applications.
         - 400,000 shares pursuant to an exchange agreement for total proceeds
           of $42,000.
         - 93,334 shares valued at $0.63 per share for legal and other
           services rendered valued at $58,800.

Also during the nine months ended September 30, 2003, the Company entered into
various subscription agreements through an investment banking company to issue
common shares at $0.18 per share.  Through September 30, 2003, the Company had
raised $840,325 (net of $105,350 of stock offering costs) pursuant to these
agreements and issued a total of 4,668,483 shares of common stock.  Pursuant
to this offering, the Company also granted a total of 840,325 three-year,
noncallable warrant to purchase common stock for each dollar invested,
exercisable at $0.25 per share.  Also, as part of the agreement with the
investment banking company, the Company paid the investment banking company a
placement fee of 13% of the gross proceeds raised.  An additional 695,000 of
the above mentioned warrants were issued to the investment banking company as
a finder's fee. A total of 1,535,325 warrants were granted pursuant to these
agreements.


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EMERGENCY FILTRATION PRODUCTS, INC.
Notes to the Financial Statements
September 30, 2004 and December 31, 2003

NOTE 4 - STOCK TRANSACTIONS (Continued)

The Company also issued during the nine months ended September 30, 2003, an
additional 750,000 shares of common stock to various accredited investors in a
separate private placement at $0.40 per share and received total proceeds of
$235,000 (net of $65,000 of stock offering costs).  Pursuant to the related
agreement, the Company granted 300,000 three-year, noncallable warrants to
purchase common stock for each dollar invested, exercisable at $0.50 per
share.  An additional 105,000 of these warrants were issued to an investment
banking company as a finder's fee. A total of 405,000 warrants were granted
pursuant to this agreement.

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                                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 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 primarily 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 2003, 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 acquired the
rights to a substantial portion of its intellectual property from its
president and chief executive officer (See "Critical Accounting Policies and
Estimates," below), 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 since the technology
is recorded at historical cost rather than fair value.

Critical Accounting Policies and Estimates
------------------------------------------
Revenue Recognition: The Company recognizes revenue for its products when the
product is shipped and title passes to the buyer.

Capitalized Patent and Technology Costs: The Company capitalized costs
totaling $45,000 during the nine months ended September 30, 2004 related to
acquired rights to a BVM bag invention by issuing a total of 100,000 shares of
common stock valued at $0.45 per share.   Pursuant to an agreement that was
entered into by the Company during 2002, the Company was obligated to issue
the assignor of the technology 100,000 shares of common stock once the
products associated with the BVM bag technology were fully developed and ready
for manufacture and market.  The completion of the product development
occurred during September 2004.


<PAGE>
<PAGE> 12

The Company also capitalized certain costs related to patents and technology
acquired during 2003.  In determining the value of a substantial portion of
this technology acquired in 2003 from the Company's president and chief
executive officer, the members of its Board of Directors used their best
business judgment to estimate the future income potential of the acquired
technology. Although no independent valuations or market analyses were sought
by the members of the board prior to determination of the purchase price, a
determination was made through an analysis of the potential applications of
the filtration technology and the identifiable likely markets surrounding the
technology.  The consideration paid for the technology was approved by the
Board of Directors, and the President abstained from the vote.

Amortization of the resultant asset is being recorded in accordance with SFAS
No. 142, "Goodwill and Other Intangible Assets".

Functional Currency:  For the three months and nine months ended September 30,
2004, 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 ended September 30, 2004, we had an unrealized loss of $2,356 and
for the nine months ended September 30, 2004, we had an unrealized loss of
$883 as a result of foreign currency translation adjustments.

Except as discussed above, 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 or that if changed are likely to materially affect future periods.

Results of Operations
---------------------
Nine Months Ended September 30, 2004 compared with 2003
-------------------------------------------------------
Revenues:  During the nine months ended September 30, 2004, the Company
reported a decrease in revenues compared to the nine month period ended
September 30, 2003 of approximately 48% due to the reduction in product orders
from the United States military. The U.S. military had substantially increased
their orders during 2003 due to international conflicts throughout the world.
Government orders, historically, have been sporadic based upon the timing of
their restocking requirements, although there are no guarantees as to when or
if the government will continue to re-order any of the Company's products.
For the nine months ended September 30, 2004 and 2003, the approximate
percentage of revenues derived from sales to the government were 29% and 83%,
respectively. 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.

Revenues have historically been generated in part from the sale of the
environmental masks produced in Taipei, Taiwan, although currently the Company
is not producing any additional environmental masks in Taiwan and has placed
production on hold.  During the nine months ended September 30, 2004 and 2003,
revenues from the sale of environmental masks were $247,183 and $0,
respectively.  However, no revenues have been generated from the sale of
environmental masks since the quarter ended March 31, 2004.  This is due to
the fact that during the spring of 2004, the building in which the Company's
manufacturing facility and warehouse were located, was sold and the Company
was forced to relocate.  The Company initially was pursuing a new location in
Taipei, Taiwan for these facilities but during the three months ended
September 30, 2004, elected to discontinue its search for a new location,
since the expected demand for environmental masks in Taiwan did not
materialize as the Company hoped.


<PAGE>
<PAGE> 13

The Company expects that they will be able to secure a distribution agreement
for their emergency respiration products in the Asian markets with Itochu
Techno Chemical, Inc., a large Asian multinational company involved in
chemical and related businesses, by the end of 2004, at which time the Company
plans to resume production of the environmental masks and related products,
possibly in Taiwan.  As previously mentioned, the Company announced recently
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 U.S. FDA) to immediately begin importing and selling
certain of the Company's emergency respiration products in Japan.  A possible
distribution agreement with them is currently being negotiated.

Sales of the environmental masks did not begin until late 2003, thus no
revenues were recorded for the nine months ended September 30, 2003.

Revenues were also generated in part from the sale of the emergency CPR
assistance device ($130,448 and $124,146 for the nine months ended September
30, 2004 and 2003, respectively).

Additionally, the Company generated revenues related to Superstat, a modified
collagen hemostat for which the Company has exclusive distribution rights to
the U.S. government and military.  Revenues related to Superstat were $10,100
and $627,861 for the nine months ended September 30, 2004 and 2003,
respectively.  This represents a decrease in revenues for Superstat of
approximately 98% for the nine months ended September 30, 2004 compared to the
nine months ended September 30, 2003 due to the drastic decline in government
orders during 2004.

Cost of Sales:  During the nine months ended September 30, 2004, the Company
reported a decrease in cost of sales of approximately 49% compared to the cost
of sales for the nine months ended September 30, 2003.  This decrease is
slightly lower than the corresponding decrease in revenues due to the slightly
lower profit margins associated with the environmental mask sales in Taiwan
that were sold in 2004 but not 2003.  The lower margins are due to the
additional distribution fees paid to our manufacturing and distribution agent
in Taiwan.  Costs as a percentage of sales were 65% and 66% for the nine
months ended September 30, 2004 and 2003, respectively.  The Company expects
costs as a percentage of sales to be approximately 60%-70% in the future
unless significant changes occur in the cost of materials.  The significant
components of the Company's cost of sales include actual product cost,
including outsourced manufacturing and packaging, freight and shipping, and
technology royalties paid on revenues generated.

Operating Expenses: Selling, general and administrative expenses increased for
the nine months ended September 30, 2004 as compared to the nine months ended
September 30, 2003 to $972,198 from $684,917, representing an increase of
approximately 42%.  This increase from 2003 to 2004 was primarily due to
additional travel, salaries and wages, and other operating costs associated
with the manufacturing facility in Taiwan, as well as additional outside
legal, accounting, and other consulting services rendered during 2004.  The
Company expects operating costs will increase in the near future now that
additional funding has been obtained and additional marketing personnel can be
hired. The significant components of our operating expenses include salaries
and wages, consulting and other professional services, product and liability
insurance and office rent.

<PAGE>
<PAGE> 14

Research and development: Although not significant for the periods presented,
the Company expects research and development costs to increase somewhat in the
near 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.  An additional $20,000 to $30,000 may
also be required for the commission of molds for these 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.

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

To obtain funding for the Company's ongoing operations, on September 30, 2004,
the Company entered into three separate subscription agreements with
accredited investors, pursuant to an offering conducted under Rule 506 of
Regulation D, as promulgated under the Securities Act of 1933.  In connection
with the offering, the Company sold 3,000,000 shares of common stock at a
purchase price of $0.25 per share, pursuant to which the Company received
gross proceeds of $750,000. In connection with this offering, the Company also
issued (i) Class A Warrants for the purchase of 3,600,000 shares of common
stock; and (ii) Class B Warrants for the purchase 2,000,000 shares of common
stock. The Class A Warrants are exercisable at $0.30 per share for a two year
period. The Class B Warrants are exercisable at $.001 per share 120 days after
the date of closing for a period of five years. However, the Class B Warrants
will expire in the event that the Company is able to provide the investors
within 120 days from the issue date of the Class B Warrants with validation
and acknowledgment, in the form of a letter or statement from the United
States Department of Defense, that the Company's products are approved for
military use and/or can be used in military applications.

The Company was obligated to register the shares of common stock issued and
the shares issuable upon the exercise of the warrants as part of an S-2
registration statement, which was filed on October 29, 2004.  If the
registration is not effective within 150 days, the Company will be obligated
to pay penalties to the investors of 2% of the total purchase price per month,
pro rated on a daily basis until the registration statement is declared
effective.  The Company will also bear all the costs of this registration
statement. The registration was declared effective on November 12, 2004 at
4:30pm Eastern Standard Time.

As part of the transaction, the Company paid $75,000 as a finders fee and
issued warrants to a finder for the purchase of 600,000 shares of common stock
exercisable at $0.30 per share for two years. The Company also paid escrow and
related transaction expenses of $44,250.

The Company also issued 709,400 shares of common stock through the exercise of
common stock warrants during the nine months ended September 30, 2004, for
total proceeds of $221,443.  In addition, the Company may receive additional
funds of up to approximately $1,446,000 through the exercise of common stock
warrants currently outstanding.

<PAGE>
<PAGE> 15

With the recent funds raised, 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 approximately $20,000 to $30,000 over the next twelve months.

As previously discussed, the Company's manufacturing operations in Taiwan have
temporarily been suspended.  However, the Company expects that they will be
able to secure a long-term distribution agreement with a large Asian
multinational company for their products in Japan and possibly other Asian
markets by the end of 2004. If this distribution agreement is completed, the
Taiwan manufacturing facility may be reopened.

The Company has accumulated a deficit of $9,166,722 as of September 30, 2004,
resulting from the continued losses since inception.  For this and other
reasons, our auditors for our most recent fiscal year ended December 31, 2003,
expressed substantial doubt in their report as to our ability to continue
operating as a going concern.

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 $65,000 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 September 30, 2004
and 2003 was funded primarily by the sale of common stock for cash and
shareholder advances.

On September 30, 2004, the Company issued 1,055,556 shares of common stock in
lieu of outstanding debt as follows:

 - 250,000 shares to the Company's President for past due wages;
 - 250,000 shares to the Company's Secretary/Treasurer for past due
   wages;
 - 130,556 shares to the Company's Chief Financial Officer for past due
   wages;
 - 400,000 shares to the Company's directors for past board service; and
 - 25,000 shares to an outside individual not associated with the company
   for past services performed.


<PAGE>
<PAGE> 16

On September 15, 2004, the Company adopted a 2004 Stock Option and Award Plan
(the "Plan") under which options to acquire the Company's common stock or
bonus stock may be granted from time to time to employees, including officers
and directors and/or subsidiaries.  In addition, at the discretion of the
board of directors or other administrator of the Plan, options to acquire
common stock or bonus stock may from time to time be granted under the Plan to
other individuals who contribute to the Company's success or to the success of
the Company's subsidiaries but who are not employees.  A total of 2,500,000
shares of common stock may be subject to, or issued pursuant to, options or
stock awards granted under the terms of the Plan.  As of September 30, 2004,
1,479,000 shares of the Company's common stock were issued pursuant to the
Plan for the services of various individuals to the Company.  The 1,479,000
shares issued were recorded at the fair market value of the shares on the date
of issuance which was $0.45 per share for a total of $665,550.  However, a
total of $492,540 of this amount has been recorded as deferred compensation in
the accompanying financial statements as of September 30, 2004 for services to
be rendered to the Company in the future, and $45,000 was capitalized to
patent and acquired technology costs related to one of the Company's
developing products.

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.

During our current fiscal year 2004, 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.

The Company's business model is intended to be cost-efficient and 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 has recently begun to receive indications of increased interest in
its products from a number of medical product distributors and management
believes that this increased interest will lead to stronger financial
performance in the near future.

In September 2004, the Company announced that they have 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 will begin testing their licensed nano-enhanced filter
media at Edgewood Chemical Biological Center in Edgewood, Maryland. The
testing and evaluation process is expected to take approximately one to two
months to complete, following which (assuming positive testing results), the
Company expects to sub-license their nano-enhanced filter media to a
Department of Defense approved manufacturer to 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.

Impact of Inflation and Interest Rates
--------------------------------------
At this time, we do not anticipate that either inflation or interest rate
variations will have a material impact on our future operations.

<PAGE>
<PAGE> 17
                              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

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 is current under submission.  On May 28, 2004,
American Registrar and Transfer Company moved to dismiss the Company's claims
against it.  American Registrar's motion is currently under submission.  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. At this time, the outcome of these actions is uncertain.


<PAGE>
<PAGE> 18


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

During the three months ended September 30, 2004, the Company issued 174,600
shares of common stock through the exercise of common stock warrants at prices
ranging from $0.25 to $0.50 per share, for total proceeds of $52,900.  The
shares underlying the warrants were included in a registration statement on
Form SB-2 (SEC file number 333-106212) declared effective by the SEC on April
16, 2004.

On September 30, 2004, the Company entered into a three separate subscription
agreements with accredited investors, pursuant to an offering conducted under
Rule 506 of Regulation D, as promulgated under the Securities Act of 1933.  In
connection with the offering, the Company sold 3,000,000 shares of common
stock at a purchase price of $0.25 per share, pursuant to which the Company
received gross proceeds of $750,000. In connection with this offering, the
Company also issued (i) Class A Warrants for the purchase of 3,600,000 shares
of common stock; and (ii) Class B Warrants for the purchase 2,000,000 shares
of common stock. The Class A Warrants are exercisable at $0.30 per share for a
two year period. The Class B Warrants are exercisable at $.001 per share 120
days after the date of closing for a period of five years. However, the Class
B Warrants will expire in the event that the Company is able to provide the
investors within 120 days from the issue date of the Class B Warrants with
validation and acknowledgment, in the form of a letter or statement from the
United States Department of Defense, that the Company's products are approved
for military use and/or can be used in military applications.

The Company was obligated to register the shares of common stock issued and
the shares issuable upon the exercise of the warrants as part of an S-2
registration statement, which was filed on October 29, 2004.  If the
registration is not effective within 150 days, the Company will be obligated
to pay penalties to the investors of 2% of the total purchase price per month,
pro rated on a daily basis until the registration statement is declared
effective.  The Company will also bear all the costs of this registration
statement. The registration was declared effective on November 12, 2004 at
4:30pm Eastern Standard Time.

On September 30, 2004, the Company issued an additional 1,055,556 shares of
common stock in lieu of outstanding debt as follows:

 - 250,000 shares to the Company's President for past due wages;
 - 250,000 shares to the Company's Secretary/Treasurer for past due
   wages;
 - 130,556 shares to the Company's Chief Financial Officer for past due
   wages;
 - 400,000 shares to the Company's directors for past board service; and
 - 25,000 shares to an outside individual not associated with the company
   for past services performed.

The shares issued in the foregoing transaction were issued in reliance on the
exemption from registration and prospectus delivery requirements of the Act
set forth in Section 3(b) and/or Section 4(2) of the Securities Act and the
regulations promulgated thereunder.



<PAGE>
<PAGE> 19

                 ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
  None.

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

                 ITEM 5 - OTHER INFORMATION
  None.

                 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:  November 12, 2004                 By: /s/Douglas K. Beplate
                                          Douglas K. Beplate, President

 Date:  November 12, 2004                 By: /s/Steve M. Hanni
                                          Steve M. Hanni, CFO